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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1984, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1984 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1984. It also examines future economic outlook. In 1984, the index of industrial production fell by 10.2 per cent significantly due to the poor performance of the manufacturing sector whose index of production fell by 18.2 per cent. In respect of domestic prices, the supply-side factors were dominant in exerting upward pressures on prices. There were acute shortages in consumer goods and …

Central Banking And Money Market Changes: A Reprise, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper prepared for the American Economic Assoc. meetings, Dallas, TX, Dec. 28-30, 1984. Session: "Federal Reserve, Central Banking and Economic Activity," Sat. Dec. 29, 1984 10:15 a.m.

Opportunities For Farm Firm Growth, Donald C. Taylor

Economics Commentator

No abstract provided.

Analysis Of International Travel Statistics For 1982, Research Department

Economic and Financial Review

This paper analyses statistics on international travels for 1982 based on information derived from the Nigerian

Exchange Control TM (arrival) forms. The forms are designed to enable travellers coming into the country from abroad to declare their holdings of foreign currency, precious stones, jewellery and works of art. Other pieces of information obtainable through these forms include the number of visitors coming into the country, their nationality and purpose of visit. The forms are collected on daily basis by the Customs Officials at the country's border posts and international airports and are brought monthly to the Central Bank where they …

An Econometric Analysis Of The Determinants Of Investments By Insurance Companies In Nigeria, S. E. Omoruyi

Economic and Financial Review

The paper is divided into two parts. Part I discusses the concept of financial intermediation. Part II outlines the model of determinants of investments by the insurance industry and summarises the main findings and policy recommendations of the study.

Statistical Section (December 1984), Central Bank Of Nigeria Cbn

Economic and Financial Review

This is a statistical representation of economic activities in Nigeria during the fourth quarter of 1984

Developments In The Banking Sector During The Fourth Quarter Of 1984, Central Bank Of Nigeria Cbn

Economic and Financial Review

The upward movement in the level of money supply narrowly defined (Ml) which occurred in third quarter of 1984 continued in the fourth. At the end of December, MI stood at NI 2,204.1 million, increasing by N664.0 million or 5.8 per cent over the level at the end of the preceding quarter. During the corresponding period of last year, MI increased by N256.S million or 2.3 per cent to stand at NI 1,282.4 million. On a monthly average basis, Ml was NI 1,652.9 million during the review quarter compared with an average of NI 0,9 I 6. 7 million recorded …

Foreign Exchange Flows Through The Central Bank During The Fourth Quarter Of 1984, Central Bank Of Nigeria Cbn

Economic and Financial Review

Movements in foreign exchange during the fourth quarter of 1984 showed that total inflow was higher than total disbursement, resulting in a net inflow of N219.8 million as against the net outflow of NI 14.0 million recorded during the preceding quarter

Wage Share, Market Power And Unionism: Some Contrary U.S. Evidence, Brian C. Brush, Steven E. Crane

Economics Faculty Research and Publications

In a recent article, Cowling and Molho (1982) presented empirical evidence on the relationships among the wage share, market power, and unionism in the U.K. Using multiple regression analysis on cross-sectional 1968 data for 118 industries,¹ they found strong, negative relationships between the share of production worker wages in value added and two measures of monopoly power in the product market, namely, concentration and advertising intensity. However, utilizing several alternative measures of union power, they found only limited support for the hypothesis that union power is positively associated with this wage share. Cowling and Molho (hereafter, GM) also examined …

Games With Perceptive Commanders But Less Perceptive Subordinates, Martin Shubik

Cowles Foundation Discussion Papers

We introduce a model of the 2 x 2 games played by agents or subordinates of the players. We assume that each agent or subordinates of the players. We assume that each agent is not as perceptive as his commander in that he can make only two distinctions among the four outcomes whose value can be distinguished by the commanders.

