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Articles 1 - 21 of 21
Full-Text Articles in Economics
Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi
Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi
Economic and Financial Review
The keynote address of the Governor, Central Bank of Nigeria at the CBN Executive seminar with the theme Global Capital Flows, Financial Markets and Macroeconomic Stability at Golden Tulip Hotel, Festac Town, Lagos, December 2-5, 2013.
Capital Flows, Capital Control And Exchange Rate Regimes, Jonathan A. Aremu
Capital Flows, Capital Control And Exchange Rate Regimes, Jonathan A. Aremu
Economic and Financial Review
The objective of this presentation is to examine the importance of capital controls on the flow of foreign capital under the current circumstance for the benefit of the Nigerian economy. Part II of the paper will look into some critical issues in the global capital flows by identifying the principal agents; structure and trends of the flows; effects; and policy options in managing the flows. In Part III, an attempt is made to review the historical developments of global governance of capital controls since the pre-World War I, while Part IV examines the policy challenges in capital control management strategies. …
Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule
Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule
Economic and Financial Review
This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.
Managing The Downside Risks Of Surging Capital Flows On Financial Stability For Sub-Saharan African Countries, Veronica Kalema
Managing The Downside Risks Of Surging Capital Flows On Financial Stability For Sub-Saharan African Countries, Veronica Kalema
Economic and Financial Review
This paper discusses how capital flows has affected the sub-Saharan Africa. It also highlights the fundamental and growth prospects that are likely to continue drawing capital inflow in the future as well as the risk associated with it.
Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie
Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie
Economic and Financial Review
The paper discusses the concept of policy space and the factors influencing policy space in developing economies. It also discusses changing attitudes towards capital controls by researchers and agencies with emphasis on the International Monetary Fund (IMF).
Coping With Capital Flow Volatility: Policy Consideration For Nigeria, Mike I. Obadan
Coping With Capital Flow Volatility: Policy Consideration For Nigeria, Mike I. Obadan
Economic and Financial Review
Foreign capital flows have, from time to time, elicited deep concerns and debates because of their tendency to be volatile besides various macroeconomic and other related effects. Generally, the volatility of capital flows, especially in the form of huge surges pose significant risks and raise concerns about excessive exchange rate appreciation and the corresponding adverse impact on exports and growth.
Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, Ndubuisi I. Nwokoma
Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, Ndubuisi I. Nwokoma
Economic and Financial Review
This article examines the impact of foreign capital flow in industrialised countries. The theoretical foundation for the proposition that capital flows can promote macroeconomic performance and stability of emerging economies was entrenched in the 2-gap model, which posits that development may be hampered by the existence of both the savings and foreign exchange gaps in the developing countries.
Empirical Examination Of Foreign Capital Flows And Growth Nexus In Emerging Economies, Bassem Kamar
Empirical Examination Of Foreign Capital Flows And Growth Nexus In Emerging Economies, Bassem Kamar
Economic and Financial Review
The purpose of this paper is to analyse the effect of foreign capital flows on economic performance in three ways. First, it analyses empirically the direct effect of capital account liberalisation on growth; second, it continues to explore the subject by testing one of the indirect effects of capital flows on economic welfare, namely their influence on competitiveness; and finally, it breaks down the issue further by decomposing capital flows into their specific elements – FDI, portfolio investments, aid, debt, remittances and tests their effect on competitiveness.
Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, I. Nwokoma Ndubisi
Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, I. Nwokoma Ndubisi
Economic and Financial Review
This paper discusses both conceptual and theoretical perspectives of capital flows and their macroeconomic stabilisation strands.
