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Articles 661 - 690 of 1240

Full-Text Articles in Economics

The Industry Effects Of Monetary Policy In The Euro Area By Gert Peersman And Frank Smets: A Review, Ade O. Adenuga Jun 2007

The Industry Effects Of Monetary Policy In The Euro Area By Gert Peersman And Frank Smets: A Review, Ade O. Adenuga

Economic and Financial Review

The article sheds some light on the question of whether monetary policy has stronger effects on economic activity in recessions than in expansions. It analyzed which industries are relatively more affected in downturns. The estimation was done by examining eleven manufacturing industries in seven countries of the euro area. The article is related to the works of Garcia and Schaller,1995; Kakes, 1998; Dolado and Maria-Dolores, 1999; and Peersman and Smets, 2001.

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The Informal Sector And Employment Generation In Nigeria, A. S. Atoloye Jun 2007

The Informal Sector And Employment Generation In Nigeria, A. S. Atoloye

Economic and Financial Review

What this paper attempts to do is to bring the issues of employment generation in the NEEDS programme and the informal sector into sharper focus. The objective of the paper, therefore, is to assess how far the NEEDS programme has positioned the informal sector of the Nigerian economy, which constitutes the larger segment of the economy in playing the catalytic role of poverty eradication in Nigeria, and to explore the possibility of repositioning the sector to benefit more from the target employment under the programme.

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Computation Of Nigeria's Real Effective Exchange Rate Indices, Moses K. Tule, Omolara O. Duke Mar 2007

Computation Of Nigeria's Real Effective Exchange Rate Indices, Moses K. Tule, Omolara O. Duke

Economic and Financial Review

The exchange rate is a useful macroeconomic indicator which aid policy makers to take informed actions to stimulate or sustain the economy on a long run growth path. Thus, several exchange rate indices (bilateral nominal/real exchange rate, nominal effective exchange rate, real effective exchange rate, purchasing power parity, etc) are computed for different policy information. This paper computed Nigeria's real and nominal effective exchange rate (REER and NEER) indices using a pool of high frequency monthly data for the period 1996-2007. The paper observed that the REER index appreciated most of the period due to inflationary pressures in Nigeria, implying …

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The Persistence Of Corruption And Slow Economic Growth By Paolo Mauro Imf Staff Papers: A Review, A. U. Musa Mar 2007

The Persistence Of Corruption And Slow Economic Growth By Paolo Mauro Imf Staff Papers: A Review, A. U. Musa

Economic and Financial Review

The author listed two classical corruption practice that has impeded on economic growth i.e. (i) the individual bureaucrat who allocates his labour services between productive activity and theft of government resources in a classical case of portfolio adjustment and (ii) the corrupt politician who sets a bribe collection system (a bribe rate) with the maximization of utility as his goal vis-Ã -vis similar decisions by fellow politicians.

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The Lending Channel Of Monetary Policy Transmission In Nigeria; Vector Autoregressive (Var) Verification, Mbutor O. Mbutor Mar 2007

The Lending Channel Of Monetary Policy Transmission In Nigeria; Vector Autoregressive (Var) Verification, Mbutor O. Mbutor

Economic and Financial Review

This paper has evaluated the nature of the lending channel of monetary policy transmission mechanism. The major prediction of the approach is that a monetary tightening through increase in the policy interest rate will lead to a decline in the quantity of loans granted by commercial banks. Nigerian data from 1970 to 2003 have been utilized to ascertain the correctness of this hypothesis, using the vector autoregressive methodology. The results show that increases in the Treasury bill rate lead to a contemporaneous rise in the price of loans and a fall (with a lag)in the quantity of loans. Both affirm …

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Promoting Innovation In Developing Countries: A Conceptual Framework - A Review, O. Adesanya Mar 2007

Promoting Innovation In Developing Countries: A Conceptual Framework - A Review, O. Adesanya

Economic and Financial Review

The paper aims at providing a solid conceptual framework for the promotion of innovation in developing countries from which appropriate policies can be developed. The author opines that the growing interest in innovation promotion particularly technological innovation in developing countries stems from limitations experienced through traditional economic policies encapsulated in neo-liberalization. In the author's concluding remark, he posits that innovation in a broad sense is something new to a given context and the notion thus becomes generally acceptable to the peculiarities of developing economies from the most basic welfare improvements to the building of vibrant competitive industries. Consequently, the adoption, …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria Dec 2006

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2006 and appraises the major economic policy outcomes during the period. The Bank reported a stable foreign exchange market in 2006, with an average effective official exchange rate of N 128.65 per U.S dollar, an increase of 2.6% over 2005. The stock of external reserves, valued at US$12.30 billion, was 49.6% higher than in 2005, driven by high crude oil prices and lower debt-service burden. The reserves were equivalent to 28.4 months of import cover, exceeding the 6 months requirement under …

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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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Capital Account Liberalization: The Way Forward For Nigeria, Sam Omoruyi Dec 2006

Capital Account Liberalization: The Way Forward For Nigeria, Sam Omoruyi

Economic and Financial Review

Capital account liberalization is a complex and multifaceted issue, which if not properly addressed could increase the risks of a crisis in a country with serious negative consequences for the real sector. The purpose of this paper is to dwell in some detail on capital account liberalization, emphasizing the preconditions for tits safe implementation, the degree and sequencing of implementation, effects of capital account liberalization, noting costs and the way forward to its effective administration in Nigeria.

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Globalization And Capital Account Liberalization, Ademola T. Oyejide Dec 2006

Globalization And Capital Account Liberalization, Ademola T. Oyejide

Economic and Financial Review

This paper reviews some aspects of the debate on the linkages between globalization and capital account liberalization. This paper analyses globalization and the associated capital flows and then discusses the impact of the capital flows on the financial and real sectors of the economy.

