FACULTY OF THE SOCIAL SCIENCES

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Author: search.filters.author.Kumeka, T.Subject: search.filters.subject.Africa

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    Stock Market Responses to Contagious Disease: Evidence of COVID-19 in the Three Worst Hit African Economies
    (John Wiley & Sons Ltd, 2023) Kumeka, T.; Adeniyi, O. A.
    This study analyses whether Coronavirus health shocks and government responses in terms of lockdown policy and stringency measures impact stock markets in Africa. We found that stock markets appeared to be more negatively responsive to growth in total number of COVID-19 reported cases than the growth in deaths in the case of Nigeria and South Africa. While for Egypt, the stock market reacted significantly negative to both COVID-19-related indicators. Our results further show that government stringency policy has significant negative effect on stock market returns in the case of Nigeria and South Africa, but positive in the case of Egypt.
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    Impact of Tourism Development on Inclusive Growth: A Panel Autoregression Analysis for African Economies
    (SAGE Publications Ltd, 2023) Adeniyi, O. A.; Kumeka, T.; Orekoya, S. O.; Adekunle, W.
    The persistent debate among policy makers and academics around combating the high rates of poverty and income inequality can be further illuminated by understanding how tourism con tributes to inclusive growth, especially in developing economies. Tourism sector can be regarded as one of the key contributors to inclusive growth and where it has the capacity to generate prospects for productive employment. The goal of this article is thus to investigate the link between inclusive growth and tourism in the African context. To do this, we utilized a recent panel vector autoregression (pVAR) and data for 45 African countries spanning the period 1995 to 2019. Thus, by the error variance decomposition and impulse response functions, our results showed a weak positive effect of international tourism arrivals and the composite tourism indicator on inclusive growth, while tourism receipts and tourism expenditure insignificantly decreases inclusive growth in the sampled African economies. Our result is further supported by the panel system generalized method of moments (GMM). We provide some policy implications from our findings.