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Publications

by members of

University of the Witwatersrand → Faculty of Commerce, Law and Management → School of Economic and Finance → Studies in Financial Markets and Macroeconomics (SFM)

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles |

Working papers

2025

  1. Tesfaye T. Lemma & Michael Machokoto & Marvelous Kadzima, 2025, "Climate risk climate policy and international capital flows evidence from SADC countries," Working Papers, South African Reserve Bank, number 11093, Nov.

2024

  1. Tesfaye T Lemma & Michael Machokoto & Tendai Gwatidzo, 2024, "Basel III regulations and financing decisions of nonfinancial firms the South African evidence," Working Papers, South African Reserve Bank, number 11067, Oct.

2017

  1. Malikane, Christopher, 2017, "Profitability and Crisis in the South African Economy," MPRA Paper, University Library of Munich, Germany, number 76165, Jan.
  2. Rasaki, Mutiu Gbade & Malikane, Christopher, 2017, "An estimated financial accelerator model for small-open African economies," MPRA Paper, University Library of Munich, Germany, number 95977, Nov.

2015

  1. malikane, christopher, 2015, "Capital In the 21st Century: A Review," MPRA Paper, University Library of Munich, Germany, number 67143, Oct.

2014

  1. Peter Flaschel & Florian Hartmann & Chris Malikane & Christian R. Proaño, 2014, "A Behavioral Macroeconomic Model of Exchange Rate Fluctuations with Complex Market Expectations Formation," IEER Working Papers, Institute of Empirical Economic Research, Osnabrueck University, number 98, Jan, revised 29 Jan 2014.
  2. Dladla, Pholile & Malikane, Christopher & Ojah, Kalu, 2014, "The Elasticity of Intertemporal Substitution Reconsidered," MPRA Paper, University Library of Munich, Germany, number 55547, Apr.
  3. Malikane, Christopher & Ojah, Kalu, 2014, "Fisher's Relation and the Term Structure: Implications for IS Curves," MPRA Paper, University Library of Munich, Germany, number 55553, Apr.
  4. Malikane, Christopher, 2014, "Traditional Inflation Dynamics," MPRA Paper, University Library of Munich, Germany, number 61427, Aug.
  5. Charpe, Matthieu & Flaschel, Peter & Hartmann, Florian & Malikane, Christopher, 2014, "Segmented Labor Markets and the Distributive Cycle: A Roadmap towards Inclusive Growth," MPRA Paper, University Library of Munich, Germany, number 62832, Apr.

2013

  1. Malikane, Christopher, 2013, "A New Keynesian Triangle Phillips Curve," MPRA Paper, University Library of Munich, Germany, number 43548, Jan.

2012

  1. Malikane, Christopher, 2012, "Inflation dynamics and the cost channel in emerging markets," MPRA Paper, University Library of Munich, Germany, number 42688, Oct.
  2. Malikane, Christopher, 2012, "The microfoundations of the Keynesian wage-price spiral," MPRA Paper, University Library of Munich, Germany, number 42921, Nov, revised 29 Nov 2012.

Journal articles

2025

  1. Tesfaye T. Lemma & Michael Machokoto & Tendai Gwatidzo, 2025, "Basel III Regulations and Financing Decisions of Nonfinancial Firms: The South African Evidence," South African Journal of Economics, Economic Society of South Africa, volume 93, issue 1, pages 56-72, March, DOI: 10.1111/saje.12400.
  2. Machokoto, Michael & Gyimah, Daniel & Kadzima, Marvelous & Kamuriwo, Dzidziso Samuel, 2025, "Ripple effects of innovation: How does peer influence shape corporate innovation across countries?," The British Accounting Review, Elsevier, volume 57, issue 4, DOI: 10.1016/j.bar.2024.101514.
  3. Kadzima, Marvelous & Machokoto, Michael & Matemane, Reon, 2025, "Is financial anxiety gendered? A cross-sectional analysis during the COVID-19 pandemic," Economics Letters, Elsevier, volume 248, issue C, DOI: 10.1016/j.econlet.2025.112237.
  4. Matemane, Reon & Machokoto, Michael & Lemma, Tesfaye T. & Majoni, Akios, 2025, "Women, men, and money: A gendered analysis of financial resilience," Economics Letters, Elsevier, volume 253, issue C, DOI: 10.1016/j.econlet.2025.112352.
  5. Machokoto, Michael & Osei-Tutu, Francis, 2025, "From code to creativity: The impact of legal origins on innovation of private enterprises," Economics Letters, Elsevier, volume 253, issue C, DOI: 10.1016/j.econlet.2025.112388.
  6. Machokoto, Michael & Lemma, Tesfaye T. & Kadzima, Marvelous, 2025, "Language structure and corporate financing: The role of future time reference," International Review of Financial Analysis, Elsevier, volume 105, issue C, DOI: 10.1016/j.irfa.2025.104392.
  7. Machokoto, Michael & Lemma, Tesfaye T. & Matemane, Reon, 2025, "Linguistic nuances and the valuation of corporate investments in innovation," Finance Research Letters, Elsevier, volume 79, issue C, DOI: 10.1016/j.frl.2025.107206.

