SOAS University of London

Inclusive Finance Project


Update of recent publications by the project partners. (24-01-18)

Issouf Saimare

  1. Gargouri, A., Lai, V., Soumaré, I., 2017, Revisiting Interest Rate Swap Valuation with Counterparty Risk, Wrong-Way Risk and Ois Discount. The Journal of Fixed Income, Vol. 26, No. 3, Pp. 63-80.
  2. Soumaré, I., Tafolong, E., 2017, Risk-Based Capital for Credit Insurers with Business Cycles and Dynamic Leverage. Quantitative Finance, Vol. 17, No. 4, Pp. 597–612.
  3. Soumaré, I., Tchana, F., Kengne, T., 2016, Analysis of the Determinants of Financial Inclusion in Central and West Africa. Transnational Corporations Review, Vol. 8, No. 4, Pp. 231–249.Soumaré, I., Gohou, G.,
  4. Kouadio, H., 2016, Comparative Study of the Characteristics of Fdi from Developed Countries versus China in Africa. Transnational Corporations Review, Vol. 8, No. 3, Pp. 165-177.
  5. Soumaré, I., Lai, V., 2016, An Analysis of Government Loan Guarantees and Direct Investment through Public-Private Partnerships. Economic Modelling, Vol. 59, Pp. 508–519.
  6. Otchere, I., Soumaré, I, Yourougou, P., 2016, Fdi and Financial Market Development in Africa. The World Economy, Vol. 39, No. 5, Pp. 651–678.
  7. Grira, J., Hassan K., Soumaré, I., 2016, Pricing Beliefs: Empirical Evidence from the Implied Cost of Deposit Insurance for Islamic Banks. Economic Modelling, Vol. 55, Pp. 152–168

Niel Hermes

  1. Luuk, E., Hermes, N., Jacobs, J. and Aljar Meesters, 2017, Financial Development, Financial Liberalization and Social Capital, Applied Economics, 50, 11, pp. 1268-1288
  2. Luminita, P., Hermes, N., 2016, Microfinance Performance and the Role of Informal Institutions: A Cross-country Analysis, Journal of Business Ethics, pp. 1-19
  3. Luminita, P., Hermes, N., 2016, Entrepreneurial Success, Social Capital and Microfinance, Passerelles: Revue de Liaison Entre le Monde de la Recherche et le Terrain, 3, pp. 33-35
  4. Hermes, N., Lensink, R., Lutz, C. and Nguyen, U., 2016, Trade Credit Use and Competition in the Value Chain: Evidence from Vietnam, Economics of Transition, 24, 4, 765-795
  5. Maxime, L., Hermes, N. and Hudon,M., Are Financial and Social Efficiency Mutually Exclusive? A Case Study of Vietnamese Microfinance Institutions, Annals of Public and Cooperative Economics, 87, 1, pp. 55-77
  6. Hermes, N. , Veen, K., 2017, Corporate Governance in the Netherlands 2008-2016: Trends, Challenges and Opportunities, in: Vincenzo Capizzi, Udo Braendle and Alex Kostyuk (eds.), Corporate Governance: New Challenges and Opportunities, Sumy, Virtus Interpress, 2017, pp. 143-158
  7. Hermes, N., Lensink, R. and Meesters, A., 2017, forthcoming,  Financial Development and the Efficiency of Microfinance Institutions, in: Laura J. Spence, Jedrzey G. Frynas, Judy Muthuri and Jyoti Navare (eds.), Handbook of Research on Small Business Social Responsibility: Global Perspectives, Cheltenham, Edward Elgar

Oliver Morissey

  1.  Bwire, T., Lloyd, T. , Morrissey, O. ,2017, Fiscal Reforms and the Fiscal Effects of Aid in Uganda, Journal of Development Studies, 53: 7, 1019-1036
  2. Addison, T., Morrissey, O. , Tarp, F. 2017, The Macroeconomics of Aid: An Overview, Journal of Development Studies ,53, 7, 987-997

