Finance Commons^™

"If You Build It, They Will Come": The Positive Economic Impacts Of Nfl Stadiums In Their Surrounding Cities, Mary C. Ewen

Honors Theses

As with most sports, the incredible emotion that comes with dedicated fans radiates throughout the cities in which these teams reside. The positive economic impact that NFL stadiums have on their surrounding cities is the driving factor behind the creation of these sports power houses. NFL franchises increase tourism, and create an economic stimulus within the community that makes hosting an NFL franchise within a city extremely appealing. Studies show that there may be an incentive to creating these colossal entities. However, these outcomes are not always considered to be because of direct influences the stadiums exude, and in some …

Professional Sports Teams And Their Local Economic Impact, A. J. Kuznitz

Honors Theses

There has been debate about whether or not professional sports teams impact their local economies. Research shows local economic growth has been generated from the presence of a professional sports team in multiple ways: the creation of new jobs, increased consumer spending, increased sales in certain market segments, and increased tax revenue. Other beneficial impacts caused by sport franchises are increased tourism from hosting large nationwide events such as a Super Bowl or World Series, and game's media coverage provides free marketing/advertising for home cities. Teams also impact the lives of their fans and cities in non-measurable, qualitative ways, such …

Solidarity Economy And Alternative Currency In Latin America = 中美洲互助經濟與另類貨幣, Maria Eugenia Santana

South South Forum 南南論壇

From the very beginning of the millennium the call of the World Social Forum has gathered each year thousands of social organizations and movements of all kinds imaginable under the motto “Another world is possible!”. This way tens of thousands civil organizations gather in search of alternatives to the current world, to the current system, to the current way of life.

This need of Another World –better yet: of Other Worlds- is the certainty of the depletion of the hegemonic neoliberal system: if more than half of the world population is suffering of hunger and sickness this is due to …

Institutionalization, Investment Adviser Regulation, And The Hedge Fund Problem, Anita Krug

All Faculty Scholarship

This Article contends that more effective regulation of investment advisers could be achieved by recognizing that the growth of hedge funds, private equity funds, and other private funds in recent decades is a manifestation of institutionalization in the investment advisory context. That is, investment advisers today commonly advise these “institutions,” which have supplanted other, smaller investors as advisory clients. However, the federal securities statute governing investment advisers, the Investment Advisers Act of 1940, does not address the role of private funds as institutions that now intermediate those smaller investors’ relationships to investment advisers. Consistent with that failure, investment adviser regulation …

Foreign Private Investment And Economic Growth In Nigeria: A Cointegrated Var And Granger Causality Analysis, F. Z. Abdullahi, S. Ladan, Haruna R. Bakari

CBN Journal of Applied Statistics (JAS)

This research uses a cointegration VAR model to study the contemporaneous long-run dynamics of the impact of Foreign Private Investment (FPI), Interest Rate (INR) and Inflation rate (IFR) on Growth Domestic Products (GDP) in Nigeria for the period January 1970 to December 2009. The Unit Root Test suggests that all the variables are integrated of order 1. The VAR model was appropriately identified using AIC information criteria and the VECM model has exactly one cointegration relation. The study further investigates the causal relationship using the Granger causality analysis of VECM which indicates a uni-directional causality relationship between GDP and FDI …

Exchange Rate Volatility In Nigeria: Consistency, Persistency & Severity Analyses, Babatunde Adeoye, Akinwande A. Atanda

CBN Journal of Applied Statistics (JAS)

The adoption of the International Monetary Fund (IMF) Structural Adjustment Programme (SAP) in 1986 resulted in the transition from fixed exchange rate regime to floating exchange rate regime in Nigeria. Ever since, the exchange rate of naira vis-à-vis the U.S dollar has attained varying rates all through different time horizons. On this basis, this study examines the consistency, persistency, and severity (degree) of volatility in exchange rate of Nigerian currency (naira) vis-a-vis the United State dollar using monthly time series data from 1986 to 2008. The standard Purchasing Power Parity (PPP) model was used to analyze the long-run consistency of …

Special Remarks By Sarah O. Alade, Ph.D (Mrs), Sarah O. Alade

Economic and Financial Review

Special remarks made by the Deputy Governor, (Economic Policy), Central Bank of Nigeria at the Executive seminar on "Financial Sector Development, Economic Growth and the Nigerian Economy" for CBN executive staff on May 7-10, 2012.

Financial Sector Development And Economic Growth: A Theoretical Exposition, Peter N. Umoh

Economic and Financial Review

The various literature and studies reviewed in this exposition have underscored the positive impacts of a developed financial sector on an economy. Whilst a few studies showed that finance follows growth, the majority opinion is that finance leads growth. Unfortunately, growth has not led to economic development in many developing economies, necessitating intervention by such bodies as the United Nations, International Labour Organization and United Nations Development Programme. Economists are equally concerned about this development and have, therefore, conducted studies to show the relationship between economic growth and poverty alleviation. They generally agreed that growth is good for poverty reduction.

Financing The Real Sector For Sustainable Economic Growth In Nigeria: Performance, Challenges And Prospects, O. B. Obembe

Economic and Financial Review

This paper examines some of the challenges constraining the financial sector in stimulating sustainable growth in Nigeria. It observes that for a successful real sector financing in Nigeria, a culture of accountability and transparency in the conduct of our national affairs must be taken seriously. The quality of governance must also be improved, to ensure that the legal framework for economic activities is well strengthened, such that the protection of creditors‘ rights may not be jeopardised.

Policy Choices And Challenges In Expanding Access To Finance For Growth In Rural Nigeria, Anthony E. Akinlo

Economic and Financial Review

Access to finance, in general, is fundamental to growth and development. A well-functioning financial market assists in channeling funds to their most productive uses, and allocates risks to those who can best bear it. An efficient financial sector that responds to the needs of the private sector increases investment, enhances economic growth, creates job opportunities and improves income distribution.

