Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 350

JEIF Articles

Towards sustainable financing models for micro-hydro plants in Sub-Saharan African countries: A theoretical review

March 2016

Micro-hydro plants (MHPs) have been identified as a proven and promising opportunity to alleviate energy poverty in rural areas of Sub-Saharan Africa. However, the absence of “lowest-cost, long-term financing models” is found to be one of the major barriers to wide-spread adoption of this technology in the region. This paper presents a review of the factors underlying this absence and using the van Egmond...

Author(s): Andrew Munthopa Lipunga

Effects of selected socio-economic factors and elections spending on aggregate savings (total deposits) in Ghana

February 2016

Savings as a tool for domestic capital accumulation in developing countries has come under serious consideration in economic and financial development. However, savings in Ghana is characterized by very low tendencies, irregular trend and unenthusiastic attitudes of citizens towards it at the micro and macro levels. This study examined the effect of economic factors, election spending and health financing scheme on...

Author(s): Yazeed Abdul Mumin, Mohammed Abdulai and Hamza Kasim

Benefit-cost analysis for sustainable water management in Beijing

January 2016

Since 2000, large numbers of water reuse systems have been constructed to solve the water scarcity in Beijing. However, the operations of these systems are not well as expected. The paper will conduct an analysis of economic and social impacts of water reuse systems in Beijing. The aim is to find out whether the systems have positive economic and social impacts or not. If the systems bring negative economic and social...

Author(s): Xiao Liang

Savings, investment and economic growth in Lesotho: An empirical analysis

October 2015

This paper empirically examines the relationship among saving, investment and economic growth in Lesotho for the period 1970 to 2012, with a view to contributing to the body of literature on this topic and informing economic policy design in Lesotho. Using autoregressive distributed lag (ARDL) bounds testing approach to cointegration and vector error correction model (VECM) based Granger causality test; the paper finds...

Author(s): Lira P. Sekantsi and Kalebe M. Kalebe

Effects of credit constraints on the productivity of small and medium-sized enterprises in Cameroon

September 2015

This paper assesses the determinants and effects of credit constraints on the productivity of small and medium-sized enterprises (SMEs) in Cameroon. Use is made of the Cameroon enterprise survey data collected by the World Bank in 2009 and an endogenous switching regression model. Results show that interest rates, size of enterprise, size of loan, size of collateral, maturity of loans and legal status of enterprises are...

Author(s): Serge Mandiefe Piabuo, Francis Menjo Baye and Juliuschupezi Tieguhong

Modelling extreme volatility in the daily exchange rates of the Kenya shilling against the U.S. dollar

September 2015

This study used extreme value theory to establish if the volatility witnessed in the exchange rate of the Kenya Shilling against the U.S. dollar in the period 1999 to 2013 could have been predicted and also determine if the long-term stability in the exchange rate was violated in the period. The peak over threshold model is applied to the tail of the volatility process of exchange rate returns of the Kenya Shilling...

Author(s): Isaya Maana, Anne Kamau and Kethi Kisinguh

Banking sector reforms and output growth of manufacturing sector in Nigeria (1970-2011)

August 2015

The study investigated empirically the effect of banking sector reforms on the output of manufacturing sector in the Nigerian economy between 1970 and 2011 with a view to examining the extent of the impact of banking sector reforms on the manufacturing sector. The study employed annual secondary time series data from 1970-2011, sourced from the Central Bank of Nigeria’s statistical bulletin and annual report and...

Author(s): Olanrewaju, Oluwagbenga Gideon, Aremo, Adeleke Gabriel and Aiyegbusi Oluwole Oladipo

A model for evaluating recreation benefits with reference dependent preference

August 2015

In environmental valuation studies, it is commonly assumed that a utility arises from an absolute amount of environmental quality. This criterion, called absolute evaluation, is used in methods including the travel cost method and the contingent valuation method. Studies in experimental economics, however, have indicated that an individual’s criterion depends on reference dependent preference (RDP)—a...

