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Full-Text Articles in Economics

Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie Dec 2012

Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie

Economic and Financial Review

This paper is structured into two parts. Section I discuss the structure of the macroeconomy and the financial industry, and the interactions between monetary policy and the financial system. The section also showed how monetary policy could create the condition for financial stability. Section 2, on the other hand, discuss the implications of macro-financial linkages for monetary and financial system stability with emphasis on how the new credit risk transfer mechanism (securitisation and derivatives) had altered the nature of some macro-financial linkages, with considerable policy implications. The section concluded by referring to the new direction of macro-prudential regulation and the …

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Design, Institutional Arrangement And Implementation Of Macro-Prudential Framework, Charles Akoroda Dec 2012

Design, Institutional Arrangement And Implementation Of Macro-Prudential Framework, Charles Akoroda

Economic and Financial Review

The paper says that a sound and well-functioning financial system is viewed as compromising three pillars that are necessary to support orderly financial development and sustained financial stability. It enumerates the three (3) pillars as including: Macro-prudential surveillance and financial stability analysis; Financial system supervision and regulation to help manage the risks and vulnerabilities protect market integrity and good governance of financial institutions'; and Financial system infrastructure including: legal infrastructure for finance; systemic liquidity infrastructure; and transparency, governance and information infrastructure.

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Systemic Surveillance And Use Of Macro-Prudential Indicators, Ik Muo Dec 2012

Systemic Surveillance And Use Of Macro-Prudential Indicators, Ik Muo

Economic and Financial Review

This paper examines the practice of systemic surveillance through macro-prudential analyses and use of macro-prudential indicators. The rest of the paper is divided into 6 parts. Part 2 discusses macro-prudential (MP) surveillance; Part 3 covers the key methodologies and approaches while the MP indicators are x-rayed in Part 4. Part 5 reviews Nigerian experience with macro-prudential indicators (MPIs). Part 6 examines other issues in systemic surveillance and the paper is concluded in part 7.

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Regulation And Supervision Of Financial Institutions - The Nigerian Experience, Samuel A. Oni Dec 2012

Regulation And Supervision Of Financial Institutions - The Nigerian Experience, Samuel A. Oni

Economic and Financial Review

This paper focuses on the Nigerian experience, with regulation and supervision of financial institutions and is structured into nine sections. Following the introduction, section two discusses the reasons for FIs regulation and supervision, while section three dwells on the meaning and general principles of banking regulation. Section four Nigeria, while section five addresses the structure, organisation and methodology of FIs supervision with particular reference to the Central Bank of Nigeria (CBN). Section six highlights CBN's experience in the regulation and supervision of FIs. In section seven the recent CBN initiatives at strengthening the regulatory architecture are presented. Section eight highlights …

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Leadership And Corporate Governance: Challenges For Bank Regulators, Lucy Surhyel Newman Dec 2012

Leadership And Corporate Governance: Challenges For Bank Regulators, Lucy Surhyel Newman

Economic and Financial Review

Given likely challenges to obtaining legislative approvals on acceptable behaviour as foundational to good corporate governance practices, this paper recognizes the attendant challenges for bank regulators and recommends measures that Nigerian bank regulators can explore in enhancing their effectiveness in advocating for and where necessary, enforcing good corporate governance practices, based on universally defined pillars and elements of corporate governance.

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Financial System Stability Framework: The Emerging Economies Experience, Mudasiru A. Adegbite Dec 2012

Financial System Stability Framework: The Emerging Economies Experience, Mudasiru A. Adegbite

Economic and Financial Review

The objective of this paper is to review the macro-prudential framework, its tools and its nexus with financial stability. The experience of the emerging market economies in designing macro prudential framework would be highlighted. The remaining sections of the paper are divided into six. Following this introduction, section 2 contrasts macroprudential policy issues against micro-prudential issues. Section 3 discusses macroprudential framework in different jurisdictions. particularly in the emerging market economies vis-a-vis developed economies. Section 4 discusses the experience of some emerging economies in the implementation of macro-prudential policies. While section 5 reviews major benefits of macro-prudential policy analysis. Section 6 …

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Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi Dec 2012

Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

Keynote address by the Central Bank of Nigeria Governor Sanusi Lamido Sanusi at the 2012 Executive Seminar jointly organized by the Research and Human Resource Departments of the CBN titled "Macro-Prudential Framework and Financial System Stability in Nigeria".