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Capital Account Liberalization: What Options For Developing Economies, Biodun Adedipe Dec 2006

Capital Account Liberalization: What Options For Developing Economies, Biodun Adedipe

Economic and Financial Review

This paper deals with some basic facts about Capital Account Liberalization, Liberalization Experiences, problems and prospects, policy options and recommendations.

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Capital Account Liberalization: Experience From The Emerging Market Economies, Mike I. Obadan Dec 2006

Capital Account Liberalization: Experience From The Emerging Market Economies, Mike I. Obadan

Economic and Financial Review

The liberalization of the capital account of the balance of payments is rooted in economic theory and is said, can help to bridge savings and foreign exchange gaps in national economics thereby promoting national growth. In the light of the foregoing, this paper explores the experiences of the developing countries in particular, the emerging market economies, in capital account liberalization.

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Capital Account Liberalization In Nigeria: Problems And Prospects, Ayodele F. Odusola Dec 2006

Capital Account Liberalization In Nigeria: Problems And Prospects, Ayodele F. Odusola

Economic and Financial Review

Capital Account is one of the lynchpins of globalization and it is often seen as an inevitable path to economic development for developing countries. This is based on the premise that liberalizing capital account would permit financial resources to flow from capital abundant countries to capital scarce countries. This paper examines the problems, prospects and challenges of foreign private capital flows in Nigeria.

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Capital Account Liberalization: Reflections On Theory And Policy, Obadiah Mailafia Dec 2006

Capital Account Liberalization: Reflections On Theory And Policy, Obadiah Mailafia

Economic and Financial Review

Developing countries as well as other member countries of the IMF have been encouraged to open up to foreign capital flows through the liberalization of their capital account transactions. Capital account liberalization is embedded in international standards and codes as best practice necessary for developing countries engaging in inter-governmental and non-governmental international relations. It also represents the systemic removal of administrative and legal controls on international capital transactions.

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Welcome Address At The 2006 Executive Seminar "Capital Account Liberalization: Issues, Problems, And Prospect", E.O. Alilonu Dec 2006

Welcome Address At The 2006 Executive Seminar "Capital Account Liberalization: Issues, Problems, And Prospect", E.O. Alilonu

Economic and Financial Review

The welcome address was given by the then Branch Controller, Calabar Branch of the Central Bank of Nigeria at the 2006 Executive Seminar.

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Keynote Address At The Cbn Executive Seminar On "Capital Account Liberalization: Issues, Problems, And Prospect", Obadiah Mailafia Dec 2006

Keynote Address At The Cbn Executive Seminar On "Capital Account Liberalization: Issues, Problems, And Prospect", Obadiah Mailafia

Economic and Financial Review

The keynote address was given by the Deputy Governor, (Economic Policy), Central Bank of Nigeria. He highlighted the aptness of the theme for the seminar in view of the developments in the global economy and the policy reforms embedded in the National Economic Empowerment and Development Strategy (NEEDS) and the Millennium Development Goals (MDGs).

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Sequencing Capital Account Liberalisation, Bright Okogu, Philip Osafo-Kwaako Dec 2006

Sequencing Capital Account Liberalisation, Bright Okogu, Philip Osafo-Kwaako

Economic and Financial Review

This paper focuses on the case of Nigeria and examines whether following the successful implementation of the recent reform program, appropriate policies are now in place for effective capital account liberalization.

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Capital Account Liberalization: The Ecowas Experience, M.O. Ojo Dec 2006

Capital Account Liberalization: The Ecowas Experience, M.O. Ojo

Economic and Financial Review

Capital account liberalization can enhance economic growth and development through access to foreign savings for domestic investment, improvement in the efficiency of resources allocation for greater competitiveness in the global economy. The paper focuses on the status of Capital account liberalization in the ECOWAS region and the policy measures that could be adopted.

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Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji Oct 2006

Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji

Bullion

Over the past 20 to 25 years small scale enterprises have exploded in the informal sector of the Nigeria's businesses. The informal sector study (CBN, NISEK 2000) showed that over 25,000 small scale enterprises were in existence in the agro industrial production sector of the economy during the year 2000. This paper proffers a model of funding called "Proof of Concept Fund" as a bridging credit facility to research institutes and small scale industrialist who would want to patent/franchise budding research findings to commercialization. The study reveals that there are substantial empirical studies of countries that have used the Proof …

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A Pro-Poor Framework For Enhancing Micro-Savings In Nigeria., M. C. Ononugbo, C. P. Nwosu Sep 2006

A Pro-Poor Framework For Enhancing Micro-Savings In Nigeria., M. C. Ononugbo, C. P. Nwosu

Bullion

Nigerians generally do not seem to have what is usually referred to as “the saving culture”. This assertion may not entirely be true as it based on information from the formal banking system without recourse to the savings activities at the informal sector of the economy. It is a fact that the informal sector of the economy is large with unrecorded transactions. Consequently, this paper attempts to examine the fundamental issues in saving and thereafter design a formal savings habit of the populace, especially the low-income group. The framework is designed to mobilise micro-savings, hitherto kept with thrift collectors and …

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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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Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit Sep 2006

Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit

Bullion

Financial liberation involves the elimination of credit, controls, deregulation of interest rates, easing of entry into the financial services industry, development of capital markets, increased prudential regulation and supervision, and liberalization of international capital flows. This paper assess the impact of financial sector reforms in Nigeria, especially on the development of the financial sector. Accordingly, the paper dwells on theoretical issues and brief review of literature and presented a brief analysis of financial sector reforms in Nigeria. Attempt is also made to assess the impact of the reforms. Furthermore, the paper analyzes the roles of the indicators that are studied …

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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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