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2016

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Articles 661 - 690 of 1616

Full-Text Articles in Economics

Analysis Of Inflation Dynamics In Nigeria (1981 – 2015), Sani Bawa, Ismaila S. Abdullahi, Adamu Ibrahim Jun 2016

Analysis Of Inflation Dynamics In Nigeria (1981 – 2015), Sani Bawa, Ismaila S. Abdullahi, Adamu Ibrahim

CBN Journal of Applied Statistics (JAS)

This study examined the dynamics of inflationary process in Nigeria over the period 1981 – 2015, using the bounds testing approach to cointegration. Empirical results indicated that inflation in Nigeria proxied by CPI exhibited a strong degree of inertia. The econometric results showed that past inflation and average rainfall appeared to have been the main determinants of inflationary process in Nigeria over the study period. We also found strong evidence of the importance of money supply in the inflation process, lending credence to the dominance of the monetarist proposition on inflation dynamics in Nigeria. Thus, the paper recommended among others, …

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Fiscal Policy And Private Investment In Selected West African Countries, Joseph A. Omojolaibi, Tochi-Nze P. Okenesi, Ekundayo P. Mesagan Jun 2016

Fiscal Policy And Private Investment In Selected West African Countries, Joseph A. Omojolaibi, Tochi-Nze P. Okenesi, Ekundayo P. Mesagan

CBN Journal of Applied Statistics (JAS)

This study sets out to examine the nexus between fiscal policy and private investment in five selected West African countries using annual data from 1993 to 2014. Employing Fixed Effect Model for Panel data ordinary least square approach, the results showed the existence of a significant crowding in effect of government capital expenditure and tax revenue while non-tax revenue showed a crowding out effect. Recurrent expenditure and external debt also showed crowding out effects but these were insignificant. The accelerator effect of output growth was also found to be insignificant across the countries over the time period. The study called …

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Day-Of-The-Week Anomaly: An Illusion Or A Reality? Evidence From Naira/Dollar Exchange Rates, Osarumwense Osabuohien-Irabor Jun 2016

Day-Of-The-Week Anomaly: An Illusion Or A Reality? Evidence From Naira/Dollar Exchange Rates, Osarumwense Osabuohien-Irabor

CBN Journal of Applied Statistics (JAS)

This study examines the day-of-the-week effect in the Nigerian foreign exchange market (Naira against the US dollars), its volatility as well as the asymmetric effects, for the period of 12th May 2009 to 12th June, 2015. The empirical results of GARCH-t(1,1), EGARCH-t(1,1), GJR-GARCH-t(1,1), IGARCH and the OLS methodology shows that the detection of the day-of-the-week effect is influenced by the choice of the volatility model applied. Similarly, the highest or lowest volatility market day goes with the influence of these models. Thus this study clearly support the argument of Charles (2010), that, the days of the week anomalies lies on …

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Testing The Fisher Hypothesis In The Presence Of Structural Breaks And Adaptive Inflationary Expectations: Evidence From Nigeria, Yakubu A. Bello, Babatunde S. Omotosho, Suleiman Karu, Satumari A. Stephen, Raymond O. Ogbuka, Balarabe F. Usman, Oluwaseun D. Mimiko Jun 2016

Testing The Fisher Hypothesis In The Presence Of Structural Breaks And Adaptive Inflationary Expectations: Evidence From Nigeria, Yakubu A. Bello, Babatunde S. Omotosho, Suleiman Karu, Satumari A. Stephen, Raymond O. Ogbuka, Balarabe F. Usman, Oluwaseun D. Mimiko

CBN Journal of Applied Statistics (JAS)

This paper tested for the validity of the Fisher hypothesis in Nigeria during the period 1970 – 2014. The Gregory and Hansen Co-integration test confirmed the existence of a long-run relationship between nominal interest rates and inflation, albeit with a structural break in October 2005. In addition, the obtained Fisher coefficient in the cointegrating relation was 0.08, implying a weak form of Fisher effect in the long-run. On the basis of these findings, we upheld a weak Fisher effect in the long-run and non-existence of Fisher effect in the short-run. This implied that short term nominal interest rate is a …

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Nigeria’S Private Foreign Assets And Liabilities, 2014, International Investment Statistics Office (Iiso) Jun 2016

