Pub Date : 2023-01-01DOI: 10.1504/ijepee.2023.128386
Onyinye I. Anthony Orji, Anthony Orji, Jonathan E. Ogbuabor, Lucy C. Uka
One of the core macroeconomic goals in every economy is the pursuit of growth which relies on an economy's ability to accelerate the accumulation rates of financial, human and physical capital, and effectively enable the access of the entire population to these assets. This study therefore, analysed the impact of financial development and financial inclusion on economic growth in Nigeria from 1981-2019. Adopting the classical linear regression modelling technique, the results showed that financial development and financial inclusion have significant positive impact on economic growth in Nigeria. The study therefore recommended that government should make policies that would enable financial intermediaries mobilise funds more efficiently and also make these funds accessible and affordable to individuals (even at the lowest segments of the society), businesses, as well as other productive sectors of the economy. This is how financial development and financial inclusion will continue to enhance growth in Nigeria.
{"title":"Money matters a lot: empirical analysis of financial development, financial inclusion and economic growth in Nigeria","authors":"Onyinye I. Anthony Orji, Anthony Orji, Jonathan E. Ogbuabor, Lucy C. Uka","doi":"10.1504/ijepee.2023.128386","DOIUrl":"https://doi.org/10.1504/ijepee.2023.128386","url":null,"abstract":"One of the core macroeconomic goals in every economy is the pursuit of growth which relies on an economy's ability to accelerate the accumulation rates of financial, human and physical capital, and effectively enable the access of the entire population to these assets. This study therefore, analysed the impact of financial development and financial inclusion on economic growth in Nigeria from 1981-2019. Adopting the classical linear regression modelling technique, the results showed that financial development and financial inclusion have significant positive impact on economic growth in Nigeria. The study therefore recommended that government should make policies that would enable financial intermediaries mobilise funds more efficiently and also make these funds accessible and affordable to individuals (even at the lowest segments of the society), businesses, as well as other productive sectors of the economy. This is how financial development and financial inclusion will continue to enhance growth in Nigeria.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136258717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.1504/ijepee.2023.134807
Dhina Mustika Sari, Lilik Purwanti
{"title":"Integrated perspective of corporate social responsibility on ASEAN Capital Market Forum members corporate governance code","authors":"Dhina Mustika Sari, Lilik Purwanti","doi":"10.1504/ijepee.2023.134807","DOIUrl":"https://doi.org/10.1504/ijepee.2023.134807","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135704647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.1504/ijepee.2023.134795
Ade Imam Muslim, Doddy Setiawan
Our study aims to investigate the effect of accounting conservatism on the cost of equity capital. We also extended our tests to see to what extent information asymmetry influencing these two variables. To test our proposed hypothesis, we used a sample of 200 companies listed on the Indonesia Stock Exchange for the 2016-2018 period and 600 firm year observations. With the moderate regression analysis (MRA) method and panel data regression, we provide evidence that information asymmetry is related to accounting conservatism and cost of equity capital, as well as having a role in influencing accounting conservatism and cost of equity capital. We also found that accounting conservatism could reduce the cost of equity capital. Our study is expected to make a contribution to academics, investors, managers, and regulators. Furthermore, this study is expected to fill the debate of financial accounting practices in developing countries.
{"title":"The effect of accounting conservatism on the cost of equity capital: evidence from Indonesia","authors":"Ade Imam Muslim, Doddy Setiawan","doi":"10.1504/ijepee.2023.134795","DOIUrl":"https://doi.org/10.1504/ijepee.2023.134795","url":null,"abstract":"Our study aims to investigate the effect of accounting conservatism on the cost of equity capital. We also extended our tests to see to what extent information asymmetry influencing these two variables. To test our proposed hypothesis, we used a sample of 200 companies listed on the Indonesia Stock Exchange for the 2016-2018 period and 600 firm year observations. With the moderate regression analysis (MRA) method and panel data regression, we provide evidence that information asymmetry is related to accounting conservatism and cost of equity capital, as well as having a role in influencing accounting conservatism and cost of equity capital. We also found that accounting conservatism could reduce the cost of equity capital. Our study is expected to make a contribution to academics, investors, managers, and regulators. Furthermore, this study is expected to fill the debate of financial accounting practices in developing countries.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135704654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Adewale Segun Amos, Moses Ekperiware Ekperiware, John A. Oyetade, Adeyinka Adewusi
Purpose: This study investigated the effect of budget finance on Nigeria’s economic growth using annual data from 1991 to 2021 and the Autoregressive Distributed Lag technique. Methodology: The E-Views 10 statistical software was employed to carry out multiple Autoregressive Distributed Lag (ARDL) approach to co-integration proposed by Pesaran et al. (2001) to empirically analyses the long- and short-run effect of budget finance on economic growth in Nigeria 1991 to 2021. Results: The results of the study showed that government capital expenditures during the period had negative and non – significant effects on Nigeria’s real gross domestic product but recurrent expenditure and debt shows that there is positive and significant relationship with Nigeria’s real gross domestic product. The results suggested that there should be proper monitoring in the capital expenditure project in order to contribute positively to the economic growth in Nigeria. Unique Contribution to Theory, Policy and Practices: The study recommends that government should improve in their capital expenditure for increase in the growth of the economics. In addition, the government should ensure adequate capital and recurrent expenditure implementation in the country, particularly in construction of roads and buildings, and efficient capital budget implementation in the country. Moreover, is it advisable for government to reduce the level of borrowings because if continues it will lead to debts of the country.
