Finance Commons^™

Economic Empowerment Through Income Generating Activities And Social Mobilization: The Case Of Married Amhara Women Of Wadla Woreda, North Wollo Zone, Ethiopia, Belete Deribie Woldegies

Antioch University Dissertations & Theses

Wadla Woreda is located in North Wollo Zone, Amhara Regional State, Ethiopia. The woreda is predominantly agrarian and the population produces mainly subsistence food crops with small amounts of cash crops. Access to basic social and economic services such as health, education, and employment for rural communities is limited due to poor development of rural infrastructure. Wadla is one of the food insecure woredas in the region. As a result some of the people are internally displaced and a portion of the population is included in safety-net programs. The Wadla Woreda is prone to famine due to severe droughts, soil …

Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups, Brian J. Farnkoff

Journal of Contemporary Health Law & Policy (1985-2015)

No abstract provided.

Short-Term Inflation Forecasting Models For Nigeria, Sani I. Doguwa, Sarah O. Alade

CBN Journal of Applied Statistics (JAS)

Short-term inflation forecasting is an essential component of the monetary policy projections at the Central Bank of Nigeria. This paper proposes four short-term headline inflation forecasting models using the SARIMA and SARIMAX processes and compares their performance using the pseudo-out-of-sample forecasting procedure over July 2011 to September 2013. According to the results the best forecasting performance is demonstrated by the model based on the all items CPI estimated using the SARIMAX model. This model is, therefore, recommended for use in short-term forecasting of headline inflation in Nigeria. The forecasting performance up to eight months ahead, of the models based on …

Influence Of Corruption, Foreign Direct Investment And Net Domestic Credit On Economic Growth, Meng Mi

Applied Economics Theses

In Asia, it is not clear whether governments can attract increased FDI by reducing corruption, or whether corruption is irrelevant to levels of GDP growth, especially if the mechanism of net domestic credit can be used to stimulate economic growth even in the absence of high levels of FDI. The purpose of this study is to examine the potentially distinct effects of both FDI and net domestic credit on economic growth, as well as the relationship between corruption and economic growth. This relationship is studied using ex post facto data from a sample of Asian countries from the years 1980-2012. …

The Financial Determinants Of College Football, Mitchell Adams

HIM 1990-2015

There is a certain tradition, pageantry, rivalry, and glory in college football. It is well known that college football can be a big time money maker and sometimes covers the costs of other athletic teams within a school. However, it is also recognized that many college football programs lose money or struggle to break even. Thus, there is tremendous variability that exists in the amount of resources a school may have and the outcomes in athletic success, while there is not always a one to one correspondence between the two. The purpose of this study is to examine and analyze …

Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule

Economic and Financial Review

This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.

An Efficient Two Sample Capture-Recapture Model With High Recaptures, Danjuma Jibasen, Yusuf J. Adams

CBN Journal of Applied Statistics (JAS)

This paper proposed an efficient two sample capture-recapture model (Ma) with high recaptures and compared it with the existing models like the model of no factor effect (Mo), behavioral response model (Mb) and the Petersen model (Ms), using simulated data. We found that the Petersen model provides a better estimate of the population size when the observations follow a hypergeometric distribution and the population is overestimated when recapture is high. It was also found that the proposed model provides a better estimator of the population size than the existing ones when the recapture is high. This model is particularly useful …

Causal Relationship Between Stock Market Index And Exchange Rate: Evidence From Nigeria, Abdulrasheed Zubair

CBN Journal of Applied Statistics (JAS)

This paper uses Johansen’s cointegration to test for the possibility of cointegration and Granger-causality to estimate the causal relationship between stock market index and monetary indicators (exchange rate and M2) before and during the global financial crisis for Nigeria, using monthly data for the period 2001–2011. Results suggest absence of long-run relationship before and during the crisis. The Granger-causality tests show a uni-directional causality running from M2 to ASI before the crisis while during the period of the crisis there is absence of causality between the variables. This suggests that ASI show responsiveness to M2. Thus, absence of the direct …

Investigating Chaos In The Nigerian Asset And Resource Management (Arm) Discovery Fund, Ibiyinka A. Fuwape, Samuel T. Ogunjo

CBN Journal of Applied Statistics (JAS)

This paper investigates chaos in a Nigerian mutual fund, Asset and Resource Management Company Limited (ARM) for a period of eleven years. The existence of chaotic signals in the data was identified by the reconstruction of the phase space of the daily closing price of the fund and the delay time was quantified using mutual information function and the embedding dimension by the false nearest neighbours, where the values were identified to be 15 and 20 respectively. The presence of chaotic signals in the ARM data was further confirmed by the correlation dimension method which yielded a dimension of 2.2 …

Modeling The Nigerian Inflation Rates Using Periodogram And Fourier Series Analysis, Chukwuemeka O. Omekara,, Emmanuel J. Ekpenyong, Micheal P. Ekerete

CBN Journal of Applied Statistics (JAS)

This work considers the application of Periodogram and Fourier Series Analysis to model all-items monthly inflation rates in Nigeria from 2003 to 2011. The main objectives are to identify inflation cycles, fit a suitable model to the data and make forecasts of future values. To achieve these objectives, monthly all-items inflation rates for the period were obtained from the Central Bank of Nigeria (CBN) website. Periodogram and Fourier series methods of analysis are used to analyze the data. Based on the analysis, it was found that inflation cycle within the period was fifty one (51) months, which coincides with the …

