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Articles 3481 - 3510 of 4172

Full-Text Articles in Economics

Currency Restructuring: The Role Of The Media., Festus O. Odoko Dec 2006

Currency Restructuring: The Role Of The Media., Festus O. Odoko

Bullion

One of the mandates of the Central Bank of Nigeria (CBN) as provided in the CBN Act of 1991 (as amended) is the issuance of legal tender currency. This paper examines the rationale for currency restructuring so as to elicit the buy-in and support of the media and in that way enhance the acceptability of the currency in economic transactions in Nigeria. The rest of the paper is organized as follows: Section 2 outlines the major elements of currency restructuring, while section 3 discusses the critical success factors. In section 4 the role of the media is enunciated while section …

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Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu Dec 2006

Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A new methodology is proposed to estimate theortical prices of financial contingent-claims whose values are dependent on some other underlying financial assets. In the literature the preferred choice of estimator is usually maximum likelihood (ML). ML has strong asymptotic justification but is not necessarily the best method in finite samples. The present paper proposes instead a simulation-based method that improves the finite sample performance of the ML estimator while maintaining its good asymptotic properties. The methods are implemented and evaluated here in the Black-Scholes option pricing model and in the Vasicek bond pricing model, but have wider applicability. Monte Carlo …

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Mixing Frequencies: Stock Returns As A Predictor Of Real Output Growth, Anthony S. Tay Dec 2006

Mixing Frequencies: Stock Returns As A Predictor Of Real Output Growth, Anthony S. Tay

Research Collection School Of Economics

We investigate two methods for using daily stock returns to forecast, and update forecasts of, quarterly real output growth. Both methods aggregate daily returns in some manner to form a single stock market variable. We consider (i) augmenting the quarterly AR(1) model for real output growth with daily returns using a nonparametric Mixed Data Sampling (MIDAS) setting, and (ii) augmenting the quarterly AR(1) model with the most recent r -day returns as an additional predictor. We find that our mixed frequency models perform well in forecasting real output growth.

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Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen Nov 2006

Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen

Research Collection Lee Kong Chian School Of Business

In discussing bond markets in Asia, academics and policymakers typically begin by noting that the Asian crisis of 1997-98 in part resulted from the underdevelopment of the region’s domestic bond markets and the resultant currency and duration mismatches. When assessing the progress made in developing these markets in the post-crisis years, academics and policymakers usually observe that, while several domestic currency government bond markets have moved ahead, corporate bond markets have lagged (Asian Development Bank (2002), Reserve Bank of Australia (2003)). The policy conclusion is therefore often drawn: to prevent another Asian crisis, Asian bond markets must be further developed.

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The Growing Together Guide: A Companion Resource To The New England Environmental Finance Center/Melissa Paly Film, New England Environmental Finance Center Sep 2006

The Growing Together Guide: A Companion Resource To The New England Environmental Finance Center/Melissa Paly Film, New England Environmental Finance Center

Smart Growth

What local leader or public official wants to be faced with an SOS the “same old story” of public discord and confrontation over growth and development in one’s community? That situation has become a problem for efforts to promote smart growth. Investments are needed in the walkable, compact, traditional‐streetscape and mixed use neighborhoods and developments that are more sustainable and healthy than sprawl, for both people and the landscape. Yet attempts at such change all too often end up mired in costly public controversy and stalemate.

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Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun Sep 2006

Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun

Bullion

Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …

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Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan Sep 2006

Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan

Bullion

The exchange rate is a key macroeconomic variable in the context of general economic policy making, and of economic reform programmes, in particular. It is a very important price which governments take very active interest in. However, two concepts of exchange rate are commonly distinguished: nominal exchange rate and real exchange rate. - The nominal exchange rate (NER) is a monetary concept which measures the relative price of two moneys or currencies, e.g., Naira in relation to the U. S dollar. - But the real exchange rate (RER), as the name implies, is a real concept that measures the relative …

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Economics Of Exchange Rate Management, Ayodele Odusola Sep 2006