{"title":"Effect of Budget Finance on Economic Growth in Nigeria","authors":"Adewale Segun Amos, Moses Ekperiware Ekperiware, John A. Oyetade, Adeyinka Adewusi","doi":"10.47941/ijecop.1020","DOIUrl":"https://doi.org/10.47941/ijecop.1020","url":null,"abstract":"Purpose: This study investigated the effect of budget finance on Nigeria’s economic growth using annual data from 1991 to 2021 and the Autoregressive Distributed Lag technique. \u0000Methodology: The E-Views 10 statistical software was employed to carry out multiple Autoregressive Distributed Lag (ARDL) approach to co-integration proposed by Pesaran et al. (2001) to empirically analyses the long- and short-run effect of budget finance on economic growth in Nigeria 1991 to 2021. \u0000Results: The results of the study showed that government capital expenditures during the period had negative and non – significant effects on Nigeria’s real gross domestic product but recurrent expenditure and debt shows that there is positive and significant relationship with Nigeria’s real gross domestic product. The results suggested that there should be proper monitoring in the capital expenditure project in order to contribute positively to the economic growth in Nigeria. \u0000Unique Contribution to Theory, Policy and Practices: The study recommends that government should improve in their capital expenditure for increase in the growth of the economics. In addition, the government should ensure adequate capital and recurrent expenditure implementation in the country, particularly in construction of roads and buildings, and efficient capital budget implementation in the country. Moreover, is it advisable for government to reduce the level of borrowings because if continues it will lead to debts of the country.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79611127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: Insurance provides protection against financial aspects of a premature death, injury, and loss of property, loss of earning power, legal liability or other unexpected expenses. However, the industry’s contribution to the economy goes much further. One could point to the millions of people employed in insurance and related activities, to the billions of income taxes and premium taxes paid and to extensive charitable works. But, significant as they are, insurers also need protection against risk. That is why reinsurance has developed in last two centuries. The importance of reinsurance is reflected in the costs insurers are willing to pay to acquire reinsurance protection and the fact that without adequate protection the insurance companies might not be licensed to do business. The purpose of this work is to enhance the reader’s understanding on the various contribution of reinsurance business to the economy. Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using search engines such as Google Scholar, Google Books, Semantic Scholar, Science.gov and Research Gate. The studies included in the study were note that were less than ten years old. Findings: From the findings, researchers have shown that without the guarantee of reinsurance, most businesses could not operate as they do today, and construction projects could not go forward. Recommendations: This study recommended that insurance firms should seek for re-insurance as it provides for protection against the potential large accumulations of individual losses that can result from catastrophic events. Insurance firms should also seek for reinsurance as an effort to restrict the loss to their balance sheets, and in that sense, helps them to stay solvent. Other firms should also be insured in firms that have undertaken reinsurance in order to add stability to the firms by evening out the results of the insurance companies as they continue to absorb the impact of large losses which would have led to very damaging results to the individual insurance companies. Moreover, insurance firms should consider regional reinsurance so that in case of a national catastrophe, the foreign firms can be in a position to compensate.