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Banking Regulation And Risk Management: An Assessment Of The Basel Market Risk Framework, Emmanuel M. Abolo Dec 2012

Banking Regulation And Risk Management: An Assessment Of The Basel Market Risk Framework, Emmanuel M. Abolo

Economic and Financial Review

The article covers instruments and requirements of bank regulation, bank regulation and risk management, Basel I Capital Accord, Basel II Capital Accord, Basel III Capital Accord, Basel Accord and market risk framework, the proposed changes of the Basel III Accord, Basel Accord and Market Risk Framework. The author concludes by saying that the Basel Framework lays emphasis on the relevance of risk management and tries to link the minimum capital requirements of internationally active banks with the amount of tail risk in their trading books.

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Macro-Prudential Policies And Financial Stability: A Theoretical Background, Yusuf B. Duniya Dec 2012

Macro-Prudential Policies And Financial Stability: A Theoretical Background, Yusuf B. Duniya

Economic and Financial Review

The paper is organized as follows: section two and three contains conceptual issues and theoretical perspectives, respectively, while section four looked at complementarity and differences between macro-prudential and micro-prudential regulation. Thereafter, section five reviewed objectives and rationale for macro-prudential regulation vis-Ã -vis its institutional framework and scope. Section six looked at instruments of macro-prudential regulation and the implication of the new Basel III, while section seven focused on institutional and governance structure as key elements of macro-prudential regulation. The paper further gave a general insight on how macro-prudential policy framework should be structured in section eight and later concluded in …

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Does Government Spending Undermine Monetary Policy In Nigeria?, Emmanuel T. Adamgbe, Peter D. Golit, Izuchukwu I. Okafor Sep 2012

Does Government Spending Undermine Monetary Policy In Nigeria?, Emmanuel T. Adamgbe, Peter D. Golit, Izuchukwu I. Okafor

Economic and Financial Review

In Nigeria, anecdotal evidence suggest that the fiscal/operations of government, especially disbursements from the Federation Account to the three-tiers of government, had over the years created liquidity challenges requiring aggressive monetary management. Against the background, this paper addresses two questions: (i) Does government spending have significant spill-over effects on inflation in Nigeria? (ii) Does government, spending induce a concomitant response by the CBN? ln addition, unlike the sparse literature in Nigeria on these two issues, which essentially relies on constant parameter model we use of time-varying parameter vector autoregressive (TVP-VAR) model with stochastic volatility. Applying this framework allows us not …

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Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje Sep 2012

Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje

Economic and Financial Review

This paper contributes to the debate on the monetary policy transmission mechanism in Nigeria. The paper explores the impact of monetary policy on credit growth, and whether these credit developments are capable of influencing asset prices (stock prices) in the Nigerian economy. Using the VAR model spanning annual data from 1986 to 2012, the impulse response functions revealed that the relationship between asset prices, captured by the All-Share Index, and monetary policy, is not direct, but operates mainly through the response of inflation to key monetary aggregate. A positive shock to money supply growth would raise credit and inflation which …

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Transmission Of Exchange Rate Shocks Into Domestic Pries Does It Exist For Nigeria, Toyin S. Ogunleye, Nkenchor N. Lgue, Adebola A. Aremu Sep 2012

Transmission Of Exchange Rate Shocks Into Domestic Pries Does It Exist For Nigeria, Toyin S. Ogunleye, Nkenchor N. Lgue, Adebola A. Aremu

Economic and Financial Review

The study re-examined the transmission of exchange shock into domestic prices in Nigeria. The non-recursive Structural VAR methodology was employed to examine long-run pass-through of exchange rate to domestic inflation. It found from the result of the lRFs that exchange rate pass-through to domestic prices in Nigeria do exist; and is incomplete. The results further shows that the response of core inflation to shocks in nominal exchange rate was more pronounced and persistent over time than the headline inflation. Using FEVD, the study found that exchange rate and supply constraints are key drivers of domestic prices in Nigeria. The study …

