Economics Commons^™

Japanese U.S. Auto Transplant Production: An Analysis Of The Roles Of Vers And The Exchange Rate, Michael Cornstubble

University Avenue Undergraduate Journal of Economics

Since their introduction in 1982, Japanese auto transplants in the U.S. have skyrocketed in production, now producing many more cars than are imported. This study incorporates new refinements and revisions to attempt to identify the main factors that are responsible for the introduction of Japanese auto transplants and their massive growth in production over the last 14 years. The author develops two hypotheses for theoretical analysis of the factors contributing to production decisions. The first is that the voluntary export restraints (VERs) imposed on the Japanese from 1981-1985 are responsible for bringing the transplants to the U.S. and for creating …

Reflections On Britain's Research Assessment Exercise, Jayne W. Barnard

Faculty Publications

No abstract provided.

Understanding Asia's Financial Crisis, Barry Eichengreen

Clemens Lecture Series

No abstract provided.

The Conditional Heteroscedasticity Of The Yen-Dollar Exchange Rates, Yiu Kuen Tse

Research Collection School Of Economics

This paper examines the conditional heteroscedasticity of the yen-dollar exchange rate. A model is constructed by extending the asymmetric power autoregressive conditional heteroscedasticity model to a process that is fractionally integrated. It is found that, unlike the equity markets, the appreciation and depreciation shocks of the yen against the dollar have similar effects on future volatilities. Although the results reject both the stable and the integrated models, our analysis of the response coefficients of the past shocks and the application of the models to the estimation of the capital requirements for trading the currencies show that there are no substantial …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria

CBN Annual Report

In 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single …

The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma

Bullion

This is an address by the Governor of the Central Bank of Nigeria which examines the evolving relationship between banking sector development and technology in Nigeria and highlight both the future role of banking technology and the challenges that lie ahead. The address also argues that the economy is not only driven by technological advances, but have also in turn spawned technological developments. Technology has been the hub of banking development since the last decade and will continue to be so, well into the 21st century. the main focus of the address is information technology in the integrated form of …

Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe

Bullion

The objective of this paper is to familiarize course participants with the importance of financial sector reform to the effective conduct of monetary policy based on free market principles, and examine the challenges posed to the monetary authorities in Nigeria in this regard. The paper is divided into four parts. following this introduction, part 11 of the paper analyses the framework for financial sector reform and implications for monetary policy. in part 111 an attempt is made to outline the implementation of financial sector reforms in Nigeria, while part IV evaluates the effectiveness of monetary policy between 1990 and 1997 …

Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose

Bullion

The paper examines the management of the foreign exchange in Nigeria the next decade. The paper is structured into four main sections after these introductory remarks. section 1 discusses some conceptual issues such as:-foreign exchange versus external reserves, objectives of reserve management, strategies employed in managing the reserves and techniques for reserve management. section 11 discusses tools of reserve management the third section provides some thoughts as to the direction of foreign management in the next decade. section IV summarises and concludes the paper.

Breaking Trends And The Money-Output Correlation, David Fernandez

Research Collection Lee Kong Chian School Of Business

This paper examines the impact on the money-output correlation of a univariate specification that allows time series to be characterized as stationary around a broken trend function. Though pretesting suggests that U.S. real output (industrial production) can be described as broken-trend stationary, this result has only limited impact on the money-output correlation. Before 1985 there is a strong Granger causal relationship between money and broken-detrended output (hut not first-differenced output), even when different short-term interest rates are used as regressors. However, after 1985 this relationship weakens significantly, whether or not one determines that output has a unit root.

The Impact Of The Louisiana Lottery On Salaries In Education, Melissa Vicknair Melancon

Doctoral Dissertations

The study was undertaken to decide whether lottery revenues impacted teachers' salaries in Louisiana. Economic recession brought on by the collapse of the oil and gas industry, disgruntled taxpayers, and the lure of easy money prompted Louisiana legislators to pass a bill adopting a state lottery. Initially, all funds were earmarked for education. Subsequently, lottery revenues were deposited into the general fund. Yet many thought the lottery would be a significant source of money for education and teachers' salaries.

Logged annual salaries were used in models for university teachers and for elementary and secondary school teachers. Variables were incorporated to …

Is Money Growth Still A Useful Indicator Of Inflation?, Levent Camlibel

Economics Theses & Dissertations

This thesis examines the linkages among the monetary aggregates, inflation, and the economy through vector auto regression techniques. Multivariate Granger causality tests, variance decompositions and impulse response functions are utilized to examine causal relationships among key economic variables. In 1987, the Federal open Market Committee (FOMC) decided not to establish a specific target range for M1 growth . Since then, the broader M2 measure of money has been the preeminent variable used in implementing monetary policy; however, the results indicate that M1 can be used in predicting inflation and M2 can be used in predicting real GDP. This suggests that …

The Incremental Information Content Of The Cash And Cash Equivalents Definition Of Funds, Hugh Samuel Riner Jr.

Doctoral Dissertations

The purpose of this study was to attempt to determine the incremental information content of the cash and cash equivalents definition of funds. The cash and cash equivalents definition of funds is the mandated definition of funds for use in the preparation of a statement of cash flows. Prior to 1988, firms were able to use alternative definitions of funds; working capital was the most widely-used alternative definition.

