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Articles 541 - 570 of 1240

Full-Text Articles in Economics

Determinants Of Foreign Reserves In Nigeria: An Autoregressive Distributed Lag Approach, David Irefin, Baba N. Yaaba Dec 2011

Determinants Of Foreign Reserves In Nigeria: An Autoregressive Distributed Lag Approach, David Irefin, Baba N. Yaaba

CBN Journal of Applied Statistics (JAS)

On global scale, central banks’ holdings of foreign reserves have escalated sharply in recent years. World international reserves holdings have risen significantly from US$1.2 trillion in 1995 to nearly US$10.0 trillion in June 2011. Dominant among these reserves are concentrated in the hands of few countries. Ten major holders of foreign reserves are mostly from Asia. Oil exporting countries in Africa and the Middle East are not left out in this trend. Nigeria’s foreign reserves rose from US$5.5 billion in 1999 to US$62.40 billion in July 2008, making Nigeria the twenty-fourth largest reserves holder in the world. This pace of …

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Effects Of Exchange Rate Movements On Economic Growth In Nigeria, Eme O. Akpan, Johnson A. Atan Dec 2011

Effects Of Exchange Rate Movements On Economic Growth In Nigeria, Eme O. Akpan, Johnson A. Atan

CBN Journal of Applied Statistics (JAS)

This study investigates the effect of exchange rate movements on real output growth in Nigeria. Based on quarterly series for the period 1986 to 2010, the paper examines the possible direct and indirect relationship between exchange rates and GDP growth. The relationship is derived in two ways using a simultaneous equations model within a fully specified (but small) macroeconomic model. A Generalised Method of Moments (GMM) technique was explored. The estimation results suggest that there is no evidence of a strong direct relationship between changes in exchange rate and output growth. Rather, Nigeria’s economic growth has been directly affected by …

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Exchange Rate Volatility In Nigeria: Consistency, Persistency & Severity Analyses, Babatunde Adeoye, Akinwande A. Atanda Dec 2011

Exchange Rate Volatility In Nigeria: Consistency, Persistency & Severity Analyses, Babatunde Adeoye, Akinwande A. Atanda

CBN Journal of Applied Statistics (JAS)

The adoption of the International Monetary Fund (IMF) Structural Adjustment Programme (SAP) in 1986 resulted in the transition from fixed exchange rate regime to floating exchange rate regime in Nigeria. Ever since, the exchange rate of naira vis-à-vis the U.S dollar has attained varying rates all through different time horizons. On this basis, this study examines the consistency, persistency, and severity (degree) of volatility in exchange rate of Nigerian currency (naira) vis-a-vis the United State dollar using monthly time series data from 1986 to 2008. The standard Purchasing Power Parity (PPP) model was used to analyze the long-run consistency of …

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Foreign Private Investment And Economic Growth In Nigeria: A Cointegrated Var And Granger Causality Analysis, F. Z. Abdullahi, S. Ladan, Haruna R. Bakari Dec 2011

Foreign Private Investment And Economic Growth In Nigeria: A Cointegrated Var And Granger Causality Analysis, F. Z. Abdullahi, S. Ladan, Haruna R. Bakari

CBN Journal of Applied Statistics (JAS)

This research uses a cointegration VAR model to study the contemporaneous long-run dynamics of the impact of Foreign Private Investment (FPI), Interest Rate (INR) and Inflation rate (IFR) on Growth Domestic Products (GDP) in Nigeria for the period January 1970 to December 2009. The Unit Root Test suggests that all the variables are integrated of order 1. The VAR model was appropriately identified using AIC information criteria and the VECM model has exactly one cointegration relation. The study further investigates the causal relationship using the Granger causality analysis of VECM which indicates a uni-directional causality relationship between GDP and FDI …

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Banking Sector Credit And Economic Growth In Nigeria: An Empirical Investigation, Aniekan O. Akpansung, Sikiru J. Babalola Dec 2011

Banking Sector Credit And Economic Growth In Nigeria: An Empirical Investigation, Aniekan O. Akpansung, Sikiru J. Babalola

CBN Journal of Applied Statistics (JAS)

The paper examines the relationship between banking sector credit and economic growth in Nigeria over the period 1970-2008. The causal links between the pairs of variables of interest were established using Granger causality test while a Two-Stage Least Squares (TSLS) estimation technique was used for the regression models. The results of Granger causality test show evidence of unidirectional causal relationship from GDP to private sector credit (PSC) and from industrial production index (IND) to GDP. Estimated regression models indicate that private sector credit impacts positively on economic growth over the period of coverage in this study. However, lending (interest) rate …

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Neither The Washington Nor Beijing Consensus: Developmental Models To Fit African Realities And Cultures, Sanusi L. Sanusi Dec 2011

Neither The Washington Nor Beijing Consensus: Developmental Models To Fit African Realities And Cultures, Sanusi L. Sanusi

CBN Journal of Applied Statistics (JAS)

No abstract provided.

