This study assesses the role of globalization-fueled regionalization policies on the financial allocation efficiency of four economic and monetary regions in Africa from 1980 to 2008. Banking and financial system efficiency proxies are used as dependent variables and seven bundled and unbundled globalization variables are employed as independent indicators. The bundling is achieved by principal component analysis, while the empirical evidence is based on interactive fixed effects regressions. The findings are as follows. First, financial allocation efficiency is more sensitive to financial openness compared to trade openness and most sensitive to globalization. The relationship between allocation efficiency and globalization-fueled regionalization policies is defined by: (i) a Kuznets or inverted U-shaped curve in the UEMOA and CEMAC zones (evidence of decreasing returns for allocation efficiency from globalization-fueled regionalization) and (ii) a U-shaped relationship overwhelmingly in the COMESA and scantily in the EAC (increasing returns to allocation efficiency due to globalization-fueled regionalization). These relationships are relevant to the specific globalization dynamics within regions. Economic and monetary regions are more prone to surplus liquidity than pure economic regions are. Policy implications and measures for reducing surplus liquidity are also discussed.

中文翻译：

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金融分配效率的全球化比较非洲区域经济学：危机前时代的重温

本研究评估了全球化推动的区域化政策对 1980 年至 2008 年非洲四个经济和货币区域金融分配效率的作用。银行和金融体系效率代理用作因变量，并使用七个捆绑和非捆绑全球化变量作为独立指标。捆绑是通过主成分分析实现的，而经验证据是基于交互式固定效应回归。结果如下。首先，与贸易开放相比，金融配置效率对金融开放更为敏感，对全球化最为敏感。分配效率与全球化推动的区域化政策之间的关系定义为：(i) UEMOA 和 CEMAC 区域的库兹涅茨曲线或倒 U 形曲线（全球化推动的区域化分配效率回报递减的证据）和 (ii) 在 COMESA 中以压倒性优势和在 EAC 中微不足道的 U 形关系（由于全球化推动的区域化而增加分配效率的回报）。这些关系与区域内特定的全球化动态有关。经济和货币区域比纯经济区域更容易出现流动性过剩。还讨论了减少过剩流动性的政策影响和措施。