The nexus between microcredit nominal interest rates and inflation in sub-Saharan Africa: evidence from panel vector autoregression analysis
Abrigo, M.R.M. and Love, I. (2015) ‘Estimation of panel vector autoregression in Stata: a package of programs’, Stata Journal 16(3): 778–804.
Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20 <https://doi.org/10.1016/j.jdeveco.2010.04.004>.
Arellano, M. and Bond, S. (1988) Dynamic Panel Data Estimation Using PPD: A Guide for Users, London: Institute for Fiscal Studies.
Arellano, M. and Bond, S. (1991) ‘Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations’, The Review of Economic Studies 58(2): 277–97.
Arellano, M. and Bover, O. (1995) ‘Another look at the instrumental variable estimation of error-components models’, Journal of Econometrics 68(1): 29–51 <https://doi.org/10.1016/0304-4076(94)01642-D>.
Asongu, S.A. (2013) ‘Fighting consumer price inflation in Africa: what do dynamics in money, credit, efficiency and size tell us?’ Journal of Financial Economic Policy 5(1): 39–60 <https://doi.org/10.1108/17576381311317772>.
Awomuse, B.O. and Alimi, S.R. (2012) ‘The relationship between nominal interest rates and inflation: new evidence and implications for Nigeria’, Journal of Economics and Sustainable Development 3(9): 158–64.
Baltagi, B. (2008) Econometric Analysis of Panel Data, Vol. 1, New York: John Wiley & Sons.
Barro, R.J. (2013) ‘Inflation and economic growth’, Annals of Economics and Finance 14(1): 121–44.
Beck, T. and Maimbo, S.M. (2012) Financial Sector Development in Africa (Directions in Development: Finance), Washington, DC: World Bank.
Berg, A., O’Connell, S., Pattillo, C., Portillo, R. and Unsal, F. (2015) ‘Monetary policy issues in sub-Saharan Africa’, The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices, pp. 62–87, Oxford, UK: Oxford University Press.
Blundell, R. and Bond, S. (1998) ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Econometrics 87(1): 115–43 <https://doi.org/10.1016/S0304-4076(98)00009-8>.
Bodenstein, M., Guerrieri, L. and Gust, C.J. (2013) ‘Oil shocks and the zero bound on nominal interest rates’, Journal of International Money and Finance 32: 941–67 <https://doi.org/10.1016/j.jimonfin.2012.08.002>.
Booth, G.G. and Ciner, C. (2001) ‘The relationship between nominal interest rates and inflation: international evidence’, Journal of Multinational Financial Management 11(3): 269–80 <https://doi.org/10.1016/S1042-444X(01)00030-5>.
Bryan, M.F. and Cecchetti, S.G. (1993) ‘The consumer price index as a measure of inflation’, Economic Review of the Federal Reserve, Bank of Cleveland, 29(4), Quarter 4: 15–24.
Bullard, J. (1999) ‘Testing long-run monetary neutrality propositions: lessons from the recent research’, Federal Reserve Bank of St. Louis Review 81(1): 57–77.
Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29(1): 16–27 <http://dx.doi.org/10.1111/1467-8268.12235>.
Cotler, P. and Almazan, D. (2013) ‘The lending interest rates in the microfinance sector: searching for its determinants’, Journal of Centrum Cathedra 6(1): 69–81.
Crowder, W.J. and Hoffman, D.L. (1996) ‘The long-run relationship between nominal interest rates and inflation: the Fisher equation revisited’, Journal of Money, Credit and Banking 102–18 <http://dx.doi.org/10.2307/2077969>.
Dorfleitner, G., Leidl, M., Priberny, C. and von Mosch, J. (2013) ‘What determines microcredit interest rates?’ Applied Financial Economics 23(20): 1579–97 <http://dx.doi.org/10.1080/09603107.2013.839860>.
Eliot, G., Rothenberg, T.J. and Stock, J.H. (1996) ‘Efficient test for an autoregressive unit root’, Econometrica 64(4): 813–36 <http://dx.doi.org/10.2307/2171846>.