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Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye Jun 2012

Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye

Economic and Financial Review

There have been significant accretions to foreign exchange reserves over the last decade in Nigeria, especially since the return to democratic governance in 1999. The study tries to find out the underlying factors driving the demand for reserves by the monetary authority. To estimate the demand for foreign exchange reserves in Nigeria, Johansen cointegration and error correction methodology was utilized for the period 1985:Q 1-20I0:O4. The results show that the long-run demand for foreign exchange reserves in Nigeria is driven by economic size, capital account vulnerability, exchange rate flexibility and opportunity cost. In the short-run, the major determinant of demand …

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Iran-The Chronicles Of The Subsidy Reform: A Review., Jibrin Musa Jun 2012

Iran-The Chronicles Of The Subsidy Reform: A Review., Jibrin Musa

Economic and Financial Review

The paper re-examines the planning and early implementation of energy subsidy reform officially referred to as "Targeted Subsidies Reform" in lran. The paper also evaluates the sequencing of the arrangement and concludes by reviewing the main challenges for the restoration of macroeconomic stability and the efficient and effective functioning of the corporate sector.

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An Empirical Estimate Of The Optimal Level Of Fiscal Deficit In Guinea, Emmanuel A. Onwioduokit Jun 2012

An Empirical Estimate Of The Optimal Level Of Fiscal Deficit In Guinea, Emmanuel A. Onwioduokit

Economic and Financial Review

Excessive deficits, irrespective of the mode of financing, are assumed to be growth retarding. The conventional wisdom is that high budget deficit is a source of economic instability. Empirical research, however, does not conclusively support this conventional wisdom; results are mixed and controversial across countries . These conflicting results have raised the important question of heterogeneity and also underscored the usefulness of time series data for country specific studies in order to address heterogeneity. This paper sought to ascertain the relationship between fiscal deficits and economic growth in Guinea and to find the threshold level of fiscal, deficit that is …

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Is The Naira-Us Dollar Real Exchange Rate Misaligned?, Babatunde S. Omotosho, Murjanatu U. Wambai Jun 2012

Is The Naira-Us Dollar Real Exchange Rate Misaligned?, Babatunde S. Omotosho, Murjanatu U. Wambai

Economic and Financial Review

Policy makers are generally interested in knowing the degree of real exchange rate (RER) misalignment because of its connection to currency crises and other external sector imbalances. In Nigeria, the Naira-US Dollar RER appreciated by 81.3 per cent between 2000 and 2008 and depreciated afterwards by 10.10 per cent to close at an average of N 150.72 in 2009, due to the impacts of the global financial crisis. The main thesis of this study is: Are the movements in Naira RER during QI :2000 to 02:2011 in line with the economic fundamentals or not? Based on the theory of cointegration …

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Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan Mar 2012

Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan

Economic and Financial Review

The objective of the paper is to empirically investigate the oil price pass-through into inflation in Nigeria in order to suggest appropriate domestic policies necessary to control inflation for the policy makers. The study also attempts to answer questions like: What is the causal links between oil price and inflation in Nigeria? Is oil price highly correlated with inflation? What does the result of an estimation of a Phillips curve tell us about the pass-through for oil in Nigeria. The methodology adopted by the paper is a standard pass-through equation in the form of an autoregressive distributed lag (ARDL) model …

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Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), Matthew .I. Eborieme, Edwin. M. Egboro Mar 2012

Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), Matthew .I. Eborieme, Edwin. M. Egboro

Economic and Financial Review

The Nigerian government deregulated the financial market in 1987 in line with the McKinnon-Shaw financial liberalization paradigm. However, the subsequent policy reversal after the introduction of the structural adjustment programme has made the effect of interest rate on aggregate commercial bank deposits (CBD) mobilized unclear. This study is based on the pioneering work of Egboro (2004) who initially examined the appropriateness of these policy summersaults with data ending in 1999. However, in this present study we re-estimated an interest elasticity model of commercial bank deposits in Nigeria by employing more recent data that captured subsequent changes in the nation’s financial …