{"title":"CONTRIBUTION OF REINSURANCE BUSINESS TO THE ECONOMY","authors":"Ben Kajwang","doi":"10.47941/ijecop.963","DOIUrl":"https://doi.org/10.47941/ijecop.963","url":null,"abstract":"Purpose: Insurance provides protection against financial aspects of a premature death, injury, and loss of property, loss of earning power, legal liability or other unexpected expenses. However, the industry’s contribution to the economy goes much further. One could point to the millions of people employed in insurance and related activities, to the billions of income taxes and premium taxes paid and to extensive charitable works. But, significant as they are, insurers also need protection against risk. That is why reinsurance has developed in last two centuries. The importance of reinsurance is reflected in the costs insurers are willing to pay to acquire reinsurance protection and the fact that without adequate protection the insurance companies might not be licensed to do business. The purpose of this work is to enhance the reader’s understanding on the various contribution of reinsurance business to the economy. \u0000Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using search engines such as Google Scholar, Google Books, Semantic Scholar, Science.gov and Research Gate. The studies included in the study were note that were less than ten years old. \u0000Findings: From the findings, researchers have shown that without the guarantee of reinsurance, most businesses could not operate as they do today, and construction projects could not go forward. \u0000Recommendations: This study recommended that insurance firms should seek for re-insurance as it provides for protection against the potential large accumulations of individual losses that can result from catastrophic events. Insurance firms should also seek for reinsurance as an effort to restrict the loss to their balance sheets, and in that sense, helps them to stay solvent. Other firms should also be insured in firms that have undertaken reinsurance in order to add stability to the firms by evening out the results of the insurance companies as they continue to absorb the impact of large losses which would have led to very damaging results to the individual insurance companies. Moreover, insurance firms should consider regional reinsurance so that in case of a national catastrophe, the foreign firms can be in a position to compensate.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89072963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: The agricultural sector provides a formidable basis for the Nigeria’s economic diversification. To achieve this in the short-run, to start with, the use of appropriate monetary policy instruments is indispensable. Hence, this study examined the short-run causality between monetary policy and agricultural sector performance. Methodology: Time series data for the study were obtained from the Central Bank of Nigeria between 1981 and 2020. The monetary policy instruments in the model were money supply (MS), monetary rediscount rate (MR), exchange rate (ER), prime lending rate (PR) and agricultural sector implicit price deflator (ASI) while agricultural sector performance was proxied by the gross domestic product for the sector. After first differencing, the Augmented Dickey-Fuller test confirmed the stationarity of the variables. Optimal lag selection-order recommended four lags. The vector autoregressive model, pairwise Granger causality test and Wald coefficient test were used to show the robustness and validation of the causality test. Findings: The result shows that the t-statistics of LnMS (2.70), LnMR (3.00), LnER (2.05) and LnPR (3.53) were statistically significant (p<0.05), suggesting bidirectional relationship between monetary policy and agricultural sector performance. There was a unidirectional causality running from LnASI to LnASG. It was concluded that monetary policy Granger-caused agricultural sector performance in the short-run. Unique contribution to theory, policy and practice: The study recommended that monetary authorities should note that that changes to MS, MR, ER, PR and ASI would affect ASG and vice versa in the short-run as well as the overall macroeconomic growth; and policy decisions that are aimed at altering ASG would affect MS, MR, ER, PR.
目的:农业部门为尼日利亚的经济多样化提供了坚实的基础。要在短期内实现这一目标，首先，使用适当的货币政策工具是必不可少的。因此，本研究考察了货币政策与农业部门绩效之间的短期因果关系。方法:研究的时间序列数据来自尼日利亚中央银行1981年至2020年的数据。模型中的货币政策工具是货币供应量(MS)、货币再贴现率(MR)、汇率(ER)、优惠贷款利率(PR)和农业部门隐性价格平减指数(ASI)，而农业部门的表现由该部门的国内生产总值(gdp)代表。第一次差分后，增广Dickey-Fuller检验证实了变量的平稳性。最优滞后选择-推荐4个滞后。采用向量自回归模型、两两格兰杰因果检验和Wald系数检验来检验因果检验的稳健性和有效性。结果表明，货币政策与农业部门绩效之间存在着双向关系，其中LnMS(2.70)、LnMR(3.00)、LnER(2.05)和LnPR(3.53)的t统计量均具有统计学意义(p<0.05)。从LnASI到LnASG之间存在单向因果关系。结论是货币政策在短期内影响农业部门绩效。对理论、政策和实践的独特贡献:研究建议货币当局应注意到，MS、MR、ER、PR和ASI的变化将在短期内影响ASG，反之亦然，以及整体宏观经济增长;旨在改变ASG的政策决定会影响MS, MR, ER, PR。
