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Articles 1 - 24 of 24
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
Keynote address by the Central Bank of Nigeria Governor Sanusi Lamido Sanusi at the 2012 Executive Seminar jointly organized by the Research and Human Resource Departments of the CBN titled "Macro-Prudential Framework and Financial System Stability in Nigeria".
Welcome Address By Chizoba Mojekwu, Chizoba Mojekwu
Welcome Address By Chizoba Mojekwu, Chizoba Mojekwu
Economic and Financial Review
The welcome address delivered at the 2012 CBN Executive Seminar jointly organized by the Research and Human Resources Departments. This Seminar is carried out annually in pursuant to one of our core values as a learning organisation. The theme of the Seminar; “Macro-prudential Framework and Financial System Stability in Nigeria” was carefully selected to keep you abreast of the new approach to a risk-based supervision of the banking system.
Special Remarks By Sarah O. Alade, Sarah O. Alade
Special Remarks By Sarah O. Alade, Sarah O. Alade
Economic and Financial Review
Special Remarks by the Deputy Governor Economic Policy Directorate of the CBN at the opening ceremony of the annual in-house Executive Seminar (2012) on Macro-Prudential Framework and Financial System Stability in Nigeria, jointly organised by the Research and Human Resources Departments.
Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie
Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie
Economic and Financial Review
This paper is structured into two parts. Section I discuss the structure of the macroeconomy and the financial industry, and the interactions between monetary policy and the financial system. The section also showed how monetary policy could create the condition for financial stability. Section 2, on the other hand, discuss the implications of macro-financial linkages for monetary and financial system stability with emphasis on how the new credit risk transfer mechanism (securitisation and derivatives) had altered the nature of some macro-financial linkages, with considerable policy implications. The section concluded by referring to the new direction of macro-prudential regulation and the …
Systemic Surveillance And Use Of Macro-Prudential Indicators, Ik Muo
Systemic Surveillance And Use Of Macro-Prudential Indicators, Ik Muo
Economic and Financial Review
This paper examines the practice of systemic surveillance through macro-prudential analyses and use of macro-prudential indicators. The rest of the paper is divided into 6 parts. Part 2 discusses macro-prudential (MP) surveillance; Part 3 covers the key methodologies and approaches while the MP indicators are x-rayed in Part 4. Part 5 reviews Nigerian experience with macro-prudential indicators (MPIs). Part 6 examines other issues in systemic surveillance and the paper is concluded in part 7.
Regulation And Supervision Of Financial Institutions - The Nigerian Experience, Samuel A. Oni
Regulation And Supervision Of Financial Institutions - The Nigerian Experience, Samuel A. Oni
Economic and Financial Review
This paper focuses on the Nigerian experience, with regulation and supervision of financial institutions and is structured into nine sections. Following the introduction, section two discusses the reasons for FIs regulation and supervision, while section three dwells on the meaning and general principles of banking regulation. Section four Nigeria, while section five addresses the structure, organisation and methodology of FIs supervision with particular reference to the Central Bank of Nigeria (CBN). Section six highlights CBN's experience in the regulation and supervision of FIs. In section seven the recent CBN initiatives at strengthening the regulatory architecture are presented. Section eight highlights …
Macro-Prudential Regulation And Effective Monetary Policy, Moses K. Tule
Macro-Prudential Regulation And Effective Monetary Policy, Moses K. Tule
Economic and Financial Review
This paper makes a bold attempt to examine some of the issues within the narrow context of monetary policy. Following the introduction, Section 2 examines some conceptual issues including the institutional framework for monetary and macro-prudential policy. Section 3 discusses the objectives and instruments of monetary and macro-prudential policy including indicators of systemic risk, while Section 4 examines at the interaction of macro-prudential with monetary policy and how this could be enhanced. In Section 5, the experiences of other countries with macro-prudential regulation are presented and lessons drawn for Nigeria. Section 6 concludes the paper and provides insights for an …
Banking Regulation And Risk Management: An Assessment Of The Basel Market Risk Framework, Emmanuel M. Abolo
Banking Regulation And Risk Management: An Assessment Of The Basel Market Risk Framework, Emmanuel M. Abolo
Economic and Financial Review
The article covers instruments and requirements of bank regulation, bank regulation and risk management, Basel I Capital Accord, Basel II Capital Accord, Basel III Capital Accord, Basel Accord and market risk framework, the proposed changes of the Basel III Accord, Basel Accord and Market Risk Framework. The author concludes by saying that the Basel Framework lays emphasis on the relevance of risk management and tries to link the minimum capital requirements of internationally active banks with the amount of tail risk in their trading books.