Determinants Of Bilateral Trade Performance Of The Member Countries Of The West African Monetary Zone (Wamz), E. Osuji
Economic and Financial Review
This study sought to identify the drivers of import demand in the region, as a basis for proposing achievable alternative strategies for enhancing the level of intra-regional trade in the Zone. The study estimated a global import trade model for the Zone to establish the key determinants of its import demand. Using the pooled regression technique, the study analyzed quarterly data spanning the period 1985 to 2012, for the five original member countries of the WAMZ. The following is a highlight of the outcome of the analyses: given its positive sign and significance, trade liberalisation has the potential of boosting …
Government Size And Economic Growth In Nigeria: A Test Of Wagner's Hypothesis, M. Y. Dogo, U. M. Okpanachi, A. A. Muhammad, C. V. Umolu, K. J. Ajayi
Government Size And Economic Growth In Nigeria: A Test Of Wagner's Hypothesis, M. Y. Dogo, U. M. Okpanachi, A. A. Muhammad, C. V. Umolu, K. J. Ajayi
Economic and Financial Review
This paper attempts an empirical validation of Wagner's law in Nigeria using quarterly data for the period 1982 to 2012. The hypothesis that real income does not Granger-cause government expenditure was rejected. Adopting the Fully Modified Ordinary Least Square (FMOLS) regression techniques, the study found support for the Wagner's hypothesis in Nigeria. The analysis provided empirical evidence to support the existence of a long-run equilibrium relationship between economic activity and government expenditure in Nigeria. Overall, the results corroborated the Goffman's version of the Wagner's law in Nigeria. Thus, government needs to create fiscal space to enable deployment of more resources …
Does Gender Inequality Retard Productivity In Nigeria?: A Search For Evidence, P. D. Golit, O. Adesanya
Does Gender Inequality Retard Productivity In Nigeria?: A Search For Evidence, P. D. Golit, O. Adesanya
Economic and Financial Review
The paper adopted the bounds test and autoregressive distributed lag approach to evaluate the impact of gender inequality in education on real productivity in Nigeria using quarterly data from 1985 to 2011. Empirical evidence to establish the rejection of the null hypothesis of no cointegration among the variables was provided . The empirical results suggest that gender inequality in education depresses real productivity, with an output elasticity of -0.1 per cent per quarter. Further empirical evidence indicates that higher school enrolment of males enhances real productivity in Nigeria, while the influence of female school enrolment was not affirmative owing to …
Structural Change And Real Output Growth In Nigeria: A Cointegration Analysis, P. D. Golit
Structural Change And Real Output Growth In Nigeria: A Cointegration Analysis, P. D. Golit
Economic and Financial Review
The study employed the Johansen (1988) and the Johansen and Juselius (1990) multivariate maximum likelihood method within a Vector Autoregressive framework to explore the impact of structural reforms on the level of real output in Nigeria. We fit the equation separately for two sub-samples, the pre-reform and the market-reform periods, to enable comparisons of the outcomes under alternative policy regimes. We further estimate the model using data that covered the entire sample period to evaluate the total effects and include a dummy variable to capture the impact of the policy shift. The Johansen cointegration test confirms the existence of long-run …
Analysis Of External Debt Dynamics In Ecowas Economies, A. C. Chuku
Analysis Of External Debt Dynamics In Ecowas Economies, A. C. Chuku
Economic and Financial Review
This paper recognised the importance of identifying the core determinants of external debt dynamics in ECOWAS economies. Using a panel dynamic generalised least squares procedure, the study sought to identify the core determinants of external debt dynamics in 12 ECOWAS economies from 1970 to 2009. Overall, the findings revealed six core determinants of external debt in ECOWAS economies. Inflation, external reserves, per capita income and real oil prices were inversely related with external debt ratio; while, GDP gap and real effective exchange rate depreciation directly affected external debt. Significant dissimilarities were observed in the influence of government size and inflation …
The Contribution Of Finance To Agricultural Production In Nigeria, O. M. Mbutor, R. E. Ochu, I. I. Okafor
The Contribution Of Finance To Agricultural Production In Nigeria, O. M. Mbutor, R. E. Ochu, I. I. Okafor
Economic and Financial Review
Several studies have found a positive correlation between agricultural financing and the performance of the agricultural sector. But fewer efforts have been directed at sieving out the agricultural output that is exclusively associated with the extent of funding. This study aimed to ascertain the actual portion of total agricultural output that could be attributed to agricultural financing in Nigeria. The vector error correction methodology was applied following the nature of data properties. The results showed a positive effect of finance on agricultural output. However, variance decomposition revealed the poor state of agricultural financing with a disproportionate dependence of the sector …
Effect Of Deposit Money Banks' Credit On The Performance Of Micro, Small And Medium Enterprises In Nigeria, G. O. Evbuomwan, V. O. Okoruwa, A. E. Ikpi
