Digital Commons Network^™

The Challenges For Economic Management In Nigeria, M. O. Ojo

Economic and Financial Review

The paper undertakes a critical evaluation of economic management strategies and associated programmes in Nigeria in the last twenty-five years in the context of its overall goals of increased prosperity for the populace, equitable distribution of achieved prosperity and sustaining the levels of living standards. The findings indicate negative outcomes in respect of these basic objectives. The paper then identifies some critical areas of economic management that have constrained full commitment to the pursuit of the primary goals as a result of which some policy recommendations are proposed. These include the need for macroeconomic stability, reduction and rationalisation of public …

Structural Adjustment Programmes And External Trade In Developing Countries: Lessons For Nigeria, E. E. Inang

Economic and Financial Review

The failure of trade liberalization in developing countries is attributed to the economic dependency relationships initiated during the colonization period when the developed countries exploited their colonies as a source of cheap raw materials. After independence, and especially in the 1970s and 1980s, most sub-Saharan African countries experienced stagnation and decline in their share of world trade. The introduction of the structural adjustment programmes with its attendant trade liberalization prescriptions has further worsened the terms of trade in developing countries. Neither complete trade liberalization nor complete protectionism can be of benefit to developing countries. These countries need to reduce the …

Trends In Nigeria's Balance Of Payments (1980 - 1994), E. U. Olisadebe

Economic and Financial Review

This paper examines trends in Nigeria's balance of payments. Factors which have contributed to the continuous weakness of Nigeria's balance of payments include the poor performance of non-oil exports, fluctuations in crude oil prices, payments for the provision of international services, e.g., shipping, insurance, tourism, the low level of income from direct Nigerian investments abroad and high debt service payments. More fandamental problems underlie these factors.' a hostile international environment; a deterioration in terms of trade; a huge external debt servicing; slippages in fiscal and monetary policies and inappropriate exchange and interest rate policies. The failure of policy reforms to …

Nipa Book, Anwar Shaikh Phd

Archives of Anwar Shaikh

• Handwritten notes titled “Calculating Sectoral Total Purchasers’ Prices” (4/16/96)

• Letter from Scott (possibly Martin Scott Carter) to Professor Shaikh regarding progress on a project (4/25/96)

• “Appendix on DataBase Construction (Shaikh & Tonak 1994)” (4/1996)

• “Comparison of S/V Estimates of MFG with Aggregate, Becke Kalmans’ Data” (4/15/96)

• Email from Seongjin Jeong to Professor Shaikh, subject: “Measuring the Wealth of Nations,” requesting help locating an article

• Book reviews from the Journal of Economic Literature of Anwar Shaikh and E. Ahmet Tonak’s Measuring the Wealth of Nations (3/1995)

New Mexico Labor Market Review 05-31-1995, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers April 1995.

Grain Marketing Alternatives, Richard Shane

Economics Commentator (1972- 2016)

No abstract provided.

Cumulative Voting And Single Member Districts In Industrial Organization, Joshua Yount '95

Honors Projects

In 1993 Bill Clinton nominated Lani Guinier to head the civil rights division of the Department of Justice. Soon after, Guinier's nomination became embroiled in controversy when the media and conservative legislators began to examine her writings on electoral remedies to Voting Rights Act violations. Almost immediately, Lani Guinier became known as the "quota queen" and her writings were derided as undemocratic and racially preferential. Still smarting from "nanny-gate," President Clinton quickly moved to avoid further attacks and withdrew Guinier's nomination. Foremost among the charges raised against Guinier was that her advocation of cumulative voting as an alternative to districting …

The Effects Of High School Mathematics And Science Classes On Wages, Kara Joy Rocheleau '95

Honors Projects

The popular press is filled with claims that the world is becoming a more technological place, and that mathematical and scientific knowledge is becoming a necessity. Carol Wynn, chairwoman of a chamber of commerce education group, projects by the year 2000 almost all new jobs will be technical in nature (Louka 1993, p. 1). According to Barbara Behrendt (1993, p. 1), education is also moving in that direction; many people feel pursuing more math or science oriented classes will payoff financially.

The Stock Market As A Leading Economic Indicator: An Application Of Granger Causality, Brad Comincioli '95

Honors Projects

The stock market has traditionally been viewed as an indicator or "predictor" of the economy. Many believe that large decreases in stock prices are reflective of a future recession, whereas large increases in stock prices suggest future economic growth.

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

WKU Administration Documents

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.