Nigeria’S Private Foreign Assets And Liabilities, 2014, International Investment Statistics Office (Iiso)

CBN Journal of Applied Statistics (JAS)

The survey of foreign assets and liabilities of enterprises in Nigeria was conducted in 2015 to determine the stock of foreign assets/liabilities of Nigerian enterprises as at end 2014. The survey collected relevant information from 740 enterprises while the analysis of survey data was done based on the recipient sectors as well as country of origin of the investments. Survey returns showed that total private foreign liabilities as at end-2014 was N15, 046.07 billion, down by 1.4 per cent from its level in 2013. Of this total, 99.8 per cent came in the form of foreign direct investments, while foreign …

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Re-Introducing And Operationalizing Nigeria’S Flexible Exchange Rate Market, Godwin I. Emefiele Jun 2016

Re-Introducing And Operationalizing Nigeria’S Flexible Exchange Rate Market, Godwin I. Emefiele

CBN Journal of Applied Statistics (JAS)

This is an address presented to relevant stakeholders and the general public unveiling of the framework for re-introduction of Managed Float Exchange Rate System on 15th June 2016. The address included the broad framework and guidelines of the Flexible Exchange Rate Inter-bank Market, which we alluded to at the end of Monetary Policy Committee (MPC) of 24th May 2016.

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The Cost Of Earmarks, Nicholis John Zappia Jun 2016

The Cost Of Earmarks, Nicholis John Zappia

Electronic Theses, Projects, and Dissertations

Finding revenue is a challenge that faces many municipalities in the United States. As the tax base continues to decline and demand for government services increases, local governments are forced to make hard choices. Low on the list of priorities for local governments is the maintenance, and construction of infrastructure. Traditionally there have been several ways for local governments to fund long-term infrastructure projects including, federal-aid through the process of earmarking. The practice of earmarking has been around since the first congress, but hit its peak between 2003 and 2007. The earmarking process is controversial for several reasons; earmarking bypasses …

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(Wp 2016-04) Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner Jun 2016

(Wp 2016-04) Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner

Economics Working Papers

Medicaid reimburses healthcare providers for services at a lower rate than any other type of insurance coverage. To account for the burden of treating Medicaid patients, providers claim that they must cost-shift by raising the rates of individuals covered by private insurance. Previous investigations of cost-shifting has produced mixed results. In this paper, I exploit a disabled Medicaid expansion where crowd-out was complete to investigate cost-shifting. I find that hospitals reduce the charge rates of the privately insured. Given that Medicaid is expanding in several states under the Affordable Care Act, these results may alleviate cost-shifting concerns of the reform.

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Effects Of The Affordable Care Act On Part-Time Employment: Early Evidence, Marcus Dillender, Carolyn J. Heinrich, Susan N. Houseman (Corresponding Author) Jun 2016

Effects Of The Affordable Care Act On Part-Time Employment: Early Evidence, Marcus Dillender, Carolyn J. Heinrich, Susan N. Houseman (Corresponding Author)

Upjohn Institute Working Papers

The Affordable Care Act (ACA) requires employers with at least 50 full-time-equivalent employees to offer “affordable” health insurance to employees working 30 or more hours per week. If employers do not comply with the mandate, they may face substantial financial penalties. Employers can potentially circumvent the mandate by reducing weekly hours below the 30-hour threshold or by using other nonstandard employment arrangements (direct-hire temporaries, agency temporaries, small contractors, and independent contractors). We examine the effects of the ACA on short-hours, part-time employment. Using monthly CPS data, we estimate that the ACA resulted in an increase in low-hours, involuntary part-time employment …

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Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue Jun 2016

Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue

Research Collection School Of Economics

We study a two-period saving model where theagent’s future income might be ambiguous. Our agent has a version of the smoothambiguity decision criterion (Klibano, Marinacci and Mukerji (2005)), where theagent’s perception about ambiguity is described by a second-order belief overfirst-order risks. We model increasing ambiguity as a spreading-out of thesecond-order belief. We show that under a “Risk Comonotonicity” condition, ouragent saves more when ambiguity in future income increases. We argue that thecondition is indispensable for our result.