Fama, E.F. (1975) ‘Short-term interest rates as predictors of inflation’, The American Economic Review 65(3): 269–82.
Fisher, I. (1930) The Theory of Interest Rates, New York: Macmillan.
Garbade, K. and Wachtel, P. (1978) ‘Time variation in the relationship between inflation and interest rates’, Journal of Monetary Economics 4(4): 755–65 <https://doi.org/10.1016/0304-3932(78)90027-2>.
Hayakawa, K. (2015) ‘Improved GMM estimation of panel VAR models’, Computational Statistics & Data Analysis 100: 240–64 <https://doi.org/10.1016/j.csda.2015.05.004>.
Heintz, J. and Ndikumana, L. (2011) ‘Is there a case for formal inflation targeting in sub-Saharan Africa?’ Journal of African Economies 20(2): 67–103 <http://dx.doi.org/10.1093/jae/ejq027>.
Hermes, N. and Lensink, R. (2013) Financial Development and Economic Growth: Theory and Experiences from Developing Countries, Oxford, UK: Routledge.
Hsiao, C. (2014) Analysis of Panel Data, Vol. 54, Cambridge, UK: Cambridge University Press.
Janda, K. and Zetek, P. (2014) ‘Macroeconomic factors influencing interest rates of microfinance institutions in Latin America’, Agricultural Economics 60(4): 14.
Koutsomanoli-Filippaki, A. and Mamatzakis, E. (2009) ‘Performance and Merton-type default risk of listed banks in the EU: a panel VAR approach’, Journal of Banking & Finance 33(11): 2050–61 <https://doi.org/10.1016/j.jbankfin.2009.05.009>.
Love, I. and Zicchino, L. (2006) ‘Financial development and dynamic investment behavior: evidence from panel VAR’, The Quarterly Review of Economics and Finance 46(2): 190–210 <http://dx.doi.org/10.1016/j.qref.2005.11.007>.
Lütkepohl, H. (2005) New Introduction to Multiple Time Series Analysis, Berlin, Heidelberg: Springer Science & Business Media.
MacDonald, R. and Murphy, P.D. (1989) ‘Testing for the long run relationship between nominal interest rates and inflation using cointegration techniques’, Applied Economics 21(4): 439–47 <http://dx.doi.org/10.1080/758519711>.
Mishkin, F.S. (1992) ‘Is the Fisher effect for real? A reexamination of the relationship between inflation and interest rates’, Journal of Monetary Economics 30(2): 195–215 <https://doi.org/10.1016/0304-3932(92)90060-F>.
Roberts, P.W. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31 <http://dx.doi.org/10.1016/j.worlddev.2012.05.022>.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants: 2004–2011, Access to Finance Forum No. 7, Washington, DC: CGAP.
Sims, C.A. (1980) ‘Macroeconomics and reality’, Econometrica: Journal of the Econometric Society 48(1): 1–48 <http://dx.doi.org/10.2307/1912017>.
Sims, C.A. and Uhlig, H. (1991) ‘Understanding unit rooters: a helicopter tour’, Econometrica: Journal of the Econometric Society 59(6): 1591–9.
Westerlund, J. (2014) ‘Pooled panel unit root tests and the effect of past initialization’, Econometric Reviews (online), 1–32 <http://dx.doi.org/10.1080/07474938.2013.833829>.
Willard, L.B. (2012) ‘Does inflation targeting matter? A reassessment’, Applied Economics 44(17): 2231–44 <http://dx.doi.org/10.1080/00036846.2011.564136>.
World Bank (2012) ‘Economic indicators’, World Bank Research – Databank.
World Bank (2014) ‘Gross domestic savings (% of GDP)’ [online], World Bank data <http://data.worldbank.org/indicator/NY.GDS.TOTL.ZS>.
Abrigo, M.R.M. and Love, I. (2015) ‘Estimation of panel vector autoregression in Stata: a package of programs’, Stata Journal 16(3): 778–804.
Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20 <https://doi.org/10.1016/j.jdeveco.2010.04.004>.
Arellano, M. and Bond, S. (1988) Dynamic Panel Data Estimation Using PPD: A Guide for Users, London: Institute for Fiscal Studies.
Arellano, M. and Bond, S. (1991) ‘Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations’, The Review of Economic Studies 58(2): 277–97.
Arellano, M. and Bover, O. (1995) ‘Another look at the instrumental variable estimation of error-components models’, Journal of Econometrics 68(1): 29–51 <https://doi.org/10.1016/0304-4076(94)01642-D>.
Asongu, S.A. (2013) ‘Fighting consumer price inflation in Africa: what do dynamics in money, credit, efficiency and size tell us?’ Journal of Financial Economic Policy 5(1): 39–60 <https://doi.org/10.1108/17576381311317772>.
Awomuse, B.O. and Alimi, S.R. (2012) ‘The relationship between nominal interest rates and inflation: new evidence and implications for Nigeria’, Journal of Economics and Sustainable Development 3(9): 158–64.
Baltagi, B. (2008) Econometric Analysis of Panel Data, Vol. 1, New York: John Wiley & Sons.
Barro, R.J. (2013) ‘Inflation and economic growth’, Annals of Economics and Finance 14(1): 121–44.
Beck, T. and Maimbo, S.M. (2012) Financial Sector Development in Africa (Directions in Development: Finance), Washington, DC: World Bank.
Berg, A., O’Connell, S., Pattillo, C., Portillo, R. and Unsal, F. (2015) ‘Monetary policy issues in sub-Saharan Africa’, The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices, pp. 62–87, Oxford, UK: Oxford University Press.
Blundell, R. and Bond, S. (1998) ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Econometrics 87(1): 115–43 <https://doi.org/10.1016/S0304-4076(98)00009-8>.
Bodenstein, M., Guerrieri, L. and Gust, C.J. (2013) ‘Oil shocks and the zero bound on nominal interest rates’, Journal of International Money and Finance 32: 941–67 <https://doi.org/10.1016/j.jimonfin.2012.08.002>.
Booth, G.G. and Ciner, C. (2001) ‘The relationship between nominal interest rates and inflation: international evidence’, Journal of Multinational Financial Management 11(3): 269–80 <https://doi.org/10.1016/S1042-444X(01)00030-5>.
Bryan, M.F. and Cecchetti, S.G. (1993) ‘The consumer price index as a measure of inflation’, Economic Review of the Federal Reserve, Bank of Cleveland, 29(4), Quarter 4: 15–24.
Bullard, J. (1999) ‘Testing long-run monetary neutrality propositions: lessons from the recent research’, Federal Reserve Bank of St. Louis Review 81(1): 57–77.
Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29(1): 16–27 <http://dx.doi.org/10.1111/1467-8268.12235>.
Cotler, P. and Almazan, D. (2013) ‘The lending interest rates in the microfinance sector: searching for its determinants’, Journal of Centrum Cathedra 6(1): 69–81.
Crowder, W.J. and Hoffman, D.L. (1996) ‘The long-run relationship between nominal interest rates and inflation: the Fisher equation revisited’, Journal of Money, Credit and Banking 102–18 <http://dx.doi.org/10.2307/2077969>.
Dorfleitner, G., Leidl, M., Priberny, C. and von Mosch, J. (2013) ‘What determines microcredit interest rates?’ Applied Financial Economics 23(20): 1579–97 <http://dx.doi.org/10.1080/09603107.2013.839860>.
Eliot, G., Rothenberg, T.J. and Stock, J.H. (1996) ‘Efficient test for an autoregressive unit root’, Econometrica 64(4): 813–36 <http://dx.doi.org/10.2307/2171846>.
Fama, E.F. (1975) ‘Short-term interest rates as predictors of inflation’, The American Economic Review 65(3): 269–82.
Fisher, I. (1930) The Theory of Interest Rates, New York: Macmillan.
