International journal of economic perspectives

International oil prices and sectoral stock prices: An asymmetric kernel and nonlinear autoregressive distributed lag analysis

2025-09-26T07:25:15+00:00

In this work, we test, using the method of asymmetric kernels, the sensitivity of the sectoral indices of the WAMU zone to variations in the international price of oil between 2001 and 2021. The results of our analysis show that the indices linked to the financial, industrial, utilities, distribution, transportation and other sectors are very insensitive to oil prices. Moreover, according to our results, only the agricultural sector remains highly sensitive to variations in the price of oil. These results are reflected on the one hand by the fact that oil is not the main source of energy in the productive sphere of the secondary and tertiary sectors of the WAMU zone. On the other hand, these results highlight the interconnectivity that exists between the indices of the same sector of activity; as in the present case, those of raw materials, whether on a sub-regional and/or international scale. These results are robust and enrich the decision-making tools of financial market players in their investment strategy.

Effect of financial development on capital flows in Sub-Saharan Africa: Empirical analysis of the moderating role of institutional quality

2025-10-04T18:45:48+00:00

This study examines the role of institutional quality in the effect of financial development on capital flows in 31 sub-Saharan African countries over the period 2005-2022. To achieve our objectives, we use the generalized method of moments (GMM) and the threshold dynamic panel model with endogeneity. The GMM results indicate that financial development has a negative and significant effect on FDI. However, it promotes FDI inflows in a strong institutional framework. It stimulates remittances, but its effect is amplified when countries have good institutions. It also promotes official development assistance, but its influence becomes negative when accompanied by a strong institutional framework. Furthermore, the results of the dynamic threshold model estimation reveal that the positive effect of financial development on FDI only manifests itself when the quality of institutions exceeds the threshold of -0.914, and its positive effect on remittances becomes more pronounced when the quality of institutions exceeds the threshold of 0.177. Its negative effect on aid is only observed when the quality of institutions exceeds the threshold of -0.475. These results support the idea that strengthening the institutional framework and financial development policies can help countries in the region attract more FDI and migrant remittances, while reducing their dependence on official development assistance.

Digital transformation of the Algerian Banking Sector: Opportunities and challenges under Law No. 23-09

2025-10-07T20:36:47+00:00

This article explores the digital transformation of the banking sector in Algeria, focusing on the implementation of Law No. 23-09. It analyzes how this law promotes digital banks and payment service providers (PSPs), addressing both opportunities and challenges. The study examines the implications of digitalization on financial inclusion, regulatory frameworks, and technological infrastructure. By comparing Algeria's initiatives with international best practices, the article offers insights into the potential impact of digital banking on the Algerian economy and presents recommendations for a successful transition.

Artificial intelligence: A vector of innovation and transformation in the commercial and financial spheres

2025-10-07T17:35:07+00:00

Artificial Intelligence (AI) is deeply reshaping the commercial and financial sectors, introducing groundbreaking innovations while raising significant ethical and regulatory challenges. In the field of commerce, AI enhances service personalization and resource management. In finance, it is transforming trading strategies, risk analysis, and fraud detection. However, these advances also raise key concerns regarding algorithmic transparency, bias control, and employment implications. This article aims to examine the disruptive role of AI in these strategic areas, with a particular focus on ethical challenges and the regulatory perspectives essential for a responsible and sustainable adoption.

Thrive in trying times: Does inclusive leadership foster thriving at work among hotel industry employees?

2025-10-10T19:36:12+00:00

The rampant age of uncertainty has confronted hotel industry with unprecedented difficulties. In challenging times, leadership acts as a critical determinant in navigating uncertainty and developing atmosphere where staffs understanding a feeling of belongingness leading to constructive learning and vitality by individuals resulting in accomplishment of organizational goals. It therefore necessitates the purpose and effectiveness of Inclusive leadership whereby leaders actively exhibits accessibility, availability and openness and motivates employees to share their opinions at workplace. Such an atmosphere helps in establishing a supportive relationship with staff members to encourage in bringing out beneficial outcomes for the organizations amid crisis. A great deal of research has seen a deep association between inclusive leadership and the way it paves the way for thriving at work; however, these studies have been confined to a limited extent. Due to dearth of study from organizational level which is in nascent phase, the researcher aims to expand the field of study. Data were collected from 308 hotel employees from Guwahati (Assam). The structural equation modelling and mediation examination were used to evaluate the hypothesized model. The research revealed a encouraging linkage between inclusive leadership and thriving at work. Psychological safety was found to act as a significant mediator involving Inclusive leadership and thriving at work relationship. Thus, the study will deepen our understanding in promoting leaders to form positive and psychologically safe surrounding in which individuals at workplace is freely voice their views which will enable in building a cordial relationships among members within the organization leading to positive outcomes.

