Bond Market Development and Infrastructure Development Index; an Analysis of African Countries with the Portfolio Investment Bonds

Tuhaise Betty Tumuhirwe; Eric Nzibonera; Jude Thadeo Mugarura; Yusuf Kiwala

doi:10.36948/ijfmr.2024.v06i02.15903

Bond Market Development and Infrastructure Development Index; an Analysis of African Countries with the Portfolio Investment Bonds

Author(s)	Tuhaise Betty Tumuhirwe, Eric Nzibonera, Jude Thadeo Mugarura, Yusuf Kiwala
Country	Uganda
Abstract	This paper analyses the empirical relationship between portfolio investment bonds and Infrastructure development index in Africa. The study seeks to establish if there is a statistically significant relationship between the portfolio investment bonds and infrastructure development index in Africa. Panel data of 13 countries for the period of 9 years from 2013 to 2022 was adopted. The study is supported by positivism philosophical underpinnings, a quantitative approach, multiple case design. It is a triangulation of correlation, regression, and hypothesis -testing through the linear dynamic panel data Generalized method of Momentum (GMM) model. This model estimates the empirical relationship between the key variables under study. The results from the study indicate a significant positive relationship between the portfolio dollar amount logged twice from the world bank data indicators and the infrastructure index from the Africa Infrastructure development Indicator (AIDI) also logged twice based on the model requirements. Therefore, countries that receive higher portfolio dollar amounts realize more infrastructure development. It is therefore recommended for African countries to create a Political, Economic and Regulatory supportive policies for bond market development especially the portfolio investment bonds. This paper ascertains a relationship between bond market development and Africa infrastructure development index. And develops policy discussions regarding infrastructure financing though a well-developed bond market with a variety of bond types
Keywords	Bond market development, Infrastructure financialization, Infrastructure financing
Field	Sociology > Banking / Finance
Published In	Volume 6, Issue 2, March-April 2024
Published On	2024-04-10
Cite This	Bond Market Development and Infrastructure Development Index; an Analysis of African Countries with the Portfolio Investment Bonds - Tuhaise Betty Tumuhirwe, Eric Nzibonera, Jude Thadeo Mugarura, Yusuf Kiwala - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.15903
DOI	https://doi.org/10.36948/ijfmr.2024.v06i02.15903
Short DOI	https://doi.org/gtqx3d

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Bond Market Development and Infrastructure Development Index; an Analysis of African Countries with the Portfolio Investment Bonds

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