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Is Monetary Policy Responsive To External Reserves?: Empirical Evidences From Nigeria, Baba N. Yaaba Mar 2012

Is Monetary Policy Responsive To External Reserves?: Empirical Evidences From Nigeria, Baba N. Yaaba

Economic and Financial Review

The global economy has witnessed extraordinary boost in the accumulation of external reserves, following the Asian financial crisis of the 1990s. External reserves increased sharply from US$1.2 trillion in 1995 to over US$10.0 trillion in January 2012. Developing countries increased their share from 30.0 per cent in 1990 to 67.0 per cent in 2011. Nigeria is not left out in this trend, as external reserves grew from US$5.5 billion in 1999 to US$34.68 billion in March 2012, representing over 530 per cent increase within the period. This placed Nigeria as the 44th largest reserves holder in the world. Reflecting on …

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Ratings Game : A Review, Phebian N. Omanukwe Mar 2012

Ratings Game : A Review, Phebian N. Omanukwe

Economic and Financial Review

Post-2008 global financial crisis placed the search light on the activities of global rating agencies, especially in the United States and Europe. The article discussed the regulatory role played by private credit rating agencies and their impact on the financial system. The author attempts to draw attention to the conflict of interests between the objectives of private credit agencies and the regulatory role they play. A synopsis of the article is presented in section II below, while comments and lessons for Nigeria are discussed in section III.

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Macroeconomic Shocks And Fiscal Deficit Behaviour In Nigeria: A Vecm Approach., M. O. Abeng, K. S. Alehile Mar 2012

Macroeconomic Shocks And Fiscal Deficit Behaviour In Nigeria: A Vecm Approach., M. O. Abeng, K. S. Alehile

Economic and Financial Review

This paper focuses on establishing the links between fiscal deficit and short-term changes in major macroeconomic variables like real output, interest rate, exchange rate, inflation rate and crude oil price in Nigeria. Empirical results show that the model adequately explains the behaviour of government of fiscal deficit and that while the accumulation of deficit is not at all detrimental to the economy per se, prudence should be exercised in the financing options adopted and more so the appropriate application of such funds to selffinancing projects. It is recommended that government broaden its tax-net to curb the surging borrowing as well …

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Keynote Address By Mallam Sanusi, Lamido Sanusi, Sanusi Lamido Sanusi Dec 2011

Keynote Address By Mallam Sanusi, Lamido Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

The keynote address delivered by the Governor, Central Bank of Nigeria at the Executive Seminar on "Financial Sector Development, Economic Growth and the Nigerian Economy" for CBN executive staff held in Eko Hotel and Suites, Victoria Island, Lagos State, May 7-10, 2012

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Financing Nigeria's Growth After The Global Economic Crisis Within The Perspective Of Vision 20:2020 And The Transformation Agenda, Babatunde Lawal Dec 2011

Financing Nigeria's Growth After The Global Economic Crisis Within The Perspective Of Vision 20:2020 And The Transformation Agenda, Babatunde Lawal

Economic and Financial Review

The paper adopts content analysis method to investigate the underlying assumptions of the pillar of growth within the framework of Nigeria Vision 20:2020 (NV20:2020) and the transformation agenda. The aim is to show how realistic the underlying assumptions are and whether or not the available structure/measures of the financial system would be sufficient to finance the Vision. The conclusion is that the present Transformation Agenda and indeed the Medium-Term Implementation Plans adequately provide for the financing of NV20:2020 if the provisions of the documents are strictly adhered to.

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Special Remarks By Sarah O. Alade, Ph.D (Mrs), Sarah O. Alade Dec 2011

Special Remarks By Sarah O. Alade, Ph.D (Mrs), Sarah O. Alade

Economic and Financial Review

Special remarks made by the Deputy Governor, (Economic Policy), Central Bank of Nigeria at the Executive seminar on "Financial Sector Development, Economic Growth and the Nigerian Economy" for CBN executive staff on May 7-10, 2012.

