Economics Commons^™

An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje

Economic and Financial Review

The article discusses the important role money market plays in the economic development of any country which provides the platform for central banks to influence short-term interest rates,

Exchange Rate And Inflation: Is There A Relationship In Nigeria, C.N.O. Mordi

Economic and Financial Review

This paper attempts to examine the link between exchange rate and domestic price level in Nigeria. Employing the VAR technique, the study used monthly series of inter-bank rate, world export prices, real gross domestic product, oil prices and consumer price index from 2000MI to 2015MI. The results from the study show that exchange rate pass-through to price level is high. a shock to exchange rate (depreciation) would increase domestic price by 0.72 per cent in the first month. The effect rose to 0.82, 0.85 and 0.86 per cent in month 2,4 and 6, respectively, before it began to fall. By …

On Testing For Sphericity With Non-Normality In A Fixed Effects Panel Data Model, Badi H. Baltagi, Chihwa Kao, Bin Peng

Center for Policy Research

Building upon the work of Chen et al. (2010), this paper proposes a test for sphericity of the variance-covariance matrix in a fixed effects panel data regression model without the normality assumption on the disturbances.

Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu

Economic and Financial Review

This is a welcome address by the Director of Human Resources Department on the 2015 CBN executive seminar jointly organized by the Research and Human Resources Departments.

Dollarisation: Any Possibility In Nigeria And Its Effects On Economic Management And Exchange Rate Stability, E.A. Abolo

Economic and Financial Review

This paper examined various type and definitions of dollarization, the possibility of dollarization in Nigeria and its effect on economic management. The author emphasized on unofficial dollarization and its benefits and costs.

An Optimal Harvesting Strategy Of A Three Species Syn-Ecosystem With Commensalism And Stochasticity, M. N. Srinivas, A. Sabarmathi, K. S. Reddy, M. A. S. Srinivas

Applications and Applied Mathematics: An International Journal (AAM)

In this paper we have studied the stability of three typical species syn-ecosystem. The system comprises of one commensal S₁ and two hosts S₂ and S₃ . Both S₂ and S₂ benefit S₁ without getting themselves affected either positively or adversely. Further S₂ is a commensal of S₃ and S₃ is a host of both S₁ and S₂. Limited resources have been considered for all the three species in this case. The model equations of the system constitute a set of three first order non-linear ordinary differential equations. …

Whose Success? The State–Foreign Capital Nexus And The Development Of The Automotive Industry In Slovakia, Petr Pavlinek

Geography and Geology Faculty Publications

Using the case study of Slovakia, this article considers the role of the state in the rapid growth of the automotive industry in integrated peripheral markets of the global automotive industry. Although this growth has been mainly driven by the investment strategies of automotive lead firms, the state has played an important role by accommodating the strategic needs of foreign capital through neoliberal economic policies. In addition to secondary sources, the empirical research is based on a 2010 survey of 299 Slovak-based automotive firms with a response rate of 44% and on 38 on-site firm-level interviews conducted between 2011 and …

The Natural Resource Curse In Sub-Saharan Africa: Transparency And International Initiatives, Meaza Zerihun Demissie

Dissertations

The Sub-Saharan Africa (SSA) region has become a classic case of the resource-curse phenomenon characterized by the abundance of natural resources, low economic development, and misuse of natural resources. Economic-development experts debate ways to overcome or avoid the resource curse to advance SSA countries into developed countries. Only one natural resource-rich country in the region, Botswana, has succeeded in becoming an upper middle-income country using its natural resources, making the possibility of replication of this achievement difficult. The literature aligns in the belief that the economic and political well-being of resource-rich nations depends highly on the actors involved. National and …

A Talk By Dr Ishrat Hussain, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

No abstract provided.

Mountain Monitor - 3rd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

As a group, the 10 major metro areas of the Mountain West outperformed the national economy during the third quarter of 2014 on all four indicators of economic vitality measured by the Mountain Monitor: employment growth, output growth, unemployment, and house prices. In the three months ending in September, the country’s large metropolitan areas were anticipating the rapid uptick in national economic growth that took hold at the end of 2014. Mountain region metro areas led the way.

