Anokye M. Adam

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• Doctor of Philosophy
• Professor at University of Cape Coast

This article examined convergence of inflation and exchange rates in six (6) West African countries that make up the West African Monetary Zone (WAMZ). A non-parametric rank and score test was employed in the analysis. The results show that inflation and nominal exchange rates of Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone are convergi...

Despite the numerous risks and security dangers associated with mobile banking, an increasing number of banks in developing economies are appreciating the merits of mobile technology. Hence, we investigated customers’ perception of mobile technology adoption (MTA) in the banking industry, achieving fifteen hypotheses. Partial Least Squares Structur...

Based on Fisher (1930) hypothesis, we test whether Ghana stock market can provide hedge against inflation inthe long run using cointegration analysis. Using data for the Databank stock Index (DSI) from January 1991 toDecember 2007, the results give strong support for the hedge property. Thus Ghana stock market provides fullhedge against inflation....

The paper examines the effect of exchange rate changes on consumer prices in Ghana using vector autoregression (VAR) models. Using a data set covering the periodn1990M01–2009M02, we find that the exchange rate pass-through to inflation is ‘incomplete’ and decreasing in Ghana. Our empirical results indicate a low but significant pass-through in the...

We examined the dynamic connectedness between the most capitalized and tradable cryptos (Bitcoin, Binance, Dashcoin, Ethereum, Litecoin, Monero, Ripple, and Tether) and the most significant and highly traded non-ferrous industrial metals (aluminium, copper, lead, nickel, tin, and zinc) affected by the “nickel crash.” The study period spans January...

The paper examines cross-border dynamics of tax revenue and the macroeconomic environment in Africa. This is very vital as African countries aim to harmonize the macroeconomic environment and ultimately need to determine the consequence of such integration on their tax revenue. However, the macroeconomic environment-tax revenue nexus has been less...

This study examines the interdependence between industrial metals and cryptos, particularly during the recent downturn in both markets. Focusing on the most impacted and comparatively volatile cryptos (Bitcoin, Dashcoin, Ethereum, Litecoin, and Monero) and industrial metals (aluminium, copper, lead, nickel, and zinc) from January 2017 to December 2...

Aggregated long and short trading risk positions of speculative assets over time are likely to be unequal. This may be because of irrational decisions of traders and investors as well as catastrophic events that lead to pronounce or salient market crashes. Returns of such assets are therefore more likely to have one polynomial tail and one exponent...

We investigate the critical interplay between economic institutions and political institutions and assess their influence on venture capital market development in sub-Saharan Africa (SSA). To address endogeneity concern in our model specification, the two-step system generalised method of moments was employed on a sample of 34 SSA countries from 20...

The study analyses the relationship between gold and the exchange rate for metal exporting countries in Sub-Saharan Africa (SSA) from the perspective of information flow using a novel technique founded on noise-removal multi-scale entropy. We use monthly gold price and exchange rate data from January 1990 to December 2020. The results show a mixtur...

This paper examines the relationship between commodity returns in Ghana and if any, the role of exchange rate on such relationship using wavelet analysis and monthly data from September, 2007 to March, 2021. We test for the robustness of the empirical findings using multiple wavelet analysis. We find that exchange rate plays an intrinsic role in th...

The study examined the interdependence structure among energy (brent, natural gas and petroleum) commodities returns, crude oil implied volatility, and exchange rate returns and volatilities in the context of BRICS across time and/or frequencies. The wavelet approaches (bi-wavelet, partial wavelet and wavelet multiple) were employed for the period...

The study extends the literature on the nexus between cryptocurrency and uncertainty. This study proxied the cryptocurrencies and global uncertainty, respectively, with the seven most significant and variationally susceptible cryptos and the comprehensive world uncertainty in measuring the crypto-uncertainty nexus over the period (2015–2022) and fu...

The study was conducted on universities in Ghana because of the challenges of the increase in talent shortfalls, reduction in their aptitude to forecast future talent needs and a surge in the risk of being overstaffed or understaffed, and the presence of an inappropriate mix of the skills they need to develop the human capital. It enjoins universit...

Loneliness and social isolation are increasingly common in old age and have been related to lifestyle behaviors. However, the specific roles of modifiable lifestyles in objective and subjective social isolation are unclear. This chapter examines the effects of lifestyle-related factors on loneliness and social isolation in old age based on evidence...

