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Full-Text Articles in Finance

Deregulation And Trade Liberalization: The Indonesia Reform Program, Scott Fausti, Rony Bishry Oct 1993

Deregulation And Trade Liberalization: The Indonesia Reform Program, Scott Fausti, Rony Bishry

Economics Staff Paper Series (1969 - 2017)

Beginning in the early 1980s, Indonesia embarked on the most comprehensive trade liberalization program in its history. The long-term goal of the reform program is to replace Indonesia's industrial development strategy of import substitution industrialization with one of export oriented industrial growth. The issues to be discussed in this paper are: 1) the historical context from which the current liberalization program evolved, 2) the recent reform measures implemented by the Indonesian government, 3) the pattern of liberalization with respect to the sequencing and speed of reforms, and 4) the successes and failures of the new trade regime.

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The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti Jul 1993

The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti

Economics Staff Paper Series (1969 - 2017)

Extending the seminal work of Bhagwati and Hansen (1973) on smuggling, Pitt (1981) developed a joint export smuggling model to investigate the welfare effect of illegal transactions. This paper develops an extension of Pitt's original model which allows many of the interesting features of the Bhagwati and Hansen model to be reexamined within a joint product model of smuggling framework. The extension is made through the following modifications to Pitt's assumptions: 1) firms that export are free to engage in joint product smuggling or strictly legal trade; and 2) uncertainty is introduced into the model via active government enforcement. The …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria Dec 1992

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria

CBN Annual Report

In 1992, Nigeria's economy faced significant pressures but showed resilience, with rapid growth in output and economic liquidity. The Central Bank of Nigeria (CBN) intensified efforts to achieve inflation and exchange rate stability while improving the efficiency of the financial sector. The financial sector experienced rapid growth and structural changes, with the strongest growth occurring in common unity banking and mortgage finance institutions. Monetary and credit aggregates expanded at unprecedented rates, matching the all-time highs of the oil boom era of the mid-seventies. Interest rates rose significantly, with both deposit and lending rates rising in tandem with the movements of …

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The Empirical Issue Of Smuggling: A Discussion Of Methodology, Scott Fausti Feb 1992

The Empirical Issue Of Smuggling: A Discussion Of Methodology, Scott Fausti

Economics Staff Paper Series (1969 - 2017)

The theoretical results attained from the literature on Illegal Transactions in International Trade suggest: 1) a positive link between the duty levied and the level of smuggling effort; 2) a nonnegative domestic relative price effect; and 3) an ambiguous social welfare effect. The theoretical results predict the generation of some type of distortion. The literature labels these distortions "disparities" and divides them into three categories: price, value, and quantity. These distortions represent the empirically measurable effects of smuggling on the domestic economy. This paper makes the proposition that the "price disparity" distortion is the variable that empirical studies should examine …

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Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria Dec 1989

Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria

CBN Annual Report

The Nigerian economy showed improvement in 1989 compared to 1988. Economic Growth: Gross Domestic Product (GDP) increased by 4.0%, driven by growth in agriculture and industry. The overall balance of payments moved from a deficit to a surplus, largely due to a significant increase in crude oil exports. The unemployment rate declined slightly, with more jobs created through government programs. Nigeria's external assets increased significantly, reflecting a deliberate policy to build official reserves. Inflation: Despite some improvement, inflationary pressures remained high, with domestic prices rising by 40.9%. Stagnant Manufacturing: Manufacturing production grew at a slow pace due to high production …

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Financial Institutions And The International Indebtedness Crisis., Hyman P. Minsky Ph.D. Sep 1987

Financial Institutions And The International Indebtedness Crisis., Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Lecture given at Columbia University. This was the fourth of a series of four in that lecture series.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1986, Central Bank Of Nigeria Dec 1986

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1986, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1986 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1986. The development in 1986 were mixed. The GDP at constant 1977/78 factor cost was estimated at N25,290 million, representing a decline of 3.3 per cent and the decline was largely due to poor performance of the manufacturing, crude petroleum, wholesale and retail trade sectors. The trajectory of monetary aggregates was relatively in the download direction. Money supply indicated a 1.2 per …