Joshua Yindenaba Abor

  1. Abor, J., 2017, Entrepreneurial Finance for MSMEs: A Managerial Approach for Developing Markets, Palgrave Macmillan.
  2. Agoba, A., Abor, J. Y., Acheampong, K. A. and Sa-Aadu, J., 2017, Central Bank Independence and Inflation in Africa: The Role of Financial Systems and Institutional Quality, Central Bank Review, vol. 17, issue 4, 131-146
  3. Dwumfour, R. A., Agbloyor, E. and Abor, J. Y., 2017, Correlates of Poverty in Africa: Exploring the Roles of Remittances, Financial Development, and Natural Resources, International Journal of Social Economics, 44(12), 2033-2051
  4. Issahaku, H., Abor, J. Y. and Harvey, S., 2017, Remittances, Banks and Stock Markets: Panel Evidence from Developing Countries, Research in International Business and Finance
  5.  Mensah, D., Aboagye, A., Abor, J. Y. and Kyereboah-Coleman, A., 2017, External Debt among HIPCs in Africa: Accounting and Panel VAR Analysis of Some Determinants, Journal of Economic Studies, 44(3), 431-455.
  6.  Quartey, P., Turkson, E. and Abor, J. Y., 2017, Financing the Growth of SMEs in Africa: What are the Constraints to SME Financing within ECOWAS?, Review of Development Finance, 7(1), 18-28
  7.  Ofori-Sasu, D., Abor, J. Y. and Osei, K. A., 2017, Dividend Policy and Shareholders’ Value: Evidence from Listed Companies in Ghana, African Development Review, 29(2), 293-304.
  8.  Issahaku, H., Harvey, S. and Abor, J. Y., 2016, Does Development Finance Pose additional Risk to Monetary Policy, Review of Development Finance, 6, 91 - 104
  9.  Agbloyor, E., Gyeke-Dako, A., Kuipo, R. and Abor, J. Y. ,2016, Foreign Direct Investment and Economic Growth in SSA: The Role of Institutions, Thunderbird International Business Review, 58(5), pp. 479-497.

Reinhard Bachmann

  1. Bachmann, R. and Kroeger, F., A., 2017, Trust, Power or Money. What Governs Business Relationships?, International Sociology 32, 1. pp. 3-20.
  2. Bachmann, R. and Baumann, A., 2017, Online Consumer Trust: Trends in Research ,Journal of Technology Management and Innovation, 2. pp. 69-79.

Kanga Désiré

  1. Kanga, D. & Levieuge, G., 2017, An assessment of the effects of unconventional monetary policies on the cost of credit to non-financial companies in the Eurozone. Economie et Statistique / Economics and Statistics, 494-495-496, 97-118. DOI: 10.24187/ecostat.2017.494t.1920
  2. Kanga, D., 2017, Quels sont les enseignements des politiques monétaires non conventioneers? (What are the Lessons of Unconventional Monetary Policies). Revue française d'économie, vol. xxxii, (2), 3-36. doi:10.3917/rfe.172.0003.

Joshua Yindenaba Abor &Mohammad Amidu

  1. Issahaku, H., Abor, J., Amidu, M., Fall 2018, The Effects Of Remittances On Economic Growth: Reexamining The Role Of Institutions, The Journal of Developing Areas, Volume 52, Number 4, pp. 29-46
  2. Abor, J., Amidu, M., & Issahaku, H., 2018, Mobile Telephony, Financial Inclusion and Inclusive Growth, Journal of African Business, DOI: 10.1080/15228916.2017.14193
  3. Sissy, A., Amidu, M. and Abor, J. Y. ,2017, The Effects of Revenue Diversification and Cross Border Banking on Risk and Return of Banks in Africa, Research in International Business and Finance, 40, pp. 1- 18

Stephany J. Griffith-Jones

Griffith-Jones, S. and Gottschalk, R., 2017, Achieving Financial Stability and Growth in Africa. Routledge (Chapter1, 9)

Ayse Demir

Demir, A., Hall, S., 2017, Financial structure and economic development: Evidence on the view of ‘new structuralism’,International Review of Financial Analysis,Volume 52, July 2017, Pages 252-259

Christopher J. Green &Ye Bai &Victor Murinde

Green, C., Bai, Y., Murinde, V., Ngoka, K., Maana, I., Tiriongo, S, 2016, Overnight interbank markets and the determination of the interbank rate: A selective survey, International Review of Financial Analysis, (44), pp 149-161.

Ye Bai

  1. Bai, Y., Chow, D.Y.P., 2017, Shanghai-Hong Kong Stock Connect: An analysis of Chinese partial stock market liberalization impact on the local and foreign markets. Journal of International Financial Markets, Institutions and Money, 50, pp.182-203.
  2. Ding, S., Chen, Z., Chen, Z., Bai, Y., 2017, Maturity Matching, Transaction Cost and Credit Maturity Structure: Evidence from Nearly Ten Thousand Rural Households Survey in Shandong Province, China Rural Economy, pp. 62-74 (in Chinese).