Macro-Prudential Policies And Financial Stability: A Theoretical Background, Yusuf B. Duniya
Macro-Prudential Policies And Financial Stability: A Theoretical Background, Yusuf B. Duniya
Economic and Financial Review
The paper is organized as follows: section two and three contains conceptual issues and theoretical perspectives, respectively, while section four looked at complementarity and differences between macro-prudential and micro-prudential regulation. Thereafter, section five reviewed objectives and rationale for macro-prudential regulation vis-Ã -vis its institutional framework and scope. Section six looked at instruments of macro-prudential regulation and the implication of the new Basel III, while section seven focused on institutional and governance structure as key elements of macro-prudential regulation. The paper further gave a general insight on how macro-prudential policy framework should be structured in section eight and later concluded in …
Financial System Stability Framework: The Emerging Economies Experience, Mudasiru A. Adegbite
Financial System Stability Framework: The Emerging Economies Experience, Mudasiru A. Adegbite
Economic and Financial Review
The objective of this paper is to review the macro-prudential framework, its tools and its nexus with financial stability. The experience of the emerging market economies in designing macro prudential framework would be highlighted. The remaining sections of the paper are divided into six. Following this introduction, section 2 contrasts macroprudential policy issues against micro-prudential issues. Section 3 discusses macroprudential framework in different jurisdictions. particularly in the emerging market economies vis-a-vis developed economies. Section 4 discusses the experience of some emerging economies in the implementation of macro-prudential policies. While section 5 reviews major benefits of macro-prudential policy analysis. Section 6 …
Leadership And Corporate Governance: Challenges For Bank Regulators, Lucy Surhyel Newman
Leadership And Corporate Governance: Challenges For Bank Regulators, Lucy Surhyel Newman
Economic and Financial Review
Given likely challenges to obtaining legislative approvals on acceptable behaviour as foundational to good corporate governance practices, this paper recognizes the attendant challenges for bank regulators and recommends measures that Nigerian bank regulators can explore in enhancing their effectiveness in advocating for and where necessary, enforcing good corporate governance practices, based on universally defined pillars and elements of corporate governance.
Design, Institutional Arrangement And Implementation Of Macro-Prudential Framework, Charles Akoroda
Design, Institutional Arrangement And Implementation Of Macro-Prudential Framework, Charles Akoroda
Economic and Financial Review
The paper says that a sound and well-functioning financial system is viewed as compromising three pillars that are necessary to support orderly financial development and sustained financial stability. It enumerates the three (3) pillars as including: Macro-prudential surveillance and financial stability analysis; Financial system supervision and regulation to help manage the risks and vulnerabilities protect market integrity and good governance of financial institutions'; and Financial system infrastructure including: legal infrastructure for finance; systemic liquidity infrastructure; and transparency, governance and information infrastructure.