Nigerian Stock Index: A Search For Optimal Garch Model Using High Frequency Data, Olaoluwa Simon Yaya

CBN Journal of Applied Statistics (JAS)

This paper attempts to fit the best Generalized Autoregressive Conditional Heteroscedastic (GARCH) model for All Share Index (ASI) of Nigerian Stock Exchange (NSE) returns. A search is made on various GARCH variants specified on the assumptions of stationarity and asymmetry. Fractionally integrated types are also considered to capture the possibility of return series having property of long range dependency. The parameter estimations are carried out on the assumptions of normality and non-normality of GARCH innovations, with models and forecasts evaluated using information criteria and loss functions respectively. Under normality assumption, Hyperbolic GARCH (HYGARCH(1,d,1)) model is selected and Integrated GARCH (IGARCH(1,1)) …

Time Series Modeling Of Nigeria External Reserves, Iheanyichukwu S. Iwueze, Eleazar C. Nwogu, Valentine U. Nlebedim

CBN Journal of Applied Statistics (JAS)

This paper discusses the levels and trend of external reserves in Nigeria. The relevance of this lies in the fact that it could help to monitor the reserves and throw early warning signal about any economic crisis. Monthly data on Nigeria external reserves for the period January 1999 to December, 2008 derived from the 2008 CBN Statistical Bulletin was analyzed using ARIMA model. Results of the analyses show that (i) the data requires logarithmic transformation to stabilize the variance and make the distribution normal (ii) the appropriate model that best describes the pattern in the transformed data is the Autoregressive- …

A Markov Decision Process Approach To Optimal Control Of A Multi-Level Hierarchical Manpower System, Akaninyene U. Udom

CBN Journal of Applied Statistics (JAS)

A recurrent problem in manpower control is how to attain the desired structural configuration in an optimal way, since it is possible to reach a desired structural configuration using different control inputs. The major aim of this paper is to develop a Markov Decision Process for optimal control of a Multi-level Hierarchical Manpower System (MHMS) by promotion and interdepartmental transfers. This is examined under control by intervention and contraction cost Markov Decision Process.

Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

The keynote address of the Governor, Central Bank of Nigeria at the CBN Executive seminar with the theme Global Capital Flows, Financial Markets and Macroeconomic Stability at Golden Tulip Hotel, Festac Town, Lagos, December 2-5, 2013.

Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie

Economic and Financial Review

The paper discusses the concept of policy space and the factors influencing policy space in developing economies. It also discusses changing attitudes towards capital controls by researchers and agencies with emphasis on the International Monetary Fund (IMF).

Minimum Investment Requirement, Financial Integration And Economic (In)Stability: A Refinement To Matsuyama (2004), Haiping Zhang

Research Collection School Of Economics

This note proposes a simple, more precise, necessary condition for symmetry breaking in Matsuyama (Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations, Econometrica, 2004 ), i.e., the positive interest rate response to income changes, which essentially arises from the assumptions of financial frictions and minimum investment size requirement of individual projects. This condition also holds under the more general settings. Thus, this note o ers an empirically testable hypothesis, i.e., Matsuyama's symmetry breaking is more likely, if the interest rate response to income changes is positive and sufficiently large.

Agco Corporation Valuation, Sean Michael Miller

Undergraduate Honors Capstone Projects

This paper will discuss the excellent growth potential that AGCO Corporation faces and the reason that this company's stock is rated as a hold position. AGCO has seen tremendous progress and is in an industry that shows that a growing world population will continue to need food and more efficient ways to create food. However, based on sensitivities of assumptions in the models presented herein and on a current share price that is already close to my assumed fair value I do not issue a buy recommendation.

A Study Of Household Finance In China, Zhen Huang

Lingnan Theses

The emerging field of household finance, which studies the welfare benefits of financial markets for households and how effectively households use this market, is of significant importance for both academics and policy makers. However, studies in this new field remain scarce. Using data from a national representative survey that is unique for its combination of abundant household characteristics and heterogeneous individual preferences, attitudes and believes, and for its inclusion of investment behaviour and performances, this thesis pioneers a positive household finance study in developing countries by systematically investigating Chinese householders’ investments in the stock market. Moreover, this is the first …

Strengths And Limitations Of The Design Of Helen Keller International’S Childsight® Program Based On Lessons Learned Through The Implementation In Vietnam, 2011-2013, Bradley J. Owen

Capstone Collection

The ophthalmology sector in Vietnam currently faces many challenges. The Asia- Pacific Region, including Vietnam, is reported to have the most cases of uncorrected refractive error in the world at approximately 62 million people. A 2009 study implemented by the World Health Organization also concluded that the Western Pacific region, including Southeast Asia, has 3.98% of the population suffering from uncorrected refractive error, with an estimated cost to the region’s GDP of 111 billion dollars, or .86% of regional GDP (Smith, et al. 2009). In Vietnam alone it is estimated that one in five children suffer from some form of …

Islamic Finance For Asia: Development, Prospects And Inclusive Growth, Ishrat Husain Dr.

Faculty Research - Book Chapters and Conference Papers

The global financial crisis of 2008/09 has triggered a lot of soul searching, new thinking and revisionist analysis in search of an alternative paradigm under which the positive aspects of the international financial system can be preserved and promoted while the destabilizing and negative dimensions are averted, or at least their adverse impact is minimized .

It is in this larger context that I wish to explore the possibility of advancing Islamic finance as a possible alternative means of financial intermediation and a reliable instrument of promoting inclusive growth and reducing income inequalities in Asia and the world.