World economies have experienced rise in uncertainties which has caused misalignments in the already existing nexus between inflation and economic growth. In addition to this, the presence of nonlinearities, asymmetry, heterogeneity, and structural shocks in time series data concerning substantial fluctuations that span systemic crises have rendere...

Background This study aims to examine the association between mobility limitations and emotional dysfunction among older Ghanaians and evaluate the buffering effect of physical activity (PA) and social ties in this association. Methods The analysis included 1201 adults aged ≥50 from the 2016-17 Aging, Health, Psychological Well-being, and Health-s...

Recent studies have conceptualized the potential for a dark and bright perspective of network complexity in relation to supply chain disruption and resilience respectively. Few empirical studies have been conducted on the relationship among supply chain network complexity, supply chain disruption and supply chain resilience. However, prior studies...

Market participants, policymakers, and practitioners might have ignored the connection between global commodities and the currency markets in sub-Saharan Africa and the potential for contagion at various time scales. We examine the degree of time-varying connectivity and contagion between commodities and the exchange rates of sub-Saharan African co...

Purpose – This study investigates information flow of market constituents and global indices at multifrequencies. Design/methodology/approach – The study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Renyi effective transfer entropy (RE...

This paper investigates the total and net directional connectedness of the energy market and currency market amid volatilities (local and international) of BRICS for the period May 7, 2012 to March 31, 2022. The Time-varying parameter Vector Autoregression (TVP-VAR) connectedness approach is specifically employed. We reveal that the average value o...

Prior studies on the relationship between FDI and growth have generally concentrated on mean effects, or average growth benefits. It seems improbable that the majority of sub-Saharan economies will have similar “average” economic growth, hence the emphasis on mean effects in particular falls short. All other drivers can be seen to have an impact ba...

The level of causation and interdependencies among three commodities (cocoa, gold, and Brent crude oil), five banking sector performance indicators (Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Return on Equity (ROE), Return on Assets (ROA) and Core Liquid assets to total assets (CLATA)), and three general macroeconomic indicators (Inf...

Article History Keywords Bi-wavelet Energy commodity Multiple wavelet Partial wavelet Time-Frequency domain Uncertainty measures. Commodities have become a new tool for global diversification among stocks, currencies, and other assets. Their dynamics and statistical characteristics have become crucial to financial research. Furthermore, in the conn...

This study examines the association between physical inactivity (PI) and happiness among Ghanaian older adults and whether emotional and physical-related experiences (EPE) mediate the association. Data from the Aging, Health, Psychological Well-being and Health-seeking Behavior Study (AgeHeaPsyWel–HeaSeeB) conducted in 2016–2018 among 1201 older Gh...

We examine the stock-bond interrelations using decomposed return series of stocks and bond yield in Islamic markets. We aim to establish the bi-directional relationships between the two assets classes amid the financial market turmoil consequentially presented to the world by the COVID-19 pandemic. We employ the ensemble empirical mode decompositio...

This study examined the asymmetric effects of major uncertainty and volatility indices (economic policy uncertainty, Chicago Board Options Exchange crude oil volatility, CBOE volatility index, CBOE VIX volatility, and NASDAQ 100 volatility target) on the returns of global energy and its constituents (global energy index, Brent, heating oil, natural...

Poor sleep is a long-term public health issue that has become increasingly prevalent among socially isolated older adults. However, research on the mechanisms explaining the link between social isolation and impaired sleep (IS) remains limited, particularly in low- and middle-income countries. This study explored the serial mediating effects of lon...

This study employs the TVP-VAR approach to capture the degree of interdependencies and contagion among sixteen implied volatilities. The 16 daily implied volatility indices comprise the implied volatility from various financial assets, such as conventional equities, commodities, and currencies, in national, regional, or worldwide indexes. After mis...

The study scrutinises the dynamic interconnectedness among 20 sustainability equities returns from regional and global perspective with a sample period from 12th November 2012 to 2nd December 2021. The sustainability equities returns include samples from Africa, America, Asia, Europe, BRICT, Emerging markets, Developed markets and World indices. Us...

The performance of the Ghana Stock Exchange (GSE) over the years has been susceptible to both crises and country-specific factors reflected in its macroeconomic fundamentals. Accordingly, the GSE composite index (GSECI) has experienced rapid fluctuations across time, coupled with a declining market capitalisation from a reduction in the number of e...

The study examines the nexus between global energy commodity and its constituent across market conditions using the quantile regression approaches. We found that the positive effect of global energy commodity on its constituents was stronger relative to the feedback effect from the constituents. It is pertinent to hedge against fluctuations in the...

