Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009

JEIF Articles in press

Stability of Money Demand Function in Emerging Countries: Static and Dynamic Panel Approaches

Article in Press

The purpose of this study is to investigate the stability of money demand function in emerging countries using the annual data over the period 1987 – 2018. The panel data was analyzed applying both static and dynamic panel models. With the static panel analysis, the random effect method is found to be an appropriate model to determine the factors that affect money demand in emerging countries. The findings of random effect...

Author(s):Teshome Berasso Tule

Stimulating farmer access to bank credit in Zimbabwe: The bankers’ perspective

Article in Press

Access to finance by farmers is recognised as a tool for poverty eradication in developing countries, where the majority depend on agriculture for survival. This study sought to establish strategies for enhancing farmer access to bank credit as prescribed by the lenders themselves. A structured interview guide collected primary data from a sample of 12 registered commercial banks in Zimbabwe, which were analysed by...

Author(s):Chigunhah Blessing Ropafadzo, Svotwa E, Govere I and Chikazhe L

A study of monetary integration in West Africa and its implications on trade in Africa

Article in Press

It shows the monetary investigation in west countries the big flow in economy by the gross value change effects, also the value of debt policy with debt management strategies to control the budgetary risk of long-term economy from sustainability. The intellectual policies of inflation, GDP, trade, and services and merchandise trade has effected on the West African country’s monetary policies. The implication of trade by a...

Author(s):Rabnawaz Khan and Jin Xinxin

Further Insights on Monetary Transmission Mechanism in Nigeria

Article in Press

This study investigated the response of the different monetary policy channels to several macroeconomic variables in Nigeria and established the dominant channel on output from the period of 1986-2017 using quarterly data. Variables such as private sector credit, inflation rate, monetary policy rate, exchange rate, all share index and real output were used to carry out this investigation. The study adopted the Structural...

Author(s):OLAJIDE OMOWONUOLA OYADEYI and TEMIDAYO AKINBOBOLA

EXCHANGE RATE MANAGEMENT AND MACROECONOMIC PERFORMANCE IN NIGERIA

Article in Press

This study probes the optimal response in managing exchange rate following its attendant impact on the economy. Thus, we investigated the effect of a failed defense of the value of the currency through the use of foreign reserves and a self-driven devaluation of exchange rate on inflows of Foreign Direct Investment (FDI), exports, and output in Nigeria, using the impulse response function from the vector error correction...

Author(s):NAFISAT OLAWUNMI OLABISI and Mutiu Abimbola Oyinlola

The Nexus Between Savings and Investment in the East African Community: Co-integration and Error Correction Models

Article in Press

This study examines the effect of savings on investment in East African countries in the face of the recent reduction in trade barriers and other regional integration policies. The findings reveal that among all the regions in Africa, East Africa had the lowest household saving for the period 2000-2016 and only Burundi and Kenya savings and investment rates were co-integrated. The policy implication is that the domestic...

Author(s):JALLOH, Mamoud Abdul

An Assessment of Income Distribution in Nigeria

Article in Press

This study examined income distribution in Nigeria Annual time series data from 1990 – 2017 on the selected variables (RGDPR, GINIC, POVR, UNEM) were used for the study. The data was analyzed using Philip Peron (PP) test, Cointegration rank test and Error Correction Model (ECM) estimation technique. The analysis revealed that poor income distribution (GINI) impact positively on Nigeria real gross domestic product growth...

Author(s):Nathan Emmanuel and Uche, Warlice Joel

IMPACT OF FINANCIAL INCLUSION ON ECONOMIC GROWTH IN SUB-SAHARAN ECONOMIES: A STUDY OF NIGERIA AND GHANA

Article in Press

This paper examined the impact of financial inclusion on Sub-Saharan African economies for the period, 1985 to 2017 with emphasis on Nigeria and Ghana. In line with earlier empirical studies, Gross Domestic Product Growth rate (GDPG) was used as proxy for economic growth while Commercial banks credit to private sector (BCPS), lending interest rates (LINT), Financial deepening (FIND), number of Rural bank branches (NRBB),...