Author(s): Tadahiro Okuyama and Yasuhisa Hayashiyama

The export-diversifying effect of foreign direct investment in the CEMAC Region

July 2015

This study aimed at investigating the export-diversifying effect of Foreign Direct Investment on the economies of the CEMAC sub region – notably, Cameroon, Central Africa Republic, Chad, Congo, Equatorial Guinea and Gabon. This was achieved empirically by using a Generalized Linear Model estimation technique implemented using the logit link function and the Gaussian distribution family to take care of the...

Author(s): Dobdinga Cletus Fonchamnyo

The political economy of climate change

July 2015

This article debates institutional proposals given to address climate change which is not attacking basic socioeconomic determinants but only impacts such as emissions of greenhouse gases (GHE). Getting to the bottom of the problem requires moving beyond mere energy transition to renewable energy, which is necessary. But they are insufficient to ensure the preservation of life on earth and the social order. These...

Author(s): Guillermo Torres Carral

Population growth and gender time distribution in a small-open growth model

June 2015

This study proposes an endogenous population economic growth model with gender time distribution between work, children fostering and leisure. It deals with nonlinear dynamic interdependence between the birth rate, the mortality rate, the population, wealth accumulation, and time distribution. We model the production side and wealth accumulation on the basis of the Solow model. The population dynamics is influenced by...

Author(s): Wei-Bin Zhang

Portfolio balance approach: An empirical testing

June 2015

Exchange rate plays vital role in an economy and thus has gained much attention in the literature. The purpose of the study is to test the portfolio balance approach which proposes that money supply and bonds of a country impact its exchange rate. For this purpose, Augmented Dickey Fuller and Phillips Perron test have been applied on the quarterly data from 2001 to 2010 to test the stationarity of the data. Auto...

Author(s): Aima Khan and Zaheer Abbas   

Optimizing the monthly crude oil price forecasting accuracy via bagging ensemble models

May 2015

The study investigates the accuracy of bagging ensemble models (i.e., bagged artificial neural networks (BANN) and bagged regression trees (BRT)) in monthly crude oil price forecasting. Two ensemble models are obtained by coupling bagging and two simple machine learning models (i.e., artificial neural networks (ANN) and classification and regression trees (CART)) and results are compared with those of the single ANN and...

Author(s): Hacer Yumurtaci AydoÄŸmuÅŸ, Aykut Ekinci, Halil Ä°. Erdal and Hamit Erdal

Human resource development as a correlate of performance of the banking industry in Ogun State, Nigeria

May 2015

The study examined human resource development as a correlate of performance of the banking industry in Ogun State. Primary and secondary data were used in the study. Primary data were collected from the sampled commercial banks’ staff in Abeokuta metropolis while secondary data were sourced from published 2012 and 2013 Financial Statements of commercial banks. Data were analysed using Ordinary Least Squares and...

Author(s): Sowunmi, Sakirat Ololade, Eleyowo, Israel Olusegun, Salako, Mudashiru Abiodun and Oketokun, Fatai Olalekan

Stochastic simulation analysis of sustainable public debt in Zimbabwe

May 2015

This paper applies dynamic stochastic simulation methods to assess sustainable public debt management policies in Zimbabwe. The methodology applied involves estimating a fiscal reaction function and using it to simulate public debt path using a stochastic approach and historical information on drivers of public debt accumulation and their volatility. The results from the baseline scenario show that Zimbabwe’s...

Author(s): Nebson Mupunga and Pierre Le Roux

Real exchange rate assessment in Egypt: Equilibrium and misalignments

April 2015

The underlying study focuses on assessing the real exchange rate in Egypt during the period 1999-2012. In particular, the paper estimates the Real Exchange Rate (RER) misalignments in Egypt during the period under investigation. This is implemented through carrying out two main steps: first, the observed real exchange rate is calculated. Then, the Equilibrium Real Exchange Rate (ERER) is estimated using three different...

Author(s): Rana Hosni and Dina Rofael

Economic growth and environmental degradation in Ethiopia: An environmental Kuznets curve analysis approach

April 2015

This study aimed to study the relationship between economic growth and environmental degradation in Ethiopia by questioning the existence of environmental Kuznets Curve. The study uses time series data from 1969/70 to 2010/2011 in a VECM analysis approach. The finding indicates existence of EKC hypothesis in Ethiopia. Like any agrarian country economic growth in Ethiopia inevitably contribute for environmental...