In practice, due to irrational decisions of traders and investors as well as catastrophic events that lead to pronounce or salient market crashes, over time, aggregated long and short trading risk positions of speculative assets are likely to be unequal. Consequently, returns of such assets are more likely to exhibit a mixture of exponential and po...

We investigate the multi-scale information transmission between two implied volatilities in the energy markets (crude oil volatility and volatility in the energy market) and energy commodities returns (global energy commodity, brent, heating oil, natural gas and petroleum). The Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (CEE...

The study proffers the need to strengthen supply chain resilience toward the minimization of disruptions. We investigate the financial performance of agricultural commodities' supply chain amid external uncertainty shocks in both time and frequency dimensions. The wavelet techniques are employed for the analysis. Specifically, both the Windowed Sca...

This study examines the time-frequency connectedness of food commodities (cereals, dairy, food, meat, vegetable oil, and sugar) in the Food and Agriculture Organization's world food indices. With a monthly-frequency dataset covering February 1990 to October 2021, we utilise the returns spillover index approach of Baruník and Křehlík (2018). The res...

The specific properties of assets such as cryptocurrencies, gold, and stocks have welcomed more empirical studies in assessing their nexus. As a result, market conditions, whether good or bad, become imperative to assess the benefits of safe have, hedges or diversification. Also, the presence of uncertainties in markets may have asymmetrical effect...

We rely on daily changes in implied volatility indices for the US stock market (VIX), developed markets excluding the US (VXEFA), stock markets in Brazil (VXEWZ), Russia (RVI), India (NIFVIX), China (VXFXI), and the overall emerging market volatility index (VXEEM) to examine the degree of information flows among the markets in the coronavirus pande...

We model a mixture of asymmetric and nonlinear bidirectional and unidirectional causality between four macroeconomic variables (exchange rate, GDP, global economic policy uncertainty, and relative CPI) and stock returns of BRICS economies in the frequency-domain using the information flow theory. )e Complete Ensemble Empirical Mode Decomposition wi...

The information ow between BRIC and relevant volatilities constitutes a complex network, which needs comprehensive analysis. We provide a rigorous investigation of information ow among stock markets of BRIC and the US VIX in a frequency-domain paradigm. Henceforward, the variation mode decomposition-based entropy approach is employed for the examin...

We model a mixture of asymmetric and nonlinear bidirectional and unidirectional causality between four macroeconomic variables (exchange rate, GDP, global economic policy uncertainty, and relative CPI) and stock returns of BRICS economies in the frequency-domain using the information flow theory. The Complete Ensemble Empirical Mode Decomposition w...

This paper analyses the US dollar exchange rate pass-through to consumer prices in Ghana from January 1990 to January 2020 using the empirical mode decomposition-based nonlinear autoregressive distributed lags model (EMD-NARDL). This model eliminates the noise component of the underlying data and captures the short- and long-run nonlinearities. We...

The degree to which corporations benefit from social welfare has induced increasing attention, enjoining corporations to act in a socially responsible manner. The sustainability investing landscape has witnessed rapid ramifications over the years, but with fewer empirical studies relative to the conventional way of investing. Regarding the extent o...

This paper examines the relationship between commodity prices in Ghana and if any, the role of exchange rate on such relationship using wavelet analysis and monthly data from September, 2007 to March, 2021. We test for the robustness of the empirical findings using multiple wavelet analysis. We find that exchange rate plays an intrinsic role in the...

We examine the time-frequency spillovers, contagion, and pairwise interrelations between the BRIC index and its constituents, and between BRIC and G7 economies. The extent of interdependencies between market blocs and their constituents needs to be ascertained in the time-frequency domain for efficient asset allocation and portfolio management. Acc...

Background: Physical activity (PA) is a vital modifiable psychosocial intervention for promoting healthy longevity but problematically decreases with age. Innovative community-based strategies are recommended by the World Health Organization (WHO) to improve PA but prior research has seldom considered the interactive effect of financial inclusion,...

We examine the time- and frequency-dependent co-movements between stock and government bond yield returns for four major markets in sub-Saharan Africa. We employ the bi-, partial, and multiple wavelets techniques to evaluate the influence of COVID-19 cases on the fundamental relationship between bond and stock market returns. We further assess the...