{"title":"MONETARY POLICY AND AGRICULTURAL SECTOR PERFORMANCE IN NIGERIA: A GRANGER CAUSALITY APPROACH","authors":"C. Ogbanje, Charles Pius Okpe","doi":"10.47941/ijecop.937","DOIUrl":"https://doi.org/10.47941/ijecop.937","url":null,"abstract":"Purpose: The agricultural sector provides a formidable basis for the Nigeria’s economic diversification. To achieve this in the short-run, to start with, the use of appropriate monetary policy instruments is indispensable. Hence, this study examined the short-run causality between monetary policy and agricultural sector performance.\u0000Methodology: Time series data for the study were obtained from the Central Bank of Nigeria between 1981 and 2020. The monetary policy instruments in the model were money supply (MS), monetary rediscount rate (MR), exchange rate (ER), prime lending rate (PR) and agricultural sector implicit price deflator (ASI) while agricultural sector performance was proxied by the gross domestic product for the sector. After first differencing, the Augmented Dickey-Fuller test confirmed the stationarity of the variables. Optimal lag selection-order recommended four lags. The vector autoregressive model, pairwise Granger causality test and Wald coefficient test were used to show the robustness and validation of the causality test.\u0000Findings: The result shows that the t-statistics of LnMS (2.70), LnMR (3.00), LnER (2.05) and LnPR (3.53) were statistically significant (p<0.05), suggesting bidirectional relationship between monetary policy and agricultural sector performance. There was a unidirectional causality running from LnASI to LnASG. It was concluded that monetary policy Granger-caused agricultural sector performance in the short-run.\u0000Unique contribution to theory, policy and practice: The study recommended that monetary authorities should note that that changes to MS, MR, ER, PR and ASI would affect ASG and vice versa in the short-run as well as the overall macroeconomic growth; and policy decisions that are aimed at altering ASG would affect MS, MR, ER, PR.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91328647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: The informal economy is a major part of the global economy sector that provides the needed development approach through the use of local aspects, small market size and social capital generated by the sector for sustainability. This paper assessed the impacts or important of the informal sector on the economy development of Nigerian and its challenges for sustainability. Methodology: The Max Weber and Dudley Seers social developmental theory were used to explain the study, while some importance and challenges of the sector were explored. Results: The paper therefore concluded that since informal economy sector can help to reduce the focus from globalized to the local alternative path of development and sustainable future. Unique Contribution to Theory, Policy and Practice: The study recommends amongst other that efforts must made to understand the dynamics of the sector and how best to tap the potential that lies therein since it has the potential for Nigerian economy development. Secondly, policy to support the sector and to address the identified challenges towards improving, sustainability and productivity of the sector should made possible in Nigeria
{"title":"INFORMAL ECONOMY SECTOR AS A CATALYST FOR NIGERIAN ECONOMY DEVELOPMENT AND SUSTAINABILITY: A REVIEW","authors":"M. Balogun","doi":"10.47941/ijecop.921","DOIUrl":"https://doi.org/10.47941/ijecop.921","url":null,"abstract":"Purpose: The informal economy is a major part of the global economy sector that provides the needed development approach through the use of local aspects, small market size and social capital generated by the sector for sustainability. This paper assessed the impacts or important of the informal sector on the economy development of Nigerian and its challenges for sustainability. \u0000Methodology: The Max Weber and Dudley Seers social developmental theory were used to explain the study, while some importance and challenges of the sector were explored. \u0000Results: The paper therefore concluded that since informal economy sector can help to reduce the focus from globalized to the local alternative path of development and sustainable future. \u0000Unique Contribution to Theory, Policy and Practice: The study recommends amongst other that efforts must made to understand the dynamics of the sector and how best to tap the potential that lies therein since it has the potential for Nigerian economy development. Secondly, policy to support the sector and to address the identified challenges towards improving, sustainability and productivity of the sector should made possible in Nigeria","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79151611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: By empirically examining Zambia’s CPI between 2010 and 2020, the study attempts to determine the structural change in the time series. The CPI is one of the most important variables for analyzing inflation in macroeconomics, therefore any change in the dynamic must be determined. In this paper change points and dates are highlighted and statistical analysis methods have been employed to explore and discover the underlying patterns and trends of Zambia’s CPI for the past 10 years. Methodology/approach: Secondary Data from Zambia Statistics Agency (ZamStats.gov.zm) was used for the Study. From 132 elements of observations of time series for 10 years, the detection methods of structural change were employed. The Cumulative Sum Tests (CUSUM test) of Ordinary Least Squares (OLS), Andrew Sup F test, Bai and Perron test, and Chow test were used to detect the model stability and verify the hypothesis using P-value. Results: The results show that there were five (5) Structural changes or breaks in mean and variance and these were February 2012, February 2014, October 2015, October 2017, and May 2019. The structural breaks are highly suggestive as they appear to broadly coincide with readily identifiable macroeconomic events, increased stock of external debt following the issuance of Eurobonds in 2012, 2014, and 2015, rise increased food prices arising from the adverse impact of erratic rainfall on agricultural output and the pass-through from the depreciation of the Kwacha. Policy Implication: Based on the study, strong and sound macroeconomic policies are needed to be implemented: Such as debt management and diversification of foreign exchange sources, and increased earnings.