A Note On The Unbiasedness Of Feasible Gls, Quasi-Maximum Likelihood, Robust Adaptive, And Spectral Estimators Of The Linear Model, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This note presents a set of conditions on the defining functions of regression parameter estimators of the linear model. These conditions guarantee that the estimators are symmetrically distributed about the true parameter value, and hence are median unbiased, provided the conditional distribution of the vector of errors is symmetric given the matrix of regressors. The symmetry result holds even if the regression parameters are subject to linear restrictions. If the estimators posses one or more moments, then the symmetry result also implies mean unbiasedness. Similar conditions are provided that establish the property of origin (or shift) equivariance for the estimators. …

On A General Existence Theorem For Marginal Cost Pricing Equilibria, Donald J. Brown, Geoffrey M. Heal, M. Ali Khan, Rajiv Vohra

Cowles Foundation Discussion Papers

We report a generalization of recent results on the existence of marginal cost pricing equilibria (MCPE) in economies with an increasing returns to scale industry. Our result makes no ad hoc assumptions which force the equilibrium to be on the efficiency frontier of the aggregate production possibility set. We also present an additional condition under which our MCPE are productivity efficient in the aggregate.

Testing The Random Walk Hypothesis: Power Versus Frequency Of Observation, Robert J. Shiller, Pierre Perron

Cowles Foundation Discussion Papers

Power functions of tests of the random walk hypothesis versus stationary first order autoregressive alternatives are tabulated for samples of fixed span but various frequencies of observation. For a t -test and normalized test, power is found to depend, for a substantial range of parameter values, more on the span of the data in time than on the number of observations. For a runs test, power rapidly declines as the number of observations is increased beyond a certain point.

A Note On The Unbiasedness Of Feasible Gls, Quasi-Maximum Likelihood, Robust Adaptive, And Spectral Estimators Of The Linear Model, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This note presents a set of conditions on the defining functions of regression parameter estimators of the linear model. These conditions guarantee that the estimators are symmetrically distributed about the true parameter value, and hence are median unbiased, provided the conditional distribution of the vector of errors is symmetric given the matrix of regressors. The symmetry result holds even if the regression parameters are subject to linear restrictions. If the estimators posses one or more moments, then the symmetry result also implies mean unbiasedness. Similar conditions are provided that establish the property of origin (or shift) equivariance for the estimators. …

Paper Based On Central Banking And Money Market Changes: A Reprise, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This article is adapted from a paper delivered at the American Economic Assoc. meetings in Dallas, TX, on Dec. 29, 1984.

Does Capitalism Infringe Property Rights: A Reply To Peter Morriss, Chandran Kukathas

Research Collection School of Social Sciences

In a research note on 'How Capitalism Infringes Property Rights' {PoliticalStudies, XXXI (1983), pp. 656-61), Peter Morriss attempts to demonstratethat a Nozickian version of rights theory is incompatible with that account ofcapitalism which emphasizes the importance (and value) of entrepreneurialrisk-taking and entrepreneurial failure. Because bankruptcy is an acceptedconsequence of entrepreneurial failure, capitalism, which condonesbankruptcy, in fact condones the violations of the rights of creditors. Thusthose who, like Nozick, defend property rights as sacred and inviolable, 'shouldbe in the vanguard of capitalism's opponents' (p. 657) Since the rights-basedargument for capitalism is that rights can never be legitimately violated, 'oncethe rights theorist …

Capture And Ideology In American Farm Policy, Peter Navarro

PETER NAVARRO

This paper applies a synthesis of the private interest "capture" and public interest ideological models of public policy to explain the formulation of agricultural incomes policies as embodied in the Agricultural and Food Act of 1981. An econometric analysis of the Senate voting pattern indicates that both narrow private interest motives and broad, altruistic ideological motives help to explain farm policy; the latter variable appears to show more explanatory power.

Speculation Of Cash Grain Inventories: Is There An Alternative?, Brian H. Schmiesing

Economics Commentator

No abstract provided.

Conflict And Interdependence In A Multipolar World, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper Prepared for a Conference on “Adjusting to Shocks – A North-South Perspective" -- Milan, Italy, 21-24 November 1984.

Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost

Economics

It is argued that the estimation techniques used by previous researchers to study rivalry in financial markets are inappropriate. The assumptions of both ordinary least-squares and Tobi analysis are violated when these techniques are used to analyze mobility and turnover data. To overcome the difficulties in the previous studies, we suggest a non-linear model (which is closely related to the Poisson model). This model is designed for describing frequency data and is not subject to the criticisms to which ordinary least-square and Tobut are subject.