We examine the time- and frequency-dependent co-movements between stock and government bond yield returns for four major markets in sub-Saharan Africa. We employ the bi-, partial, and multiple wavelets techniques to evaluate the influence of COVID-19 cases on the fundamental relationship between bond and stock market returns. We further assess the...

Owing to the adverse impact of the COVID-19 pandemic on world economies, it is expected that information flows between commodities and uncertainties have been transformed. Accordingly, the resulting twisted risk among commodities and related uncertainties is presumed to rise during stressed market conditions. Therefore, investors feel pressured to...

An increase in globalization and financial integration has induced countries to depend on each other to survive. This has facilitated trade and investments among economies across the globe. It is expected that countries’ international economic activities would contribute to the rate of exchange between the countries. However, uncertainties may alte...

Using the quantile regression approach to reveal the conditional relationships, the study re-examined the oil-stock co-movement in the context of oil-exporting countries in Africa. The data employed include daily OPEC basket price for crude oil and daily data on stock market indices for six major stock markets of oil-exporting economies in Africa—E...

We examine the interdependence of systematic risk in twenty emerging market economies. The interdependence structures are performed for subregional and regional categorizations of emerging markets, which have demonstrated financial openness over the years. Hence, the Kalman filter-based wavelet approach is adopted to execute the purpose of this stu...

Financial markets integration has resulted in high interconnectedness among the BRICS stock markets, which minimizes diversification potentials. is has increased investors' interest in the financialization of commodities to minimize their portfolio risks. However, the comovements between these assets do not operate in a vacuum, which requires that...

We present a multi-scale and time-frequency analysis of the degree of integration and the lead-lag relationship between six cryptocurrencies (i.e., Bitcoin, Bitcoincash, Ethereum, Litecoin, Ripple, and Tether) and the cryptocurrency-implied volatility index (VCRIX). As a result, the wavelet techniques—bi-wavelet, partial wavelet, bivariate contempo...

We employ a frequency-dependent asymmetric and causality analysis to investigate the connectedness between gold and cryptocurrencies during the COVID-19 pandemic. Hence, the variational mode decomposition-based quantile regression is utilised. Findings from the study divulge that the variational mode functions at the lower quantiles are mostly sign...

Price instability is a paramount concern since commodity prices are associated with the livelihood and the economy of a nation as a whole; any extraordinary price fluctuation in the futures market shows that forecasts in commodities is an essential venture. The difficulties in predicting commodity prices are due to the unpredictability of the world...

We examine the degree of causality and interdependencies between three commodities (cocoa, Brent crude oil and gold) and three economic indicators (Bank of Ghana composite index for economic activities, Global Economic Policy Uncertainty and inflation). Hence, the wavelet techniques – bi-wavelet, partial wavelet and wavelet multiple are employed. I...

This study uses threshold cointegration technique to ascertain the relationship between United States (US) economic policy uncertainty (EPU) and monetary policy rate (MPR) of each of the four African countries, namely Egypt, Ghana, Namibia and South Africa using monthly data from March 1998 to April 2020. The impact of US EPU on MPR of each country...

The desire to form monetary unions among regional blocs in Africa has necessitated the need to assess the degree of financial systems interdependencies in Africa economic blocs for their suitability to have harmonised economic policies of eventual monetary unions. In this regard, SADC has pursued policies to harmonise and integrate its financial sy...

The study aims to shed new lights on the lead-lag relationships between the financial sector (RFSI) and economic growth (GDP) in the midst of global economic policy uncertainty (GEPU) shocks for BRICS economies. Hence, the bivariate, partial, and wavelet multiple correlations techniques are employed. From the bivariate analysis, we document positiv...

The world has witnessed the adverse impact of the COVID-19 pandemic. Accordingly, it is expected that information transmission between equities and digital assets has been altered due to the hostile impact of the pandemic outbreak on financial markets. As a result, the ensuing perverse risk among markets is presumed to rise during severe uncertaint...

The purpose of this study is to provide insight into the lead-lag relationships between the BRIC stock index and its constituents. In addition, we assess the comovements between the US volatility index (VIX) as a measure of investor uncertainty and fear and stock returns of BRIC economies. Therefore, the bi-wavelet and wavelet multiple correlations...

Developing models to analyze time series is a very sophisticated, time-consuming, but interesting experience for researchers. Commodity price component determination is challenging due to remarkable price volatility, uncertainty, and complexity in the futures market. This study aims to determine the components that drive the market price of commodi...