Garbade, K. and Wachtel, P. (1978) ‘Time variation in the relationship between inflation and interest rates’, Journal of Monetary Economics 4(4): 755–65 <https://doi.org/10.1016/0304-3932(78)90027-2>.
Hayakawa, K. (2015) ‘Improved GMM estimation of panel VAR models’, Computational Statistics & Data Analysis 100: 240–64 <https://doi.org/10.1016/j.csda.2015.05.004>.
Heintz, J. and Ndikumana, L. (2011) ‘Is there a case for formal inflation targeting in sub-Saharan Africa?’ Journal of African Economies 20(2): 67–103 <http://dx.doi.org/10.1093/jae/ejq027>.
Hermes, N. and Lensink, R. (2013) Financial Development and Economic Growth: Theory and Experiences from Developing Countries, Oxford, UK: Routledge.
Hsiao, C. (2014) Analysis of Panel Data, Vol. 54, Cambridge, UK: Cambridge University Press.
Janda, K. and Zetek, P. (2014) ‘Macroeconomic factors influencing interest rates of microfinance institutions in Latin America’, Agricultural Economics 60(4): 14.
Koutsomanoli-Filippaki, A. and Mamatzakis, E. (2009) ‘Performance and Merton-type default risk of listed banks in the EU: a panel VAR approach’, Journal of Banking & Finance 33(11): 2050–61 <https://doi.org/10.1016/j.jbankfin.2009.05.009>.
Love, I. and Zicchino, L. (2006) ‘Financial development and dynamic investment behavior: evidence from panel VAR’, The Quarterly Review of Economics and Finance 46(2): 190–210 <http://dx.doi.org/10.1016/j.qref.2005.11.007>.
Lütkepohl, H. (2005) New Introduction to Multiple Time Series Analysis, Berlin, Heidelberg: Springer Science & Business Media.
MacDonald, R. and Murphy, P.D. (1989) ‘Testing for the long run relationship between nominal interest rates and inflation using cointegration techniques’, Applied Economics 21(4): 439–47 <http://dx.doi.org/10.1080/758519711>.
Mishkin, F.S. (1992) ‘Is the Fisher effect for real? A reexamination of the relationship between inflation and interest rates’, Journal of Monetary Economics 30(2): 195–215 <https://doi.org/10.1016/0304-3932(92)90060-F>.
Roberts, P.W. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31 <http://dx.doi.org/10.1016/j.worlddev.2012.05.022>.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants: 2004–2011, Access to Finance Forum No. 7, Washington, DC: CGAP.
Sims, C.A. (1980) ‘Macroeconomics and reality’, Econometrica: Journal of the Econometric Society 48(1): 1–48 <http://dx.doi.org/10.2307/1912017>.
Sims, C.A. and Uhlig, H. (1991) ‘Understanding unit rooters: a helicopter tour’, Econometrica: Journal of the Econometric Society 59(6): 1591–9.
Westerlund, J. (2014) ‘Pooled panel unit root tests and the effect of past initialization’, Econometric Reviews (online), 1–32 <http://dx.doi.org/10.1080/07474938.2013.833829>.
Willard, L.B. (2012) ‘Does inflation targeting matter? A reassessment’, Applied Economics 44(17): 2231–44 <http://dx.doi.org/10.1080/00036846.2011.564136>.
World Bank (2012) ‘Economic indicators’, World Bank Research – Databank.
World Bank (2014) ‘Gross domestic savings (% of GDP)’ [online], World Bank data <http://data.worldbank.org/indicator/NY.GDS.TOTL.ZS>.
Abrigo, M.R.M. and Love, I. (2015) ‘Estimation of panel vector autoregression in Stata: a package of programs’, Stata Journal 16(3): 778–804.
Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20 <https://doi.org/10.1016/j.jdeveco.2010.04.004>.
Arellano, M. and Bond, S. (1988) Dynamic Panel Data Estimation Using PPD: A Guide for Users, London: Institute for Fiscal Studies.