The Exact Distribution Of The Wald Statistic: The Non-Central Case, Peter C.B. Phillips, Sam Ouliaris

Cowles Foundation Discussion Papers

This paper extends earlier results, which were reported in [7], to include non null distributions. As in [7], attention is concentrated on the Wald statistic for testing general linear restrictions on the coefficients in the multivariate linear model. The results of the present paper encompass the null distributions derived in [7] and generalize all previously known results for such statistics as the standard regression test and Hotelling’s T 2 test.

Intertemporal Extraction Of Mineral Resources Under Variable Rate Taxes, Robert F. Conrad, Bryce Hool

Research Collection School Of Economics

Variable-rate taxes are being applied with increasing frequency in the US and other countries. However, their effects typically go beyond those that have motivated their use. The formulation of mineral tax policy should take into account the complete list of consequences.-from Authors

Managerial Incentives And Capital Management, Bengt Holmstrom, Joan E. Ricart-Costa

Cowles Foundation Discussion Papers

In Holmstrom (1982) an example is given, which shows that a manager’s concern for the value of his human capital will lead to a natural incongruity in risk-preferences between himself and the owners, even when no effort considerations are involved. In this paper we present a formal model of this channel of incongruity based on learning about managerial talent. We also explore the nature of an optimal incentive contract in the case where the manager may withhold but not misrepresent information about investment returns. The optimal contract is an option on the manager’s human capital value with a possible bonus …

A Note On Enough Money In A Strategic Market Game With Complete Or Fewer Markets, Martin Shubik

Cowles Foundation Discussion Papers

This paper discusses the notion of “enough money” in strategic market games. In an economy with one money, m-1 markets and no credit, in order to be able to achieve efficient trade there must be “enough money” held by all traders. In essence “enough money” means that the noncooperative equilibrium solutions to a strategic market game is interior, in other words it is not considered by lack of liquidity. For simplicity two specific market mechanisms are described to illustrate the relationship between market structure and liquidity.

The Dynamic Demand For Capital And Labor, Matthew D. Shapiro

Cowles Foundation Discussion Papers

A model of the dynamically interrelated demand for capital and labor is specified and estimated. The estimates are of the first-order conditions of the firm’s problem rather than of the closed-form decision rules. This use of the first-order conditions allows a random rate of return and a flexible specification of the technology. The estimates do not imply the very slow rates of adjustment displayed in other, related estimates of the demand for capital. Because adjustment is estimated to be rapid, there is, contrary to the standard view, scope for factor-prices to affect investment at relatively high frequencies.

Ua68/2 Intercambio Internacional, Vol. Ix, No. 1, Wku Latin American Studies

WKU Archives Records

Newsletter created by WKU Latin American Studies program regarding science, politics and economic advances in Latin America as well as cooperative projects between WKU and universities across Latin America. The newsletter is written in both English and Spanish.

Four More Years: The Post-Election Business Outlook, Murray L. Weidenbaum

Murray Weidenbaum Publications

Will the election results of 1984 make a difference to the American economy? The author gives his views on what the Reagan Administration will try to accomplish during its second term.

Agriculture's Capacity To Feed A Hungry World, Thomas L. Dobbs

Economics Commentator

No abstract provided.

Philippine Intergovernmental Grants: An Evaluation, Roy W. Bahl, Larry Schroeder

ECON Publications

As is the case in developed and developing countries throughout the world, local governments in the Philippines are dependent upon the central government for a significant share of the resources at their disposal. For example, in 1977 the 98 municipalities within the Provinces of Albay, Bulacan, Iloilo and Sorsogon obtained an average of 35.2 percent of their general fund revenue from government grants. Cities ( excluding those in Metropolitan Manila), with their more extensive tax base, had an analogous 24.2 percent reliance on grants. In light of this importance, it would seem useful to consider the possibilities for evaluating the …

Review Of "The Soviet Budget" By R. Hutchings, Frederic L. Pryor

Economics Faculty Works

No abstract provided.