An Economic Study Of The Relative Profitability Of Alfalfa Production And Marketing Practices, David Claycomb

Masters Theses & Specialist Projects

The seasonality of the price of alfalfa hay in Kentucky was studied as well as the potential cost or profitability of storage of this hay. Economic comparison of alfalfa hay production to other farm enterprises was carried out. In addition, an estimate of the value of two qualities of alfalfa hay was calculated based on 1991 prices. The analysis of 41 years of marketing data demonstrated significant differences (P<.01) in price with seasonal lows in June/July and a steady increase in price to a high in March. In general (based on $100 per ton hay and 12% interest) the alfalfa hay producer could lose from $5 to $10 storing hay and selling at a later date. There were some specific conditions where he might have realized a return to storage of $0.16 to $1.48 per ton. A further evaluation of average (KY Feeder) and good (KY Pride) quality hays indicated that current prices of $70-$75 and $100 per ton respectively were the prices where a dairyman would be able to include this hay in the cow's total diet. Even with problems of quality and quantity of alfalfa hay, the economic returns to the production of alfalfa hay were favorable when compared to other crops in Kentucky with the additional benefit of alfalfa being a crop that can result in reduced soil erosion from sloping land. Returns above variable costs can be from $120 to $400 per acre depending upon yield and sale price. However, an understanding of seasonality of price as well as storage costs need to be considered by alfalfa hay producers to assure realizing the above returns.

Time Series Analysis Of Macroeconomic Conditions In Open Economies, Gover Barja

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Three macroeconomic issues are examined in separate self-contained studies. The first study tests the business cycle theory with application of an enhanced Augmented Dickey-Fuller test on the U.S. time series of real gross national product. Unlike previous studies, the null hypothesis of a unit root is rejected. The second study tests for IS-LM conditions in the U.S. during the post-Bretton Woods era by combining the Johansen's approach to cointegration with bootstrap algorithms. The estimated model produces a dynamic version of the IS-LM that permits short-term evaluations of fiscal and monetary policies. The third study seeks to explain the observed persistence …

Mortgage Default Risk And Real Estate Prices: The Use Of Index-Based Futures And Options In Real Estate, Robert J. Shiller, Karl E. Case, Allan N. Weiss

Cowles Foundation Discussion Papers

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

Banks Versus Bonds: A Simple Theory Of Comparative Financial Institutions, Sandeep Baliga, Ben Polak

Cowles Foundation Discussion Papers

We use a simple, graphical moral hazard model to compare monitored bank lending versus non-monitored bond issues as sources of external funds for industry. We contrast the conditions that theoretically favor each system, such as the size and number of firms, with conditions prevailing when these financial systems were developed during the British and German Industrial Revolutions. Then, to address the question why different systems have persisted, we embed the model in an entry game in which firm size and number are endogenous. We show that multiple equilibria can exist if financiers take the industrial structure as given and vice …

World Income Components: Measuring And Exploiting International Risk Sharing Opportunities, Robert J. Shiller, Stefano G. Athanasoulis

Cowles Foundation Discussion Papers

We provide a method for decomposing the variance of world national income (present values) into components in such a way as to indicate the most important risk-sharing opportunities among nations of the world. We identify risk-sharing opportunities in terms of eigenvectors of a variance matrix of deviations of the present value of country incomes from their respective shares (adjusted for population and risk aversion) of world income. The method is applied to data on national incomes of six large countries 1870-1992 (Maddison [1995]): Canada, France, Germany, Italy, United Kingdom and United States. The method reveals that, assuming symmetric risk aversions, …

A Strategic Market Game With Secured Lending, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

We study stationary Markov equilibria for strategic, competitive games, in a market-economy model with one non-durable commodity, fiat money, borrowing/lending through a central bank or a money market, and a continuum of agents. These use fiat money in order to offset random fluctuations in their endowments of the commodity, are not allowed to borrow more than they can pay back (secured lending), and maximize expected discounted utility from consumption of the commodity. Their aggregate optimal actions determine dynamically prices and/or interest rates for borrowing and lending, in each period of play. In equilibrium, random fluctuations in endowment- and wealth-levels offset …

The Effect Of Nations' Economic Linkages On The Co-Movement Of Their Stock Markets, Niveditha Hasthak '95

Honors Projects

The flow of international investments has been rapidly increasing in recent years. One of the foremost reasons for international investing is that it provides diversification which can be explained in sinple terms as selecting securities that do not move together. The main benefit of diversification is that it reduces risk (Markowitz 1952). The amount of diversification provided by investing in international equity markets is dependent on the extent of co-movement of equity markets across the globe.