Income diversification and banking risk in the context of banking regulation in the WAEMU

2025-09-10T00:33:56+00:00

The objective of this study is to analyze the link between income diversification and banking risk in a banking regulation context. After applying the generalized method of moments to a sample of 70 WAEMU banks over the period 2011-2018, it appears that the diversification of banks' income contributes to risk diversification. Furthermore, risk is further reduced when banks comply with capital adequacy standards. The result implies that income diversification and banking regulation are complementary in reducing banking risk

Determinants of Growth in Africa: An Econometric Analysis for Achieving the Sustainable Development Goals (SDGs)

2025-09-28T18:06:43+00:00

The race for inclusive development has led researchers to rethink the drivers of growth to achieve the Sustainable Development Goals (SDGs). This research note aims to explore the determinants of growth in Africa after analyzing the reference literature to select the explanatory variables. We examined growth in a panel of 54 countries belonging of the African continent using the generalized method of moment system estimators (GMM-sys) enter 2012 and 2022, controlling for idiosyncratic individual effects of countries with fixed-effects models. The use of GMM-sys to estimate growth patterns is not new, and many previous studies have used this appropriate approach for growth analyses. Based on the time series data collected and the estimation methodology used, the results show the determinants of African growth, and our results can have an implication for managers and policymakers interested in African emerging markets. Real GDP per capita with an order of delay is the most important variable in all models and we are expected to. In addition, we emphasize the importance of a strong governance and business environment in African countries to achieve the SDGs.

Green Bonds and Environmental Performance in ASEAN: Evidence on Sustainable Development and CO₂ Emissions.

2025-09-30T17:42:14+00:00

This study provides a comprehensive econometric analysis of the impact of green bonds on sustainable development and CO₂ emissions reduction across the Association of Southeast Asian Nations (ASEAN) region. As ASEAN nations navigate the dual challenges of rapid economic growth and increasing environmental pressures, green finance has emerged as a critical mechanism to channel capital towards sustainable projects. This paper investigates the effectiveness of green bonds, a prominent instrument of green finance. Employing a panel data analysis for selected ASEAN countries, this research examines the relationship between green bond issuance and key indicators, including CO₂ emissions per capita and the share of renewable energy in the total energy supply. Preliminary findings suggest a statistically significant, albeit modest, negative correlation between the growth of the green bond market and CO₂ emissions, indicating their potential role in decarbonization. Furthermore, the analysis reveals a positive association between green bond issuance and the expansion of renewable energy capacity, a key pillar of sustainable development. The study highlights the moderating role of institutional quality and regulatory frameworks in amplifying the environmental efficacy of green bonds. The findings offer critical insights for policymakers, investors, and financial institutions, underscoring the necessity of robust green finance ecosystems, standardized taxonomies, and supportive policies to unlock the full potential of green bonds in fostering a sustainable and low-carbon future for the ASEAN region.

Commodity Price Shocks and Fiscal Pro cyclicality in Developing Economies: New Evidence from Resource-Dependent Countries

2025-09-21T03:14:40+00:00

The cyclicality of fiscal policy has long been debated in the literature, with evidence consistently showing that developing economies tend to adopt procyclical fiscal stances, unlike the countercyclical patterns observed in advanced economies. While much of the existing research has documented this procyclicality bias, limited attention has been given to the role of resource dependence in shaping fiscal behavior. This study extends the debate by investigating fiscal cyclicality in commodity-exporting developing countries, where international commodity price fluctuations critically influence fiscal revenues and expenditure decisions. Employing a panel fixed-effects model covering 2005–2021, we find robust evidence of fiscal procyclicality, driven largely by positive shocks in commodity prices. Our results further demonstrate that fiscal rules and institutional quality mitigate procyclicality, whereas, in contrast to previous studies, Financial openness is positively associated with government spending in resource-dependent economies, as rising commodity revenues and access to external capital amplify expenditures during booms, while downturns and capital reversals prompt sharp cuts, reinforcing procyclicality. Moreover, the sensitivity of government spending to commodity price fluctuations is moderated by fiscal rules and financial openness, particularly during boom periods, though this effect is weaker for revenues. These findings underscore the importance of strengthening fiscal frameworks, improving institutional capacity, and carefully managing financial openness to reduce procyclicality and enhance macroeconomic stability in commodity-dependent developing countries.