All but two major metro areas in the region added jobs, and six did so at a faster rate than the …

Firm-Level Productivity Spillovers In China’S Chemical Industry: A Spatial Hausman-Taylor Approach, Peter H. Egger, Badi H. Baltagi, Michaela Kesina

Center for Policy Research

This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004-2006 and model output by the firm as a function of skilled and unskilled labor, capital, materials, and total factor productivity, which is broadly defined. The latter is a composite of observable factors such as export market participation, foreign as well as public ownership, the extent of accumulated intangible assets, and unobservable total factor productivity. Despite the richness of our data-set, it suffers from the lack of time …

Random Effects, Fixed Effects And Hausman’S Test For The Generalized Mixed Regressive Spatial Autoregressive Panel, Badi Baltagi, Long Liu

Center for Policy Research

This paper suggests random and fixed effects spatial two-stage least squares estimators for the generalized mixed regressive spatial autoregressive panel data model. This extends the generalized spatial panel model of Baltagi, Egger and Pfaffermayr (2013) by the inclusion of a spatial lag dependent variable. The estimation method utilizes the Generalized Moments method suggested by Kapoor, Kelejian, and Prucha (2007) for a spatial autoregressive panel data model. We derive the asymptotic distributions of these estimators and suggest a Hausman test a la Mutl and Pfaffermayr (2011) based on the difference between these estimators. Monte Carlo experiments are performed to investigate the …

The $10.10 Minimum Wage Proposal: An Evaluation Across States, Andrew R. Hanson, Zackary Hawley

Economics Faculty Research and Publications

This paper offers state-level estimates of job loss from increasing the federal minimum wage to $10.10 per hour in 2016. Given the vast differences in nominal wages across geography, a federal increase in minimum wage that is not indexed to local wage levels will have a differential impacts across states. The proposed minimum wage would be binding for between 17 and 18 % of workers nationally. We estimate coverage rates ranging from just 4 % in Washington D.C. to as high as 51 % in Puerto Rico, with 13 states having at least 20 % of the employed population covered …

The Determinants Of The Salary In Nba And The Overpayment In The Year Of Signing A New Contract, Nuoya Li

All Theses

Based on lots of previous research, the salary in National Basketball Association is determined by both personal characteristics and on-court performance. However, which kind of performance seems more important? Furthermore, does signing a new contract have any incentive or effect on the player's performance which makes the player be overpaid or underpaid in the year of signing the contract? And which kind of contracts and what kind of players tend to be overpaid? In my paper I introduce the on-court performance, personal characteristics and salary. Then I build a connection between them and run 2 regressions to analyze the determinants …

An Empirical Analysis Of Consumer Behavior In The Online Auction Marketplace, Calvin Salter

All Theses

The purpose of this paper is to analyze a unique data set pertaining to eBay auctions, in particular auctions of the first generation iPad. This analysis will give some interpretations about consumer behavior in the consumer electronics market on eBay, especially how the reputation of sellers and the shipping price that sellers charge affects the final selling price of an item. Other economics variables are analyzed to provide a broader picture of pricing determinants. Reputation is an important mechanism to consider in any market. However, reputation in the eBay market is particularly important because buyers do not interact with the …

The Path To The Top: How Career Paths Differ Between College And Non-College Major League Baseball Players, Gerald Arnette Iii

All Theses

In route to the Majors, there are two major pathways. Talented players may either sign with a Major League Team to start their careers in the in the Minor Leagues, or play NCAA Baseball. Using ordinary least squares (OLS), the career differences between NCAA and Minor League players will be examined. Major League players whose careers began after 1985 are included and are divided into quintiles by the player's career mean. Dividing the players into quintiles increases the accuracy of the analysis because the career path varies according to player ability. The College Players are divided into eras with particular …

The Depressing Of China's Economy: The Effect Of Rural---Urban Educational Inequality And Absence Of Land Market, Huayong Zhou

All Dissertations

This paper argues that too many workers were placed in traditional agricultural sector in China's economy after 1978. I investigate two factors which hindered the labor mobility from agricultural and non-agricultural sector: (1) human capital dierence between rural and urban workers brought by China's urban oriented public educational policy; (2) absence of land property rights and a well functioning land market. I incorporate those two frictions into a two-sector dynamic macro model. I calibrate the model and show that it provides a good fit for the evolution of GDP per-capita and employment share in agriculture in the Chinese economy. I …

