A survey on the Washington Consensus and the Beijing Model: reconciling development perspectives

Asongu, Simplice A.; Acha-Anyi, Paul N.

doi:10.1007/s12232-019-00334-9

Cited by 7 publications

(4 citation statements)

References 134 publications

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“…Second, over the past decades, Africa's contribution to global trade has dropped from 3.8% in the 1950s to about 1.5% (Asongu & Acha-Anyi, 2020). The African Continental Free Trade Area (AfCFTA) which was recently launched will be the largest free trade area in the world once it is running.…”

Section: Introductionmentioning

confidence: 99%

Not all that glitters is gold: Political stability and trade in Sub-Saharan Africa

Asongu

Kossele

Nnanna³

2021

Crime Law Soc Change

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This study examines linkages between political stability and trade openness dynamics in a panel of 44 countries in SSA from 1996 to 2016. The empirical evidence is based on the generalized method of moments. From the findings, the negative relationship between political stability and merchandise trade is not significant while the negative relationship between political stability and trade openness (exports plus imports) is significant. Hence, the findings do not validate the tested hypothesis that political stability/no violence increases trade in the sub-region. The perspective that some forms of political stability can slow down and prevent international trade is consistent with Oslon in Rise and Decline of Nations (RADON) and recent contributions to the economic development literature which have shown that not all forms of political stability are development friendly because much depends on the extent to which stability translates into, inter alia, good governance. The principal policy implication is that standards of political governance need to be boosted in order to improve the anticipated effects of political stability on trade, especially in the light of the ambitious African Continental Free Trade Area (AfCFTA). Other policy implications are discussed.

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Section: Introductionmentioning

confidence: 99%

Not all that glitters is gold: Political stability and trade in Sub-Saharan Africa

Asongu

Kossele

Nnanna³

2021

Crime Law Soc Change

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“…These findings confirm the caution that knowledge and policies from developed countries should not be applied in developing countries without incorporating specificities of developing countries. We argue that the colonialism of knowledge has led to lost decades of economic development in Africa owing, in no small part, to unsound prescriptions from the Washington Consensus based on hegemonic paradigms and hierarchical constructs (Fofack, 2014;Asongu & Acha-Anyi, 2019).…”

Section: Building Knowledge Economies In Africamentioning

confidence: 95%

Building knowledge economies in Africa: an introduction

Asongu

Kuada

2020

Contemporary Social Science

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Knowledge has emerged as a fundamental driver of economic growth and development by inter alia improving the effectiveness and efficiency of economic projects and boosting the process of finding new avenues of addressing developmental policy syndromes. Recent evidence suggests that Africa is on the threshold of significant and sustainable economic growth if its human and material resources can be effectively mobilised to support the process (Kuada & Mensah, 2017;Asongu & Tchamyou, 2019). Consequently, the World Bank's Knowledge Economy Framework aims to explore and support the extent to which current policies in African countries affect the knowledge development process (and thereby competitiveness) on the continent. A knowledge economy is an economy in which economic prosperity largely depends on the accessibility, quality and quantity of information available, instead of the means of production (Asongu, 2017a(Asongu, , 2017b. This themed issue of Contemporary Social Science-'Building Knowledge Economies in Africa' -consists of papers that focus on, but are not limited to, the four dimensions of the World Bank's Knowledge Economy Index. These are: information and communication technology, education, economic incentives and institutional regime, and innovation (Tchamyou, 2017). The themed issue engages with high quality contributions which, taken together, address the drivers towards knowledge-based economies. This introduction provides a context for understanding the importance of building knowledge economies in Africa and summarises the main contributions to the themed issue. The paper ends by advising scholars and policy makers regarding the risks associated with a colonial view of knowledge-notably the importance of proposing knowledge-based policies while avoiding hegemonic paradigms and hierarchical constructs. In summary, the issue consists of a set of theoretically informed, empirically robust, policy-relevant and accessible articles for both specialists and non-specialists.

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“…Businesses play a vital role in reducing the joblessness rate and thriving financially in every nation (Asongu & Acha-Anyi, 2020;Chauhan, 2019;Nowakowska-Grunt, Kowalczyk, & Wojtaszek, 2018). Another interesting point is that the proof shows that businesses' endeavors are presented more to the staggering impacts of the monetary emergency than others because even momentary installment gridlocks can bring about their indebtedness (Zimon & Zimon, 2020).…”

Section: Introductionmentioning

confidence: 99%

Working capital management and firm performance: evidence from emerging African markets

Kayani

Gan

Choudhury

et al. 2023

IJOEM

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PurposeThe paper aims to investigate the empirical impact of working capital management (WCM) on firm performance (FP) in the emerging markets of Africa. This paper also aims to investigate this relationship during the global financial crisis of 2008 (GFC, 2008).Design/methodology/approachThe sample of this study comprises two leading emerging markets in Africa (Egypt and South Africa) based on the MSCI world market classification list for the period 2007–2020. The study employs various regression techniques such as fixed effect and system generalized method of moments. In addition to baseline regressions, the authors applied various preliminary tests and, finally robustness measures. Besides the dependent, independent variables, the study uses firm-level and country macroeconomic-level explanatory variables.FindingsThe study's results indicate that (1) WCM and FP exhibit a direct relationship and (2) the WCM components such as cash conversion cycle, average collection period and the average age of inventory, have a significant inverse relationship, whereas the average payment period has a direct relationship with FP. The robustness results are assessed based on the selection of an alternative proxy for FP measurement, controlling for industry, country, year effect and the exclusion of the GFC 2008.Practical implicationsThis study has various implications in terms of theoretical, societal and practical application for practitioners, managers, investors and regulators. In terms of theoretical implications, this is the first study that contributes to the existing body of knowledge in corporate finance and managerial accounting in relation to the examination of this relationship in the African region. Finally, practitioners, including regulators, can benefit from the study's findings while devising investment policies for investors in the region. More specifically, the financial sector conduct authority (FSCA) in South Africa and the financial regulatory authority (FRA) in Egypt can consider these findings to devise financial policies that aim to foster the FP.Social implicationsSociety benefits from the study's findings too. The efficient management of the WCM components will raise firm profits and investment opportunities for the society in Egypt and South Africa. A firm with good performance levels will increase salaries and will provide compensation to their employees in terms of bonuses. These compensations are one of the sources for achieving FP, which is evident from existing literature as well in the case of corporate governance studies. These compensations have psychological impacts as well. As society has its basic needs and goods, compensation levels will be tilted less toward societal ethical issues.Originality/valueThis study has various distinguishing features, which prior studies mostly lack, as most of these studies are on an individual country dataset, shorter periods, mixed results, lesser explanatory variables and no country-related control variables. The authors addressed all these challenges and provided robust results based on various measurement alternatives for the African markets. The study's results confirm a direct relationship between WCM and FP for South Africa and Egypt reflecting the emerging markets in Africa.

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A survey on the Washington Consensus and the Beijing Model: reconciling development perspectives

Cited by 7 publications

References 134 publications

Not all that glitters is gold: Political stability and trade in Sub-Saharan Africa

Not all that glitters is gold: Political stability and trade in Sub-Saharan Africa

Building knowledge economies in Africa: an introduction

Working capital management and firm performance: evidence from emerging African markets

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