Central banks' supervisory guidance on corporate governance and bank stability: Evidence from African countries

Mutarindwa, Samuel; Schäfer, Dorothea; Stephan, Andreas

doi:10.1016/j.ememar.2020.100694

Cited by 6 publications

(1 citation statement)

References 48 publications

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“…Accordingly, a positive relationship arises naturally between the spending variable and the development of the banking system. Moreover, the flourishing of the banking sector depends on the quality of regulation and supervision (Mutarindwa, Schäfer, and Stephan 2020a), and thus on governmental money for the regulatory and supervisory infrastructure. Also, we find that across countries, those countries with a higher share of government spending as a percentage of GDP have lower banking costs.…”

Section: Determinants Of Banking System Development In African Countriesmentioning

confidence: 99%

Differences in African banking systems: causes and consequences

Mutarindwa

Schäfer

Stephan

2021

Journal of Institutional Economics

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This paper links banking system development to the colonial and legal history of African countries. Based on a sample of 40 African countries from 2000 to 2018, our empirical findings show a significant dependence of current financial institutions on the inherited legal origin and the colonization type. Findings also reveal that current financial legal institutions are not major determinants of banking system development, and that institutional development and governance quality are more important. A high share of government spending relative to GDP also positively affects banking system development in African countries.

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Section: Determinants Of Banking System Development In African Countriesmentioning

confidence: 99%

Differences in African banking systems: causes and consequences

Mutarindwa

Schäfer

Stephan

2021

Journal of Institutional Economics

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Certification against greenwashing in nascent bond markets: lessons from African ESG bonds

Mutarindwa,

Schäfer,

Stephan

2024

Eurasian Econ Rev

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Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects in Africa. Based on the entire universe of 107 African ESG bonds from 42 governmental and corporate issuers over the period 2010–2023, this paper establishes that ESG bonds provide benefits to both issuers and investors in terms of lower spreads and volatility. Our econometric results highlight that greenwashing is a valid concern for investors in African ESG bonds and certification of ESG bonds makes a difference vis-à-vis the self-labeling of green bonds. Non-certified ESG bonds do not offer similar benefits compared to certified ones. Green macro-financial policy and suitable regulation to prevent greenwashing can foster African ESG-bond markets.

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