Social and Behavioral Sciences | Open Access Articles

Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu

Economic and Financial Review

This is a welcome address by the Director of Human Resources Department on the 2015 CBN executive seminar jointly organized by the Research and Human Resources Departments.

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An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje

Economic and Financial Review

The article discusses the important role money market plays in the economic development of any country which provides the platform for central banks to influence short-term interest rates,

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Exchange Rates, Capital Flows And Monetary Policy: Lessons From Emerging Market Economies, Biodun Adedipe

Economic and Financial Review

This paper proceeds in four sections as follows: section 1 is the introduction, section 2 gives a cursory summary of the literature on the 'trilemma-dilemma' that tend more towards the relevance of capital controls as an independent instrument in monetary policy irrespective of the exchange rate regime, while section 3 examines the evidence and effectiveness of the management of the process and relationships in emerging market economies (EME). Section 4 examines a country experience, while section 5 draws inferences for Nigeria and section 6 concludes with recommendations.

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An Optimal Harvesting Strategy Of A Three Species Syn-Ecosystem With Commensalism And Stochasticity, M. N. Srinivas, A. Sabarmathi, K. S. Reddy, M. A. S. Srinivas

Applications and Applied Mathematics: An International Journal (AAM)

In this paper we have studied the stability of three typical species syn-ecosystem. The system comprises of one commensal S₁ and two hosts S₂ and S₃ . Both S₂ and S₂ benefit S₁ without getting themselves affected either positively or adversely. Further S₂ is a commensal of S₃ and S₃ is a host of both S₁and S₂. Limited resources have been considered for all the three species in this case. The model equations of the system constitute a set of three first order non-linear ordinary differential equations. …

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A Closer Look At The Impact Of Quantitative Easing On The Capital Markets: Garch Analysis Of The Exchange Traded Funds Market, Nicholas R. Duafala

Undergraduate Economic Review

This paper analyzes the effects of quantitative easing (QE) on the capital markets by modeling exchange traded funds (ETFs) returns using a generalized autoregressive conditional heteroskedasticity (GARCH) methodology. The results show that the 10-Year Treasury yields are significant in the returns of some sectors of the economy more so than others, and the Federal Funds Futures trading volume is significant in all ETFs return volatility. The implications of these results not only provide information about the reaction of the ETF market and QE, but also provide insight for developing investment strategies.

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Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh

Economic and Financial Review

This article focused on exchange rate policy and economic management: a theoretical nexus

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Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule

Economic and Financial Review

This paper appraises the efficacy of the Monetary Policy Rate (MPR) as an anchor for other short-term interest rates in the economy. Adopting the vector autoregression approach, the responses of Nigeria's short-term interest rates to changes in the interbank rate (proxy for MPR) was modelled. The paper found that the pass-through from MPR to money market interest rates in the long-run is higher for the prime and lending rates than for changes in the Treasury bill rate and 3-month deposit rate. Overall, there seemed to be an asymmetric impact with an increase or fall in the interbank rate.

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Analysis Of Monetary Policy Decision Making Among Heterogeneous Monetary Policy Committee (Mpc) Members At The Central Bank Of Nigeria, C. C. Ezema, O. J. Odonye, T. S. Shitile, O. O. Afiemo

Economic and Financial Review

This paper provided an empirical analysis of policy-makers' voting patterns on interest rates in Nigeria. Employing a (pooled) Taylor rule and using real-time data obtained from published personal statements of monetary policy committee members at the Central Bank of Nigeria (CBN), the paper tests for preference heterogeneity among MPC members. The aggregate reaction function as well as individual reaction functions for MPC members were used to tests whether there is a difference between the voting patterns of internal members and that of external members of the committee. Our results suggest evidence of heterogeneity among MPC members and that the voting …

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Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni

Economic and Financial Review

The paper aims to construct a monetary conditions index (MCI) for Nigeria to aid the evaluation of the stance of monetary policy. Quarterly data for 91-day treasury bill rate (TBR), real exchange rate (RER), inflation rate (INF), real private sector credit (RCP), and real gross domestic product (RGDP), covering the period 2000Q1 to 2014Q1, were utilised. The period coincided with key reforms in the money and foreign exchange markets, culminating in the adoption of a new monetary policy framework in 2006. Following some econometric diagnostic tests, an aggregate demand function was estimated using the Johansen co-integration technique. The resultant long-run …

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Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide

Economic and Financial Review

The paper examines the impact of governance on stock market performance using quarterly data series spanning 1996Q1 to 2010Q4. An ARDL bound testing methodology was employed to explore such causal relationship. Long-run stable relationships were established through the error correction terms of each of the measures used to the tune of -0.4821,-0.4034 and -0.4080 for all share price index, market capitalisation and the value of total stock traded, respectively. Findings indicate that macroeconomic and financial stability should be constantly maintained and promoted as it constitutes a drag on the stock performance; any acts of corruption should be eschewed as it …