Ahmad Hassan Ahmad

  1. Ahmad, AH and Shah, IH (2017) How important is the Financial Sector to Price Indices in an Inflation Targeting Regime? An Empirical Analysis of the UK and the US, Review of Quantitative Finance and Accounting, 48:1063–1082. DOI: 10.1007/s11156-016-0578-9.
  2. Ahmad, AH and Brown, S (2016) Re-examining the ECB's Two-pillar monetary policy strategy: Are There Any Deviations during and the Pre-Financial Crisis Periods?, Empirica, 44: 585–607. DOI: 10.1007/s10663-016-9339-1.
  3. Ahmad, AH and Aworinde, OB (2016) The Role of Structural Breaks, Nonlinearity and Asymmetric Adjustments in African Bilateral Real Exchange Rates, International Review of Economics and Finance, 45: 144–159.

Laurance Harris

 Harris, L., 2017, Beyond the grid, Aspenia, 76; 143-149

Tianshu Zhao

Zhao, T., Evans, D., 2016, SMEs, banks and the spatial differentiation of access to finance, Journal of Economic Geography, 2016, pp. 1–34.

Christine Oughton

Bo, H., Zhang, B., Oughton, C., Yuan, X., Ma, J, 2016, China’s State Energy Investment during 1991-2007: Investment Analysis and Policy Issues, Regional Studies, (50) 10, pp 1769-1784.

Lemma Senbet

  1. Fox., L.,  Senbet, L., Simbanegavi, W., 2016, Youth Employment in Sub-Saharan Africa: Challenges, Constraints and Opportunities, Journal of African Economies, Volume 25, Issue suppl_1, Pages i3–i15,
  2. Wills, S., Senbet, L.,  Simbanegavi, W., 2016, Sovereign Wealth Funds and Natural Resource Management in Africa, Journal of African Economies, Volume 25, Issue suppl_2, Pages ii3–ii19
  3. Hoekman, B.,  Senbet, L., Simbanegavi, W., 2017, Integrating African Markets: The Way Forward, Journal of African Economies, Volume 26, Issue suppl_2, Pages ii3–ii11,
  4. Senbet, L., Simbanegavi, W., Agriculture and Structural Transformation in Africa: An Overview, Journal of African Economies, Volume 26, Issue suppl_1, 1 August 2017, Pages i3–i10,
  5. Otcherea, I., Senbet, L., Simbanegavib, W., 2017, Financial sector development in Africa–an overview, Review of Development Finance, Volume 7, Issue 1, Pages 1-5

 Robert Lensink

  1. Supanantaroek, S., Lensink, R., & Hansen, N., 2017, The Impact of Social and Financial Education on Savings Attitudes and Behavior Among Primary School Children in Uganda. Evaluation Review, 41(6), 511-541. DOI: 10.1177/0193841X16665719
  2. Huis, M. A., Hansen, N., Otten, S., & Lensink, R, 2017, A Three-Dimensional Model of Women's Empowerment: Implications in the Field of Microfinance and Future Directions. Frontiers in Psychology, 8, [1678]. DOI: 10.3389/fpsyg.2017.01678
  3. Bulte, E., Lensink, R., & Nhung Vu, N. V, 2017, Do Gender and Business Trainings Affect Business Outcomes? Experimental Evidence from Vietnam. Management Science, 63(9), 2885-2902. DOI: 10.1287/mnsc.2016.2472
  4. De Cao, E., Huis, M., Jemaneh, S., & Lensink, R., 2017, Community conversations as a strategy to change harmful traditional practices against women. Applied Economics Letters, 24(2), 72-74. DOI: 10.1080/13504851.2016.1161713
  5. Lensink, R., Mersland, R., Vu, N., & Zamore, S., 2017, Do microfinance institutions benefit from integrating financial and non-financial services. Applied Economics. DOI: 10.1080/00036846.2017.1397852
  6. Lensink, R., Servin, R., & van den Berg, M., 2017, Do Savings and Credit Institutions Reduce Vulnerability? New Evidence from Mexico. Review of Income and Wealth, 63(2), 335-352. DOI: 10.1111/roiw.12213
  7. Lensink, R., Raster, T., & Timmer, A., 2017, Liquidity constraints and willingness to pay for solar lamps and water filters in Jakarta. European Journal of Development Research. DOI: 10.1057/s41287-017-0078-3
  8. Huis, M., Hansen, N., Otten, S., & Lensink, B., 2016, The development of women empowerment: How access to microfinance services can impact the position of women. ASPO annual meeting 2016, Leiden, Netherlands.
  9. Hermes, N., Lensink, R., Lutz, C., & Thu, U. N. L., 2016, Trade credit use and competition in the value chain: Evidence from Vietnam. Economics of Transition, 24(4), 765-795. DOI: 10.1111/ecot.12106
  10. Bulte, E., Lensink, R., & Vu, N., 2016, Gender training and female empowerment: Experimental evidence from Vietnam. Economics Letters, 145, 117-119. DOI: 10.1016/j.econlet.2016.06.003
  11. Huis, M., Hansen, N., Otten, S., & Lensink, B., 2016, Empowerment as a multifaceted concept:: The impact of offering goal setting training to couples in the context of a microfinance intervention for women.Poster session presented at KLI conference 2016, Zeist, Netherlands.
  12. Huis, M., Hansen, N., Otten, S., & Lensink, B., 2016, Understanding female empowerment: The impact of offering goal setting training to couples in the context of a microfinance intervention for women. Poster session presented at Heymans symposium,
  13. Bumann, S., & Lensink, B., 2016, Capital account liberalization and income inequality. Journal of International Money and Finance, 61, 143-162. DOI: 10.1016/j.jimonfin.2015.10.004
  14. Sayinzoga, A., Bulte, E. H., & Lensink, R., 2016, Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda. Economic Journal, 126(594), 1571-1591. DOI: 10.1111/ecoj.12217

