Adom-Dankwa Akwasi, Atsu Francis, Gyamfi Emmanuel Numapau, Amewu Godfred
Department of Accounting and Finance, School of Business, Ghana Institute of Management and Public Administration (GIMPA), Achimota, Ghana.
Department of Finance, School of Business, University of Ghana, Legon, Ghana.
Heliyon. 2024 Sep 19;10(19):e37995. doi: 10.1016/j.heliyon.2024.e37995. eCollection 2024 Oct 15.
The spot of frontier market economies in the global financial arena continues to be significant for many market participants because of their size, diversification advantage, and interconnectedness. Financial market innovations, globalization and pandemics have made it even more urgent to explore their dynamics. This paper focuses on analysing the risks associated with investing in frontier West African monetary zone bonds by appropriately modelling them in relation to cultural, administrative/political, geographic, economic and financial indicators that are specific to these countries, primarily due to their locations and interlinkages. This study employed the nonlinear autoregressive distributed lag model to investigate the asymmetric effects of different economic factors on sovereign bond yields in Ghana and Nigeria from July 2014 to September 2022 with 99 observations. Period selection allows researchers to unravel the complexities of market behaviour, investor sentiment, and policy effectiveness in the face of economic turmoil and uncertainty. The results provide valuable insights into how these factors affect bond yields differently in the two countries.
由于其规模、多元化优势和相互关联性，前沿市场经济体在全球金融领域的地位对许多市场参与者而言仍然十分重要。金融市场创新、全球化和疫情使得探索其动态变得更加紧迫。本文主要聚焦于通过将投资西非货币区债券相关风险与这些国家特有的文化、行政/政治、地理、经济和金融指标进行适当建模分析，这些指标主要源于它们的地理位置和相互联系。本研究采用非线性自回归分布滞后模型，对2014年7月至2022年9月期间加纳和尼日利亚的99个观测值，研究不同经济因素对主权债券收益率的不对称影响。时期选择使研究人员能够在面对经济动荡和不确定性时，解开市场行为、投资者情绪和政策有效性的复杂性。研究结果为这些因素如何在两国对债券收益率产生不同影响提供了有价值的见解。