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Financial Sector Development And Economic Growth: A Theoretical Exposition, Peter N. Umoh Dec 2011

Financial Sector Development And Economic Growth: A Theoretical Exposition, Peter N. Umoh

Economic and Financial Review

The various literature and studies reviewed in this exposition have underscored the positive impacts of a developed financial sector on an economy. Whilst a few studies showed that finance follows growth, the majority opinion is that finance leads growth. Unfortunately, growth has not led to economic development in many developing economies, necessitating intervention by such bodies as the United Nations, International Labour Organization and United Nations Development Programme. Economists are equally concerned about this development and have, therefore, conducted studies to show the relationship between economic growth and poverty alleviation. They generally agreed that growth is good for poverty reduction.

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Financing The Real Sector For Sustainable Economic Growth In Nigeria: Performance, Challenges And Prospects, O. B. Obembe Dec 2011

Financing The Real Sector For Sustainable Economic Growth In Nigeria: Performance, Challenges And Prospects, O. B. Obembe

Economic and Financial Review

This paper examines some of the challenges constraining the financial sector in stimulating sustainable growth in Nigeria. It observes that for a successful real sector financing in Nigeria, a culture of accountability and transparency in the conduct of our national affairs must be taken seriously. The quality of governance must also be improved, to ensure that the legal framework for economic activities is well strengthened, such that the protection of creditors‘ rights may not be jeopardised.

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Policy Choices And Challenges In Expanding Access To Finance For Growth In Rural Nigeria, Anthony E. Akinlo Dec 2011

Policy Choices And Challenges In Expanding Access To Finance For Growth In Rural Nigeria, Anthony E. Akinlo

Economic and Financial Review

Access to finance, in general, is fundamental to growth and development. A well-functioning financial market assists in channeling funds to their most productive uses, and allocates risks to those who can best bear it. An efficient financial sector that responds to the needs of the private sector increases investment, enhances economic growth, creates job opportunities and improves income distribution.

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Financing Infrastructure And Growth: Lessons And Experience, Ahmed Mansur Dec 2011

Financing Infrastructure And Growth: Lessons And Experience, Ahmed Mansur

Economic and Financial Review

The paper addresses the issue of finance for infrastructure, the adequacy or otherwise of the traditional annuall budgetary allocation, and alternative methods for funding infrastructure. The potentials of the stockmarket in filling the financing gap, option of Public Private Partnership (PPP) arrangement in upscaling our infrastructure is examined. The paper covers an assessment of the merits and demerits of PPP, the PPP process and framework in Nigeria, and how Nigeria could benefit from the experiences of other jurisdictions.

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Financing Inclusive Growth In Nigeria: Challenges And Prospects, Sheriff A. Tella, Patrick I. Esenwah Dec 2011

Financing Inclusive Growth In Nigeria: Challenges And Prospects, Sheriff A. Tella, Patrick I. Esenwah

Economic and Financial Review

This paper is divided into four Sections. The first is the introduction and definition of the title of the article, next is Section 2, which contains literature on theoretical construct on economic growth and development models, including Inclusive Growth (IG) model while in Section 3 we present the role of money in economic growth. Section 4 looks at models of financial inclusion and evidence of financing inclusive growth in some developing countries. In Section 5, we identified challenges and prospects for financing inclusive growth in Nigeria. Section 5 is the concluding remark where some recommendations are proposed for successful inclusive …

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The Millenium Development Goals: What Roles For The Financial Sector In Nigeria, Jonathan A. Aremu Dec 2011

The Millenium Development Goals: What Roles For The Financial Sector In Nigeria, Jonathan A. Aremu

Economic and Financial Review

The purpose of this paper, therefore, is to redefine the role of the Nigerian financial sector towards meeting the MDGs by 2015. The paper is, thus, structured into four parts. Part I, briefly analyses the targets of the MDGs and the situation in Nigeria. In part II, an attempt is made to examine the various areas where the financial sector can offer helping hands in the implementation of the MDGs targets in Nigerian economy. While Part III examines the reasons why financial services in Nigeria are not within the reach of the MDGs target group (the poor), Part IV addresses …

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