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New Stock Market Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Godley, W., & Levy, J. (2003, March). Short-term interest rates [Page from report with chart]. Unpublished manuscript.

• Sarich, J., & Hecht, J. (2003, September). Classical competition and international equity returns: The financial-profitability nexus [Paper for the Economics for the Future Conference, with handwritten annotations by Shaikh]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, October 13). Comments on the Sarich and Hecht paper [Handwritten notes]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, February). Quarterly (Ravi): Interpolating data [Handwritten notes]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, February 20). Real stock return [Two charts]. Unpublished manuscript.

• NIPA tables. (n.d.). Unpublished manuscript. …

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Financial Markets : The Way Ahead Interview With Naina Lal Kidwai, P G Apte

IIMB Management Review

No abstract provided.

Markov Chains In Predictive Models Of Currency Crises - With Applications To Southeast Asia, Roberto S. Mariano, Abdul G. Abiad, Gultekin Bulent, Tayyeb Shabbir, Augustine H. H. Tan

Research Collection School Of Economics

The decade of the 1990s was marked by an unusual number of financial and economic crises such as the attack on the European Monetary System in 1992-93, the Mexican peso crisis in 1994-95, the Asian crisis in 1997, the Russian default in 1998 and its spillover to Latin America. The Turkish currency and banking crisis in 2001 and the recent difficulties in Argentina indicate that financial crises are still part of the current economic events. In the wake of such developments, there has been a resurgence of interest in early warning systems that can anticipate the likely occurrence of such …

Faktor Yang Mempengaruhi Pasaran Wang Di Malaysia Serta Kesannya Ke Atas Dasar Kewangan, Azlina Abd. Aziz

Student Works (2000-2009)

Penyelidikan ini bertujuan untuk mengkaji foktor-faktor yang mempengaruhi pa.saran wang di Malaysia, khususnya bagi permintaan dan penawaran wang serta kesannya ke atas pelaksanaan dasar kewangan di Malaysia. Agregat kewangan M1, M2 clan M3 sebagai pembolehubah bergantung bagi permintaan dan penawaran wang. Bagi melihat apakah faktor yang mempengaruhi permintaan wang, sebanyak lima pembolehubah bebas digunakan yang terdiri daripada pendapatan benar, kadar diskaun purata Bil Perbendaharaan 3 bulan, kadar inflasi, hasil Bil Perbendaharaan Amerika Syarikat 3 bulan dan jangkaan kadar depresiasi. Bagi pen.awaran wang, antara petunjuk yang digunakan sebagai pembolehubah bebas terdiri daripada pendapatan benar, kadar bunga deposit bermasa 6 bulan di …

"Would Bond Market Be A More Viable Investment Alternative To The Stock Market?", Hock Poon Chew

Student Works (2000-2009)

"Traditionally, investors have viewed bonds as boring investments that do not give good returns and that burdens portfolios," says Dale Bryant, a portfolio manager. "They couldn't be more misled. Sometimes bonds can do better than equities. Adding bonds can reduce portfolio volatility." Bryant's statement forms the crux of this research project. This paper investigates the co-movement of stocks and bonds on a monthly basis from April 1996 to May 2001. Average returns and standard deviations for the bond and stock market are computed and a comparison is performed to establish which market provides a better return and is less volatile. …

A Monetary Analysis Of The Indonesian Economy, Elisabet Siahaan

Student Works (2000-2009)

This study is about monetary economic in Indonesia. There are three main topics on this study. First topic is about development of monetary economic in Indonesia. Second topic is about monetary policy in Indonesia. The third topic is about money supply in Indonesia. The period of this study is 1980-1999. The first topic provides a brief overview of the Indonesian monetary development, covers the three distinct periods of monetary experiences and financial regimes. The main period are pre-reform (pre-1983 ), post-reform (post 1983) and financial crisis(1997-1999). Second topic is about monetary policy in Indonesia. Indonesia's mam economic concern is development. …

Krisis Minsky Dan Kerapuhan Sistem Kewangan Di Indonesia, Irfan Sungkar

Student Works (2000-2009)

Berbagai keterangan dan jawapan telah diberikan oleh para pakar ekonomi dalam menjelaskan mengapa krisis kewangan boleh berlaku, termasuk dalam kes yang terjadi di Indonesia. Akan tetapi, secara amnya jawapan yang diberikan tersebut masih belum meyakinkan dan boleh dipertikaikan. Kertas kerja ini membahas apakah hipotesa dan hujah Minsky berkenaan dengan ketak-stabilan kewangan boleh diterapkan dalam memberikan penjelasan yang menyeluruh mengenai terjadinya krisis kewangan di Indonesia. Hujah Minsky berkenaan dengan terdapatnya suatu anjakan yang secara endogenous menyebabkan sistem kewangan menjadi tak stabil akan dikaji kesesuruannya di Indonesia. Hasil analisa dan dapatan kajian adalah membuktikan bahawa sememangnya telah terjadi suatu anjakan menuju ketak­stabilan …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.