Author(s):Osuala, A.E and Okoro, C. E

Unconditional convergence of Chinese Provinces (1952-2017): Some statistical analysis results

Article in Press

This research tests the economic convergence hypothesis of 31 inland Chinese provinces over the period from 1952 to 2017. Regression and descriptive analysis methods are adopted to study the economic convergence among these Chinese provinces in terms of GDP growth and per-capita GDP growth. The research results show that GDP growth does not exhibit a tendency of convergence, rejecting the absolute convergence hypothesis...

Author(s):Ming-Lu Wu

Corporate governance and its effects on financial performance of banks evidence from selected private commercial banks in Ethiopia

Article in Press

Corporate governance is not an abstract goal but exists to serve corporate purposes by providing a structure within which stockholders, directors, and management can pursue most effectively the objectives of the corporation and thereby it maximize the financial performance of the company for its shareholders. This paper investigates and examines the corporate governance and its effects on financial performance from the...

Author(s):Kefiyalew Belachew Bayu and Mitiku Melese Tessema

Does Foreign Aid Crowd Out Domestic Saving In Ethiopia: RDL Model Approach

Article in Press

The domestic saving rate in Ethiopia has been far below what is required for a rapid and sustainable economic growth to have any effect on poverty reduction and self-sustaining development. The poor performance of saving is one of the critical factors for the country to rely on foreign aid. This systematical review attempts to examine the relationship between domestic savings and aid in the context of Ethiopia during the...

Author(s):Zerihun Temsas

Impediments in the disbursement of micro-credit among small farmers

Article in Press

The present study entitled impediments in the disbursement of micro-credit among small farmers was conducted with special references to three purposively selected union councils of District Lower Dir. A Sample size of 152 farmers beneficiaries of micro-credit were selected in the targeted area. The data showed that out of total respondents 55.9% of the respondents having monthly income from Rs 9001 to 14000, 56.6% had the...

Author(s):AZIZ ULLAH JAN, IHSAN ULLAH KHAN and Niaz Muhammad

The relationship between the exchange rate and international trade in the Moroccan context

Article in Press

This last decade is marked by the multiplication of free trade agreements signed by Morocco whose goal is to achieve its integration into international trade. The move to a highly administered floating exchange regime is also part of this process of liberalization and integration. We propose to study the relationship between the official exchange rate and international trade. The estimation of the VAR model allows us to...

Author(s):Said El Bouazizi

Macroeconomic volatility of Turkey in comparison with South Africa and Developed Countries

Article in Press

The purpose of this study is to investigate the business cycle volatility of Turkish economy using the quarterly data over the period 1961:Q1 to 2018:Q4, and determine the smoothing parameter, λ, of HP filter for annual frequency of observations. The macroeconomic variables such as import, investment and export are more volatile followed by government spending while consumption and real GDP are less volatile. Price in...

Author(s):Teshome Berasso Tule

Nonlinear impact of public debt on economic growth: Evidence from Sub-Saharan African Countries

Article in Press

This paper empirically explores the impact of public debt on economic growth in Sub-Saharan African (SSA) countries over the period 1960 to 2015 by using a system Generalized Methods of Moments (s-GMM). Specifically, this work studies the nonlinear relationship between public debt and economic growth. To do so, we perform the Sasabuchi-Lind-Mehlum’s test (or U-test) to check if the required and sufficient conditions are...

Author(s):Siméon Koffi

The impact of remittances on households consumption

Article in Press

Nigeria is rated among the highest recipient of remittances in the world. Several studies have examined the impact of the flow on household consumption without conducting a comparative analysis of this impact in the rural areas, urban areas and in the geo-political zones of Nigeria. Besides, there are several types of remittances and their impacts on household consumption expenditure need to be investigated. This study,...

Author(s):Iyemifokhae Ohiomoje Abubakar

Unemployment and the macroeconomics of Ethiopia

Article in Press

Unemployment has long been there for (especially) developing economies being the major development challenge. The cost of unemployment transmits in a couple of channels; of which the opportunity costs arising from lost production and the resultant social disorders are of immediate ledges. While appreciating them all, the government of Ethiopia (GoE) conveyed various schemes towards reducing unemployment to (at least the...