Arellano, M. and Bond, S. (1991) ‘Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations’, The Review of Economic Studies 58(2): 277–97.
Arellano, M. and Bover, O. (1995) ‘Another look at the instrumental variable estimation of error-components models’, Journal of Econometrics 68(1): 29–51 <https://doi.org/10.1016/0304-4076(94)01642-D>.
Asongu, S.A. (2013) ‘Fighting consumer price inflation in Africa: what do dynamics in money, credit, efficiency and size tell us?’ Journal of Financial Economic Policy 5(1): 39–60 <https://doi.org/10.1108/17576381311317772>.
Awomuse, B.O. and Alimi, S.R. (2012) ‘The relationship between nominal interest rates and inflation: new evidence and implications for Nigeria’, Journal of Economics and Sustainable Development 3(9): 158–64.
Baltagi, B. (2008) Econometric Analysis of Panel Data, Vol. 1, New York: John Wiley & Sons.
Barro, R.J. (2013) ‘Inflation and economic growth’, Annals of Economics and Finance 14(1): 121–44.
Beck, T. and Maimbo, S.M. (2012) Financial Sector Development in Africa (Directions in Development: Finance), Washington, DC: World Bank.
Berg, A., O’Connell, S., Pattillo, C., Portillo, R. and Unsal, F. (2015) ‘Monetary policy issues in sub-Saharan Africa’, The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices, pp. 62–87, Oxford, UK: Oxford University Press.
Blundell, R. and Bond, S. (1998) ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Econometrics 87(1): 115–43 <https://doi.org/10.1016/S0304-4076(98)00009-8>.
Bodenstein, M., Guerrieri, L. and Gust, C.J. (2013) ‘Oil shocks and the zero bound on nominal interest rates’, Journal of International Money and Finance 32: 941–67 <https://doi.org/10.1016/j.jimonfin.2012.08.002>.
Booth, G.G. and Ciner, C. (2001) ‘The relationship between nominal interest rates and inflation: international evidence’, Journal of Multinational Financial Management 11(3): 269–80 <https://doi.org/10.1016/S1042-444X(01)00030-5>.
Bryan, M.F. and Cecchetti, S.G. (1993) ‘The consumer price index as a measure of inflation’, Economic Review of the Federal Reserve, Bank of Cleveland, 29(4), Quarter 4: 15–24.
Bullard, J. (1999) ‘Testing long-run monetary neutrality propositions: lessons from the recent research’, Federal Reserve Bank of St. Louis Review 81(1): 57–77.
Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29(1): 16–27 <http://dx.doi.org/10.1111/1467-8268.12235>.
Cotler, P. and Almazan, D. (2013) ‘The lending interest rates in the microfinance sector: searching for its determinants’, Journal of Centrum Cathedra 6(1): 69–81.
Crowder, W.J. and Hoffman, D.L. (1996) ‘The long-run relationship between nominal interest rates and inflation: the Fisher equation revisited’, Journal of Money, Credit and Banking 102–18 <http://dx.doi.org/10.2307/2077969>.
Dorfleitner, G., Leidl, M., Priberny, C. and von Mosch, J. (2013) ‘What determines microcredit interest rates?’ Applied Financial Economics 23(20): 1579–97 <http://dx.doi.org/10.1080/09603107.2013.839860>.
Eliot, G., Rothenberg, T.J. and Stock, J.H. (1996) ‘Efficient test for an autoregressive unit root’, Econometrica 64(4): 813–36 <http://dx.doi.org/10.2307/2171846>.
Fama, E.F. (1975) ‘Short-term interest rates as predictors of inflation’, The American Economic Review 65(3): 269–82.
Fisher, I. (1930) The Theory of Interest Rates, New York: Macmillan.
Garbade, K. and Wachtel, P. (1978) ‘Time variation in the relationship between inflation and interest rates’, Journal of Monetary Economics 4(4): 755–65 <https://doi.org/10.1016/0304-3932(78)90027-2>.