2024

  1. Alovokpinhou, Sedjro Aaron & Malikane, Christopher, 2024, "The effect of output and the real exchange rate on equity price dynamics," The North American Journal of Economics and Finance, Elsevier, volume 72, issue C, DOI: 10.1016/j.najef.2024.102146.
  2. Sedjro Aaron Alovokpinhou & Pholile Dladla & Christopher Malikane, 2024, "International Evidence on the Interest Rate Effect in Dynamic IS Curves," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 60, issue 9, pages 1890-1907, July, DOI: 10.1080/1540496X.2023.2293973.
  3. Sedjro Aaron Alovokpinhou & Pholile Dladla & Christopher Malikane, 2024, "Financial accelerator, household portfolio, stock prices, and monetary policy shocks," Applied Economics Letters, Taylor & Francis Journals, volume 31, issue 1, pages 31-39, January, DOI: 10.1080/13504851.2022.2121377.
  4. Machokoto, Michael, 2024, "The impact of cultural orientation towards secrecy on innovation," Economics Letters, Elsevier, volume 234, issue C, DOI: 10.1016/j.econlet.2023.111509.
  5. Machokoto, Michael & Omotilewa, Oluwatoba James, 2024, "The impact of borrowing concentration on innovation: When is one not just enough?," Economics Letters, Elsevier, volume 236, issue C, DOI: 10.1016/j.econlet.2024.111613.
  6. Machokoto, Michael & Sikochi, Anywhere, 2024, "Not a one-trick pony: Price impact of rating agency information," Economics Letters, Elsevier, volume 241, issue C, DOI: 10.1016/j.econlet.2024.111837.
  7. Kadzima, Marvelous & Machokoto, Michael & Lemma, Tesfaye T., 2024, "From words to finances: Unraveling the negative net debt-languages nexus," Finance Research Letters, Elsevier, volume 66, issue C, DOI: 10.1016/j.frl.2024.105665.
  8. Caglayan, Mustafa & Machokoto, Michael, 2024, "The sensitivity of investment to internal and external funds: New emerging market evidence," Research in International Business and Finance, Elsevier, volume 67, issue PB, DOI: 10.1016/j.ribaf.2023.102099.
  9. Abongeh A. Tunyi & Junhong Yang & Henry Agyei-Boapeah & Michael Machokoto, 2024, "Takeover Vulnerability and Pre-Emptive Earnings Management," European Accounting Review, Taylor & Francis Journals, volume 33, issue 2, pages 677-711, March, DOI: 10.1080/09638180.2022.2116064.
  10. Michael Machokoto & Tesfaye T. Lemma & Ouarda Dsouli & Rebecca Fakoussa & Eghosa Igudia, 2024, "Coupling men‐to‐women: Promoting innovation in emerging markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 29, issue 3, pages 3656-3677, July, DOI: 10.1002/ijfe.2842.
  11. Christopher Malikane, 2024, "Inflation dynamics: a traditional perspective," Oxford Economic Papers, Oxford University Press, volume 76, issue 3, pages 780-796.