Economics Of Exchange Rate Management, Ayodele Odusola

Bullion

Exchange rate policy plays an important role in national economic development management. If well managed, it could facilitate the achievement of macroeconomic objectives of rapid economic growth, low rate of inflation, high employment generation, buoyant balance of payment condition, and progressive income distribution. Of all economic policies, it is the most suitable policy for ensuring internal and external balances. This paper examine the economics of exchange rate management; the conceptual issues in exchange rate management in view of attaining the macroeconomic objectives for rapid economic growth and development. One of the critical issues in the management of foreign exchange is …

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Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama Sep 2006

Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama

Bullion

The banking industry around the world has witnessed remarkable changes in recent decades, given t h e i n c r e a s i n g w a v e o f globalization, structural and technological changes, and integration of financial markets. As McKinnon and Shaw (1973) observed in their seminar work on the key roles of banks as propel lands of growth and development in developing economies, a feeble banking system is repressive, distortionary and dis-connect the intermediation process thereby precipitating macroeconomic instability. The paper reviews the various reforms in Nigerian banking industry since 1986 particularly the complementary …

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Overview Of Currency Management In Nigeria., K. S. Adeyemi Sep 2006

Overview Of Currency Management In Nigeria., K. S. Adeyemi

Bullion

This paper seeks to highlight the issues in currency management, identify the challenges of currency management in Nigeria, and situate the currency management reforms of the Central Bank of Nigeria in proper context. The paper is structured into six sections. Following the introduction, the key dimensions of the currency management function is highlighted in section 2. Section 3 reviews the major currency episodes in Nigeria while section 4 examines the shortcomings of the existing currency arrangements. Nigeria's reform effort in currency management is discussed in Section 5 and the paper is concluded in section 6 by observing that: as inflation …

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Promoting The Use Of Coins In Nigeria., A O. Ikuseedun Sep 2006

Promoting The Use Of Coins In Nigeria., A O. Ikuseedun

Bullion

The main purpose of currency in any nation is to facilitate transactions and serves as a store of value. Currency is made up of banknotes and coins. While banknotes are expected to be used for relatively large value payments, coins are for low value ones. The paper examines the factors responsible for low usage of coins in Nigeria and suggest possible remedial measures. The paper observes that there had been a general low use of coins for retail transactions in Nigeria. This was reflected in the relative value of coins in circulation as against the value of currency which was …

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Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba Sep 2006

Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba

Bullion

It is often held that capital accumulation is necessary and sufficient condition for growth and capital accumulation is almost synonymous with saving, hence the route to growth is then one of raising savings and smoothing consumption (Deaton, 1991). Savings is one of the key relevant macroeconomic variables in any economy. Its impact on the rate of capital accumulation, productivity and the degree of dependency of a nation on foreign capital and foreign ownership of domestic assets cannot be overemphasised. This paper reviews conceptual issues on savings behaviour in Nigeria. It also provided an analysis of the factors that may have …

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The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni Sep 2006

The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni

Bullion

The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. In the quest for corrective measures to minimize distortions in the foreign exchange market, the monetary authority initiates the current exchange rate reform. the objective of this paper is to discuss the challenges of sustaining the recently introduced exchange rate regime in …

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Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu Sep 2006

Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu

Bullion

The paper discusses the role of macroeconomic policy in achieving social as well as macroeconomic objectives in attaining poverty reduction in Nigeria. Nigeria's economy is growing at an impressive rate compared to the historical. This reflects in part increased investor confidence due t o the improvement in macroeconomic management and positive dividends of the new found economic direction and general political stability. However, the renewed optimism is unlikely to be sustained if appreciable progress is not made to advance growth, general macroeconomic stability and poverty reduction. The reveals that, In order for growth to be poverty reducing, the link between …

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Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi Sep 2006

Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi

Bullion

The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. It is important that the monetary authority, in its bid to designing an appropriate and sustainable exchange rate policy framework, addresses issues that are fundamental to the introduction of the policy itself. This paper discussed the challenges of exchange rate volatility management …

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The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji Sep 2006