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The Role Of The International Monetary Funds (Imf) In The East Asian Debt Crisis Of 1997, Yaro Sadek Tahirou

Journal of Undergraduate Research at Minnesota State University, Mankato

During the East Asian Financial crisis in particular, the IMF has been criticized of promoting international cooperation because of the supervised enforcement of its rules. The purpose of this research is to find out how the IMF responded to the East Asian debt crisis and whether or not its responses were the best possible responses to this crisis. Through my research, I talked about the causes of the East Asian financial crisis, the role of the IMF in the international monetary system, and if the IMF responses to Thailand, South Korea and Indonesia were the best responses or not. After …

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The Tax Treatment Of Mixed Personal And Rental Use Of Real Estate, Natsua Asai

Journal of Undergraduate Research at Minnesota State University, Mankato

In 2010, individual taxes provided almost half (43.35 %) of the U.S. Federal Revenue. Every U.S. citizen has an obligation to pay tax in order to support their government; however, they also have the right to keep tax as low as possible by effective tax planning (Smith, Harmelink, & Hasselback, 2012). Tax planning is a proper arrangement of transactions or affairs in order to reduce tax liability. Tax planning can become complex if the transaction involves multiple areas of tax law. I am going to discuss an aspect of real estate that involves multiple concepts and rules governing tax compliance: …

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“Where I’M Coming From”: A Discourse Analysis Of Financial Advice Media, Tanya E. Mudry, Ines Sametband, Tom Strong, Dan Wulff, Jennifer Michel, Sally St. George

Journal of Financial Therapy

In this paper we conceptualize different understandings and positions taken in conflicts over finances in family and couple relationships. We see these as informed by discourses found in popular and professional media. Discourses, as we describe them, are cultural ways of understanding and acting – where “we are coming from,” in this case, relates to finances and financial management. We turn to various media (magazine advice articles, self-help books, professional and research literatures) using discourse analysis to identify distinct discourses regarding how finances are to be regarded and managed. We then link these discourses to discourse positions, or positionings, that …

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Book Review: Why Does College Cost So Much?, Edward J. Smith, Brian A. Sponsler

Journal of Student Financial Aid

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A Backward Bending Supply Of Loanable Funds: An Examination Of The Interest Rate Elasticity Of Saving, Rachel M. Doehr Ms.

Undergraduate Economic Review

The market for loanable funds is presented as either a market with an upward sloping supply curve, or as one with a perfectly inelastic supply. This paper relates the supply of loanable funds to the supply curve in the labor market: backward bending. Once interest rates are high enough, people start to save less, creating the "backward bend.” This explains the discrepancies in previous literature that attempted to put a single value on the interest rate elasticity saving. The reason for the variation in values could be because the elasticity actually depends on the point on the curve.

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The Spanish Export Led Recovery, David Wagner

Undergraduate Economic Review

I researched the export-led recovery currently taking place in Spain. My thesis revolved around Mariano Rajoy and the Popular Party coming into power in 2011 and instituting reforms in three distinct categories; financial market reforms, fiscal measures, and labor market reforms. These reforms have had a significant impact in restoring credibility in Spain's capital markets and decreasing unit labor costs. In turn, Spain has shown impressive export growth in the past two years, especially compared to its neighbors Italy and France.

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The Sensitivity Of Nigerian Stock Exchange Sectors To Macroeconomic Risk Factors, A. E. Ikoku

Economic and Financial Review

This paper investigated the sensitivity of sectoral index returns on the Nigerian Stock Exchange to macroeconomic risk factors such as the spread between deposit and lending rates of banks, the slope of the yield curve, broad money supply, interest rates, exchange rates, inflation and the international price of oil. We found that the Banking, Food and Beverage, and Insurance sectors were sensitive to some macroeconomic risk factors but not to others. The Oil and Gas sector was sensitive to the slope of the yield curve only. This study estimated the elasticities of macroeconomic factors in the Nigerian Stock Exchange using …

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The Sensitivity Of Nigerian Stock Exchange Sectors To Macroeconomic Risk Factors, Alvan E. Ikoku

Economic and Financial Review

This paper investigated the sensitivity of sectoral index returns on the Nigerian Stock Exchange to macroeconomic risk factors such as the spread between deposit and lending rates of banks, the slope of the yield curve, broad money supply, interest rates, exchange rates, inflation and the international price of oil. The study found that the banking, food and beverage, and insurance sectors were sensitive to some macroeconomic risk factors but not to others. The oil and gas sector was sensitive to the slope of the yield curve only. This study estimated the elasticities of macroeconomic factors in the Nigerian Stock Exchange …

