Tribalism and Finance

Forthcoming: Journal of Interdisciplinary Economics

EXCAS Working Paper WP/20/092

20 Pages Posted: 5 Feb 2021

See all articles by Oasis Kodila-Tedika

Oasis Kodila-Tedika

Université de Kinshasa - Department of Economics

Simplice Asongu

African Governance and Development Institute

Date Written: November 28, 2020


We assess the correlations between tribalism and financial development in 60 countries using data averages from 2000-2010. The tribalism index is used to measure tribalism whereas financial development is measured from perspectives of financial intermediary and stock market developments. The long term finance variable is stock market capitalisation while the short run variable is private and domestic credit. We find that tribalism is negatively correlated with financial development and the magnitude of negativity is higher for financial intermediary development relative to stock market development. The findings are particularly relevant to African and Middle Eastern countries where the scourge of tribalism is most pronounced.

Keywords: Tribalism; Financial Development

JEL Classification: E62; H11; H20; G20; O43

Suggested Citation

Kodila-Tedika, Oasis and Asongu, Simplice, Tribalism and Finance (November 28, 2020). Forthcoming: Journal of Interdisciplinary Economics, EXCAS Working Paper WP/20/092, Available at SSRN: or

Oasis Kodila-Tedika

Université de Kinshasa - Department of Economics ( email )

Democratic Republic of the Congo

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413

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