Author(s): Endeg Tekalegn Wolde

The role of foreign aid in reducing poverty: Time series evidence from Ethiopia

March 2015

Driven by recent shifts in international financial flows towards poverty reduction and the concentration of previous studies on aid economic growth relationships, this study took a new metric to investigate aid’s effectiveness,  that is poverty reduction. Based on this objective, the study employed multivariate cointegration analysis to a time series data from Ethiopia over the period 1975-2010. The empirical...

Author(s): Hana Woldekidan

Mean-Gini portfolio selection: Forecasting VaR using GARCH models in Moroccan financial market

March 2015

This paper focuses on Mean-Gini (MG) method for optimum portfolio selection. The MG framework, introduced by Shalit and Yitzhaki, is an attractive alternative as it is consistent with stochastic dominance rules regardless of the probability distributions of asset returns. Therefore, a MG framework is similar to a corresponding Mean-Variance (MV) framework in that it also uses two summary statistics-the mean and a...

Author(s): Jamal Agouram and Ghizlane Lakhnati

Relative consequences due to absence of corporate governance in nationalized and private commercial banks in Bangladesh

February 2015

This study produces weak and ineffective corporate governance practices in both state owned and privately owned commercial banks in Bangladesh. The paper presents key aspects requiring reforms: the role, constitution and accountability of board, risk management, and transparency. To analyze the corporate governance practices of the private commercial banks (PCBs) and State owned commercial (SCBs), this study focused on...

Author(s): Rana Al Mosharrafa

The effect of FDI on economic growth and the importance of host country characteristics

February 2015

In spite of a large increase in FDI inflows to developing countries, the effect of FDI flows on economic growth remains confusing. The recent contribution of modern economic growth theories in general predicts that FDI can be the main catalyst of economic growth in the receiving countries. Empirical studies, however, produce ambiguous results, and suggest that the growth effects of FDI are conditional on the host...

Author(s): Hosein Elboiashi

Effect of climate change on food crop production and vulnerability assessment in Oyo State

January 2015

The study assessed household vulnerability to climate change and its effect on yam and cassava production in Oyo state, Nigeria. Primary and secondary data were used for the study. Data on yam and cassava yield between 1990 and 2009 were obtained from the Oyo State Agricultural Development Programme (ADP) while data on climate variables between 1976 and 2010 were obtained from the Nigeria Institute of Meteorology,...

Author(s): S. A Adewuyi, B. Folorunso, L.O Okojie and D. Akerele

Green banking in India

January 2015

Environmentalism is a social movement that shows the concerns for environmental conservation and improvement of the state of the environment. This has now become a constant concern in every industry and it is no wonder that the banking industry also caught the ‘green’ fever. To circumvent the global warming trap, the impulse of ‘going green’ is running faster than expected amongst all the big...

Author(s): Suresh Chandra Bihari and Bhavna Pandey

Trade policy, fiscal constraint and their impact on education in the long run

December 2014

Many studies have evaluated the impact of trade liberalisation in South Africa. Our study proposes to evaluate the consequences of trade liberalisation when fiscal constraints and budget discipline lead government to reallocate the fiscal adjustment induced. More precisely, we will focus on the consequences on the education system and the consequences of students’ performances at school in long run. To evaluate...

Author(s): Maisonnave Hélène

Dividend announcement on share prices in a bull and a bear market phase

December 2014

The information content of dividend hypothesis has been a controversial debate for a number of decades. This research therefore examines the validity of information content of dividend hypothesis and the reaction of share prices to dividend change announcements that contradict the market phase. That is, observing the reaction of the market to the announcements of dividend decrease (increase) when the market is in a bull...

Author(s): Bukola Akintade Faloye and Foluso Ololade Oluwole

Bounds testing approach to cointegration: An examination of the impact of foreign direct investment and trade on growth in Saudi Arabia, 1970-2010

November 2014

It is widely recognized that trade and foreign direct investment (FDI) inflows are important factors in long-term economic growth. Trade openness enhances skills through the adoption of imported superior production technology and innovative processes, and thus exerts a positive and significant impact on economic growth. Similarly, FDI augments and stimulates domestic investment, enhances technology transfer, increases...