Labor Earnings And Household Income Mobility In Reunified Germany: A Comparison Of The Eastern And Western States, Richard Hauser, Holger Fabig

Center for Policy Research

Using data from the German Socio-Economic Panel (GSOEP) we compare the economic mobility of persons living in the eastern and western states of Germany between 1990 and 1995. We find that gross individual labor income mobility was initially much higher in the east than in the west following reunification, but by 1995 the gap had been greatly reduced. We find similar results when we change our measures to more accurately reflect economic well-being. Gross equivalent labor income and net equivalent income mobility were initially higher in the eastern states than in the western states but there has been convergence over …

From Marx To Markets: Reform Of The University Economics Curriculum In Russia, Stanley L. Brue, Craig Macphee

Department of Economics: Faculty Publications

In June 1992, we taught a three-week seminar at Moscow State University that coincided with the beginning of a historic curriculum reform in Russia. The reform had two parts: (I) the replacement of the Marxist-Leninist three-year sequence of courses in political economy with a sequence on market economics and (2) substantial revision of other course requirements for the economics degree. br>
The occasion of our Russian visit was an invitation from Moscow State University to present a seminar on the principles of market economics. The seminar demonstrated the typical content and teaching techniques used in the American micro-macro principles course. …

Measuring Nonuse Values For Wilderness Designation In Utah-By Contingent Valuation Method, Van R. Johnson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Since 1964, when Congress wrote the Wilderness Act, there has been an increasing amount of controversy between opponents and advocates of wilderness. Wilderness areas in Utah are not immune to this controversy. Public policy makers and land managers are in the middle of this debate. They have the responsibility to assess the resource and estimate the benefits and costs associated with creating policy.

This thesis focusses on helping policy makers and land managers recognize a benefit currently not being assessed. Nonuse values are values other than in situ use, where individuals have a value for existence of wilderness or a …

The Nunn-Domenici Usa Tax: Analysis And Comparisons, Murray L. Weidenbaum

Murray Weidenbaum Publications

A comparison showing the pros and cons of different tax plans: the USA Tax Plan, a Flat Tax, Value-Added Tax, and Retail Sales Tax.

Division Of Labor And The Economic Determinants Of Divorce, Virginia (Ginny) Shull '95

Honors Projects

The theme of the 1992 National Republican Convention rang out with such phrases as the "traditional family" and "family values," and many conservatives asserted that a return to these molds of the established institutions of marriage and family would be the solution to the societal ills America now faces. As the number of single parent households skyrocketed in the 1980's and more single-headed household incomes began to fall at or below the poverty line, America as a whole began to feel the economic burden of a booming population of families economically dependent on federal and state social programs.

How Should We Measure Sustainable Income?, William D. Nordhaus

Cowles Foundation Discussion Papers

Growing concerns about long-run economic growth have led to calls for measures of “sustainable income.” Traditional analyses rely on Hicksian income, which is consumption plus net investment. The present paper shows that Hicksian income corresponds to sustainable income only under implausibly limited circumstances. We define sustainable income and estimate its magnitude for the United States. The analysis and empirical estimates indicate, first, that consumption has historically been far below sustainable income; second, that conventional Hicksian measures of national income are poor proxies for sustainable income; and, third, that the true savings rate has declined significantly in the last two decades.

New Mexico Labor Market Review 04-30-1995, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers March 1995.

Risk And College Majors, Dan Scholz '96

Honors Projects

When students choose a certain field of study in college, some opportunities are instantly forgone. Since different types of educations have varying degrees of forgone opportunities, risk is associated with educational choices. The extent to which these educational choices impose a risk on the individual is studied here. It is hypothesized that more technically oriented and job-specific type educations will have a higher risk than less restrictive liberal arts type educations. Using a large sample drawn from the National Longitudinal Survey of Labor Market Experience of Youth, this paper examines the presence and nature of risk across the different areas …

Seasonal Cattle And Hog Prices: Sioux Falls, S.D. 1980-1994; Hog And Cattle Comments, Dillion M. Feuz, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Is The Transition Of The National Currencies Into A Single European Currency Under The Conditions Of The Maastricht Treaty Realistic?, Delphine Contoz

Graduate Student Dissertations, Theses, Capstones, and Portfolios

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Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Journal of Financial Services Research, Vol 9, No. 3-4, 197-208.

Quantile Regression Model With Unknown Censoring Point, Moshe Buchinsky, Jinyong Hahn

Cowles Foundation Discussion Papers

The paper introduces an estimator for the linear censored quantile regression model when the censoring point is an unknown function of a set of regressors. The objective function minimized is convex and the minimization problem is a linear programming problem, for which there is a global minimum. The suggested procedure applies also to the special case of a fixed known censoring point. Under fairly weak conditions the estimator is shown to have n -convergence rate and is asymptotically normal. In the special case of a fixed censoring point it is asymptotically equivalent to the estimator suggested by Powell (1984, 1986a). …

Transitions Between Child Care Arrangements For German Pre-Schoolers, Jan Ondrich, C. Katharina Spiess

Center for Policy Research

This study uses a descriptive statistical approach to analyze the dynamics of child care for German pre-schoolers of all ages. Age-specific and duration-specific hazard rates for leaving informal care and for leaving formal care are calculated for various risk groups. Differences in the hazard rates across risk groups indicate the presence of important factors affecting transitions. The factors that we examine relate to household characteristics, the employment status of the mother, and regional supply. We find strong support for the hypotheses that households with fewer pre-schoolers and working mothers have greater demand for pre-school formal care. This demand also appears …