A number of authors have attributed the high and volatile oil prices experienced since the turn of the 21st century to increased speculative activities arising from a relaxation of regulations in futures markets. This study examined the effects of speculative pressure on the volatility of spot...

The law and finance theory essentially states that legal origins are a significant determinant of financial development. The conclusion from the law and finance theory is that countries whose legal traditions derived from British Common Law have better developed financial markets than countries...

Financial sector reforms have been undertaken by many countries in Sub-Saharan Africa and one of the key targets of these reforms has been investment. This study conducts an empirical investigation of the effect of financial sector reforms on private investment in selected Sub-Saharan African...

This study investigates the relationship between oil prices and returns on the Nigerian Stock Exchange. By using GARCH-jump models, we are able to model the volatility of stock returns and also take account of the effect of extreme news events on returns. The empirical results show a negative...

Este libro compila las ponencias presentadas en el Seminario “Recursos Naturales y Enfermedad Holandesa en América Latina”. El Seminario tuvo lugar en la Facultad de Ciencias Económicas de la Universidad de Buenos Aires (UBA) el 2 de diciembre de 2011 con apoyo de CAF Banco de Desarrollo...

The impact of oil price shocks on the macroeconomy has received a great deal of attention since the 1970 s. Initially, many empirical studies found a significant negative effect between oil price shocks and GDP but more recently, empirical studies have reported an insignificant relationship...

This paper examines the causal relationship between financial development and economic growth using data for 17 countries in Sub-Saharan Africa. The analysis is conducted using panel cointegration and causality tests which take account of heterogeneity between countries which arises as a result...