Hayakawa, K. (2015) ‘Improved GMM estimation of panel VAR models’, Computational Statistics & Data Analysis 100: 240–64 <https://doi.org/10.1016/j.csda.2015.05.004>.
Heintz, J. and Ndikumana, L. (2011) ‘Is there a case for formal inflation targeting in sub-Saharan Africa?’ Journal of African Economies 20(2): 67–103 <http://dx.doi.org/10.1093/jae/ejq027>.
Hermes, N. and Lensink, R. (2013) Financial Development and Economic Growth: Theory and Experiences from Developing Countries, Oxford, UK: Routledge.
Hsiao, C. (2014) Analysis of Panel Data, Vol. 54, Cambridge, UK: Cambridge University Press.
Janda, K. and Zetek, P. (2014) ‘Macroeconomic factors influencing interest rates of microfinance institutions in Latin America’, Agricultural Economics 60(4): 14.
Koutsomanoli-Filippaki, A. and Mamatzakis, E. (2009) ‘Performance and Merton-type default risk of listed banks in the EU: a panel VAR approach’, Journal of Banking & Finance 33(11): 2050–61 <https://doi.org/10.1016/j.jbankfin.2009.05.009>.
Love, I. and Zicchino, L. (2006) ‘Financial development and dynamic investment behavior: evidence from panel VAR’, The Quarterly Review of Economics and Finance 46(2): 190–210 <http://dx.doi.org/10.1016/j.qref.2005.11.007>.
Lütkepohl, H. (2005) New Introduction to Multiple Time Series Analysis, Berlin, Heidelberg: Springer Science & Business Media.
MacDonald, R. and Murphy, P.D. (1989) ‘Testing for the long run relationship between nominal interest rates and inflation using cointegration techniques’, Applied Economics 21(4): 439–47 <http://dx.doi.org/10.1080/758519711>.
Mishkin, F.S. (1992) ‘Is the Fisher effect for real? A reexamination of the relationship between inflation and interest rates’, Journal of Monetary Economics 30(2): 195–215 <https://doi.org/10.1016/0304-3932(92)90060-F>.
Roberts, P.W. (2013) ‘The profit orientation of microfinance institutions and effective interest rates’, World Development 41: 120–31 <http://dx.doi.org/10.1016/j.worlddev.2012.05.022>.
Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants: 2004–2011, Access to Finance Forum No. 7, Washington, DC: CGAP.
Sims, C.A. (1980) ‘Macroeconomics and reality’, Econometrica: Journal of the Econometric Society 48(1): 1–48 <http://dx.doi.org/10.2307/1912017>.
Sims, C.A. and Uhlig, H. (1991) ‘Understanding unit rooters: a helicopter tour’, Econometrica: Journal of the Econometric Society 59(6): 1591–9.
Westerlund, J. (2014) ‘Pooled panel unit root tests and the effect of past initialization’, Econometric Reviews (online), 1–32 <http://dx.doi.org/10.1080/07474938.2013.833829>.
Willard, L.B. (2012) ‘Does inflation targeting matter? A reassessment’, Applied Economics 44(17): 2231–44 <http://dx.doi.org/10.1080/00036846.2011.564136>.
World Bank (2012) ‘Economic indicators’, World Bank Research – Databank.
World Bank (2014) ‘Gross domestic savings (% of GDP)’ [online], World Bank data <http://data.worldbank.org/indicator/NY.GDS.TOTL.ZS>.
Abrigo, M.R.M. and Love, I. (2015) ‘Estimation of panel vector autoregression in Stata: a package of programs’, Stata Journal 16(3): 778–804.
Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20 <https://doi.org/10.1016/j.jdeveco.2010.04.004>.
Arellano, M. and Bond, S. (1988) Dynamic Panel Data Estimation Using PPD: A Guide for Users, London: Institute for Fiscal Studies.
Arellano, M. and Bond, S. (1991) ‘Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations’, The Review of Economic Studies 58(2): 277–97.