Nipa Profits Vs S&P Earnings, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. NIPA profits vs. S&P earnings; r_corp; Q-values (Unpublished work).
• Petrick, K. A. (2001). Comparing NIPA profits with S&P 500 profits. Survey of Current Business, U.S. Bureau of Economic Analysis.
• Shaikh, A. (2001). Handwritten comments on comparing NIPA profits with S&P 500 profits (Unpublished manuscript).
• Larkins, D., & Morris, R. W. (2001). Note on profitability of domestic nonfinancial corporations, 1960–2000. Survey of Current Business, U.S. Bureau of Economic Analysis.
• Shaikh, A. (2001). Handwritten annotations on profitability of domestic nonfinancial corporations (Unpublished manuscript).

An Analysis Of A Monetary Approach To The Balance Of Payments And Exchange Rates : The Case Of Malaysia 1986-1997, Siti Ayu Jalil

Student Works (2000-2009)

The research paper attempts to investigate the empirical analysis of the monetary approach to the balance of payments and exchange rates in the Malaysian environment. Through assessing the balance of payments and exchange rate position In Malaysia, the objective is to determine whether the monetary phenomenon could be the reason for the 1997 financial crisis that resulted Its government to opt for a fixed exchange rate and capital controls policies in September 1997. The time period of the study was 12 years from 1986 to 1997 and in all cases the annually data was used. The central proposition of the …

Monetary And Financial Sector Policies In The Year 2000 Budget Of The Fgn, M. O. Ojo

Bullion

The paper attempts to review the monetary and financial sector policies of CBN during the 2000 fiscal year. It also discussed the issues and problems of implementation of the policies. The paper observes that the Nigerian economy witnessed some anxious moments during the 1999 fiscal year. Severe Pressures built-up in the economy mainly because of the expansionary fiscal policy of the Federal Government during the first five months of the year. lf price of oil in the international market continue to rise above budget expectations and expenditure does not rise in tandem, finance is likely to constrain achievement of most …

External Sector Performance And The External Sector Policy Measures In The Year 2000 Federal Budget., Mike I. Obadan

Bullion

The paper briefly reviews the performance of the external sector in the first half of year 2000 and then goes on to appraise the external sector policy measures in the federal budget for the year under review. The study reveals that the The Presidential directive on government ministries, departments and agencies to-Patronise home-made goods as first choice is commendable. The paper suggests that if monitoring mechanisms are put in place, it will ensure full compliance. Private sector operators, individuals, should be encouraged to take a cue from government departments. The Year 2000 customs tariff measures largely address the concerns of …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1999, Central Bank Of Nigeria

CBN Annual Report

The Annual Report contains details of Central Bank of Nigeria (CBN) financial activities during the 1999 accounting year in accordance with statutory requirement. During the period under review, the Bank carried out its core functions under CBN Decree No. 24, 1991, and the Banks and Other Financial Institutions (BOFI Decree No. 25, 1991). The CBN also performed developmental and technical assistance roles to contribute to economic development and capacity building. In 1999, the CBN carried out core functions, including issuance of currency notes and coins, maintaining Nigeria's external reserves, and promoting monetary stability. The Bank implemented policies to reduce excess …

Central Bank Of Nigeria Statistical Bulletin, June 1998, Central Bank Of Nigeria

CBN Statistical Bulletin

The explanatory notes outline the methods for compiling financial, public finance, national accounts, and international trade statistics in Nigeria. Financial statistics are compiled from balance sheets and financial statements, covering lending and deposit interest rates, bank liquidity, and clearing house statistics. Public finance statistics include government revenue, expenditure, and debt, as well as debt conversion programs and promissory notes. National accounts are based on the System of National Accounts and include data on GDP, Gross Fixed Capital Formation, consumption expenditure, and Gross National Savings. International trade statistics measure the value and quantity of imports and exports, presented in the Standard …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria

CBN Annual Report

In 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single …

The Economics Of Prefunding Social Security And Medicare Benefits, Martin Feldstein, Andrew Samwick

Dartmouth Scholarship

This paper presents a detailed analysis of the economics of prefunding benefits for the aged, focusing on social security but indicating some of the analogous magnitudes for prefunding Medicare benefits. We use detailed census and social security information to model the transition to a fully funded system based on mandatory contributions to individual accounts. The funded system that we examine would permanently maintain the level of benefits now specified in current law and would require no new government borrowing (other than eventually selling the bonds that are officially in the social security trust fund). During the transition, the combined rate …

The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli

University Avenue Undergraduate Journal of Economics

The purpose of this paper, then, is to evaluate stock prices as a leading indicator of economic activity. Time-series analysis and the notion of "Granger causality" are used in this project to estimate relationships between stock prices and the economy, and to see if they are consistent with theory. In this paper, we will explore the following questions. First, does the stock market lead the real economy, in the sense that variation in its past values explains some of the variation in the real economy? Second, does the stock market "Granger-cause" the real economy, in which case past values of …

The Balanced Budget Amendment: A Time Bomb To Subvert American Prosperity, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper dated Feb. 13, 1995.

