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Research

• Conditional Volatility of Financial Markets, Market Liberalization and Economic Growth: Evidence from Emerging Economies.
• The Impact of Capital Inflows on Interest Rates Risk Premia and the Influence of the Credibility of Monetary Policy.<br>This research will focus on emerging economies and how the prosecution of monetary policy with specific reference t0 inflation Control is subsumed by external capital pressures.
• The Impact of the Uncertainty of Exchange Rates and Central Bank Independence on the J-Curve: Evidence from Emerging Countries.<br><br>This study investigates the extend to which the variability of Exchange Rates and Credibility of Monetary Policies affect the Speed of Adjustment of Trade Balances in Emerging Economies. Specifically, whether the postulated J-Curve in Financial Economic Literature is affected by the afore-mentioned choice variables.
• Unemployment, Output and Central Bank Independence in Emerging Economies: Revisiting Okun's Law<br><br>This paper re-examines Okun's Law in the context varying levels of Central Bank Independence. Okun's postulates that Unemployment levels are influenced by Outputs in Economies. Variations of his original hypothesis have been presented and met equally differing levels of empirical support. Our effort is to extend the existing literature by determining whether the macroeconomic effect of independence of central banks will affect the proposed link between unemployment rates and Output.
• <b>Firm Size and Industry Effects on Market Reaction to Changes in the Prices of Federal Funds Futures.</b><br>The research will investigate the possible effect of firm size and industry on the market reaction to changes in the prices of Federal Funds Futures. Previous studies have examined the effect of monetary policy changes on long and short interest rates (Roley & Sellon 1995, Kutner 2001, Gurgius and Giannikos 2007) and Financial Markets (Madura & Schnusenberg 2000, Lu & Wu 2006). We will extend these studies by attempting to capture possible asymmetric effects of broader measures of firm size and industry on market reaction to open-market operations of the Federal Reserve.<br>We employ Kutner's methodology using price changes in the Federal Funds futures to capture both the anticipated and unanticipated components of monetary innovations and then examine how each of these components relates to the reactions of the financial markets. Kutner's approach provides an innovative way to address the generated -regressor problems associated with the commonly used two step regression models and provides arguably more reliable results.
• <b><i>The Efficacy of Digital and Cryptocurrencies as an Alternative Store of Value. </i></b> <br>In my research, I will look at characteristics of crypto currencies and results of their interplay with fiat currencies and the effect on functions of central banks and the financial market place. As an extension of the latter, also investigate how sovereign digital currencies can help central banks in emerging economies reduce the adverse effects on their respective macroeconomies of significant informal sectors. The latter tends to undermine and truncate the transmission of policies. Using digital currencies on mobile phone infrastructures can help accelerate the process of economic integration each country. The aforementioned will enhance better management of their economies and increase prospects for growth.<br> Being a relatively new phenomenon, there are challenges in obtaining credible timeseries data for purposes of empirical research and will entail significant data mining efforts (Sites like Coin-MarketCap, CryptoCompare etc. are potential sources). These will be outside the traditional sources for finance and economics data. Beyond this, the literature is still unfolding time and will be required accomplish me objectives and hence my request for sabbatical leave to help advance this effort.
• <b>Empirical Evidence of the Effect of The Price Credibility of Monetary Policy and The Term Structure of Interest Rates.</b><br>The expected impact of central bank independence as (CBI) a proxy for credibility will be its effect on expected future inflation. The trade-off between the degree of CBI and inflation should lower the inflation expectation component of the spread between long and short rates, and therefore reduce its slope. So countries with higher degrees of CBI, all things equal, are expected to have relatively flatter slopes of the terms structure. Additionally, I expect that the term structure in high CBI countries to be more sensitive to changes in the monetary policy and therefore more predictive of the path of economic and financial variables. Overall the reaction of agents and therefore the level of responsiveness of market to changes in the term structure is expected to be higher in a country with a more credible central bank.<b><br></b>

Honors & Awards

• Global Education Award, Global Education, Montclair State University ( 2004)
• Certificate of Best Author Award, Journal of the Academy of Business, Cambridge. (March 2006)
• Academy of Business Journal 'Best Paper Award' in Global Financial Crisis, Academy of Business Research (March 2011)
• Professing Excellence Award, 2018, Montclair State University, The Center for Leadership Development (May 2018)