The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji

Bullion

The fact that Naira is floating is not a panacea for effective monetary policy management learning from the Argentina experience. Also with volatile capital flows, there are associated over - and undershooting of exchange rates that the economy would encounter. This paper discuss the achievement of convergence in the Nigerian foreign exchange market and monetary policy, the liberalization of the foreign exchange market and the process of foreign exchange convergence. It was observed that there were supply shortage and so the supply side of resource allocation was deployed. It was also observed that the harmony between the money market and …

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Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda Sep 2006

Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda

Bullion

Effective management of foreign exchange reserves is one of the major macroeconomic objectives of countries like Nigeria. This is against the background of rapid rise and accumulated challenges currently facing many emerging economies especially oil producing countries. In Nigeria, the reserves has risen from USD4.99 billion in May 1999 to USD38.07 billion as at July 31, 2006 (see table 1). The paper examines the key issues, challenges and prospects of effective management of external reserves in Nigeria and how the Central Bank of Nigeria has fared in coping with these challenges. The recent accumulation of foreign reserves is not peculiar …

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Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede Sep 2006

Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede

Bullion

The payments and settlement system represents the plat-form upon which financial resources is exchanged for goods and services. This paper discussed the different alternatives of non-cash payment methods as well as the advantages, modes of payments and challenges. The study concluded that, there is need not only to further the laudable reforms of the Federal Government of Nigeria, but also to ensure that business and non-business financial transactions are accessible and convenient for the average Nigerian. These reforms in the payment system can only fast track the integration of Nigeria into the international financial system with attendant benefits for the …

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The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye Sep 2006

The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye

Bullion

This paper reviews the adequacy of the existing legal framework for Currency Management in Nigeria. The paper is structured into three parts. Part I is an introduction to the paper. The legal provisions governing currency management in Nigeria and some of the legal challenges for the CBN are highlighted and examined in part II. Part III concludes the paper: that a major legal challenge facing the CBN is the absence of specific provisions of the law criminalizing such acts as tampering, deliberate mutilation, spraying and marching of currency.

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On The Magnet Effect Of Foreign Direct Investment, Pao Li Chang, Chia-Hui Lu Sep 2006

On The Magnet Effect Of Foreign Direct Investment, Pao Li Chang, Chia-Hui Lu

Research Collection School Of Economics

We extend Antras and Helpman (2004) on firm heterogeneity and organizational choice to a dynamic setting with FDI uncertainty, in which the probability of investment failure decreases with the host country's infrastructure level and increases with the technological complexity facing each firm. Moreover, it decreases over time as the accumulated mass of firms succeeding in FDI increases. We show that a minimum level of infrastructure is required to trigger a first wave of industrial migration. We then formalize the often noted "magnet effect" of FDI - the first wave of industrial migration generates positive externality (information spillover) for subsequent investors, …

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Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow Aug 2006

Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow

Research Collection School Of Economics

Frankel and Wei [Frankel, J. A., & Wei, S.-J. (1994). Yen bloc or dollar bloc: Exchange rate policies of the East Asian economies. In I. Takatoshi & A. Krueger (Eds.), Macroeconomic linkages. Chicago: University of Chicago Press] developed and popularized a method for uncovering the implicit weights assigned to major international currencies constituting a currency basket. We extend the methodology in two dimensions: include regional competitive pressure and employ a vector autoregressive (VAR) model to overcome simultaneity bias. With these modifications, we confirm the prominent role of the US dollar in the exchange rate policy of East Asian economies beyond …

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Monte Carlo Methods For Estimating, Smoothing, And Filtering One- And Two-Factor Stochastic Volatility Models, Garland B. Durham Jul 2006

Monte Carlo Methods For Estimating, Smoothing, And Filtering One- And Two-Factor Stochastic Volatility Models, Garland B. Durham

Finance

One- and two-factor stochastic volatility models are assessed over three sets of stock returns data: S&P 500, DJIA, and Nasdaq. Estimation is done by simulated maximum likelihood using techniques that are computationally efficient, robust, straightforward to implement, and easy to adapt to different models. The models are evaluated using standard, easily interpretable time-series tools. The results are broadly similar across the three data sets. The tests provide no evidence that even the simple single-factor models are unable to capture the dynamics of volatility adequately; the problem is to get the shape of the conditional returns distribution right. None of the …