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Banking Reform And Its Impact On The Nigerian Economy, Sanusi L. Sanusi Dec 2011

Banking Reform And Its Impact On The Nigerian Economy, Sanusi L. Sanusi

CBN Journal of Applied Statistics (JAS)

No abstract provided.

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Sources And Application Of Funds In Non Interest Banking Regime, A. S. Abdulkarim Sep 2011

Sources And Application Of Funds In Non Interest Banking Regime, A. S. Abdulkarim

Bullion

The concept of Islamic finance is a new phenomenon in Nigeria. At present there are over 300 Islamic Banks that are operational throughout the world. Like conventional banks, Islamic banks also needs funds to operate its banking activities.This paper explores the sources and application of funds in non-interest banking regime. Sources of funds to include deposits, deposits from other Islamic banks, banks equity, Islamic investment funds and placement from bank treasury.

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Overview And Conceptual Issues Of Non-Interest Banking In Nigeria, B. A. Umar Sep 2011

Overview And Conceptual Issues Of Non-Interest Banking In Nigeria, B. A. Umar

Bullion

This paper examines the role of non-interest banking in national development. The paper is divided into five sections, the first section contains the introduction, section 2 has the conceptual framework, section three gives non-interest bonking in Nigeria and section four concludes the paper.

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The Legal And Regulatory Framework For Non-Interest Banking In Nigeria, A. Atta Sep 2011

The Legal And Regulatory Framework For Non-Interest Banking In Nigeria, A. Atta

Bullion

Non-interest bonking is one of the aspects of Islamic finance. Islamic finance distinguishes itself from conventional finance through its compliance with the principles of Islamic commercial jurisprudence. This paper examines the legal and regulatory framework for non-interest banking in Nigeria. First the paper explored the global development of non-interest banking and goes further to highlight why would non-interest banking be beneficial for Nigeria?; In identifying this, the paper highlighted the main contracts that would be used for transactions which include: Profit sharing agreements, Joint venture agreements, Purchase and resole contracts, investment Certificates, insurance; the current legal and regulatory framework and …

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The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji Sep 2011

The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji

Bullion

The paper examines non-interest Banking model that operates devoid of interest in lending, financing, deposit-taking and all forms of financial intermediation. Hence, the bank becomes an important financial institution for enhancing growth and development in an economy. The article is divided into five section, the first being the introduction, section two contains the conceptual framework, three highlights non-interest banking in Nigeria and four concludes the paper.

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Stock Market Reaction To Selected Macroeconomic Variables In The Nigerian Economy, Abraham Williams Terfa Jun 2011

Stock Market Reaction To Selected Macroeconomic Variables In The Nigerian Economy, Abraham Williams Terfa

CBN Journal of Applied Statistics (JAS)

This study examines the relationship between the stock market and selected macroeconomic variables in Nigeria. The all share index was used as a proxy for the stock market while inflation, interest and exchange rates were the macroeconomic variables selected. Employing error correction model, it was found that a significant negative short run relationship exists between the stock market and the minimum rediscounting rate (MRR) implying that, a decrease in the MRR, would improve the performance of the Nigerian stock market. It was also found that exchange rate stability in the long run, improves the performance of the stock market. Though …

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Effects Of Global Climate Change On Nigerian Agriculture: An Empirical Analysis, Apata T. .G Jun 2011

Effects Of Global Climate Change On Nigerian Agriculture: An Empirical Analysis, Apata T. .G

CBN Journal of Applied Statistics (JAS)