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To Chae Or Not To Chae, Raymond S. Schmidgall Ph.D., Cpa, James W. Damitio

Hospitality Review

Many certifications are available in many professions. They represent a level of achievement and provide a dimension of professionalism to a resume. This article reveals the results of research covering the degree the extent of certification of members of the Hospitality Financial & Technology Professionals. Further, obstacles and assists in taking the examination to become a Certified Hospitality Accountant Executive (CHAE) were determined. Thirty-seven percent of the respondents have earned their CHAE. The biggest obstacle to taking the exam according to 60% of the respondents who have not earned the CHAE was lack of time to prepare. The biggest assist …

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Global Expansion Of National Securities Laws: Extraterritoriality And Jurisdictional Conflicts, Junsun Park

The University of New Hampshire Law Review

[Excerpt] “As securities fraud has grown increasingly transnational, it has become necessary to expand the reach of anti-fraud provisions to persons and entities participating in global securities markets. So far, however, no single antifraud provision exists to govern the entire global marketplace. Although each country strives to combat international securities fraud by using its own regulatory regime, problems can develop when extraterritorial application of national securities laws leads to regulatory overlapping or conflicts. In light of these problems, it is necessary to set forth clear guidelines for determining whether national securities laws can apply extraterritorially and, if so, how far …

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Securitize Me: Stimulating Renewable Energy Financing By Embracing The Capital Markets, Andrew C. Fink

The University of New Hampshire Law Review

The current system of financing renewable energy projects is broken and inadequate, especially when compared to the framework for participating in oil and gas ventures. The solution lies in borrowing accepted energy business practices and adapting them to solar and wind energy projects. This Article focuses on the current issues facing renewable energy project financing in the United States, analyzes failed attempts to stimulate growth, and presents the securitization of renewable energy assets as a solution. Drawing on current legal structure and debates from the corporate sphere, this Article also discusses specific securitization techniques that can help to democratize and …

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Full-Text Articles in Social and Behavioral Sciences

Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu

Economic and Financial Review

An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje

Economic and Financial Review

Exchange Rates, Capital Flows And Monetary Policy: Lessons From Emerging Market Economies, Biodun Adedipe

Economic and Financial Review

An Optimal Harvesting Strategy Of A Three Species Syn-Ecosystem With Commensalism And Stochasticity, M. N. Srinivas, A. Sabarmathi, K. S. Reddy, M. A. S. Srinivas

Applications and Applied Mathematics: An International Journal (AAM)

A Closer Look At The Impact Of Quantitative Easing On The Capital Markets: Garch Analysis Of The Exchange Traded Funds Market, Nicholas R. Duafala

Undergraduate Economic Review

Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh

Economic and Financial Review

Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule

Economic and Financial Review

Analysis Of Monetary Policy Decision Making Among Heterogeneous Monetary Policy Committee (Mpc) Members At The Central Bank Of Nigeria, C. C. Ezema, O. J. Odonye, T. S. Shitile, O. O. Afiemo

Economic and Financial Review

Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni

Economic and Financial Review

Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide

Economic and Financial Review

The Role Of The International Monetary Funds (Imf) In The East Asian Debt Crisis Of 1997, Yaro Sadek Tahirou

Journal of Undergraduate Research at Minnesota State University, Mankato

The Tax Treatment Of Mixed Personal And Rental Use Of Real Estate, Natsua Asai

Journal of Undergraduate Research at Minnesota State University, Mankato

“Where I’M Coming From”: A Discourse Analysis Of Financial Advice Media, Tanya E. Mudry, Ines Sametband, Tom Strong, Dan Wulff, Jennifer Michel, Sally St. George

Journal of Financial Therapy

Book Review: Why Does College Cost So Much?, Edward J. Smith, Brian A. Sponsler

Journal of Student Financial Aid

A Backward Bending Supply Of Loanable Funds: An Examination Of The Interest Rate Elasticity Of Saving, Rachel M. Doehr Ms.

Undergraduate Economic Review

The Spanish Export Led Recovery, David Wagner

Undergraduate Economic Review

The Sensitivity Of Nigerian Stock Exchange Sectors To Macroeconomic Risk Factors, A. E. Ikoku

Economic and Financial Review

The Sensitivity Of Nigerian Stock Exchange Sectors To Macroeconomic Risk Factors, Alvan E. Ikoku

Economic and Financial Review

To Chae Or Not To Chae, Raymond S. Schmidgall Ph.D., Cpa, James W. Damitio

Hospitality Review

Global Expansion Of National Securities Laws: Extraterritoriality And Jurisdictional Conflicts, Junsun Park

The University of New Hampshire Law Review

Securitize Me: Stimulating Renewable Energy Financing By Embracing The Capital Markets, Andrew C. Fink

The University of New Hampshire Law Review