2023

  1. Machokoto, Michael & Bempong Nyantakyi, Eugene, 2023, "Are women-owned enterprises better for employees?," Economics Letters, Elsevier, volume 232, issue C, DOI: 10.1016/j.econlet.2023.111368.
  2. Kadzima, Marvelous & Machokoto, Michael, 2023, "A semi-parametric analysis of the cash flow sensitivity of cash," Finance Research Letters, Elsevier, volume 56, issue C, DOI: 10.1016/j.frl.2023.104053.
  3. Machokoto, Michael & Bayai, Innocent & Kadzima, Marvelous, 2023, "The nonlinear impact of debt on employment: Does institutional quality matter?," Finance Research Letters, Elsevier, volume 57, issue C, DOI: 10.1016/j.frl.2023.104436.
  4. Hesham Bassyouny & Michael Machokoto, 2023, "Does negativity matter under the principle-based approach? Evidence from narrative reporting in the UK," International Journal of Accounting & Information Management, Emerald Group Publishing Limited, volume 32, issue 2, pages 207-227, November, DOI: 10.1108/IJAIM-01-2023-0001.
  5. Marvelous Kadzima & Michael Machokoto & Edward Chamisa, 2023, "The real implications of mimicking peer firms' cash holdings," International Journal of Managerial Finance, Emerald Group Publishing Limited, volume 20, issue 4, pages 940-966, November, DOI: 10.1108/IJMF-03-2023-0164.
  6. Malikane Christopher, 2023, "A Traditional Nominal Wage Phillips Curve: Theory and Evidence," The Economic Record, The Economic Society of Australia, volume 99, issue 324, pages 108-121, March, DOI: 10.1111/1475-4932.12718.

2022

  1. Mbatha, Vusisizwe Moses & Alovokpinhou, Sedjro Aaron, 2022, "The structure of the South African stock market network during COVID-19 hard lockdown," Physica A: Statistical Mechanics and its Applications, Elsevier, volume 590, issue C, DOI: 10.1016/j.physa.2021.126770.
  2. Sedjro Aaron Alovokpinhou & Christopher Malikane & Tshepo Mokoka, 2022, "Inventory dynamics and endogenous persistence in a new Keynesian model," Applied Economics, Taylor & Francis Journals, volume 54, issue 17, pages 1957-1973, April, DOI: 10.1080/00036846.2021.1983144.
  3. Machokoto, Michael & Mahonye, Nyasha & Makate, Marshall, 2022, "Short-term financing sources in Africa: Substitutes or complements?," Research in International Business and Finance, Elsevier, volume 60, issue C, DOI: 10.1016/j.ribaf.2021.101572.
  4. Michael Machokoto & Daniel Gyimah & Boulis Maher Ibrahim, 2022, "The evolution of trade credit: new evidence from developed versus developing countries," Review of Quantitative Finance and Accounting, Springer, volume 59, issue 3, pages 857-912, October, DOI: 10.1007/s11156-022-01061-z.
  5. Eghosa Igudia & Robert Ackrill & Michael Machokoto, 2022, "Institutional incongruence, the everyday, and the persistence of street vending in Lagos: a demand-side perspective," Environment and Planning A, , volume 54, issue 6, pages 1256-1276, September, DOI: 10.1177/0308518X221083989.
  6. Dladla, Pholile & Malikane, Christopher, 2022, "Inflation dynamics in an emerging market: The case of South Africa," Economic Analysis and Policy, Elsevier, volume 73, issue C, pages 262-271, DOI: 10.1016/j.eap.2021.11.016.

2021

  1. Machokoto, Michael & Gyimah, Daniel & Ntim, Collins G., 2021, "Do peer firms influence innovation?," The British Accounting Review, Elsevier, volume 53, issue 5, DOI: 10.1016/j.bar.2021.100988.
  2. Tunyi, Abongeh A. & Machokoto, Michael, 2021, "The impact of weather-induced moods on M&A performance," Economics Letters, Elsevier, volume 207, issue C, DOI: 10.1016/j.econlet.2021.110011.
  3. Machokoto, Michael & Tanveer, Umair & Ishaq, Shamaila & Areneke, Geofry, 2021, "Decreasing investment-cash flow sensitivity: Further UK evidence," Finance Research Letters, Elsevier, volume 38, issue C, DOI: 10.1016/j.frl.2019.101397.
  4. Machokoto, Michael & Areneke, Geofry, 2021, "Is the cash flow sensitivity of cash asymmetric? African evidence," Finance Research Letters, Elsevier, volume 38, issue C, DOI: 10.1016/j.frl.2020.101440.
  5. Chipeta, Chimwemwe & Aftab, Nadeem & Machokoto, Michael, 2021, "The implications of financial conservatism for African firms," Finance Research Letters, Elsevier, volume 42, issue C, DOI: 10.1016/j.frl.2021.101926.
  6. Machokoto, Michael & Chipeta, Chimwemwe & Ibeji, Ngozi, 2021, "The institutional determinants of peer effects on corporate cash holdings," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 73, issue C, DOI: 10.1016/j.intfin.2021.101378.
  7. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021, "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, volume 58, issue C, DOI: 10.1016/j.ribaf.2021.101483.
  8. Michael Machokoto & Geofry Areneke & Davis Nyangara, 2021, "Financial conservatism, firm value and international business risk: Evidence from emerging economies around the global financial crisis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 26, issue 3, pages 4590-4608, July, DOI: 10.1002/ijfe.2032.
  9. Michael Machokoto, 2021, "Do financial constraints really matter? A case of understudied African firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 26, issue 3, pages 4670-4705, July, DOI: 10.1002/ijfe.2036.