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The Determinants Of Executive Compensation In The Commercial Banking Industry, David A. Romer Jul 2006

The Determinants Of Executive Compensation In The Commercial Banking Industry, David A. Romer

Doctoral Dissertations

The primary purpose of this study is to examine the viability of two basic theories of compensation to explain executive compensation in the banking industry. The two executive compensation motivation theories are sales/sales growth maximization and profit/shareholder wealth maximization. Overall, strong support is found for both theories. This research also seeks to significantly expand, compared to previous research, the number of banks investigated. This study succeeds, with over a four-fold increase in the number of banks analyzed, including over 330 banks not previously used in the literature. This investigation is further motivated by the paucity of banking studies on compensation …

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Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip Jul 2006

Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip

Research Collection School Of Economics

The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic–US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre-and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.

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Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako Jun 2006

Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako

Bullion

The reform of the pension industry in Nigeria was necessitated by many problems confronting both the public and private sectors pension schemes. The public sector operated largely the Defined Benefit - Pay As You Go (PAYG) scheme, which depended on budgetary provisions from various tiers of governments for funding. This paper discuss the conceptual issues of Contributory pension scheme in Brazil, the structure of the pension system and the features of the pension scheme as well as some other pension reforms in Brazil. The study concluded that. the pension systems were introduced into the country by the colonial administrators. The …

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Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi Jun 2006

Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi

Bullion

Prior to the adoption of the economic reforms measures of the 1980's, most African economies were predominantly characterised by extensive public ownership, management and control of productive and social infrastructures and institutions. This paper discuss the trend of investments and pension schemes with its risks and challenges in Nigeria. The study however confirmed the non applicability of the financial reform theory hypothesized by McKinnon and Shaw in Nigeria 'This Paper quantitatively examine the outcomes of financial sector reforms in Nigeria with a view to validating the applicability of the Mckinnon Shaw hypothesis of financial liberalization. The impact of reforms on …

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Pakistan’S Investment Scenario And Capital Markets, Ishrat Husain Dr. Jun 2006

Pakistan’S Investment Scenario And Capital Markets, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Most media reports, editorials, commentators and talk show experts vehemently assert that growth in Pakistanis consumption led and fuelled by bank credit. If they are right then the latest data available is indeed very intriguing. Gross fixed capital formation during 2005-06 was Rs.1.42 trillion – an increase of 30.7 % over last year. This was over and above an increase of 28.6 % recorded in 2004-05. In constant price terms (after adjusting for inflation) this translated into real growth rates of 10.3 % and 9.3 % respectively. Consequently, Investment – GDP ratio rose to 20 %. This trend is confirmed …

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Financial Services Liberalization With Emphasis On The Egyptian Banking Sector, Noha Hatem Abdel Razek Jun 2006

Financial Services Liberalization With Emphasis On The Egyptian Banking Sector, Noha Hatem Abdel Razek

Archived Theses and Dissertations

No abstract provided.

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Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon Jun 2006

Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

In this paper, we take another approach to accounting for the sources of Singapore’s economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology developed in the G5 countries diffuses to technological followers, we show that 57.5 percent of Singapore’s real GDP per worker growth rate over the 1970-2002 period is due to multifactor productivity growth. In particular, about 52 percent of the growth is accounted for by an increase in the effectiveness of accessing ideas developed by the technology leaders through …

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Fair Enough: Ethics And Entrepreneurship, Robert G. Crawford May 2006

Fair Enough: Ethics And Entrepreneurship, Robert G. Crawford

Faculty Publications

The "new" is presumptively something that ought to be but isn't. On what grounds should that something be permitted? In business, why are some things legal for sale - deemed moral - while other similar things are deemed illegal - or immoral? Is the ground of this approval process rational? Or is the ground for making such decisions just competing moral perspectives?

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