Essays In Public And Corporate Finance, Joseph Newhard

All Dissertations

Each of the three chapters of this dissertation makes a unique contribution to the fields of public finance or corporate finance. In chapter one I show that tax-price is increasing in workplace risk due to a positive wage-risk response that is observed in the labor supply price for hazardous industries. This result implies that, holding human capital constant, workers in more dangerous industries will demand a relatively smaller public sector. I test this with county-level data on fatality rates and support for the two major party candidates in the 2004 US Presidential election. Taking Republicans to represent the party of …

Assimilation Of Foreigners In Germany, Jan Schiebler

All Dissertations

The first chapter of this dissertation is using data from the German SOEP panel, and I analyze the assimilation of immigrants in terms of initial wage gap and assimilation rate. The analysis consists of a basic assimilation model, a cohort model, and a source country specific model. The source country specific model allows us to distinguish assimilation rates for different groups of immigrants. I find that despite having the highest education of all immigrants, East European immigrants have the largest wage gap. Secondly individuals immigrating from former East Germany have a larger wage gap than immigrants from Italy and Turkey. …

Forecasting Nigerian Stock Market Returns Using Arima And Artificial Neural Network Models, Godknows M. Isenah, Olusanya E. Olubusoye

CBN Journal of Applied Statistics (JAS)

The study reports empirical evidence that artificial neural network based models are applicable to forecasting of stock market returns. The Nigerian stock market logarithmic returns time series was tested for the presence of memory using the Hurst coefficient before the models were trained. The test showed that the logarithmic returns process is not a random walk and that the Nigerian stock market is not efficient. Two artificial neural network based models were developed in the study. These networks are TECH (4-3-1) and TECH (3-3-1)whose out-of-sample forecast performance was compared with a baseline ARIMA (3,0,1) model. The results obtained in the …

Nexus Of Exchange Rate Deregulation And Agricultural Share Of Gross Domestic Product In Nigeria, Oyakhilomen Oyinbo, Falola Abraham, Grace Z. Rekwot

CBN Journal of Applied Statistics (JAS)

The kernel of this study was to examine the causal relationship between exchange rate deregulation and the agricultural share of gross domestic product in Nigeria from an econometric perspective using time series data spanning a period of 26 years (1986 – 2011). Data on exchange rate and gross domestic product were analysed using augmented dickey fuller unit root test, unrestricted vector autoregression, pairwise granger causality and vector error correction model. The results showed the existence of unidirectional causality from exchange rate to agricultural share of gross domestic production and also, exchange rate deregulation had negative influence on agricultural share of …

Testing Volatility In Nigeria Stock Market Using Garch Models, Ngozi V. Atoi

CBN Journal of Applied Statistics (JAS)

The contributions of error distributions have been ignored while modeling stock market volatility in Nigeria and studies have shown that the application of appropriate error distribution in volatility model enhances efficiency of the model. Using Nigeria All Share Index from January 2, 2008 to February 11, 2013, this study estimates first order symmetric and asymmetric volatility models each in Normal, Student’s-t and generalized error distributions with the view to selecting the best forecasting volatility model with the most appropriate error distribution. The results suggest the presence of leverage effect meaning that volatility responds more to bad news than it does …

The Balance Sheet Channel Of Monetary Policy Transmission: Evidence From Nigeria, Olorunsola E. Olowofeso, Abiodun S. Bada, Kufre J. Bassey, Kumafan S. Dzaan

CBN Journal of Applied Statistics (JAS)

This paper assesses the existence of a balance sheet channel of monetary policy transmission in Nigeria by examining whether variation in the official interest rate, with respect to the 2007- 2008 global financial crisis, feeds through to the deposit money banks (DMBs) balance sheets, and ultimately reflects in output and prices. Using quarterly macroeconomic data and stock from 2002 to 2012, the study employs an ordinary least squares (OLS) and autoregressive (VAR) framework to investigate the linkages between policy, DMB balance sheet, output and price. The results reveal the existence of a balance sheet channel in Nigeria with a significant …

Relationship Between Money Supply And Government Revenues In Nigeria, Yakubu Musa, Umar Usman, Aminu B. Zoramawa

CBN Journal of Applied Statistics (JAS)

The insights on the long run relationship amongst money supply and government revenues are of significant importance for monetary-fiscal policy formulation in a developing country like Nigeria. Taking into account the vital importance of these two variables, we empirically analyzed the long-run relationships and dynamic interactions between the money supply (broad money M2) and government revenues in Nigeria using an Autoregressive Distributed Lag (ARDL) bounds testing approach. The study spans the period 1970 to 2010. From the results, it is evident that there is the existence of a long run relationship between money supply and revenues when money supply is …