Effect Of Deposit Money Banks' Credit On The Performance Of Micro, Small And Medium Enterprises In Nigeria, G. O. Evbuomwan, V. O. Okoruwa, A. E. Ikpi
Economic and Financial Review
This paper set out to empirically evaluate the effect of deposit money banks' credit on the performance of MSMEs in Nigeria, with the aid of a vector autoregression and error correction mechanism (ECM) technique. Results of the empirical investigation confirmed credit had a positive effect on GDP of MSMEs in Nigeria as the coefficient of CAM (credit to MSMEs) was positive (1.0569) and significant at 1.0 per cent level. It was, therefore, recommended that every effort should be made to improve access to credit by MSMEs, so that they could play their potential roles of employment generation and wealth creation …
Exchange Rate Pass-Through To Domestic Prices In Nigeria: An Empirical Investigation, Abdulrasheed Zubair, George Okorie, Aliyu R. Sanusi
Exchange Rate Pass-Through To Domestic Prices In Nigeria: An Empirical Investigation, Abdulrasheed Zubair, George Okorie, Aliyu R. Sanusi
Economic and Financial Review
This paper uses the impulse response from an estimated structural autoregressive model of the inflation process to estimate the dynamic exchange rate pass-through to consumer prices for Nigeria, using quarterly data for the period 1986-20I0. The results suggest that the exchange rate pass-through is incomplete, low and fairly slow. On impact, for instance, the elasticity of inflation to exchange rate changes is about 0.02, and it takes about eight quarters to reach its full-impact of only 0.26. We argue that given the large share of imports in Nigeria's consumption basket, this surprisingly low pass-through indicates that importers practice the so-called …
Determinants Of Income Velocity Of Money In Nigeria, Peter N. Okafor, Tersoo S. Shitile, Danladi Osude, Chidi C. Ihediwa, Olamide H. Owolabi, Verse C. Shom, Emmanuel T. Agbadaola
Determinants Of Income Velocity Of Money In Nigeria, Peter N. Okafor, Tersoo S. Shitile, Danladi Osude, Chidi C. Ihediwa, Olamide H. Owolabi, Verse C. Shom, Emmanuel T. Agbadaola
Economic and Financial Review
In this paper, the authors set out to empirically investigate the determinants of income velocity of money in Nigeria, using quarterly time series from 1985:1 to 2012:4. The paper confirms a positive and statistically significant relationship between the growth of income and the velocity of money, which supports the quantity theory of money. Interest rate also has a positive and significant relationship with the income velocity of money. The financial sector development variable adopted, growth rate of stock market capitalization, has a negative relationship with the income velocity of money. The variance decomposition and impulse response results identified inflation rate …
A Panel Analysis Of Oil Price Dynamics, Fiscal Stance And Macroeconomic Effects: The Case Of Some Selected African Countries, Joseph A. Omojolaibi, Festus O. Egwaikhide
A Panel Analysis Of Oil Price Dynamics, Fiscal Stance And Macroeconomic Effects: The Case Of Some Selected African Countries, Joseph A. Omojolaibi, Festus O. Egwaikhide
Economic and Financial Review
The study makes use of quarterly data that spans the period from 1990:q1 to 2010:q4. A panel vector autoregressive (PVAR) technique was employed to examine the impact of oil price dynamics on the economic performance of five (5) oil exporting countries in Africa. The countries are: Algeria, Angola, Egypt, Libya and Nigeria. In order to achieve this, the study used the following variables: Oil price volatility, real gross domestic product (real GDP), fiscal deficit, gross investment and money supply shocks. The impulse response functions show that of all the macroeconomic variables considered, gross investment responds more to oil price volatility …
Protecting The Whole: A Review, Phebian N. Bewaji
Protecting The Whole: A Review, Phebian N. Bewaji
Economic and Financial Review
The aftermath of the 2007 global financial crisis marked a turning point in financial system regulation, generating a "renewed" interest among global regulators in the use of macroprudential policy to promote financial system stability. In this regard, the article discussed some shortcomings of traditional regulation and promoted the need for a broader and systemic approach to financial system stability using both traditional (micro-prudential) and non-traditional (macroprudential) policies. The paper further discussed the elements of macroprudential policy and tools used to mitigate risks and vulnerabilities in the financial system. A summary of the article is presented in section II and comments …
The Role Of Governance On Private Investment In Nigeria: A Preliminary Analysis, Kazeem B. Ajide
The Role Of Governance On Private Investment In Nigeria: A Preliminary Analysis, Kazeem B. Ajide
Economic and Financial Review
The paper sets out to investigate the role of governance on domestic private investment in Nigeria using Auto-Regressive Distributed Log (ARDL) Bounds Testing Approach to ascertain long-run association on an annual data covering the 1970 to 2010 period. Emanated from the estimated models are intriguing findings which showed clearly that difference exists between long and short run determinants of domestic private investment. In the former, degree of openness, previous value of inflation rates and governance indicators are the most important factors but political stability and voice and accountability indicators appear to dominate the governance indicators space as they are both …