2020

  1. Gyimah, Daniel & Machokoto, Michael & Sikochi, Anywhere (Siko), 2020, "Peer influence on trade credit," Journal of Corporate Finance, Elsevier, volume 64, issue C, DOI: 10.1016/j.jcorpfin.2020.101685.
  2. Machokoto, Michael & Areneke, Geofry & Ibrahim, Boulis Maher, 2020, "Rising corporate debt and value relevance of supply-side factors in South Africa," Journal of Business Research, Elsevier, volume 109, issue C, pages 26-37, DOI: 10.1016/j.jbusres.2019.11.039.
  3. Machokoto, Michael & Areneke, Geofry, 2020, "Does innovation and financial constraints affect the propensity to save in emerging markets?," Research in International Business and Finance, Elsevier, volume 52, issue C, DOI: 10.1016/j.ribaf.2020.101185.
  4. Michael Machokoto & Ngozi Ibeji & Chimwemwe Chipeta, 2020, "Investment–cash flow sensitivity around the crisis: are African firms different?," International Journal of Managerial Finance, Emerald Group Publishing Limited, volume 17, issue 5, pages 733-756, December, DOI: 10.1108/IJMF-04-2020-0162.
  5. Henry Agyei-Boapeah & Michael Machokoto & Joseph Amankwah-Amoah & Abongeh Tunyi & Samuel Fosu, 2020, "IFRS adoption and firm value: African evidence," Accounting Forum, Taylor & Francis Journals, volume 44, issue 3, pages 238-261, July, DOI: 10.1080/01559982.2020.1766755.
  6. Bales, Kyle & Malikane, Christopher, 2020, "The effect of credit ratings on emerging market volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 65, issue C, DOI: 10.1016/j.intfin.2020.101186.

2019

  1. Austin Chiumia & Arnold Palamuleni, 2019, "Interest Rate Pass‐through in Malawi: Implications for the Effectiveness of Monetary Policy," South African Journal of Economics, Economic Society of South Africa, volume 87, issue 4, pages 515-531, December, DOI: 10.1111/saje.12239.
  2. Henry Agyei-Boapeah & Yuan Wang & Abongeh A. Tunyi & Michael Machokoto & Fan Zhang, 2019, "Intangible investments and voluntary delisting," International Journal of Accounting & Information Management, Emerald Group Publishing Limited, volume 27, issue 2, pages 224-243, May, DOI: 10.1108/IJAIM-12-2017-0146.
  3. Michael Machokoto & Lanre Kassim, 2019, "Does Financial Remoteness Affect Foreign Direct Investment?," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, volume 11, issue 2, pages 219-232, September.
  4. Dladla, Pholile & Malikane, Christopher, 2019, "Stock return predictability: Evidence from a structural model," International Review of Economics & Finance, Elsevier, volume 59, issue C, pages 412-424, DOI: 10.1016/j.iref.2018.10.006.
  5. Patrick Bond & Christopher Malikane, 2019, "Inequality caused by macro-economic policies during overaccumulation crisis," Development Southern Africa, Taylor & Francis Journals, volume 36, issue 6, pages 803-820, November, DOI: 10.1080/0376835X.2019.1701416.

2018

  1. Henry Agyei-Boapeah & Michael Machokoto, 2018, "Allocation of internally generated corporate cash flow in Africa," Journal of Accounting in Emerging Economies, Emerald Group Publishing Limited, volume 8, issue 4, pages 495-513, November, DOI: 10.1108/JAEE-10-2017-0099.
  2. Anayochukwu Basil Chukwu & Christopher Malikane, 2018, "Real exchange rate (RER) as a policy tool for industrial diversification and growth in Africa," The Journal of International Trade & Economic Development, Taylor & Francis Journals, volume 27, issue 5, pages 504-520, July, DOI: 10.1080/09638199.2017.1397729.