We contribute to the literature on the integration of stock markets by examining the linkages between South African REIT (SA REIT) and 10 of the world's most developed REITs, from Europe, Asia, North America, and Oceania. Patterns of market co-movement are analysed using the wavelet coherence measure in the time-frequency domains. The results indic...

This paper revisited the crude oil – stock market nexus to examine how the oil implied volatility index (a forward-looking and more accurate measure for uncertainty in oil prices) affects stock returns in major Africa's oil-importing (South Africa, Kenya, Mauritius, and Botswana) and oil-exporting (Nigeria, Egypt, Tunisia, and Morocco) countries du...

This study utilized the empirical mode decomposition (EMD) technique and examined which group of investors based on their trading frequencies influence stock prices in Ghana. We applied this technique to a dataset of daily closing prices of GSE Financial Stock Index for the period 04/01/2011 to 28/08/2015. The daily closing prices were decomposed i...

This paper contributes to knowledge by investigating the asymmetric dependence structure between the real estate investment trusts (REITs) and currencies from Europe, North America, Asia, and Australasia. We employ the Ensemble Empirical Mode Decomposition (EEMD) technique to decompose price return series into short-term, medium-term, and long-term...

We used the detrended cross-correlation analysis (DCCA) method based on ensemble empirical mode decomposition (EEMD) to study the dynamic interdependence structure of daily domestic currency to US dollar exchange rates of 15 Southern African Development Community (SADC) exchange rate markets. We first decompose all series into intrinsic mode functi...

This study provides an analysis of chaotic information transmission from the COVID-19 pandemic to global equity markets in a novel denoised frequency domain entropy framework. The current length of the pandemic data offers the opportunity to examine its role in the asymmetric behaviour patterns of investors according to time horizons and the divers...

Operational activities of firms accumulate over time and adversely impact the environment, which, in turn, threaten the earth’s ecosystem and sustainable development agendas. Both internal- and external-specific pressures may play a crucial part in a firm’s decision to conform to environmental accountability practices (EAP). This paper examines the...

Environmental sustainability has received much attention in recent times by world leaders. This is largely due to the rate at which the natural environment is deteriorating and thus, presenting an urgent need for action to ensure the continuity of the earth ecosystem to sustain life. Consequently, the world has witnessed heightened pressure on firm...

We examine the time-frequency lead-lag relationships and degree of integration between crude oil price returns and stock returns of six oil-producing countries in Africa – Nigeria, Egypt, Ghana, Tunisia, South Africa and Morocco. The study employs daily data from January 2011 to October 2020, inclusive of the COVID-19 pandemic period, using bivaria...

Objective: For many older people, loneliness represents a common source of impaired quality of life particularly in the context of poor access to financial services. This article examines the association between financial inclusion and loneliness in older adults and explores the moderating effects of gender and physical activity in this association...

Background It remains poorly understood how financial inclusion influences physical health functioning in later life in sub-Saharan African context and whether the association differs by gender and social relationships. We aim 1) to examine the associations of financial inclusion with functional impairment during older age in Ghana; and 2) to evalu...

This paper employed wavelet coherence and partial wavelet coherence to investigate the time-frequency effect of global economic policy uncertainty on the comovement of five agricultural commodities such as maize, oat, rice, soybean, and wheat using monthly data from January 1997 to December 2019. In general, we observed heterogeneity in comovement...

This study investigated the impact of the novel coronavirus disease 2019 (COVID‐19) outbreak on prices of maize, sorghum, imported rice and local rice in sub‐Saharan Africa (SSA). We estimated dynamic panel data models with controls for macroeconomic setting using general method of moments estimation. The study found that the COVID‐19 outbreak led...

This paper employs the threshold cointegration methodology to assess the long- and short-run dynamics of asymmetric adjustment between economic policy uncertainty (EPU) of China-India, China-Japan, China-Korea, India-Japan, India-Korea, and Japan-Korea pairs using monthly EPU data ranging from January 1997 to April 2020. The relationship between th...

The need for exchange markets coordination in Africa is rooted in the quest of most economic blocs to form a monetary union characterized by a single currency and has therefore attracted the attention of researchers. The intrinsic complexity of the exchange rate market hinders researchers from producing consistently good results. The empirical mode...

This study investigates how financial services inclusion (FSI) may affect food insecurity among older Ghanaians and seeks to identify any modifying roles of age and gender in the associations. Data were analyzed for 1,200 adults aged 50+ years. Generalized linear models with a logit link function examined associations and interaction terms. Average...