Author(s):Minyahil Alemu, Yilkal Wassie and Endashaw Sisay

Demographics Structure effect on Stock Prices: An Evidence from (China, India, Pakistan)

Article in Press

This study investigates the impact of investment on the demographic structure of population i.e.; peak earning age and retirement age and its impact on the stock price of China, India and Pakistan. The current study employs data of these countries for the period of 1991to 2016 by using Autoregressive Regressive Distributed Lag (ARDL) approach. This study indicates that investment made by peak earning age investors has a...

Author(s):Munibah Munir

ESTIMATING THE RECREATIONAL VALUE OF BORENA SAYINT NATIONAL PARK, NORTH CENTRAL ETHIOPIA, TRAVEL COST METHOD

Article in Press

Trip to recreational sites is a human activity that increases visitors’ utility. The demand for outdoor recreation has a tendency of increasing with the increase in population, income and mobility. There is, however, limited natural and financial resource for the provision of outdoor recreation. Thus, there is a need to have a quantitative estimate of economic benefit of outdoor recreation site so as to properly and...

Author(s):Andualem Assefa Welde

Effects of Foreign Aid on Domestic Private Investment Growth: The Case of Eastern African Countries

Article in Press

The effect of foreign aid on domestic private investment has been a controversial issue. Many economists claim that aid has positive effect via relaxing saving gaps and trade gaps of developing countries. Whereas, others take the position that aid is counterproductive effect by generating ‘’Dutch disease effect’’, encouraging corruption, rent seeking activities and weakening institution. Moreover, others also contest that...

Author(s):Dereje Mossie Terefe

Border Trade for North East Region of India with neighboring Countries

Article in Press

The North East Region (NER) of India involves seven states in particular – Arunachal Pradesh, Assam, Monipur, Meghalaya, Mizoram, Nagaland, and Tripura. The area is situated in the remote eastern corner of Indian association. The aggregate topographical zone of the district is about 2.62 lakh sq km, which covers 7.9 percent of the nation's aggregate region. The district has some impossible to miss attributes which are...

Author(s):Preeti Singh, Mujeera Fathima

Does Nigeria Non-Renewable Resource Abundance leads to Macro Economic Performance? A Trend Analysis (1970-2014)

Article in Press

Theoretically, natural resource abundance is expected to create national wealth; however, the inconclusiveness in the literature and among the African rich-resources motivated this study. Our paper investigated that does Nigeria non-renewable resource abundance leads to sustainable macroeconomic performance? To achieve the objectives of this study, our paper employ descriptive trends analysis, using table and charts to...

Author(s):AJAYI Felix Odunayo, ADELOWOKAN A. Oluwaseyi, OGUNYOMI, Oluwatosin .O

On long-term-memory volatility and asymmetry in TOP40 and NSE20 index log returns

Article in Press

This article investigates the presence of long term memory of returns in south African and Kenyan financial markets over a period 1995-2010. Empirical results indicate significant presence of linear autocorrelation of order three for NSE20 index and autocorrelation of order one for TOP40 index. There is strong evidence of changing variance for both indices in addition to more autocorrelation between absolute returns for...

Author(s):Ivivi J. Mwaniki

Does Governance Matter Foreign Direct Investment? Evidence from India

Article in Press

This paper examine the impact of governance indicators on FDI inflow in India. Multiple regression Models were applied to the data taken for the period of 1996-2012. VIF test shows no perfect multicollinearity. Empirical results proved that governance indicators have significant impact on FDI inflow in India which indicates that good governance attract foreign investors and enhance FDI inflow in India. This paper...

Author(s):Hayat khan, Muhammad Shabir Jan and Itbar Khan

Socioeconomic factors determining rural households’ access to credit and amount of loan utilization for proposed action: The case of Omo micro finance

Article in Press

Credit is an important instrument to improve the welfare of the poor. It could enable the rural households in overcoming liquidity problems, enhancing productive capacity and adoption of new technologies. In Ethiopia, the government is promoting microcredit services, but the participation of rural households’ for credit service is limited. Inappropriate use of loan money also exacerbated the challenges in achieving the...

