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Articles 1 - 16 of 16
Full-Text Articles in Business
On The Development Of Residential Property Price Indices For Nigeria, Olowofeso E. Olorunsola, Abiodun S. Bada, Mohammed A. Bamanga
On The Development Of Residential Property Price Indices For Nigeria, Olowofeso E. Olorunsola, Abiodun S. Bada, Mohammed A. Bamanga
CBN Journal of Applied Statistics (JAS)
This work focuses on the development of house price indices for Nigeria, and the estimates of the Nigerian Residential Property Price Indices on housing characteristics are presented. Four main methods of index construction were considered, these are hedonic regression, repeat-sales, stratification and central price tendency methods. It was discovered that econometric methods like hedonic and repeat sales were constraints in constructing residential property price indices for Nigeria by the nature of the data available. Hence, the central price tendency and the sale-based stratification methods which are internationally used measures were applied to the available zonal-level dataset from a survey of …
Analysis Of Crime Data Using Principal Component Analysis: A Case Study Of Katsina State, Shehu U. Gulumbe, Dikko H. .G., Bello Yusuf
Analysis Of Crime Data Using Principal Component Analysis: A Case Study Of Katsina State, Shehu U. Gulumbe, Dikko H. .G., Bello Yusuf
CBN Journal of Applied Statistics (JAS)
This paper analyses Katsina State crime data which consists of the averages of eight major crimes reported to the police for the period 2006 – 2008. The crimes consist of robbery, auto theft, house and store breakings, theft/stealing, grievous hurt and wounding, murder, rape, and assault. Correlation analysis and principal component analysis (PCA) were employed to explain the correlation between the crimes and to determine the distribution of the crimes over the local government areas of the state. The result has shown a significant correlation between robbery, theft and vehicle theft. While MSW local government area has the lowest crime …
Inflation And Economic Growth In Nigeria: Detecting The Threshold Level, Sani I. Doguwa
Inflation And Economic Growth In Nigeria: Detecting The Threshold Level, Sani I. Doguwa
CBN Journal of Applied Statistics (JAS)
This paper re-examines the issue of the existence and the level of inflation threshold in the relationship between inflation and growth in Nigeria, using three different approaches that provide appropriate procedures for estimating the threshold level and inference. While Sarel’s (1996) approach provides a threshold point estimate of 9.9 per cent that was not well identified by the data, the technique of Khan and Senhadji (2001) identifies a 10.5 per cent inflation threshold as statistically significant to explain the inflation-growth nexus in Nigeria. Also, the approach of Drukker et al (2005) suggests a two threshold point model with 11.2 and …
Understanding The Dynamics Of Inflation Volatility In Nigeria: A Garch Perspective, Babatunde S. Omotosho, Sani I. Doguwa
Understanding The Dynamics Of Inflation Volatility In Nigeria: A Garch Perspective, Babatunde S. Omotosho, Sani I. Doguwa
CBN Journal of Applied Statistics (JAS)
The estimation of inflation volatility is important to Central Banks as it guides their policy initiatives for achieving and maintaining price stability. This paper employs three models from the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family with a view to providing a parsimonious approximation to the dynamics of Nigeria’s inflation volatility between 1996 and 2011. Of the competing models, the asymmetric TGARCH (1,1) provides an appropriate paradigm for explaining the dynamics of headline and core CPI volatilities in Nigeria, while the symmetric GARCH (1,1) was found to be adequate for food CPI. The results are quite revealing. Firstly, model outcomes indicate …
On Numerical Solution For Optimal Allocation Of Investment Funds In Portfolio Selection Problem, Yahaya Abubakar
On Numerical Solution For Optimal Allocation Of Investment Funds In Portfolio Selection Problem, Yahaya Abubakar
CBN Journal of Applied Statistics (JAS)
In this article, we present a procedure for obtaining an optimal solution to the Markowitz’s mean-variance portfolio selection problem based on the analytical solution developed in a previous research that lead to the emergence of an important model known as the Black Model. The procedure is well presented, illustrated and validated by a numerical example from real stocks dataset obtainable from a popular European stock market.
An Assessment Of Monetary Policy Response To Capital Inflows In Nigeria1, Usman M. Okpanachi
An Assessment Of Monetary Policy Response To Capital Inflows In Nigeria1, Usman M. Okpanachi
CBN Journal of Applied Statistics (JAS)
Large and persistent capital inflows can be a double-edged sword. Accompanying its many attractions is the tendency to display a boom and bust pattern (volatility and reversals) in addition to the possibility of causing rapid exchange rate appreciation, inflation and loss of monetary policy independence. These downside risks create very strong impetus for some sort of policy response like sterilization, fiscal consolidation or controls. This study employs a simple analytical framework to estimate the intensity (and effectiveness) of monetary sterilization by the Central Bank of Nigeria (CBN) in response to increased capital inflows in recent years. The study finds evidence …
Quality Statistics In Banking Reforms For National Transformation, Sarah O. Alade
Quality Statistics In Banking Reforms For National Transformation, Sarah O. Alade
CBN Journal of Applied Statistics (JAS)
This paper outlines the important role of statistics in aiding proper planning and achievement of sustainable economic development. The paper elaborates the importance of investing in quality and reliable statistics for policy design and implementation and stresses the vital role statistical information play in effective operation in both private and public sector in every economy. The role of quality, reliable and timely information to a well-functioning financial system and as a guide to monetary policy making is illustrated in the paper. The paper credits accurate statistical information to the success of the Nigerian banking sector reform. However, it suggests that …
Survey Of Foreign Assets And Liabilities In Nigeria 2011 Report, Mohammed M, Tumala, Ajibola I. Olufemi, Babatunde S. Omotosho, Oladipupo A. Baruwa
Survey Of Foreign Assets And Liabilities In Nigeria 2011 Report, Mohammed M, Tumala, Ajibola I. Olufemi, Babatunde S. Omotosho, Oladipupo A. Baruwa
CBN Journal of Applied Statistics (JAS)
No abstract provided.