{"title":"Time Series Analysis and structural break detection: A case of Zambia’s CPI.","authors":"Elias Phiri, Wei Wang","doi":"10.47941/ijecop.914","DOIUrl":"https://doi.org/10.47941/ijecop.914","url":null,"abstract":"Purpose: By empirically examining Zambia’s CPI between 2010 and 2020, the study attempts to determine the structural change in the time series. The CPI is one of the most important variables for analyzing inflation in macroeconomics, therefore any change in the dynamic must be determined. In this paper change points and dates are highlighted and statistical analysis methods have been employed to explore and discover the underlying patterns and trends of Zambia’s CPI for the past 10 years. \u0000Methodology/approach: Secondary Data from Zambia Statistics Agency (ZamStats.gov.zm) was used for the Study. From 132 elements of observations of time series for 10 years, the detection methods of structural change were employed. The Cumulative Sum Tests (CUSUM test) of Ordinary Least Squares (OLS), Andrew Sup F test, Bai and Perron test, and Chow test were used to detect the model stability and verify the hypothesis using P-value. \u0000Results: The results show that there were five (5) Structural changes or breaks in mean and variance and these were February 2012, February 2014, October 2015, October 2017, and May 2019. The structural breaks are highly suggestive as they appear to broadly coincide with readily identifiable macroeconomic events, increased stock of external debt following the issuance of Eurobonds in 2012, 2014, and 2015, rise increased food prices arising from the adverse impact of erratic rainfall on agricultural output and the pass-through from the depreciation of the Kwacha. \u0000Policy Implication: Based on the study, strong and sound macroeconomic policies are needed to be implemented: Such as debt management and diversification of foreign exchange sources, and increased earnings.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74742501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose – Economic welfare is one of the macroeconomic goals every country seeks to achieve, be it developed, least-developed or developing one. Some countries with abundant natural resources still suffer from achieving this goal. Based on this reason, this study was carried out to empirically look into the relationship between petroleum resource as measured by oil rent, and official exchange rate, and economic welfare as measured by gross domestic product per capita of five-selected lower-middle-income of oil producing countries (i.e. Nigeria, Pakistan, Indonesia, Egypt and India), using annual time-series data sourced from World Bank for the periods 2010-2020. Design/methodology/approach – This objective was achieved with the utilization of static panel data method coupled with other linear models such as; Pooled OLS, Fixed effects, and Random effects models. Findings – The results of the findings of Pooled OLS revealed that petroleum resource as measured by oil rent and official exchange rate had significant bearings on economic welfare as measured by gross domestic product per capita by 103.3 per cent and 0.14 per cent respectively on the average. The result further displayed that fixed effects model was an appropriate model to explain the significant fixed effects oil rent and official exchange rate had on improving gross domestic product per capita, when choice was made between Pooled OLS and fixed effects model. More so, the result further demonstrated that random effects model was the best model to explain the random effects oil rent and official exchange rate had on contributing positively to the gross domestic product per capita, when choice was made between fixed effects and random effects models. Finally, Panel Diagnostic residual test results showed that the series were normally distributed, hence the presence of cross-section dependence was not found in the model. Conclusion/Policy Implication – The study concluded that for these five-oil producing countries to achieve their economic welfare, they must adopt mixed effects model as portrayed by the findings of this study for policy inference. As this is geared towards enabling these countries to achieve policies that are aimed at pegging their exchange rate to the value of dollars, and increasing the value of crude oil production, so as to improve their economic welfares.