This paper presents an empirical analysis of the effects of global warming on Nigerian agriculture and estimation of the determinants of adaptation to climate change. Data used for this study are from both secondary and primary sources. The set of secondary sources of data helped to examine the coverage of the three scenarios (1971-1980; 1981-1990 and 1991-2000). The primary data set consists of 900 respondents’ but only 850 cases were useful. This study analyzed determinants of farm-level climate adaptation measures using a Multinomial choice and stochastic-simulation model to investigate the effects of rapid climatic change on grain production and the …

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A Kalman Filter Approach To Fisher Effect: Evidence From Nigeria, Omorogbe J. Asemota, Dahiru A. Bala Jun 2011

A Kalman Filter Approach To Fisher Effect: Evidence From Nigeria, Omorogbe J. Asemota, Dahiru A. Bala

CBN Journal of Applied Statistics (JAS)

This paper investigates evidence of a Fisher effect in Nigeria by employing quarterly CPI inflation and Nominal interest rates data. For a more robust result we conducted integration and cointegration tests in order to examine time-series properties of the variables. Using Co-integration and Kalman filter methodologies, the study did not find evidence of a full Fisher effect from 1961:1-2009:4. This result indicates that nominal interest rates do not respond one-for-one to changes in inflation rates in the long run despite the presence of positive relationship among the variables. Our study recommends the adoption of potent policies aimed at checking inflation …

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Monetary Integration: The West African Experience, Emmanuel Ating Onwioduokit Jun 2011

Monetary Integration: The West African Experience, Emmanuel Ating Onwioduokit

Bullion

This paper discusses the experience of monetary integration in West Africa. The second part of the paper presents on historical overview of monetary integration in West Africa. Part lll briefly examines the Union Economique et Monetoire Ouest Africaine (UEMOA). Part lV discusses the Second Monetary Zone in West Africa (WAMZ), while Part V contains performance assessment of the ECOWAS Monetary Cooperation Programme. The Lingering Challenges ore outlined in Port Vl. Part Vll contains some concluding remarks.

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Exploiting Public Private Partnership As A Tool For Infrastructure Development In Nigeria., Sani F. Mohammed Jun 2011

Exploiting Public Private Partnership As A Tool For Infrastructure Development In Nigeria., Sani F. Mohammed

Bullion

The paper highlights the importance of infrastructure development to economic growth and the need for government to toke a more strategic approach to tackling its dearth in Nigeria stressing the need to consider the Public-Private Partnership (PPP) as the preferred public infrastructure procurement option. This was in the light of the fact that the traditional procurement methods hove proved ineffective due to the growing competition for limited state funds, and the citizens' higher expectations for efficient services in critical sectors such as power, transportation, waste management. etc. The paper also reviewed the literature on PPP, its models, benefits and examples …

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Ecowas Single Currency By Year 2020: The Need For Timely And Reliable Data To Enhance The Achievement Of The Convergence Criteria, Olorunyomi L. Akinboyo Jun 2011

Ecowas Single Currency By Year 2020: The Need For Timely And Reliable Data To Enhance The Achievement Of The Convergence Criteria, Olorunyomi L. Akinboyo

Bullion

The issue of single currency in West Africa has long been on the agenda of the political and monetary authorities since the inception of ECOWAS in 1975. The principal aim of economic and monetary integration effort was to expand intra-community trade. As obtained in other regional blocks especially in the euro area where a single currency the, 'Euro' is used. ECOWAS identified a number of impediments to the development of inter-regional trade. which include multiplicity of currencies, widespread controls and restrictions on exchange transactions. Consequently, member central banks and other relevant agencies adopted brood and diverse set of statistical data, …

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Money And Inflation: Evaluating The Effectiveness Of Monetary Policy In Nigeria, Mbutor O. Mbutor, Okafor Ifeanyi Izuchukwu, Ameh Oguche Sunday Jun 2011

Money And Inflation: Evaluating The Effectiveness Of Monetary Policy In Nigeria, Mbutor O. Mbutor, Okafor Ifeanyi Izuchukwu, Ameh Oguche Sunday

Bullion

The paper establishes the relationship between monetary policy and inflation.

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On Fractionally Integrated Logistic Smooth Transitions In Time Series, Olanrewaju I. Shittu, Yaya S. Olaolua Jun 2011

On Fractionally Integrated Logistic Smooth Transitions In Time Series, Olanrewaju I. Shittu, Yaya S. Olaolua

CBN Journal of Applied Statistics (JAS)

Long memory and nonlinearity are two key features of some macroeconomic time series which are characterized by persistent shocks that seem to rise faster during recession than it falls during expansion. A variant of nonlinear time series model together with long memory are used to examine these features in inflation series for three economies. The results which compares favourably with that of van Dijk et al. (2002) elicit some interesting attributes of inflation in the developed and developing economies.