Arellano, M. and Bover, O. (1995) ‘Another look at the instrumental variable estimation of error-components models’, Journal of Econometrics 68(1): 29–51 <https://doi.org/10.1016/0304-4076(94)01642-D>.
Asongu, S.A. (2013) ‘Fighting consumer price inflation in Africa: what do dynamics in money, credit, efficiency and size tell us?’ Journal of Financial Economic Policy 5(1): 39–60 <https://doi.org/10.1108/17576381311317772>.
Awomuse, B.O. and Alimi, S.R. (2012) ‘The relationship between nominal interest rates and inflation: new evidence and implications for Nigeria’, Journal of Economics and Sustainable Development 3(9): 158–64.
Baltagi, B. (2008) Econometric Analysis of Panel Data, Vol. 1, New York: John Wiley & Sons.
Barro, R.J. (2013) ‘Inflation and economic growth’, Annals of Economics and Finance 14(1): 121–44.
Beck, T. and Maimbo, S.M. (2012) Financial Sector Development in Africa (Directions in Development: Finance), Washington, DC: World Bank.
Berg, A., O’Connell, S., Pattillo, C., Portillo, R. and Unsal, F. (2015) ‘Monetary policy issues in sub-Saharan Africa’, The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices, pp. 62–87, Oxford, UK: Oxford University Press.
Blundell, R. and Bond, S. (1998) ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Econometrics 87(1): 115–43 <https://doi.org/10.1016/S0304-4076(98)00009-8>.
Bodenstein, M., Guerrieri, L. and Gust, C.J. (2013) ‘Oil shocks and the zero bound on nominal interest rates’, Journal of International Money and Finance 32: 941–67 <https://doi.org/10.1016/j.jimonfin.2012.08.002>.
Booth, G.G. and Ciner, C. (2001) ‘The relationship between nominal interest rates and inflation: international evidence’, Journal of Multinational Financial Management 11(3): 269–80 <https://doi.org/10.1016/S1042-444X(01)00030-5>.
Bryan, M.F. and Cecchetti, S.G. (1993) ‘The consumer price index as a measure of inflation’, Economic Review of the Federal Reserve, Bank of Cleveland, 29(4), Quarter 4: 15–24.
Bullard, J. (1999) ‘Testing long-run monetary neutrality propositions: lessons from the recent research’, Federal Reserve Bank of St. Louis Review 81(1): 57–77.
Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29(1): 16–27 <http://dx.doi.org/10.1111/1467-8268.12235>.
Cotler, P. and Almazan, D. (2013) ‘The lending interest rates in the microfinance sector: searching for its determinants’, Journal of Centrum Cathedra 6(1): 69–81.
Crowder, W.J. and Hoffman, D.L. (1996) ‘The long-run relationship between nominal interest rates and inflation: the Fisher equation revisited’, Journal of Money, Credit and Banking 102–18 <http://dx.doi.org/10.2307/2077969>.
Dorfleitner, G., Leidl, M., Priberny, C. and von Mosch, J. (2013) ‘What determines microcredit interest rates?’ Applied Financial Economics 23(20): 1579–97 <http://dx.doi.org/10.1080/09603107.2013.839860>.
Eliot, G., Rothenberg, T.J. and Stock, J.H. (1996) ‘Efficient test for an autoregressive unit root’, Econometrica 64(4): 813–36 <http://dx.doi.org/10.2307/2171846>.
Fama, E.F. (1975) ‘Short-term interest rates as predictors of inflation’, The American Economic Review 65(3): 269–82.
Fisher, I. (1930) The Theory of Interest Rates, New York: Macmillan.
Garbade, K. and Wachtel, P. (1978) ‘Time variation in the relationship between inflation and interest rates’, Journal of Monetary Economics 4(4): 755–65 <https://doi.org/10.1016/0304-3932(78)90027-2>.
Hayakawa, K. (2015) ‘Improved GMM estimation of panel VAR models’, Computational Statistics & Data Analysis 100: 240–64 <https://doi.org/10.1016/j.csda.2015.05.004>.
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