In order to determine whether the cash and cash equivalents definition of funds has incremental information content, event analysis methodology was utilized to compare the market reaction to the release of financial …

A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo

Bullion

This paper is to be attempts to address the the question: can monetary policy cope with the seemingly increasing challenge of stabilization and growth of the Nigerian economy? In order to provide an appropriate background to the central focus of the paper which is to review and appraise the 1997 monetary policy package, an attempt is made in the second section of the paper to analyse the recent financial and economic conditions in the Nigerian economy after which the basis and elements of the monetary programme for 1997 are outlined in section three. Section four contains an articulation of some …

Budget Of Economic Growth And Development, Sani Abacha

Bullion

This is the budget speech of the Head of State of Nigeria which implies a budget of renewal. It examines the success of the 1995 experiment that motivated the second step, of the budget which is to steadfastly fine tune and consolidate the gains of the 1995 budget. The 1996 budget is therefore, essentially a budget of consolidation, designed to continue on a higher plane, to lay a solid substructure for an efficient market economy.

Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma

Bullion

This is a lecture presented by the Governor of Central Bank of Nigeria. It examines the Nigeria federal budget critically on strategy and framework for the successful implementation of the 1997 policy measures, taking into account the absorptive capacity and constraints of the Nigerian economy.

Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria

Bullion

This paper contains the outlines of the monetary, credit, foreign trade and exchange policy guidelines for banks and other financial institutions in Nigeria during fiscal 1997. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1996 and thus provides the background to the policy measures for 1997. While section two outlines the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1997 are highlighted in section three and lastly a list of prohibited import and export …

A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade

Bullion

The paper contains the special address by the Honourable Minister of National Planning at the opening ceremony of the CBN/NCEMA/NES policy seminar on the 1997 Federal Government Budget. The budget provides the framework for implementing the short-term components of medium-term national development policies and programmes.

On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa

Economic and Financial Review

The question of stability over time of the adjusted money multiplier relation is of crucial importance for adjusted base money to act as the main link to money supply. This paper tests the hypothesis of stability of money multiplier relations in Nigeria using the forward recursive cusum of squares that uses a confidence interval which is distributed as Pyke 's modified Kolmogrov-Smirnov statistic. The results of the stability tests applied to monthly data from January, 1991 to December, 1995 suggest that the functions underlying the adjusted money multipliers were not stable between March, I992 and December, I994. The two multiplier …

Tobin, James, Tony Caporale

Economics and Finance Faculty Publications

James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …

Indiana State University Financial Report 1997, Indiana State University

Financial Reports

No abstract provided.

Medicaid Forecasting Practices, Dan Williams

Publications and Research

This paper examines forecasting activities among Medicaid agencies in the fifty United States, Washington, D.C., and five U.S. territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, and Virgin Islands). Most frequently, studies of state or local forecasting practice focus on revenue forecasting. There are several reasons why comparison of state Medicaid forecast practice may be better than comparison of state revenue forecasting practices. First, there is no consistent reporting of state revenue estimates. States make forecasts when it suits them and report them in a manner that is satisfactory to their governors or legislatures. Collection of data through national …

Buying A Used Car, Liz Gorham

All Archived Publications

No abstract provided.

Nova Southeastern University 1997 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

The Economics Of Prefunding Social Security And Medicare Benefits, Martin Feldstein, Andrew Samwick

Dartmouth Scholarship

This paper presents a detailed analysis of the economics of prefunding benefits for the aged, focusing on social security but indicating some of the analogous magnitudes for prefunding Medicare benefits. We use detailed census and social security information to model the transition to a fully funded system based on mandatory contributions to individual accounts. The funded system that we examine would permanently maintain the level of benefits now specified in current law and would require no new government borrowing (other than eventually selling the bonds that are officially in the social security trust fund). During the transition, the combined rate …

Household Saving: Micro Theories And Micro Facts, Martin Browning, Annamaria Lusardi

Dartmouth Scholarship

In this survey, we review the recent theoretical and empirical literature on household saving and consumption. The discussion is structured around a list of motives for saving and how well the standard theory captures these motives. We show that almost all of the motives for saving that have been suggested in the informal saving literature can be captured in the standard optimizing model. Particular attention is given to recent work on the precautionary motive and its implications for saving and consumption behavior. We also discuss the "behavioral" or "psychological" approach that eschews the use of standard optimization techniques and focuses …

Share Buyback Aspects And Implications, Dilip D Kare, R Vaidyanathan

IIMB Management Review

Allowing Indian firms to buy back their shares has been a subject of debate for some time. It is currently under consideration by the Securities and Exchange Board of India (SEBI). India’s second largest corporate, Reliance Industries (Rs 94 billion by market & capitalisation), set a trend recently by getting its shareholders’ approval for buy-back, subject to other statutory approvals.

Gearing Up For Competition New Challenges For Indian Banks, J V Shetty

IIMB Management Review

Influenced by the economic reforms programme, banking in India is witnessing a shift away from meeting social priorities to confronting market forces. This has led to its improved performance during the last two years, generating considerable optimism that the country will eventually be blessed with a sound, streamlined and competitive banking system that would help it successfully meet the challenges of the global marketplace.

Fiscal Analysis Of New County In South_02-01-1996, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report presents analysis of the fiscal capacity of a proposed new county located in the unincorporated areas of Bernalillo County south of the city of Albuquerque. This report presents analysis of the fiscal capacity of a proposed new county located in the unincorporated areas ofBernalillo County south ofthe city ofAlbuquerque.

Fiscal Analysis Of New County In South_02-01-1996 (3), University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report presents analysis of the fiscal capacity of a proposed new county located in the unincorporated areas of Bernalillo County south of the city of Albuquerque.

Fiscal Analysis Of New County In South_02-01-1996 (2), University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report presents analysis of the fiscal capacity of a proposed new county located in the unincorporated areas of Bernalillo County south of the city of Albuquerque.