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 …
Simple Sequential Procedure For Modeling Of Item Non-Response In Econometric Analysis: Application To Cv Survey Data, William M. Fonta, Elias T. Ayuk, Eme H. Ichoku
Simple Sequential Procedure For Modeling Of Item Non-Response In Econometric Analysis: Application To Cv Survey Data, William M. Fonta, Elias T. Ayuk, Eme H. Ichoku
CBN Journal of Applied Statistics (JAS)
Item non-response occurs when respondents fail to provide answers to some or all of the questions posed during survey interviews. The standard procedure is to exclude such responses from the econometric analysis. This may be appropriate if the sample included does not differ significantly from those excluded in the analysis. If this is not the case, the econometric analyst faces a sample selection bias problem. The aim of this paper is to provide further evidence using a simple sequential procedure to deal with the problem when using non-randomly selected samples in social science research. The procedure entails different levels of …
Reactions Of Stock Market To Monetary Policy Shocks During The Global Financial Crisis: The Nigerian Case, Aliyu Shehu U.R.
Reactions Of Stock Market To Monetary Policy Shocks During The Global Financial Crisis: The Nigerian Case, Aliyu Shehu U.R.
CBN Journal of Applied Statistics (JAS)
This paper seeks to assess the reactions of Nigeria’s stock market to monetary policy innovations during the period of global financial crisis on the basis of monthly data over the period January, 2007 to August, 2011. In particular, stock market return was regressed against major monetary policy instruments; money stock (M1, and M2) and monetary policy rate (MPR). The theoretical basis for the paper stems from the works of new classical macroeconomics and rational expectation hypothesis (REH). Lucas (1972) postulated that only the unanticipated monetary shock influences real economic activity. Using the GARCH by developed Engle and Bollerslev (1986) and …
Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila
Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila
CBN Journal of Applied Statistics (JAS)
It is widely believed that price stability promote long-term economic growth, whereas high inflation is inimical to growth. This paper utilized a quarterly time series data for the period 1981 – 2009 to estimate a threshold level of inflation for Nigeria. Using a threshold regression model developed by Khan and Senhadji (2001), the study estimated a threshold inflation level of 13 per cent for Nigeria. Below the threshold level, inflation has a mild effect on economic activities, while above it, the magnitude of the negative effect of inflation on growth was high. The negative and significant relationship between inflation and …
Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola
Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola
CBN Journal of Applied Statistics (JAS)
Existing literature on revenue allocation in Nigeria shows more concern for merits and demerits of sharing principles and /or formulae. Several alternatives have been proposed and will continue to be developed to address the unending agitations from beneficiaries. Contrary however, this paper analyzes two items of revenue (statutory and VAT) shared among the states including FCT and all the Local Government Areas (LGAs) between May 1999 and December 2008. The net statutory allocation after deductions was also analyzed. Using Cluster analysis to evaluate revenue allocation in Nigeria, States and LGAs exhibiting similarity in revenue received were grouped and their common …
A Business Cycle Model For Nigeria, Alege O. Philip
A Business Cycle Model For Nigeria, Alege O. Philip
CBN Journal of Applied Statistics (JAS)
The current global financial meltdown draws, once again, attention to the existence of business cycle fluctuations. Experts are of the view that the ongoing crisis is far deeper than the great depression of the 1930s. It should be recalled that the Keynes and Keynesianism was a response to that depression. Therefore, the objective of this paper is to develop a small business cycle model in the spirit of Dynamic Stochastic General Equilibrium (DSGE) model for Nigeria designed to examine the sources of business cycles, and use the model for policy analysis. This paper considers the implications of three policy shocks …
Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor
Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor
CBN Journal of Applied Statistics (JAS)
In recent years, the Nigerian Stock Exchange (NSE) has witnessed an unprecedented growth in market capitalization, membership, value and volume traded. By December 2007, the All Share Index has grown massively over 57,990.2 from 1113.4 in January 1993. This rising interest in investment opportunities in the NSE raises questions about its efficiency. This paper tests the Weak-form Efficient Market Hypothesis of the NSE by hypothesizing Normal distribution and Random walk of the return series. Daily and weekly All Share Index and five most traded and oldest bank stocks of the NSE are examined from January 2007 to December 2009 for …
Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye
Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye
CBN Journal of Applied Statistics (JAS)
In this presentation, attention is focused on data generation for the purposes of reasoning, discussing and calculating the status, process and prospects of economic development. Economic development has also been defined in various ways. Again for the present purposes, economic development will be conceived as the process of economic growth and structural transformation (Ajakaiye, 2002). Clearly, data, as a gathered body of facts about the economy, is a basic requirement in the process of economic growth and transformation. Foremost, facts about the economy are necessary in order to appreciate the current state of the economy in terms of growth and …