{"title":"PETROLEUM RESOURCE AND ECONOMIC WELFARE OF FIVE SELECTED LOWER-MIDDLE INCOME OF OIL PRODUCING COUNTRIES (i.e. NIGERIA, PAKISTAN, INDONESIA, EGYPT, INDIA).","authors":"Topbie Joseph Akeerebari, Fiberesima Ibiwari","doi":"10.47941/ijecop.767","DOIUrl":"https://doi.org/10.47941/ijecop.767","url":null,"abstract":"Purpose – Economic welfare is one of the macroeconomic goals every country seeks to achieve, be it developed, least-developed or developing one. Some countries with abundant natural resources still suffer from achieving this goal. Based on this reason, this study was carried out to empirically look into the relationship between petroleum resource as measured by oil rent, and official exchange rate, and economic welfare as measured by gross domestic product per capita of five-selected lower-middle-income of oil producing countries (i.e. Nigeria, Pakistan, Indonesia, Egypt and India), using annual time-series data sourced from World Bank for the periods 2010-2020. \u0000Design/methodology/approach – This objective was achieved with the utilization of static panel data method coupled with other linear models such as; Pooled OLS, Fixed effects, and Random effects models. \u0000Findings – The results of the findings of Pooled OLS revealed that petroleum resource as measured by oil rent and official exchange rate had significant bearings on economic welfare as measured by gross domestic product per capita by 103.3 per cent and 0.14 per cent respectively on the average. The result further displayed that fixed effects model was an appropriate model to explain the significant fixed effects oil rent and official exchange rate had on improving gross domestic product per capita, when choice was made between Pooled OLS and fixed effects model. More so, the result further demonstrated that random effects model was the best model to explain the random effects oil rent and official exchange rate had on contributing positively to the gross domestic product per capita, when choice was made between fixed effects and random effects models. Finally, Panel Diagnostic residual test results showed that the series were normally distributed, hence the presence of cross-section dependence was not found in the model. \u0000Conclusion/Policy Implication – The study concluded that for these five-oil producing countries to achieve their economic welfare, they must adopt mixed effects model as portrayed by the findings of this study for policy inference. As this is geared towards enabling these countries to achieve policies that are aimed at pegging their exchange rate to the value of dollars, and increasing the value of crude oil production, so as to improve their economic welfares.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78733574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study analysed price transmission in the Nigerian cattle market. Time series price data, for ten states (Borno, Cross River, Edo, Kano, Nassarawa, Osun, Oyo, Plateau, Yobe and Zamfara) for the years, 2002-2017 were used for the analysis. The summarised result on Threshold Vector Error Correction model showed that positive and negative deviations for eight states (Borno, Cross River, Edo, Nassarawa, Osun, Plateau, Yobe and Zamfara) exceeded their respective threshold values. Also all the values of the above threshold values are not equal to the below threshold values,indicating the presence of asymmetric transmission. The presence of asymmetric transmission showed price changes along the chain (from farmer/marketer to consumer) was greater than the market costs of handling cattle and agents will be in a greater position to implement price changes before transmission takes place. This indicates strong asymmetric price transmission since price changes moved from bottom of the chain to the top. There is need to improve on the market information system in the country so that information will flow to all the markets.
{"title":"ANALYZING PRICE TRANSMISSION IN THE NIGERIAN CATTLE MARKET","authors":"Y. Bulama, C. Ojo, Y. Bila","doi":"10.47941/ijecop.756","DOIUrl":"https://doi.org/10.47941/ijecop.756","url":null,"abstract":"The study analysed price transmission in the Nigerian cattle market. Time series price data, for ten states (Borno, Cross River, Edo, Kano, Nassarawa, Osun, Oyo, Plateau, Yobe and Zamfara) for the years, 2002-2017 were used for the analysis. The summarised result on Threshold Vector Error Correction model showed that positive and negative deviations for eight states (Borno, Cross River, Edo, Nassarawa, Osun, Plateau, Yobe and Zamfara) exceeded their respective threshold values. Also all the values of the above threshold values are not equal to the below threshold values,indicating the presence of asymmetric transmission. The presence of asymmetric transmission showed price changes along the chain (from farmer/marketer to consumer) was greater than the market costs of handling cattle and agents will be in a greater position to implement price changes before transmission takes place. This indicates strong asymmetric price transmission since price changes moved from bottom of the chain to the top. There is need to improve on the market information system in the country so that information will flow to all the markets.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88401777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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