Stephen Spratt

  1. Spratt, S., 2017, Green Investment Diagnostics for Africa: What are the Binding Constraints to Investment in Renewables in Kenya and Ghana? , IDS Research Report 83
  2. Spratt, S., 2017, Investment in Renewable Energy, Fossil Fuel Prices and Policy Implications for Latin America and the Caribbean, Financing for Development 264
  3. Spratt, S., 2017, Equality, Security and Sustainability: In Search of Virtuous Circles, IDS Evidence Report 219
  4. Spratt, S., 2016, From Growth to Green Investment Diagnostics, IDS Working Paper 472

Stephany J. Griffith-Jones &Stephen Spratt

  1. Griffith-Jones, S.; Xiaoyun, L.; Gu, J. and Spratt, S. ,2016, 'What Can the Asian Infrastructure Investment Bank Learn from Other Development Banks?', IDS Policy Briefing 113, Brighton: IDS
  2. Griffith-Jones, S.; Xiaoyun, L. and Spratt, S. , 2016, The Asian Infrastructure Investment Bank: What Can It Learn From, and Perhaps Teach To, the Multilateral Development Banks?, IDS Evidence Report 179, Brighton: IDS

Subhashis Gangopadhyay& Robert Lensink

Calis, T., Gangopadhyay, S., Ghosh, N., Lensink, R., & Meesters, A., 2017, Does Microfinance Make Households More Resilient to Shocks? Evidence from the Cyclone Phailin in India, Journal of International Development, 29(7), 1011-1015. DOI: 10.1002/jid.3301

Judith E. Tyson

  1.  Tyson, J., 2017, Private Sector Development in Liberia: Financing for economic transformation in a fragile context, Overseas Development Institute (ODI).
  2. Kanyenze, G., Chitambara, P., Tyson, J., 2017, The Outlook for the Zimbabwean Economy, Overseas Development Institute (ODI).
  3. Tyson, J., 2017, Zimbabwe: A Roadmap for Economic Transformation, Overseas Development Institute (ODI).
  4. Tyson, J., 2017, Mobilising private financing for manufacturing in sub-Saharan Africa, Overseas Development Institute (ODI).
  5. Calabrese, L., Papadavid, P.,Tyson, J., 2017, Rwanda: financing for manufacturing, Overseas Development Institute (ODI).
  6. Tyson, J., 2016, Shockwatch report: sub-Saharan Africa’s economic downturn and its impact on financial development, Overseas Development Institute (ODI).
  7. Khanna, A.,  Papadavid, P., Tyson, J.,   Velde, W., 2016, The role of services in economic transformation - with an application to Kenya, Overseas Development Institute (ODI).



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DEGRP Agriculture research portfolio - Call 1 & 2 research summaries, July 2016

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DEGRP Finance & innovation research porfolio - Call 1 & 2 research summaries, July 2016

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Reflections on Central Banking

(Victor Murinde), September 2016

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Capital, risk and profitability of WAEMU banks: Do foreign ownership and cross-border banking matter?

(Désiré Kangaa, Victor Murindeb, Issouf Soumare), October 2016

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The peer monitoring role of the interbank market in Kenya and implications for bank regulation

(Victor Murinde, Ye Bai, Isaya Maana, Kethi Ngoka-Kisinguh, Samuel Tiriongo, Christopher J. Green), December 2016

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