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Best Linear Unbiased Estimate Using Buys-Ballot Procedure When Trend-Cycle Component Is Linear, Ifeanyi S. Wueze, Nwogu C. Eleazar, Jude C. Ajaraogu Jun 2011

Best Linear Unbiased Estimate Using Buys-Ballot Procedure When Trend-Cycle Component Is Linear, Ifeanyi S. Wueze, Nwogu C. Eleazar, Jude C. Ajaraogu

CBN Journal of Applied Statistics (JAS)

The Best linear unbiased estimate (BLUE) of Buys-Ballot estimates when trend-cycle component is linear are discussed in this paper. The estimates are those proposed by Iwueze and Nwogu (2004). Discussed are the Chain Based Estimation (CBE) method and the Fixed Based Estimation (FBE) method. The variates for the CBE method were found to have constant mean and variance but are correlated with only one significant autocorrelation coefficient at lag one. The variates for the FBE method were found to have constant mean, non-constant variance but with constant autocorrelation coefficient at all lags . Because the CBE variates exhibit stationarity, Best …

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Robust Linear Classifier For Unequal Cost Ratios Of Misclassification, Oludare S. Ariyo, A O. Adebanji Jun 2011

Robust Linear Classifier For Unequal Cost Ratios Of Misclassification, Oludare S. Ariyo, A O. Adebanji

CBN Journal of Applied Statistics (JAS)

This paper focuses on the robust classification procedures when the assumption of equal cost of misclassification is violated. A normal distribution based data set is generated using the Statistical Analysis System (SAS) version 9.1. Using Barlett’s approximation to chi-square, the data set was found to be homogenous and was subjected to three linear classifiers namely: Maximum Likelihood Discriminant Function (MLDF), Fisher’s linear Discriminant Function and Distance Based Discriminant Function. To Judge the performances of these procedures, the Apparent Error Rates for each procedure is obtained for different cost ratios 1:1, 1:2, 1:3, 1:4 and 1:5 and sample sizes 5:5, 10:10, …

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Global Financial Meltdown And The Reforms In The Nigerian Banking Sector, Sanusi L. Sanusi Jun 2011

Global Financial Meltdown And The Reforms In The Nigerian Banking Sector, Sanusi L. Sanusi

CBN Journal of Applied Statistics (JAS)

The paper examined the global financial meltdown and the reforms in the Nigerian banking sector. It was a public speech by the formal Governor of the Central Bank of Nigeria that observed the extent and severity of the crisis that began with the bursting of the housing bubble in the United States in August 2007 reflects the confluence of myriad of factors some of which are familiar from previous crises, while others are new. As in previous times of financial turmoil, the pre-crisis period was characterized by (i) surging asset prices that proved unsustainable; (ii) a prolonged credit expansion leading …

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A Common Economic Space For The West African Monetary Zone (Wamz): Imperatives For Financial Systems Development, A. O. Adenuga, K. K. Ogunjuiba, M. E. Obiechina Mar 2011

A Common Economic Space For The West African Monetary Zone (Wamz): Imperatives For Financial Systems Development, A. O. Adenuga, K. K. Ogunjuiba, M. E. Obiechina

Bullion

The international financial turmoil of the 21 century has provoked much reflection and analysis within the international community on ways to strengthen the international financial architecture. It left behind important lessons, while exposing the limitations of individual country policy frameworks for preventing a systemic crisis. However, the issue of whether a common economic space is feasible within the West African Monetary Zone is still doubtful, given current efforts towards monetary union in Sub-Saharan Africa. This paper adopts an empirical review approach, identifying benefits and key constraints to a common economic space in the WAMZ vis-à-vis macroeconomic development in the WAMZ, …

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Nigerian Sovereign Wealth Fund (Swf): Lessons From Existing Swf, M. U. Yakub Mar 2011

Nigerian Sovereign Wealth Fund (Swf): Lessons From Existing Swf, M. U. Yakub

Bullion

This paper examines the merits and demerits of some existing SWFs with the view of drawing some lessons of experience for Nigeria to establish its own SWF. Following this introduction, the paper in section two outlines the objective of SWF, section three discusses the merits and demerits of SWF, while section four examines countries experiences and section five dwells on the institutional framework for the fund and section six provides policy recommendation.