Summary of a Report: ’A Time Bomb to Subvert American Prosperity’.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1994, Central Bank Of Nigeria

CBN Annual Report

In 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. …

Is 'Keynesian Policy' Still Viable?, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Six, single-sided pages of hand-written notes on Keynesian critique of capitalism. While according to J Robinson “Marx is a socialist who analyzed capitalism,” and “Marshal is a Capitalist who analyzed Socialist," Minksy writes “Keynes is a capitalist who analyzed capitalism,” and “uncovered flaws in capitalism due to the very nature of capitalism.” Discusses Keynes work in the 1930s and his time spent in Chicago, among other things. Marked in black ink.

A Review And Appraisal Of Nigeria's Experience With Financial Sector Reform, M. O. Ojo

CBN Occasional Papers

The primary aim of the paper Is to highlight the policy reforms In Nigeria's financial sector since 1986, assess the results of the reform programme, and Identify the lessons that can be learned from the policy initiatives. The reform package was introduced in 1986 against the background of prolonged macro-economic distortions and economic deterioration, especially during the first half of the 1980s. Financial sector reforms under the aegis of the Structural Adjustment Programme were designed to induce more domestic savings and reduce the distortions in investment decisions. To this end, measures were introduced between 1986 and 1992 (the period covered …

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 …

Central Bank Of Nigeria Statistical Bulletin, June 1992, Central Bank Of Nigeria

CBN Statistical Bulletin

This volume data on various aspects of Nigeria's economy, including debt and banking sub-sector, central banking, financial markets, non-bank financial institutions, system clearinghouse activities, merchant and commercial banking, and public finance statistics for the year 1999. The data on financial institutions is based on the consolidation of commercial and merchant banks' first and second schedule statutory returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, aggregate and sectoral distribution of credits, and the structure of licensed banks loans and advances. The data on financial markets is based on the consolidation …

Reconstituting The Financial Structure: The United States, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This is a paper originally prepared for a Conference on "‘Issues on Banking Structure and Competition in a Changing World,"held at the Hotel Ramada Renaissance, Antalya Turkey, Sept. 18-20, 1991.

The main download here is the revision dated 13 May 1992.

Also included here are:

The paper with handwritten notes;

A Preliminary version of the paper;

A handwritten copy;

Comments on the paper prepared by Deniz Gökçe;

A schedule for the Conference;

A second copy of the May revision that was on a separate computer disk in Minsky's papers.

Prices In A Capital Using Capitalist Economy Ii, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Prices In A Financially Sophisticated Capital-Using Capitalist Economy, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Four versions of this paper were found together in MInsky's files. The main upload has no date. The supplemental upload is dated 12 May 1992. There are differences between these, particularly in the early pages. There are editorial marks on the main upload that do not seem to have ever been incorporated in a final file. One of the other files, virtually identical to the main upload, was dated March of 1992.

Inflation Money Credit And Inflation, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Earley, J. S., Parsons, R. J., & Thompson, F. A. (1976). Money, credit, and expenditure: A sources and uses of funds approach (The Bulletin 1976-3). New York University Graduate School of Business Administration, Center for the Study of Financial Institutions.
• Gowland, D. (1991). Money, inflation and unemployment (2nd ed.). Harvester Wheatsheaf.
• Saad-Filho, A. (n.d.). Credit money and inflation: A theoretical appraisal [Unpublished manuscript]. Department of Economics.
• Shaikh, A. (n.d.). Handwritten notes on money, credit, and expenditure [Unpublished manuscript]. Department of Economics, The New School for Social Research.
• Shaikh, A. (n.d.). Handwritten notes on money, inflation and unemployment …

Fragility And Resiliance Of The International Financial Structure: Some General Conditions And Their Applicability To Current Conditions, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Remarks prepared for a round table sponsored by the American Economic Association and the International Trade and Finance Association, Saturday, December 29, 1990.

Central Bank Of Nigeria Statistical Bulletin, December 1990, Central Bank Of Nigeria

CBN Statistical Bulletin

The Central Bank of Nigeria (CBN) is recognized for its role in collecting, collating, analyzing, and disseminating data on the Nigerian economy. It has made available as much information as possible through its regular publications such as the Monthly, Half-Year, and Annual Reports, as well as the Economic and Financial Review and the Intermediate Economic and Financial Indicators. However, the bulk of the statistics published in these documents have focused mainly on the current and irregular reporting periods. This has led to a gap in the availability of relevant statistics in the country. The first issue of the CBN Strategic …