Cointegration Analysis Of Public Expenditure On Tertiary Education And Economic Growth In Nigeria, Japheth T. Torruam, Moses A. Chiawa, Cyprian C. Abur

CBN Journal of Applied Statistics (JAS)

The paper investigates the Impact of public expenditure on tertiary education and economic growth in Nigeria using time series data for the period 1990- 2011.The econometric methodology employed was cointegration and error correction technique. The study concludes that public expenditure on tertiary education has positive impact on economic growth in Nigeria. The study recommended that government and private sectors should partner by mobilizing resources to furnish tertiary institutions and equip them with adequate facilities in order to enhance tertiary education development for sustainable economic growth.

Determinants Of Economic Growth In Nigeria, Kazeem B. Ajide

CBN Journal of Applied Statistics (JAS)

This paper investigates the role of Frazer Economic Freedom Index on FDI-growth relationship over the period spanning 1980 through 2010 using annual time series data. A Multivariate Regression approach was employed to estimate augmented growth models. Quite intriguingly, the impact of disaggregated economic freedom over aggregated composite index was found profoundly revealing. Emanated results show that the same set of variables like labour, life expectancy, degree of openness and economic freedom are factors affecting the level of economic growth in both but at different levels of significance. However, the estimates of disaggregated components of economic freedom data show that the …

Premature Births And Maternal Health: An Analysis Of Risk Factors That Affect The Rate Of Prematurity / Los Nacimientos Prematuros Y La Salud Materna: Un Análisis De Los Factores De Riesgo Que Afecta La Tasa De Prematuridad, Alexandria Mickler

Independent Study Project (ISP) Collection

Research Question: What are the major socio-demographic risk factors influencing the rate of preterm birth in Valparaiso, Chile? Objectives: The objective of this study is to identify risk factors that influence the rate of preterm birth in an urban population of women living in Valparaiso, Chile. This study aims to understand whether a relationship exists between socio-demographic characteristics, such as economic level, education, lifestyle, access to medical attention and resources and the risk of prematurity. The outcomes of this study seek to determine the major biological, cultural, and social relationships and identify at-risk social groups. Additionally, this study considers the …

A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Liang Jiang, Peter C.B. Phillips, Jun Yu

Cowles Foundation Discussion Papers

This paper develops a new hedonic method for constructing a real estate price index that utilizes all transaction price information that encompasses both single-sale and repeat-sale properties. The new method is less prone to specification errors than standard hedonic methods and uses all available data. Like the Case-Shiller repeat-sales method, the new method has the advantage of being computationally efficient. In an empirical analysis of the methodology, we fit the model to all transaction prices for private residential property holdings in Singapore between Q1 1995 and Q2 2014, covering several periods of major price fluctuation and changes in government macroprudential …

Predicting Employment Intention Of Ssa Beneficiaries: A Theory-Based Approach, James Mather Ii

Graduate Theses and Dissertations

Employment has become an integral aspect of American society. Each year, millions of Americans engage in job search as a result of economic conditions, involuntary job loss, completion of their education, or the desire to pursue a new career opportunity. However, the employment reality for persons with disabilities remains stark. In 2012 the employment rate of working-age people with disabilities was 32.7 percent, compared to 73.6 percent for those without disabilities. Given the long-standing employment gap between persons with disabilities and those without disabilities, this exploratory research utilizes the Theory of Planned Behavior (TPB) to predict determinates of Social Security …

El Recuperador Urbano Reconstruido: Una Perspectiva Crítica Sobre La Gestión De Residuos Urbanos En Buenos Aires Y La Nuevas Políticas Públicas De "Ciudad Verde" / The Urban Recycler, Reconstructed: A Critical Perspective On The Waste Managementprocesses Of Buenos Aires, And The New Public Policies Known As “Green City”, Mira Korber

Independent Study Project (ISP) Collection

Historically, a survival method for the most impoverished populations of developing countries has been the collection, accumulation, and sale of recycled materials accessible in the urban waste generated by large metropolitan areas. After Argentina’s economic crisis of 2001, the number of people who participate in this informal sector of work in Greater Buenos Aires boomed due to the financial recession that devastated the country. In the last fourteen years, the population of urban recyclers, colloquially called cartoneros or cirujas, has not diminished. Various advances have been made towards the legitimation of their work as environmental protection and recycling through their …