The Millenium Development Goals: What Roles For The Financial Sector In Nigeria, Jonathan A. Aremu

Economic and Financial Review

The purpose of this paper, therefore, is to redefine the role of the Nigerian financial sector towards meeting the MDGs by 2015. The paper is, thus, structured into four parts. Part I, briefly analyses the targets of the MDGs and the situation in Nigeria. In part II, an attempt is made to examine the various areas where the financial sector can offer helping hands in the implementation of the MDGs targets in Nigerian economy. While Part III examines the reasons why financial services in Nigeria are not within the reach of the MDGs target group (the poor), Part IV addresses …

Finance For Growth And Policy Options For Emerging And Developing Economies: Nigeria, Wumi Olayiwola, Henry Okoduwa, Evans Osabuohien

Economic and Financial Review

This paper attempts to address the issues of the major impediments to mobilising investment funds, and the appropriate policies for achieving and guaranteeing finance for growth, by assessing the performance of financial policies of selected EMEs in mobilising financial resources for economic growth, and identifying policy options necessary for achieving finance for growth. The rest of the paper is organised as follows. Section 2 discusses the basic characteristics of emerging economies (EMEs), and Section 3 positions Nigeria among the EMEs within the context of finance for growth. Section 4 deals with challenges and constraints of Nigeria in achieving finance for …

Good Governance, Transparency And Regulatory Issues In Financial Sector Development And Stability, Bolaji Owasanoye

Economic and Financial Review

This paper dwells on good governance, transparency and regulatory issues in financial sector development and stability. It starts off by defining the concepts of good governance and transparency. It goes further to discuss the financial services sector as well as regulation and development. It also discusses the relationship between transparency and accountability and further highlights the regulatory powers of the CBN relative to a developing economy.

Contributions Of Financial Sector Reforms And Credit Supply To Nigerian Agricultural Sector (1978-2009), Anthony O. Onoja, M. E. Onu, S. Ajodo-Ohiemi

CBN Journal of Applied Statistics (JAS)

This study analyzed the trends and pattern of institutional credit supply to agriculture during pre- and post-financial reforms along with their determinants. It then compared the effects of reform policies on access to institutional credits in Nigerian agricultural sector before and after the reforms (1978 - 1985; and 1986 -2009). Relying mainly on time series data from CBN and NBS, it used ordinary least squares method (linear, semi-log and double log) to model the determinants of banking sector lending to the agricultural sector during the review period. The models were subjected to several econometric tests before accepting one. Chow test …

Determinants Of Foreign Reserves In Nigeria: An Autoregressive Distributed Lag Approach, David Irefin, Baba N. Yaaba

CBN Journal of Applied Statistics (JAS)

On global scale, central banks’ holdings of foreign reserves have escalated sharply in recent years. World international reserves holdings have risen significantly from US$1.2 trillion in 1995 to nearly US$10.0 trillion in June 2011. Dominant among these reserves are concentrated in the hands of few countries. Ten major holders of foreign reserves are mostly from Asia. Oil exporting countries in Africa and the Middle East are not left out in this trend. Nigeria’s foreign reserves rose from US$5.5 billion in 1999 to US$62.40 billion in July 2008, making Nigeria the twenty-fourth largest reserves holder in the world. This pace of …

Effects Of Exchange Rate Movements On Economic Growth In Nigeria, Eme O. Akpan, Johnson A. Atan

CBN Journal of Applied Statistics (JAS)

This study investigates the effect of exchange rate movements on real output growth in Nigeria. Based on quarterly series for the period 1986 to 2010, the paper examines the possible direct and indirect relationship between exchange rates and GDP growth. The relationship is derived in two ways using a simultaneous equations model within a fully specified (but small) macroeconomic model. A Generalised Method of Moments (GMM) technique was explored. The estimation results suggest that there is no evidence of a strong direct relationship between changes in exchange rate and output growth. Rather, Nigeria’s economic growth has been directly affected by …

Banking Sector Credit And Economic Growth In Nigeria: An Empirical Investigation, Aniekan O. Akpansung, Sikiru J. Babalola

CBN Journal of Applied Statistics (JAS)

The paper examines the relationship between banking sector credit and economic growth in Nigeria over the period 1970-2008. The causal links between the pairs of variables of interest were established using Granger causality test while a Two-Stage Least Squares (TSLS) estimation technique was used for the regression models. The results of Granger causality test show evidence of unidirectional causal relationship from GDP to private sector credit (PSC) and from industrial production index (IND) to GDP. Estimated regression models indicate that private sector credit impacts positively on economic growth over the period of coverage in this study. However, lending (interest) rate …

Neither The Washington Nor Beijing Consensus: Developmental Models To Fit African Realities And Cultures, Sanusi L. Sanusi

CBN Journal of Applied Statistics (JAS)

No abstract provided.

Banking Reform And Its Impact On The Nigerian Economy, Sanusi L. Sanusi

CBN Journal of Applied Statistics (JAS)

No abstract provided.

Rationale For Financial System Regulation And Supervision: A Global Perspective, Victor Ekpu

Bullion

The paper examines the enormous role of financial institutions, especially banks to the efficient functioning of the economy. The shortcomings of regulation and supervision, notwithstanding, one can argue that because of the special role that financial institutions play in the economy and the economic and social costs to society of their eventual failure, it is obvious that leaving the forces of demand and supply to bear will have adverse implications on the economy and the living standards of the nation's citizens. lt is on this note that i expound on the various reasons for financial system regulation in section 2. …