Author(s):Biruk Jagiso Fonke

THE NAKHCHIVAN AUTONOMOUS REPUBLIC IS ON THE PATH OF RAPID ECONOMIC DEVELOPMENT

Article in Press

The purpose of the research – is to analyze the path of rapid economic and social development of the Nakhchivan Autonomous Republic, to study its main directions and consists of the proposals in this area. The methodology of the research - a systematic, comparative analysis and prediction method The results of the research- systematic research in terms of sustainability of the socio-economic development of the Nakhchivan...

Author(s):ZAUR ALIYEV

INSTITUTIONAL QUALITY, TECHNOLOGY CHOICES AND PRODUCTIVE EMPLOYMENT GROWTH: EVIDENCE FROM NIGERIA

Article in Press

The study examines the relationships between institutional, financial and broad-based productive growth variables employing the Bounds testing approach to cointegration and error correction model within an autoregressive distributed lag (ARDL) framework. The annual secondary time series data from 1998 to 2017 were used and mainly sourced from well trusted entities. The results of the analysis revealed that composite...

Author(s):Gideon Olugbenga Olanrewaju, Sheriffdeen A. Tella and Bolaji Adesola Adesoye

Governance, unemployment and inclusive growth in West African Economic and Monetary Union (WAEMU)

Article in Press

With regard to all African countries, WAEMU is one of the economic zones that has experienced the strongest economic growth in the last two decades. According to Ali and Son (2007), growth is inclusive when associated with high average income and equity. This study tries to verify this assertion in the WAEMU. Specifically, it is interested in the role of governance and unemployment over the period 2002-2016, and tests the...

Author(s):Abbe Hermann

Share Price and Macroeconomic Variables in Nigeria: A Granger Causality Approach

Article in Press

This research examined the causal relations between share price and macroeconomic variables in Nigeria. Monthly variables from January 2001 to December 2014 are utilized. The Johansen cointegration test indicates long run relationship between share price and macroeconomic variables under study. The normalized cointegrating equations showed that share price is inversely related to exchange rates (LEXR), oil prices (LOP),...

Author(s):Nadani Abdulrahman Abdullahi

Exploring the Linkage and Impact of Foreign Direct Investment and Economic Growth in Ethiopia: (Evidence from ARDL model)

Article in Press

The common question for many economists are why countries growth at different rates? Leaders and policy makers highly believe that Foreign Direct Investment is one of the weapons for economic growth of a nation. However, existing empirical researches didn’t agree on the impact of Foreign Direct Investment on economic growth. The main purpose of this study is to check the existence of the long run association and causality...

Author(s):Workenh Sime Workenh Eshatuu

Worker temporary mobility and labour market regulation: evidence from Europe

Article in Press

One of the patterns European firms follow in order to work in various European States is that of providing services in Countries different from that of origin. This can occur through the temporary mobility of workers, also known as “posting of workers”. The posting of workers gives rise to a mutual conflict between legal systems, because it allows Firms to exploit inter-Country differences in pay and stringency of labour...

Author(s):Andrea Sitzia and Donata Favaro

FINANCIAL INCLUSION, CAPITAL MARKET AND ECONOMIC GROWTH IN NIGERIA: 1986 -2017.

Article in Press

The study is focused on finding the effect of financial inclusion on the growth of the capital market and economic growth for the period 1986 to 2016.This was to ascertain if the stylize fact that financial inclusion enhances economic growth is applicable to Nigeria, and whether the capital market is a proximate cause of this growth process. Using a VAR model, the paper employed Bayer-Hanck cointegration procedure to...

Author(s):JOB PRISTINE MIGAP and SIMEON .I.AJEGI

Savings, Remittances And Economic Growth In Nigeria

Article in Press

This study will uncover the effect and direction of causality between savings, foreign remittances and economic growth in Nigeria from 1980 to 2017.It will assess the effect of remittances in bridging the resource gap that is a vital for domestic savings to enhance economic growth. Using a single equation multivariate model approach, it employs Engel-Granger cointegration and causality tests to analyze the relationship....

Author(s):Job Pristine Migap

Credit Risk Evaluation Modeling: A Logit Approach

Article in Press

Credit scoring is a method that is used to determine the risk factors relevant to undertake an obligatory task and wiliness to pay. This research paper is aimed at evaluating credit risk model, based on the logit model approach. Various performance indices were used such as; average success rate, sensitivity, specificity, and misclassification cost (type I and II errors). The measure of accuracy and reliability of the...