2017

  1. Christopher Malikane & Prosper Chitambara, 2017, "Foreign Direct Investment, Democracy and Economic Growth in Southern Africa," African Development Review, African Development Bank, volume 29, issue 1, pages 92-102, March.
  2. Christopher Malikane & Prosper Chitambara, 2017, "Foreign direct investment, productivity and the technology gap in African economies," Journal of African Trade, Springer, volume 4, issue 1, pages 61-74, March, DOI: 10.1016/j.joat.2017.11.001.
  3. Christopher Malikane, 2017, "The labour share and the dynamics of output," Applied Economics, Taylor & Francis Journals, volume 49, issue 37, pages 3741-3750, August, DOI: 10.1080/00036846.2016.1267845.

2015

  1. Rasaki, Mutiu Gbade & Malikane, Christopher, 2015, "Macroeconomic shocks and fluctuations in African economies," Economic Systems, Elsevier, volume 39, issue 4, pages 675-696, DOI: 10.1016/j.ecosys.2015.02.002.
  2. Peter Flaschel & Florian Hartmann & Christopher Malikane & Christian Proaño, 2015, "A Behavioral Macroeconomic Model of Exchange Rate Fluctuations with Complex Market Expectations Formation," Computational Economics, Springer;Society for Computational Economics, volume 45, issue 4, pages 669-691, April, DOI: 10.1007/s10614-014-9437-8.

2014

  1. Malikane, Christopher, 2014, "A new Keynesian triangle Phillips curve," Economic Modelling, Elsevier, volume 43, issue C, pages 247-255, DOI: 10.1016/j.econmod.2014.08.010.
  2. Christopher Malikane & Tshepo Mokoka, 2014, "What really drives inflation?," Applied Economics Letters, Taylor & Francis Journals, volume 21, issue 3, pages 196-200, February, DOI: 10.1080/13504851.2013.848017.
  3. Christopher Malikane & Tshepo Mokoka, 2014, "The new Keynesian Phillips curve: endogeneity and misspecification," Applied Economics, Taylor & Francis Journals, volume 46, issue 25, pages 3082-3089, September, DOI: 10.1080/00036846.2014.922672.

2013

  1. Oswald K. Mungule, 2013, "Monetary Policy And Speculative Bubbles: Evidence From South Africa," The African Finance Journal, Africagrowth Institute, volume 15, issue 2, pages 22-42.
  2. Muhanji, Stella & Malikane, Christopher & Ojah, Kalu, 2013, "Price and liquidity puzzles of a monetary shock: Evidence from indebted African economies," Economic Modelling, Elsevier, volume 33, issue C, pages 620-630, DOI: 10.1016/j.econmod.2013.04.048.

2012

  1. Malikane, Christopher & Mokoka, Tshepo, 2012, "Monetary policy credibility: A Phillips curve view," The Quarterly Review of Economics and Finance, Elsevier, volume 52, issue 3, pages 266-271, DOI: 10.1016/j.qref.2012.05.002.

2011

  1. Toichiro Asada & Matthieu Charpe & Peter Flaschel & Christopher Malikane & Tarik Mouakil & Christian R. Proaño, 2011, "Output, stock markets and macro-policy measures in a Keynesian portfolio model," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, volume 8, issue 2, pages 341-360.

2010

  1. Flaschel, Peter & Hartmann, Florian & Malikane, Christopher & Semmler, Willi, 2010, "Broad Banking, Financial Markets and the Return of the Narrow Banking Idea," The Journal of Economic Asymmetries, Elsevier, volume 7, issue 2, pages 105-137, DOI: 10.1016/j.jeca.2010.02.006.
  2. Christopher Malikane, 2010, "Income distribution, persistent unemployment, and the classical growth cycle:evidence from South Africa," Journal of Developing Areas, Tennessee State University, College of Business, volume 44, issue 1, pages 187-200, September.

2008

  1. Christopher Malikane & Willi Semmler, 2008, "Asset Prices, Output And Monetary Policy In A Small Open Economy," Metroeconomica, Wiley Blackwell, volume 59, issue 4, pages 666-686, November, DOI: 10.1111/j.1467-999X.2008.00340.x.

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