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Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee Jun 2016

Robust Econometric Inference With Mixed Integrated And Mildly Explosive Regressors, Peter C. B. Phillips, Ji Hyung Lee

Research Collection School Of Economics

This paper explores in several prototypical models a convenient inference procedure for nonstationary variable regression that enables robust chi-square testing for a wide class of persistent and endogenous regressors. The approach uses the mechanism of self-generated instruments called IVX instrumentation developed by Magdalinos and Phillips (2009b). We first show that these methods remain valid for regressors with local unit roots in the explosive direction and mildly explosive roots, where the roots are further from unity in the explosive direction than 0 (n(-1)). It is also shown that Wald testing procedures remain robust for multivariate regressors with certain forms of mixed …

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Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao Jun 2016

Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C. B. Phillips, Jiti Gao

Research Collection School Of Economics

We obtain uniform consistency results for kernel-weighted sample covariances in a nonstationary multiple regression framework that allows for both fixed design and random design coefficient variation. In the fixed design case these nonparametric sample covariances have different uniform asymptotic rates depending on direction, a result that differs fundamentally from the random design and stationary cases. The uniform asymptotic rates derived exceed the corresponding rates in the stationary case and confirm the existence of uniform super-consistency. The modelling framework and convergence rates allow for endogeneity and thus broaden the practical econometric import of these results. As a specific application, we establish …

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Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini Jun 2016

Strategic Interactions In A One-Sector Growth Model, Eric Fesselmeyer, Leonard J. Mirman, Marc Santugini

Research Collection College of Integrative Studies

We study the effect of dynamic and investment externalities in a one-sector growth model. In our model, two agents interact strategically in the utilization of capital for consumption, savings, and investment in technical progress. We consider two types of investment choices: complements and substitutes. For each case, we derive the equilibrium and provide the corresponding stationary distribution. We then compare the equilibrium with the social planner's solution.

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Essays On Portfolio Choice And Risk Management, Yi-Chin Hsin Jun 2016

Essays On Portfolio Choice And Risk Management, Yi-Chin Hsin

Dissertations

Globalization increases the access to financial markets and provides expanding opportunities for investors to diversify internationally. As suggested by the Modern Portfolio Theory (Markowiz, 1952), rational investors should use one of the following two strategies to achieve portfolio diversification: (1) Investing in asset classes thought to have low correlations or (2) increasing the sizes of their portfolios in multiple markets. In the early 1970s, diversification was referred to as the “free lunch” in investment. However, French and Poterba (1991) show that investors still tend to hold a disproportionate part of domestic equities in their portfolios. This phenomenon is called “the …

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The Composition Of Fiscal Adjustments: Economic And Social Implications, David Vilalta May 2016

The Composition Of Fiscal Adjustments: Economic And Social Implications, David Vilalta

Undergraduate Economic Review

We examine episodes of fiscal adjustments in OECD countries from 2000 to 2014 and analyse its short- and long-run impact on economic growth and inequality. This paper offers two results. First, in line with previous literature, we find that in the short run, spending-based adjustments are more expansionary than tax-based adjustments, although they are associated with higher inequality. Second, we find that in the long run, spending-based adjustments are still more expansionary, and their impact on inequality is smaller than that of tax-based adjustments.

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Adam Smith For Our Time, I: Necroeconomics, Patrick G. Scott May 2016

Adam Smith For Our Time, I: Necroeconomics, Patrick G. Scott

Studies in Scottish Literature

Reviews a wide-ranging new American study of the Scottish philosopher and economist Adam Smith (1723-1790), examining its treatment of Smith as critic and rhetorical theorist, as well as of his better-known writings on moral philosophy in his Theory of Moral Sentiments (1759) and economic theory in The Wealth of Nations (1776), and discusses briefly the value for Scottish cultural history of interpretative practices developed originally in other national traditions, concluding that the book is "important for scholars of 18th century Scottish literature... because it approaches Smith’s work through disciplinary practices that are common enough in other literary fields but …

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Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov May 2016

Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov

Undergraduate Economic Review

The 2007 subprime crisis was caused by high demand for subprime mortgage products underpinned by the unrealistic assumption that property prices would keep rising indefinitely. The subprime mortgage market worked as expected as long as prices were rising and demand for property was high. When these two conditions were violated and the housing bubble collapsed, the system became dysfunctional, many subprime borrowers defaulted, and mortgage-backed securities lost much of their value. Prevention could have been achieved through regulatory measures to shift the risk back from taxpayers and investors to loan originators. Fair distribution of risk should be the main objective …