Author(s):Alabi, M.A and Issa, Suleman

Quantitative easing in the West African economic and monetary union (WAEMU).

Article in Press

This study aims to show first in a theoretical approach that changes in government bonds influences the real gross domestic product per capita in a monetary union in the short term. Indeed, in the long term, nominal government bonds will not have an effect on economic growth. The study also conducted empirical verification based on mainly secondary data on macroeconomic variables and the P-value of Hausman test the...

Author(s):OUEDRAOGO Nosseyamba Benjamin

Investigation of Trade-off between Binary logistic regression and linear discriminant Models on Credit risk: Evidence from real life data

Article in Press

Credit scoring is used to determine the risk factors relevant to undertake an obligatory task and wiliness to pay. The purpose of this study is to investigate trade-off between linear discriminant and logistic regression models for credit scoring and risk evaluation in banking system. Various performances indices such as percentage correctly classified (PCC), Sensitivity, Specificity, and misclassification cost (type I...

Author(s):Suleman Issa and Adebayo Alabi Mudasiru

An Empirical Test of the Agency Theory in Corporate Governance of SACCOs in Uganda

Article in Press

In a corporation, management is employed by owners for specified functions from which utility of owners and management is to be derived. While executing their roles and obligations, management may consider fulfilling their interests at the expense of owners’ interests and vice versa. This results into agency problems. This study tests the relevance of the agency theory and examines whether existing governance mechanisms...

Author(s):Kibs Boaz Muhanguzi

The impact of trade liberalization on small and meduim scale enterprise growth in Nigeria (1986-2016)

Article in Press

This study examines the impact of trade liberalization on Small and Medium Scale Enterprises (SMEs) growth in Nigeria, as a strategy for the diversification of the economy through trade liberalization especially on the SMEs sector. Data used for this study was sourced from Central Bank of Nigeria (CBN) 2016 statistical bulletin and bureau of statistics from 1986 to 2016. SMEs outputs was used as dependent variable, while...

Author(s):Likita Ogba, Disi Park, Charity Philip Sidi

The Speed of Mean Reversion: Regional Market Study

Article in Press

Volatility is measured as a risk and plays vital role in many financial decisions. The central part of this study is to capture the existence of the volatility in the regional financial markets (Karachi, Bombay, China, Korea and Hong Kong) have been included and the sample of daily stock return from Jan 1,2013 to Dec 31,2017 taken for the testing. The volatility and its stylized facts were under consideration by using...

Author(s):Rizwan Manzoor

Kenya-China Trade Relations: A Nexus of “Trade not Aid” Investment Opportunities for Sustainable Development

Article in Press

Kenya –China trade and investment are at a record high with China’s entry point being heavy infrastructural investments in Kenya. China now controls 66 per cent of Kenya’s bilateral debt. Given the rapid penetration of Chinese manufactured exports to the East African market, prospects for Kenya’s industrialization could be in jeopardy. The flooding of counterfeit products from China into the Kenyan local market reduces the...

Author(s):Prof SIRINGI EM

THE NEXUS BETWEEN STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH IN ZAMBIA

Article in Press

Stock market activities assume a crucial role in determining the level of economic activities in both developing and developed economies, by effectively facilitating capital for investment, providing a proper stage to incite best corporate practices that will bring about growing investment and hence leading to a rise in the growth rate of the economy. In this regard, this study sought to empirically examine the nexus...

Author(s):Mweembe Muleya Mudenda, Robert Becker Pickson, Wonder Agbenyo

“ACUTE SKILLS DEFICIENCY SYNDROME” AND EMPLOYMENT CREATION IN SUB-SAHARAN AFRICA: THE CASE OF CROSS RIVER STATE, NIGERIA

Article in Press

Since 1999, successive Governments of Cross River State (CRS), Nigeria have successfully transformed the State to a preferred destination for business and leisure. But notwithstanding the impressive macroeconomic performance, youth inactivity has remained very high, and it is believed that Crossriverians suffer from acute skills deficiency syndrome (ASDS), which is not having the required skills to secure good jobs or...