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Liquidity Forecasting: Nigeria's Experience, Abdulrasheed Zubair Mar 2011

Liquidity Forecasting: Nigeria's Experience, Abdulrasheed Zubair

Bullion

This paper discusses the experience of the Central Bank of Nigeria (CBN) in liquidity forecasting by examining the key components of the Central Bank balance sheet. The paper is divided into four sections; following this, is section two which discusses the conceptual framework. Section three covers Nigerian experience in liquidity forecasting and techniques employed while section four contains the challenges of liquidity forecasting in Nigeria and the way forward and lastly, section five concludes the paper.

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Strategy For Economic Development In South Korea: Lessons For Nigeria, B. N. Yaaba Mar 2011

Strategy For Economic Development In South Korea: Lessons For Nigeria, B. N. Yaaba

Bullion

The paper is organized into six sections; introduction, section two presents on overview of Korea's economic development, section three looks of the success factors. Section four examines the emerging challenges while section five draws some lesson for Nigeria from the Korean experience and section six concludes the paper.

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The Recent Financial Crisis And The Special Financing Interventions By The Central Bank Of Nigeria: Implications For The Real Sector Of The Nigerian Economy, O. O. Mbutor, D. J. Yilkudi Mar 2011

The Recent Financial Crisis And The Special Financing Interventions By The Central Bank Of Nigeria: Implications For The Real Sector Of The Nigerian Economy, O. O. Mbutor, D. J. Yilkudi

Bullion

This paper reviews the impacts of the crisis on the real sector of the Nigerian economy and highlights the various special financing intervention schemes, which the Central Bank of Nigeria (CBN) has wielded in a bid to reverse the down turn in the sector.

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Building Dynamic Stochastic General Equilibrium Models For Monetary Policy Analysis, Charles N. O. Mordi, Michael A. Adebiyi Mar 2011

Building Dynamic Stochastic General Equilibrium Models For Monetary Policy Analysis, Charles N. O. Mordi, Michael A. Adebiyi

Economic and Financial Review

Dynamic Stochastic General Equilibrium (DSGE) models are powerful tools that provide a coherent framework for policy discussion and analysis. In principle, they can help to identify sources of fluctuations, answer questions about structural changes, help to forecast and predict the effect of policy changes, and perform counterfactual experiments. Against this background, this paper aims at providing an insightful discussion on DSGE models by developing a simplified version of the models to explain the behavior of key macroeconomic variables in Nigeria namely: the growth rate of gross domestic product (GDP), headline inflation, exchange rate and the monetary policy rate. The estimated …

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Estimating A Small-Scale Macroeconometric Model (Ssmm) For Nigeria: A Dynamic Stochastic General Equilibrium (Dsge) Approach, Charlse N.O Mordi, Michael A. Adebiyi Dec 2010

Estimating A Small-Scale Macroeconometric Model (Ssmm) For Nigeria: A Dynamic Stochastic General Equilibrium (Dsge) Approach, Charlse N.O Mordi, Michael A. Adebiyi

CBN Occasional Papers

This paper attempts to develop a small scale macroeconometric model for the Nigerian economy using dynamic stochastic general equilibrium (DSGE) methodology. Particular attention is paid to using impulse responses to explain the dynamic properties of the model. This model incorporates expectation as an anchor in the forward-looking monetary policy objective of the Central Bank of Nigeria (CBN). It captures most of the channels through which policymakers believe monetary policy can influence a small open economy with a managed floating exchange rate. The model was taken to the data by means of Bayesian estimation with the following major findings. First, although …

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Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia Dec 2010

Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia

CBN Occasional Papers

The objective of this article is to determine if the Phillips curve is a relevant tool to conduct monetary policy in African countries wishing to adopt an inflation-targeting regime. I choose Nigeria as a case of study because it is in the early stage of the implementation of this regime. I estimate a medium-sized model for monetary policy analysis. The model reflects a synthesis between the New Keynesian and the Real Business Cycle (RBC) approaches. Then I estimate the model by using Bayesian econometric technique in order to overcome the shortage of data availability. The study concludes that there is …

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