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21. Financial literacy induced financial well-being in Ghana: Does financial inclusion mediate?

Author

Nutassey, Victoria Abena, Frimpong, Siaw, Agyei, Samuel Kwaku, and Amoako, Doris

Subjects
FINANCIAL literacy, FINANCIAL inclusion, FINANCIAL management, WIRELESS Internet, INSURANCE companies, LITERACY
Abstract

We investigated the mediating role of financial inclusion in the relationship between financial literacy and financial well-being in Ghana. Using PLS-SEM, we found that financial inclusion indeed mediates financial literacy and financial well-being in Ghana. We also documented a positive and significant relationship between Ghanaians' financial literacy and financial well-being. Again, financial literacy has a direct positive effect on financial inclusion. Hence, to enhance the impact of financial literacy on financial well-being in Ghana, policymakers should grant financial institutions enough freedom to offer a variety of financial services; financial institutions that have lost credibility in Ghana (such as insurance companies) should be put in check to build the trust of Ghanaians in them; and the cost of using a mobile phone and internet services to access financial services in Ghana should be reduced. The management of financial institutions can utilize the freedom offered to them by policymakers to offer various financial services to the public, build trust in customers, and offer lower-cost services to help improve the financial well-being of Ghanaians. [ABSTRACT FROM AUTHOR]

Published
2024
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22. Revisiting the Role of Institutional Structures in the Relationship Between Trade Openness and Poverty Reduction in Sub-Saharan Africa.

Author

Nutassey, Victoria Abena, Frimpong, Siaw, and Agyei, Samuel Kwaku

Subjects
POVERTY reduction, GENERALIZED method of moments, EXPORT duties, IMPORT taxes, MICROFINANCE, INTERNATIONAL competition, REMITTANCES
Abstract

The study investigates the conditioning effect of institutions in the relationship between trade openness and poverty reduction in Sub-Saharan African economies. Employing generalized method of moments, it was revealed that institutions influence the relationship between trade openness and poverty reduction in SSA. Thus, to reduce poverty in the region, SSA economies must first start by opening their economies to international trade. This could be achieved by reducing import and export taxes, focusing more on exporting value-added products and providing relevant training and information for importers and exporters. However, such attempts will be more fruitful in the presence of sound institutions. [ABSTRACT FROM AUTHOR]

Published
2024
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25. On the nexus between constituents and global energy commodities: an asymmetric analysis.

Author

Asafo-Adjei, Emmanuel, Agyei, Samuel Kwaku, Adam, Anokye Mohammed, Bossman, Ahmed, and Gherghina, Ştefan Cristian

Subjects
QUANTILE regression, ENERGY consumption, ENERGY industries
Abstract

The study examines the nexus between global energy commodity and its constituent across market conditions using the quantile regression approaches. We found that the positive effect of global energy commodity on its constituents was stronger relative to the feedback effect from the constituents. It is pertinent to hedge against fluctuations in the energy commodities using the global energy commodity as an appropriate hedged asset with the required hedging instrument. [ABSTRACT FROM AUTHOR]

Published
2024
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26. EXPLORING THE ASYMMETRIC EFFECTS OF ECONOMIC POLICY UNCERTAINTY AND IMPLIED VOLATILITIES ON ENERGY FUTURES RETURNS: NOVEL INSIGHTS FROM QUANTILE-ON-QUANTILE REGRESSION

Author

Bossman, Ahmed, Gherghina, Ştefan Cristian, Asafo-Adjei, Emmanuel, Adam, Anokye Mohammed, and Agyei, Samuel Kwaku

Subjects
volatility indices, Economics and Econometrics, quantile-on-quantile regression, energy commodities, energy markets, causality-in-quantiles, Business, Management and Accounting (miscellaneous), uncertainty indices
Abstract

This study examined the asymmetric effects of major uncertainty and volatility indices (economic policy uncertainty, Chicago Board Options Exchange crude oil volatility, CBOE volatility index, CBOE VIX volatility, and NASDAQ 100 volatility target) on the returns of global energy and its constituents (global energy index, Brent, heating oil, natural gas, and petroleum). The causalityin-quantiles test and the quantile-on-quantile regression technique were employed on daily data covering the period between April 2012 and March 2022. The findings evidenced asymmetries and heterogeneity in the causal effects of global uncertainty and market volatilities on energy markets. For all uncertainty and volatility measures, we found strong negative relationships with energy commodities at stressed conditions, signalling some hedging benefits for market participants. The current research is among the first investigations to explore the asymmetric relationships between major uncertainty and volatility indices, as well as global energy and its constituents. Essential portfolio implications of our findings are discussed.

Published
2022

30. Time-frequency analysis of the older workforce and productivity growth nexus in the USA: evidence from EEMD- and wavelet-based approaches

Author

Bossman, Ahmed, Agyei, Samuel Kwaku, and Asiamah, Oliver

Abstract

An economy whose active workforce is dominated by age is more likely to suffer from some productivity losses despite high government spending, which impacts economic development. Given the galloping growth rate of the proportion of the older workforce of the US population, we examine the productivity-older workforce relationship in the USA. We investigate the asymmetric causality between productivity and both the older and total labour force amid the growing aged class of the US workforce and the prevailing COVID-19 health crisis. We employ wavelet analysis, the ensemble empirical mode decomposition approach, and quantile-on-quantile regression techniques to quarterly data between June 1948 and June 2021. Our results evidence causality between growth in productivity and workforce. The relationships between the variables are asymmetric. During the COVID-19 period, we find a significant relationship between older labour force growth and productivity growth at high frequencies. Fascinating implications of our results are discussed.

Published
2024
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49. Asymmetric stock-bond interrelationships in Islamic markets: EEMD-based frequency-dependent and causality analyses

Author

Bossman, Ahmed, Junior, Peterson Owusu, Adam, Anokye Mohamed, and Agyei, Samuel Kwaku

Abstract

We examine the stock-bond interrelations using decomposed return series of stocks and bond yield in Islamic markets. We aim to establish the bi-directional relationships between the two assets classes amid the financial market turmoil consequentially presented to the world by the COVID-19 pandemic. We employ the ensemble empirical mode decomposition and quantile-in-quantile regression techniques to daily data between 23 November 2015 and 8 September 2021. We reveal that the stock-bond connection is bi-directional and varies across quantiles in Islamic markets. We submit that in the medium – long-term of market stress, Islamic stocks and bonds are negatively interrelated and offer diversification opportunities to international investors who seek to maximise returns on their portfolio whiles minimising risks. The Pakistani market has few exceptions in the medium-term. We additionally find that stocks and bonds in Indonesia, Malaysia and Qatar can be diversifiers across all market conditions. The study's implications are further discussed.

Published
2023
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