The Impact of Derivatives Use on Systemic Risk of Africa’s Banking System

References

• Acharya, V. V. (2009). A theory of systemic risk and design of prudential bank regulation. Journal of Financial Stability, 5, 224–255. https://doi.org/10.1016/j.jfs.2009.02.001
   Web of Science ®Google Scholar
• Acharya, V. V., Pedersen, L. H., Philippon, T., & Richardson, M. (2017). Measuring systemic risk. The Review of Financial Studies, 30(1), 2–46. https://doi.org/10.1093/rfs/hhw088
   Web of Science ®Google Scholar
• Adrian, T., & Brunnermeier, M. K. (2016). CoVaR. The American Economic Review, 106(7), 1705–1741. https://doi.org/10.1257/aer.20120555
   Web of Science ®Google Scholar
• Akinsola, F. A., & Odhiambo, N. M. (2017). The impact of financial liberalization economic growth in sub-Saharan Africa. Cogent Economics & Finance, 5(1), 1–11. https://doi.org/10.1080/23322039.2017.1338851
   Google Scholar
• Al-Qaisi, K. M. (2011). The economic determinants of systematic risk in the Jordanian capital market. International Journal of Business and Social Science, 20(20), 85–95.
   Google Scholar
• Athreya, K. B. (2015). Systemic risk and the pursuit of efficiency. Economic Quarterly, 101(1), 23–47. https://doi.org/10.21144/eq1010103
   Google Scholar
• Baltagi, B. H. (2008). Econometrics (4th ed.). Springer.
   Google Scholar
• Batuo, E., Mlambo, K., & Asongu, S. (2018). Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa. Research in International Business and Finance, 45(October), 168–179. https://doi.org/10.1016/j.ribaf.2017.07.148
   Google Scholar
• Catalán, M., & Demekas, D. G. (2015). Challenges for systemic risk assessment in low-income countries. Journal of Financial Risk Management, 8(2), 118–129.
   Google Scholar
• Chang, C. C., Ho, K. Y., & Hsiao, Y. J. (2018). Derivatives usage for banking industry: Evidence from the European markets. Review of Quantitative Finance and Accounting, 51, 921–941. https://doi.org/10.1007/s11156-017-0692-3
   Web of Science ®Google Scholar
• Foggitt, G. M., Heymans, A., Van Vuuren, G. W., & Pretorius, A. (2017). Measuring the systemic risk in the South African banking sector. South African Journal of Economic and Management Sciences, 20(1), 1–9. https://doi.org/10.4102/sajems.v20i1.1619
   Web of Science ®Google Scholar
• Keffala, M. R. (2015). A comparative study of the influence of derivatives on bank stability in emerging and recently developed countries: Evidence from the last financial crisis. Arabian Journal of Business and Management Review, 6(1), 1‒7.
   Google Scholar
• Keffala, M. R. (2017). Are derivatives implicated in the recent financial crisis? evidence from banks in emerging countries. Review of Pacific Basin Financial Markets and Policies, 20(1), 1–41. https://doi.org/10.1142/S0219091517500047
   Google Scholar
• Kleinow, J., & Nell, T. (2015). Determinants of systemically important banks: The case of Europe. Journal of Financial Economic Policy, 7(4), 446–476. https://doi.org/10.1108/JFEP-07-2015-0042
   Web of Science ®Google Scholar
• Leukes, C., & Mensah, J. O. (2019). Systemic risk contribution of financial institutions in South Africa. African Review of Economics and Finance, 11(2), 188–218.