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Economic and Financial Review
This paper contributes to the debate on the monetary policy transmission mechanism in Nigeria. The paper explores the impact of monetary policy on credit growth, and whether these credit developments are capable of influencing asset prices (stock prices) in the Nigerian economy. Using the VAR model spanning annual data from 1986 to 2012, the impulse response functions revealed that the relationship between asset prices, captured by the All-Share Index, and monetary policy, is not direct, but operates mainly through the response of inflation to key monetary aggregate. A positive shock to money supply growth would raise credit and inflation which …
Does Government Spending Undermine Monetary Policy In Nigeria?, Emmanuel T. Adamgbe, Peter D. Golit, Izuchukwu I. Okafor
Does Government Spending Undermine Monetary Policy In Nigeria?, Emmanuel T. Adamgbe, Peter D. Golit, Izuchukwu I. Okafor
Economic and Financial Review
In Nigeria, anecdotal evidence suggest that the fiscal/operations of government, especially disbursements from the Federation Account to the three-tiers of government, had over the years created liquidity challenges requiring aggressive monetary management. Against the background, this paper addresses two questions: (i) Does government spending have significant spill-over effects on inflation in Nigeria? (ii) Does government, spending induce a concomitant response by the CBN? ln addition, unlike the sparse literature in Nigeria on these two issues, which essentially relies on constant parameter model we use of time-varying parameter vector autoregressive (TVP-VAR) model with stochastic volatility. Applying this framework allows us not …
Transmission Of Exchange Rate Shocks Into Domestic Pries Does It Exist For Nigeria, Toyin S. Ogunleye, Nkenchor N. Lgue, Adebola A. Aremu
Transmission Of Exchange Rate Shocks Into Domestic Pries Does It Exist For Nigeria, Toyin S. Ogunleye, Nkenchor N. Lgue, Adebola A. Aremu
Economic and Financial Review
The study re-examined the transmission of exchange shock into domestic prices in Nigeria. The non-recursive Structural VAR methodology was employed to examine long-run pass-through of exchange rate to domestic inflation. It found from the result of the lRFs that exchange rate pass-through to domestic prices in Nigeria do exist; and is incomplete. The results further shows that the response of core inflation to shocks in nominal exchange rate was more pronounced and persistent over time than the headline inflation. Using FEVD, the study found that exchange rate and supply constraints are key drivers of domestic prices in Nigeria. The study …
Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye
Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye
Economic and Financial Review
There have been significant accretions to foreign exchange reserves over the last decade in Nigeria, especially since the return to democratic governance in 1999. The study tries to find out the underlying factors driving the demand for reserves by the monetary authority. To estimate the demand for foreign exchange reserves in Nigeria, Johansen cointegration and error correction methodology was utilized for the period 1985:Q 1-20I0:O4. The results show that the long-run demand for foreign exchange reserves in Nigeria is driven by economic size, capital account vulnerability, exchange rate flexibility and opportunity cost. In the short-run, the major determinant of demand …
An Empirical Estimate Of The Optimal Level Of Fiscal Deficit In Guinea, Emmanuel A. Onwioduokit
An Empirical Estimate Of The Optimal Level Of Fiscal Deficit In Guinea, Emmanuel A. Onwioduokit
Economic and Financial Review
Excessive deficits, irrespective of the mode of financing, are assumed to be growth retarding. The conventional wisdom is that high budget deficit is a source of economic instability. Empirical research, however, does not conclusively support this conventional wisdom; results are mixed and controversial across countries . These conflicting results have raised the important question of heterogeneity and also underscored the usefulness of time series data for country specific studies in order to address heterogeneity. This paper sought to ascertain the relationship between fiscal deficits and economic growth in Guinea and to find the threshold level of fiscal, deficit that is …
Iran-The Chronicles Of The Subsidy Reform: A Review., Jibrin Musa
Iran-The Chronicles Of The Subsidy Reform: A Review., Jibrin Musa
Economic and Financial Review
The paper re-examines the planning and early implementation of energy subsidy reform officially referred to as "Targeted Subsidies Reform" in lran. The paper also evaluates the sequencing of the arrangement and concludes by reviewing the main challenges for the restoration of macroeconomic stability and the efficient and effective functioning of the corporate sector.