Author(s):Mba Peter

The technical efficiency of Tunisian ports: Comparing data envelopment analysis and stochastic frontier analysis scores

Article in Press

Maritime transportation for Tunisia plays an important role in trade exchange with other countries. Therefore, the objective of this paper is to measure the efficiency scores of 7 seaports in Tunisia by applying the Stochastic Frontier Analysis (SFA) with Cobb-Douglas production function and data envelopment analysis (DEA) with CCR and BCC models. The annual data collected cover the 2003 to 2013 period for each port. Thus,...

Author(s):Rabeb kammoun

Currency portfolio optimization with an innovative covariance matrix estimator (QMLE)

Article in Press

With the advent of high frequency data, the sum of squared returns between trades which is the most common estimator, is biased by microstructure effects like bid-ask bounce thus the need to drop most of the data. Nonetheless, a number of alternative estimators that make efficient use of the available data have been developed. However, choosing an estimator is not trivial since the study of their relative merits focuses on...

Author(s):Rancy Chepchirchir

THE SHORT AND LONGRUN PHILIPS CURVES: WHAT IS KENYA’S NON-ACCELARATION RATE OF UNEMPLOYMENT?

Article in Press

This study estimated the short and longrun Phillips curves for Kenya. The non- accelerating inflation rate of unemployment (NAIRU) was also estimated and the Lucas critique tested to prove whether it is evident in Kenyan data. This study was necessary since the Kenyan rates of inflation and unemployment were both simultaneously high contrary to what Phillips curve theory explains. Using secondary data covering 1977 to...

Author(s):GEORGE KIPNGETICH KOSIMBEI

Monetary policy pass-through in Nigeria: An autoregressive distributed-lag (ARDL) bound testing approach

Article in Press

The paper investigates on the lingering issue of monetary policy transmission from the perspective of Nigeria from 1980 to 2016. Applying a two way techniques of Vector Autoregression and Autoregressive Distributed Lag, we found that jointly considered, monetary policy does not have any long run relationship with economic activity, credit transmission channel is ineffectual in monetary policy transmission in Nigeria, and...

Author(s):Uduak Michael Ekong

Financial development and economic growth: A Vector Autoregression Approach

Article in Press

The paper models banking sector liberalisation variables between financial liberalisation and economic growth in Nigeria for the period of 1981 to 2012, based on time series econometrics using granger causality through Vector AutoRegression method. It examines the extent of banking sector liberalisation on growth of the economy using growth in credit to private sector to GDP, growth in demand deposit to narrow money,...

Author(s):Okunoye Ismaila

THE RELATIONSHIP BETWEEN EXTERNAL DEBT AND ECONOMIC GROWTH IN NIGERIA

Article in Press

Every cake has its deforming tendencies and the handling of such matters in maximizing utility. This paper examined the relationship between external debt and economic growth in Nigeria from the period of 1981-2013. The study used both descriptive and econometric tools. The analysis of unit root was performed on each of the variables incorporated in the model specified and the result showed that, all the variables were...

Author(s):Ijirshar Victor Ushahemba

CONTIBUTION OF SMALL AND MEDIUM ENTERPRISES ON WELLBEING CONDITIONS OF HOUSEHOLDS IN RWANDA

Article in Press

Urwibutso enterprise has been taken as a pilot of a study on analysis of the contribution of small and medium enterprise on wellbeing conditions of households in Rwanda. The study covered a period of 2012 to 2015. This paper aims at answering the question on how small and medium enterprise contribute on wellbeing conditions of households. Methods of data collection included questionnaires and interview on 91 personal of...

Author(s):HARELIMANA Jean Bosco

Determinants of the financial performance of private commercial banks in Ethiopia: Bank specific factors analysis

Article in Press

The main purpose of this paper is to investigate the bank specific factors which can affect the financial performance of private commercial banks in Ethiopia. A total of 6 private commercial banks (those having full organized financial data till 2017) were purposefully taken & their audited annual financial reports were analyzed for the period of 2011 to 2017. For this purpose, descriptive statistic, Pearson Correlation...

Author(s):Abdu Mohammed Assfaw

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