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Endogeneity In Ceo Power: A Survey And Experiment, Zhichuan Li May 2016

Endogeneity In Ceo Power: A Survey And Experiment, Zhichuan Li

Business Publications

The endogeneity problem has always been one, if not the only, obstacle to understanding the true relationship between different aspects of empirical corporate finance. Variables are typically endogenous, instruments are scarce, and causality relations are complicated. As the first attempt to summarize different econometric methods that are commonly used to address endogeneity concerns in the context of corporate governance, we explore the relation between CEO power and firm performance, as an experiment, to illustrate how these methods can be used to mitigate the endogeneity problem and by how much. After carefully dealing with the endogeneity issues, we find strong evidence …

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Why You Shouldn’T Feel Too Grateful To Delta For Hiring People To Help With The Tsa Security-Line Crunch, Louis D. Johnston May 2016

Why You Shouldn’T Feel Too Grateful To Delta For Hiring People To Help With The Tsa Security-Line Crunch, Louis D. Johnston

Economics Faculty Publications

No abstract provided.

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College Grads Earn Less If They Grew Up Poor, Timothy J. Bartik, Brad J. Hershbein May 2016

College Grads Earn Less If They Grew Up Poor, Timothy J. Bartik, Brad J. Hershbein

Reports

No abstract provided.

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Testing Ostrom: An Analysis Of Water User Committees In Uganda, Emily Mcpartlon May 2016

Testing Ostrom: An Analysis Of Water User Committees In Uganda, Emily Mcpartlon

Master's Theses

In 2009 Elinor Ostrom received the Nobel Prize for her analysis of economic governance of the commons. Specifically, by challenging the conventional wisdom at the time, demonstrating how communities can successfully manage the common resources without any regulation by central authorities or privatization. Ostrom proposed eight design principles that identify the underlying criterion of institutions that have successfully maintained CPRs over time. I examine whether Ostrom’s Eight Design Principles affect the long-run functionality of borehole wells in Uganda using quantitative methods. I find that the one of the principles, clearly defined boundaries, is significant in all four estimations, and remains …

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Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang May 2016

Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang

Master's Theses

Abstract: Cognitive performance is important to productivity across many fields and potentially correlated to air pollution and extreme temperatures. We study the effects of daily ambient air pollution and monthly temperature on women’s ability of recalling dates across 42 developing countries from 1997 to 2009. We use an estimated natural air pollution data, and calculate the AQI to get an aggregate effect of air pollution. We find that one standard deviation increase in the AQI leads to a statistical decrease in women’s probability to recall dates such as birthdays, marriage date or children’s birthdays by 0.44 percentage point. Furthermore, there …

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Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng May 2016

Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng

Master's Theses

Abstract: Recent work has shown that in-utero air pollution has negative effects on both contemporaneous birth outcomes and long-term human capital outcomes. However, only a few studies explore the effects of in-utero exposure to air pollution on fetal loss, and none of the studies has been done in developing countries. In this study, we examine the impact of naturally caused CO and PM 2.5 on reproductive outcomes in 40 developing countries from 1997 to 2009. We present childbirths and birth gender as measures for potential fetal losses. The richest model identified using variation in pollution between pregnancies with controlling for …

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Behavioral Determinants Of Biofortified Food Acceptance: The Case Of Orange-Fleshed Sweet Potato In Ghana, Chinonso E. Etumnu May 2016

Behavioral Determinants Of Biofortified Food Acceptance: The Case Of Orange-Fleshed Sweet Potato In Ghana, Chinonso E. Etumnu

Master's Theses

Biofortified foods are being introduced in sub-Saharan Africa as an important strategy to help address micronutrient malnutrition. However, there has been little research on factors that could play decisive roles in their successful introduction. This paper investigates the determinants of consumer acceptance of biofortified orange-fleshed sweet potato (OFSP) using data from a choice experiment conducted in Ghana. I find that OFSP is preferred to traditional white-fleshed and yellow-fleshed sweet potatoes as indicated by consumers' marginal willingness to pay for the three varieties. I also find that respondents' socio-economic characteristics do not have a significant effect on consumer acceptance of OFSP. …

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Evaluating Stolper-Samuelson: Trade Liberalization & Wage Inequality In India, Anthony M. Michael May 2016