Is The Naira-Us Dollar Real Exchange Rate Misaligned?, Babatunde S. Omotosho, Murjanatu U. Wambai
Is The Naira-Us Dollar Real Exchange Rate Misaligned?, Babatunde S. Omotosho, Murjanatu U. Wambai
Economic and Financial Review
Policy makers are generally interested in knowing the degree of real exchange rate (RER) misalignment because of its connection to currency crises and other external sector imbalances. In Nigeria, the Naira-US Dollar RER appreciated by 81.3 per cent between 2000 and 2008 and depreciated afterwards by 10.10 per cent to close at an average of N 150.72 in 2009, due to the impacts of the global financial crisis. The main thesis of this study is: Are the movements in Naira RER during QI :2000 to 02:2011 in line with the economic fundamentals or not? Based on the theory of cointegration …
Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan
Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan
Economic and Financial Review
The objective of the paper is to empirically investigate the oil price pass-through into inflation in Nigeria in order to suggest appropriate domestic policies necessary to control inflation for the policy makers. The study also attempts to answer questions like: What is the causal links between oil price and inflation in Nigeria? Is oil price highly correlated with inflation? What does the result of an estimation of a Phillips curve tell us about the pass-through for oil in Nigeria. The methodology adopted by the paper is a standard pass-through equation in the form of an autoregressive distributed lag (ARDL) model …
Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), Matthew .I. Eborieme, Edwin. M. Egboro
Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), Matthew .I. Eborieme, Edwin. M. Egboro
Economic and Financial Review
The Nigerian government deregulated the financial market in 1987 in line with the McKinnon-Shaw financial liberalization paradigm. However, the subsequent policy reversal after the introduction of the structural adjustment programme has made the effect of interest rate on aggregate commercial bank deposits (CBD) mobilized unclear. This study is based on the pioneering work of Egboro (2004) who initially examined the appropriateness of these policy summersaults with data ending in 1999. However, in this present study we re-estimated an interest elasticity model of commercial bank deposits in Nigeria by employing more recent data that captured subsequent changes in the nation’s financial …
Is Monetary Policy Responsive To External Reserves?: Empirical Evidences From Nigeria, Baba N. Yaaba
Is Monetary Policy Responsive To External Reserves?: Empirical Evidences From Nigeria, Baba N. Yaaba
Economic and Financial Review
The global economy has witnessed extraordinary boost in the accumulation of external reserves, following the Asian financial crisis of the 1990s. External reserves increased sharply from US$1.2 trillion in 1995 to over US$10.0 trillion in January 2012. Developing countries increased their share from 30.0 per cent in 1990 to 67.0 per cent in 2011. Nigeria is not left out in this trend, as external reserves grew from US$5.5 billion in 1999 to US$34.68 billion in March 2012, representing over 530 per cent increase within the period. This placed Nigeria as the 44th largest reserves holder in the world. Reflecting on …
Ratings Game : A Review, Phebian N. Omanukwe
Ratings Game : A Review, Phebian N. Omanukwe
Economic and Financial Review
Post-2008 global financial crisis placed the search light on the activities of global rating agencies, especially in the United States and Europe. The article discussed the regulatory role played by private credit rating agencies and their impact on the financial system. The author attempts to draw attention to the conflict of interests between the objectives of private credit agencies and the regulatory role they play. A synopsis of the article is presented in section II below, while comments and lessons for Nigeria are discussed in section III.
Macroeconomic Shocks And Fiscal Deficit Behaviour In Nigeria: A Vecm Approach., M. O. Abeng, K. S. Alehile
Macroeconomic Shocks And Fiscal Deficit Behaviour In Nigeria: A Vecm Approach., M. O. Abeng, K. S. Alehile
Economic and Financial Review
This paper focuses on establishing the links between fiscal deficit and short-term changes in major macroeconomic variables like real output, interest rate, exchange rate, inflation rate and crude oil price in Nigeria. Empirical results show that the model adequately explains the behaviour of government of fiscal deficit and that while the accumulation of deficit is not at all detrimental to the economy per se, prudence should be exercised in the financing options adopted and more so the appropriate application of such funds to selffinancing projects. It is recommended that government broaden its tax-net to curb the surging borrowing as well …