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Trade And Financial Interdependence In The World Economy, Sven W. Arndt, Lawrence Bouton Jan 1985

Trade And Financial Interdependence In The World Economy, Sven W. Arndt, Lawrence Bouton

CMC Faculty Publications and Research

With regard to the trading order, questions have arisen about the benefits from freer trade at a time when more countries are turning to managed trade and protectionist sentiment is on the rise. Some believe that the international financial system, for its part, no longer facilitates the transactions of goods but dominates them. This article discusses these issues and addresses the policy options available to government leaders.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1984, Central Bank Of Nigeria Dec 1984

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1984, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1984 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1984. It also examines future economic outlook. In 1984, the index of industrial production fell by 10.2 per cent significantly due to the poor performance of the manufacturing sector whose index of production fell by 18.2 per cent. In respect of domestic prices, the supply-side factors were dominant in exerting upward pressures on prices. There were acute shortages in consumer goods and …

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Developments In The International ( London) Commodities' Market During The First Quarter,1984, Central Bank Of Nigeria Cbn Mar 1984

Developments In The International ( London) Commodities' Market During The First Quarter,1984, Central Bank Of Nigeria Cbn

Economic and Financial Review

A report on the developments in the International (London) commodities' market during the first quarter,1984. The notable commodities includes coffee, cotton, palm-kernel and rubber. A number of factors accounted for the general improvement in commodity prices. Firstly, there was a decline in the supply of most of the commodities. The second factor was the uncertainty regarding production prospects in the immediate future . Finally, there was a general increase in the demand for most of the commodities.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1983, Central Bank Of Nigeria Dec 1983

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1983, Central Bank Of Nigeria

CBN Annual Report

In 1983, Nigeria's economy experienced severe stagflation, with GDP falling by 4.4%, more than the 3.4% decline recorded in 1982. Domestic inflation was 23.2%, more than three times the 7.7% recorded in 1982. The external sector also suffered from the general malaise, with the recorded value of external trade falling from N21.3 billion in 1982 to N17.3 billion in 1983. Agricultural production fell sharply due to severe droughts, bush fires, and diseases/pest infestations in livestock and crops. The volume of primary commercial energy consumed increased, with the index going up by 4.4% in 1983. Inflationary pressures intensified due to the …

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Foreign Exchange Flows Through The Central Bank During The Third And Fourth Quarter Of 1983, Central Bank Of Nigeria Cbn Dec 1983

Foreign Exchange Flows Through The Central Bank During The Third And Fourth Quarter Of 1983, Central Bank Of Nigeria Cbn

Economic and Financial Review

N11.9 million and a net outflow of N3.7 million during the third and fourth quarters of 1983 respectively. These compared with the net outflows of 13.2 and N171.9 million recorded during the counterpart periods of the preceding year (See Table 1). In line with these developments, official holdings of external reserves increased by N11.9 million during the 3rd quarter, recording N802.2 million at the end of September, 1983. They decreased by N3.7 million during the 4th quarter to N798.5 million at the end of December 1983. (See Table 3) .

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The Relevance Of Exchange Control In Nigeria's Balance Of Payments Adjustment Process, O. K. Anifowose Sep 1983

The Relevance Of Exchange Control In Nigeria's Balance Of Payments Adjustment Process, O. K. Anifowose

Economic and Financial Review

The objective of this paper is to evaluate the usefulness of exchange control in correcting Nigeria's Balance of Payments deficits during the period 1967-1981. The paper consists of four parts. In part one, a general review of the legal framework and exchange control practices in the period is undertaken. Part two offers an appraisal of exchange control as a policy for balance of payments adjustment in Nigeria. In part three exchange control is compared with other balance of payments policies to determine whether or not the country can dispense with the control regulations . The summary and main conclusions of …

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Central Bank Of Nigeria Annual Report And Statement Of Account For The Year Ended 31st December, 1982, Central Bank Of Nigeria Dec 1982