Evaluating Stolper-Samuelson: Trade Liberalization & Wage Inequality In India, Anthony M. Michael

Master's Theses

This paper tests the predictions of the Stolper-Samuelson Theorem in India after it underwent major trade reform in 1991. Using industry level tariff data, the paper empirically examines trade liberalization’s effect on the wages of high-skilled labor relative to low skilled labor within firms. The study finds empirical evidence to support growing wage differentials within firms, which contradict the predictions of the Stolper-Samuelson Theorem. Additionally, when controlling for firm size and the effects of the global financial crisis, these results remain robust. Finally, the paper explores training and welfare and R&D’s effect on the wage differentials within firms, finding a …

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Savings Groups And Banks: Complements Or Substitutes? Financial Inclusion In Rural Tanzania, Shirleen Rubangura Teta May 2016

Savings Groups And Banks: Complements Or Substitutes? Financial Inclusion In Rural Tanzania, Shirleen Rubangura Teta

Master's Theses

Abstract: The substantial increase in the number savings and credit groups as well as microfinance institutions over the past years suggests that individuals in the developing world have progressively become aware of the importance of access to financial services. This study adds to the existing literature on the function of savings and credit groups in places with lower use of formal financial services and inform us whether these groups are a possible substitute or complement for formal financial services (banks) within low-income communities. Based on household data collected in Tanzania in 2013, this paper attempts, using two different estimations, a …

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Financial Openness And Trade Volatility In Argentina, Joseph H. Asciuto May 2016

Financial Openness And Trade Volatility In Argentina, Joseph H. Asciuto

Master's Theses

This paper will identify the relationship between financial openness and trade volatility in Argentina. Data spanning 1970-2011 provided by the IMF, WTO, and INDEC will be used to construct a panel dataset for both a global analysis and a sectoral analysis for the Argentine economy. The application of established and accepted techniques to the constructed dataset will show a negative correlation between trade volatility and financial openness; thus, financial openness acts as a stabilizing mechanism for trade. Additional analysis will be performed on the of role regional trade agreements as stabilization mechanisms for trade. A significant implication of this study …

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Effect Of Non-Monetary Incentives On Women's Competitive Inclination: Experimental Evidence From Ancona, Italy, Kalkidan Shebi May 2016

Effect Of Non-Monetary Incentives On Women's Competitive Inclination: Experimental Evidence From Ancona, Italy, Kalkidan Shebi

Master's Theses

This study investigates how monetary incentives versus non-monetary incentives affect women’s decision to enter a competitive environment. This study was conducted in Ancona Italy, in a controlled laboratory experiment with a total of 60 participants; of which 29 were male and 31 were female. Participants were given mathematical addition problems to solve under alternative incentives. How they received these incentives differed based on their preference to enter or withdraw from the competition. The study also included components that assessed risk preferences and willingness to pay for the non-monetary incentive in the experiment. Results show no significant difference in performance scores …

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Climate Variability Influences Women’S Attitudes Towards Intimate Partner Violence (Ipv), Jean Lee May 2016

Climate Variability Influences Women’S Attitudes Towards Intimate Partner Violence (Ipv), Jean Lee

Master's Theses

The World Health Organization (WHO) estimates 1 in 3 women worldwide has experienced violence against women. Our study examines the effects of climate conditions on women’s attitudes towards wife beating. The demographic health surveys (DHS) dataset includes over 550,000 women in 38 countries, asked a series of wife beating justification questions in the domestic violence module. Using a linear probability model, we find prior year growing degree days (GDD), prior and current year rainfall variability have statistically significant effects. Most interestingly, we find that a one standard deviation (SD) rise in prior year annual rainfall decreases the likelihood of justifying …

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The Effect Of Financial Sector Development On Fdi Led Growth In China, John Costigan May 2016

The Effect Of Financial Sector Development On Fdi Led Growth In China, John Costigan

Master's Theses

Abstract: Over the past several decades developing countries have attracted and relied on Foreign Direct Investment (FDI) to supply their economies with the investment needed to maintain high economic growth and development. In their pursuit of FDI, many developing countries have passed policies and regulations aimed at attracting inward FDI. Because of the high growth rates and high returns on investment in many of these economies they have experience a large increase in FDI inflow over the past few decades. As these economies have grown and investment has increased, the financial services sector in the developing world has grown to …

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