Refereed Published Articles

• H. Sintim (2006). Central Bank Independence, Inflation Variability and the Revenue Smoothing Hypothesis.. International Advances in Economic Research
• H. Sintim, S. Byykwaso (2006). Inflation Uncertainty and Inflation: Implications of Adjustment and Recovery Programs in Sub-Saharan Africa.. Global Business & Finance Review
• H. Sintim (2006). Inflation Variability, Central Bank Independence and Term Structure: A Simple Theoretical Examination. The Intermational Journal of Business Disciplines
• H. Sintim (2003). New Estimates on the Influence of Central Bank Independence on the Variability of Inflation: Implications on the Term Structure and Financial Markets.. Review of Business and Economics
• H. Sintim (2003). Central Bank Independence and Revenue Smoothing Hypothesis: Implications on Taxes. Review of Business Research
• H. Sintim (2006). Financial Opposition Index and Optimal Seignorage: Evidence from Emerging Economies.. Journal of American Academy of Business, Cambridge.
• N. Firoz, A. Waghdy, H. Sintim (2006). Transfer Pricing in the Global Marketplace. National Accounting Journal
• H. Sintim (2006). Emerging Economies and Inflation Variability: A comparison of a Generalized Maximum Likelihood and SUR Models on the Influence of Central Bank Independence. Economic Change and Restructuring (Formally Economics of Planning)
• H. Sintim (2006). Implications of Economics Recovery and Structural Adjustment Programs on the Cointegration of Prices and Exchange Rates: Evidence in Sub-Saharan Africa.. Journal of International Business and Economics
• H. Sintim (2008). Direct Taxes in Emerging Economies: Implications of a Measure of Effective Financial Opposition on Infllation.. International Research Journal for Finance and Economics
• H. Sintim, N. Firoz (2007). Is Interest Free, Interest Free:Islamic Finance and Banking. Business Journel for Entrepreneurs
• H. Sintim, C. Chakraborty (2007). Purchasing Power Parity, Inflation and Central Bank Independence: A Panel Cointegration Test of Emerging Economies. Journal of American Academy of business
• H. Sintim (2006). Developing Economies and Taxes: Implications of Turnover Rates on the Revenue-Smoothing Hypothesis. Journal of Industrial Business and Economics Research
• D. Kim, H. Sintim, B. Serapio (2025). The Impact of the Central Bank Independence on the Causality Between The Levels of Trade Openness and Foreign Direct Investment. International Journal of Business and Public Administration
• H. Sintim, C. Chakraborty (2021). FDI DRIVEN GROWTH IN EMERGING ECONOMIES: IMPACT OF LEVELS OF CENTRAL BANK INDEPENDENCE. Journal of Developing Areas
• H. Sintim-Aboagye, c. chakraborty, (2019). Foreign Capital Flows and Growth Under Varied Regimes of Central Bank Independence: Emerging Market Experience. Journal of Academy of Business and Economics
• H. Sintim, C. Chakraborty (2019). High FDI Flows and High Central Bank Independence: A Note on Coordinated Growth Impact in Emerging Countries. Journal of International Finance Studies
• h. sintim-Aboagye, C. chakraborty, S. Byekwaso (2017). Foreign Capital Flows, Uncertainties of Exchange Rates and Central Bank Independence: Implications for Emerging Economies. Atlantic Economic Journal
• H. Sintim (2013). IMF and World Bank Economic Programs on Inflation: Relevance to New Partnership for Africa’s Development (NEPAD). Review of Applied Economics
• H. Sintim, C. Chakraborty (2012). Uncertainty of Inflation and Inflation Rate in Emerging Economies: Does Credibility of Inflation Policy Matter?. Economic Issues (UK)
• H. Sintim (2010). Effect of Economic Recovery and Adjustment Policies on the Friedman-Ball Hypothesis and the Cointegration of Inflation and the Uncertainty of Inflation.. International Journal of Business and Economics
• H. Sintim, C. Chakraborty (2010). Monetary Commitment and the Relationship between Exchange Rates and Relative Prices: Evidence from a Panel of Emerging Countries. International Research Journal for Finance and Economics
• H. Sintim, N. Firoz (2010). Real Growth and Inflation Volatility: Evidence from the Adjustment and Economic Recovery Program in Africa. . The Journal of the American Academy of Business, Cambridge
• A. Maghrabi, N. Firoz, R. Taghy, A. Waghdy, H. Sintim, M. Gunduz (2009). ABC of Interest Free Banking. Conflict Resoulation & Negotiation

Published Proceedings

• H. Sintim (5s). 2009. Firm size and industry effects on market reaction to changes in the prices of federal funds futures. 16th Annual Conference of the Multinational Finance Society Conference

Books & Chapters

• B. Bobo, H. Sintim (2012). Neo-Liberalizarism, Interventionism and Developmental State: Implementing NEPAD. African World Press