Central Bank Of Nigeria Annual Report And Statement Of Account For The Year Ended 31st December, 1982, Central Bank Of Nigeria

CBN Annual Report

The economic slowdown in 1981-1982 led to a decline in mineral and export crop production, with crude oil production falling from 1.440 million barrels in 1981 to 1.29 million barrels in 1982. The Central Bank of Nigeria business survey showed increased manufacturing sales and inventories of finished goods. Inflation decelerated to its lowest level since 1973, mainly due to reduced monetary expansion and increased production of staple food, livestock products, and fish. The money supply rose by 5.6% in 1980 and 3.1% in 1982, but the government sector's share in bank credit increased. The Gross National Product of all industrialized …

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Financing International Trade, S. A. Okponobi Dec 1978

Financing International Trade, S. A. Okponobi

Bullion

The paper discusses the significance of world trade and techniques of financing it. It explores instruments of international trade. The paper further examined some of the problems of financing international trade and the problems of trade in Africa.

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Exchange Rate Fluctuations And The Dollar Problem, Ade T. Ojo Sep 1978

Exchange Rate Fluctuations And The Dollar Problem, Ade T. Ojo

Bullion

The paper reviews briefly recent developments in the foreign exchange markets, with particular reference to the chronic problem facing the US Dollar. This is followed by an examination of the major issues involved in the crisis of confidence and measures that might be taken to tackle the recurrent dollar problem, in a way to bring about an orderly exchange rate adjustment and smooth functioning of the international Monetary System.

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Special Drawing Rights And Their Implications For Domestic And External Finance, Central Bank Of Nigeria Cbn Jun 1970

Special Drawing Rights And Their Implications For Domestic And External Finance, Central Bank Of Nigeria Cbn

Economic and Financial Review

The need to create the new international monetary asset called Special Drawing Rights (SDRs) arose largely from the widening gap between the volume of world trade and the means of financing it (that is, international monetary reserves). Special Drawing Rights are 'paper gold', transferable among the participating countries who are committed to accept them in exchange for convertible currencies.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1966, Central Bank Of Nigeria Dec 1966

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1966, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1966 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. The state of the Nigerian economy in 1966 was dictated mainly by the social and political uncertainties that engulfed the country beginning in 1965. The country experienced mounting political problems in 1965, which, by the fourth quarter of that year, had become an important factor in the future investment plans of the business community. A growing burden of external debt and the slow-down …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1965, Central Bank Of Nigeria Dec 1965

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1965, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1965 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Two major developments dominated the world economic scene in 1965. One was the overall slowdown of economic expansion in most industrialized countries. The other was the overall contraction in the growth rate of world trade and in the flow of international capital. Due to the problem of balance of payment disequilibrium, the industrialized countries intensified economic measures to achieve internal stability and equilibrium …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1964, Central Bank Of Nigeria Dec 1964

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1964, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1964 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1964. Export earnings of the developing countries rose during 1964, reflecting a continuing upswing in economic activity in the industrial countries. The rate of increase, however, was somewhat slower than in 1963. The share of the developing countries in total world exports in 1964, however, amounted to 22.1 per cent as compared with 22.9 per cent in 1963. World exports rose substantially …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1963, Central Bank Of Nigeria Dec 1963

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1963, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1963 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Nigeria's economy made significant gains in 1963. The tempo of activity advanced in most sectors of the economy, giving indications of some recovery from the slackened pace of the preceding year. Despite this improvement, however, the performance of the economy did not meet expectations, nor were existing resources fully utilized. In 1962-63, gross income received by producers of agricultural export commodities rose by …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1961., Central Bank Of Nigeria Dec 1961

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1961., Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1961 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Economic activity, which had been at a relatively high level during the year of independence, expanded further during 1961. The production of most of the agricultural export commodities attained high levels during the 1960-1961. Mineral production varied widely among individual products but on balance activity was considerably higher in 1961 than in the previous year. Industrial production continued to grow, reflecting both the …

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