   Google Scholar
• Louhichi, W., Saghi, N., Srour, Z., & Viviani, J. L. (2022). The effect of liquidity creation on systemic risk: Evidence from European banking sector. Annals of Operations Research. https://doi.org/10.1007/s10479-022-04836-8
   Web of Science ®Google Scholar
• Manguzvane, M., & Mwamba, J. W. M. (2019). Modelling systemic risk in the South African banking sector using CoVaR. International Review of Applied Economics, 33(5), 624–641. https://doi.org/10.1080/02692171.2018.1516741
   Web of Science ®Google Scholar
• Mensah, J. O., & Premaratne, G. (2017). Systemic interconnectedness among Asian banks. Japan and the World Economy, 41(March), 17–33. https://doi.org/10.1016/j.japwor.2016.12.004
   Google Scholar
• Misati, R. N., & Nyamongo, E. M. (2012). Financial liberalization, financial fragility and economic growth in sub-saharan Africa. Journal of Financial Stability, 7(3), 26–37. https://doi.org/10.1016/j.jfs.2011.02.001
   Google Scholar
• Mokni, R. B. S., Rajhi, M. T., & Rachdi, H. (2016). Bank risk-taking in the MENA region: A comparison between Islamic banks and conventional banks. International Journal of Social Economics, 43(12), 1367–1385. https://doi.org/10.1108/IJSE-03-2015-0050
   Google Scholar
• Nairobi Securities Exchange. (2022). Introduction of new single stock futures on the NSE derivatives market. Available from: https://www.nse.co.ke/wp-content/uploads/Press-Release-INTRODUCTION-OF-NEW-SINGLE-STOCK-FUTURES-ON-THE-NSE-DERIVATIVES-MARKET.pdf. Accessed 21 December. 2022.
   Google Scholar
• Nguema Bekale, A., Alagidede, I. P., & Mensah, J. O. (2020). Derivatives use and the risk-taking behaviour of African banks. Unpublished manuscript, Wits Business School, University of the Witwatersrand,
   Google Scholar
• Nguema Bekale, A., Alagidede, I. P., & Mensah, J. O. (2022). Derivatives use and the business lending efficiency of African banks. Studies in Economics and Econometrics, 46, 105–124. https://doi.org/10.1080/03796205.2022.2109503
   Google Scholar
• Nguema Bekale, A., Botha, E., & Vermeulen, C. (2015). Institutionalisation of derivatives trading and economic growth: Evidence from South Africa (economic research Southern Africa (ERSA) Working Paper 505).
   Google Scholar
• Qin, X., & Zhou, C. (2019). Financial structure and determinants of systemic risk contribution. Pacific-Basin Finance Journal, 57, 1‒16. https://doi.org/10.1016/j.pacfin.2018.10.012
   Web of Science ®Google Scholar
• Raz, A. F. (2018). Risk and capital in Indonesian large banks. Journal of Financial Economic Policy, 10(10), 165–184. https://doi.org/10.1108/JFEP-06-2017-0055
   Google Scholar
• Reuters. (2019). Kenya’s NSE kicks off futures trading with most liquid stocks. Available from: https://www.reuters.com/article/kenya-bourse-idINL8N24C451. Accessed 21 December. 2022.
   Google Scholar
• Setikiene, A., & Butkus, M. (2021). The heterogeneous impact of financialisation on economic growth in the long run. Journal of Risk and Financial Management, 14(209), 1–30. https://doi.org/10.3390/jrfm14050209
   Google Scholar
• Sinha, P., & Sharma, S. (2016). Derivative use and its impact on systematic risk of Indian banks: Evidence using Tobit model. MPRA Paper No. 72251. Münich Personal RePEc Archive.
   Google Scholar
• Steves, R. (2021). Africa: Nigeria Takes Big Step toward Derivatives Trading Market: The SEC has approved seven derivatives contracts from Nigerian Exchange Limited (NGX). Available from: https://financefeeds.com/africa-nigeria-takes-big-step-toward-derivatives-trading-market/. Accessed 21 December 2022.
   Google Scholar
• Titova, Y., Penikas, H., & Gomayun, N. (2020). The impact of hedging and trading derivatives on value, performance and risk of European banks. Empirical Economics, 58(2), 535–565. https://doi.org/10.1007/s00181-018-1545-1
   Web of Science ®Google Scholar
• World Federation of Exchanges. WFE IOMA 2018 derivatives report. Available from: https://www.world-exchanges.org/storage/app/media/statistics/WFE%202018%20IOMA%20Derivatives%20Report%20FINAL%2010.04.19.pdf. Accessed 29 August. 2020.
   Google Scholar
• Zhou, S. (2021). Analyzing the relationship between derivative usage and systemic risk in South Africa. Eurasian Journal of Economics and Finance, 9(4), 217–234. https://doi.org/10.15604/ejef.2021.09.04.002
   Google Scholar