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This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries, addressing concerns about potential spillover effects, especially the high volatility and lack of regulation in the cryptocurrency market. The study employed both diagonal BEKK-GARCH and DCC-GARCH to analyze the existence of spillover effects and correlation between both markets. A daily time series dataset from January 1, 2017, to December 31, 2021, was employed to analyze the contagion effect. Our findings reveal a significant spillover effect from cryptocurrency to the African traditional financial market; however, the percentage spillover effect is still low but growing. Specifically, evidence is insufficient to suggest a spillover effect from cryptocurrency to Egypt and Morocco's financial markets, at least in the short run. Evidence in South Africa, Nigeria, and Kenya indicates a moderate but growing spillover effect from cryptocurrency to the financial market. Similarly, we found no evidence of a spillover effect from the African financial market to the cryptocurrency market. The conditional correlation result from the DCC-GARCH revealed a positive low to moderate correlation between cryptocurrency volatility and the African financial market. Specifically, the DCC-GARCH revealed a greater integration in both markets, especially in the long run. The findings have policy implications for financial regulators concerning the dynamics of both markets and for investors interested in portfolio diversification within the two markets. [ABSTRACT FROM AUTHOR]

The Mexico, Indonesia, Nigeria, and Turkey (MINT) economies are recognized to be bedevilled with many obstacles hampering the economic expansion. In the meantime, many of these problems have not been comprehensively scrutinized in the context of the countries. In recent years, natural resources and tourism development have significantly increased in MINT economies. This study scrutinizes the relationship between natural resource rent, mobile use, foreign direct investment, international tourism, and economic growth in a balanced panel data of four MINT nations from 1971 to 2019. The key finding of this study shows that there is a positive and significant impact of foreign direct investment, natural resource rent, mobile use, and international tourism on MINT's economic growth. Furthermore, the tourism-led growth hypothesis is supported empirically in the case of MINT nations. Furthermore, the Granger causality analysis demonstrates that unidirectional causality is discovered from economic growth to tourism. The study recommends that MINT nations implement some practical tourism strategies to push up economic development, and in turn economic growth will positively contribute to the tourism sector. [ABSTRACT FROM AUTHOR]