Author(s): Hatim Ameer Mahran, and Khalid A. Al Meshall

Comprehensive management of research budgets in agricultural research Institutes in China

November 2014

Over the years, increasing attention has been focused on the implementation rather than the preparation of research budgets in the agricultural research institutes in China. It resulted in unscientific and irrational budgeting of research funds. The practical implementation of research funds has also been adversely affected. After investigating three provincial-level institutes for agricultural research, we analyzed the...

Author(s): Xia Li, Ying Chen and Hezhong Dong

The validity of the purchasing power parity in intermediate and flexible exchange rate regimes: Empirical evidence from Turkey

October 2014

The aim of this paper is to analyze empirically the validity of the purchasing power parity (PPP) hypothesis for Turkey under intermediate and flexible exchange rate regimes. In this framework, the periods where intermediate (January 1994-February 2001) and flexible (March 2001-September 2012) exchange rate regimes implemented in Turkey were taken as a base. The estimation results show that foreign exchange rate regimes...

Author(s): Bahar Erdal and Abuzer Pınar

Savings, investment and economic growth in Ethiopia: Evidence from ARDL approach to co-integration and TYDL Granger-causality tests

October 2014

This paper examines the causal relationship among savings, investment and economic growth in Ethiopia using annual time series data from 1969/70-2010/11 in a multivariate framework. Results from the PP unit root test shows that all variables under consideration are I(1). Result from the ARDL Bounds Testing indicates that there exists co-integration among gross domestic savings, gross domestic investment, real gross...

Author(s): Shimelis Kebede Hundie

Poverty reduction through the ICT: Global system for mobile communication (GSM) perspective

September 2014

Poverty amid plenty is one of the greatest challenges confronting Nigerian economy. Government at all levels had initiated various forms of poverty reduction strategies in an attempt to reduce the incidence of poverty in Nigeria. Using data obtained through the administration of questionnaires on the operators of GSM purposively selected within the study area, the paper examined the extent to which evolution of GSM has...

Author(s): Kadir, M, Hassan, K , Yusuf H.A  and Abdulaziz, I

Interdependency between monetary policy instruments and Indonesian economic growth

September 2014

The objective of this study is to analyze the interdependency between monetary policy instruments and Indonesian economic growth for the periods of 2000 to 2011. The monetary policy instruments are open market operation (OPT), reserve requirement (RR), and discount rate.  For the analysis, this study employs Structural Vector Autoregression, and Impulse Response Function.  The results of the analysis show that...

Author(s): Fitra Waty

The effects of financial reforms on consumption behaviour in Malawi

September 2014

The objective of the paper is to assess whether financial reforms have a statistically significant effect on Malawi consumption behaviour. More specifically, the paper examines the existence of Permanent Income Hypothesis (PIH) and assesses whether the reforms have affected consumption behaviour by reducing liquidity constraints using Instrumental Variable and Two Stage Least Squares (IV-TSLS) approach. The paper finds...

Author(s): Chance Mwabutwa

Exchange rate regimes and inflation in Sub-Saharan Africa

August 2014

The main argument in favor of a fixed exchange rate regime (ERR) is its ability to maintain lower inflation in the long run compared to a flexible ERR (Mundell, 1963; Fleming, 1962). This paper empirically tests whether the fixed ERR of the CFA franc currency union provides lower inflation to its members relative to inflation in the non-CFA Sub-Saharan African (SSA) countries. SSA countries are grouped by their exchange...

Author(s): Julie Lohi

Empirical analysis of the elasticity of real money demand to macroeconomic variables in the United Kingdom with 2008 financial crisis effects

August 2014

  This research work has employed vector error correction and cointegration techniques in order to estimate the elasticity of real money demand to macroeconomic variables such as industrial production index, exchange rates and short-term interest rates in the United Kingdom. Also, global financial crisis was introduced as an impulse variable to capture structural breaks inherent in the series. Empirical results...

Author(s): Aweda Nurudeen Olawale, Akinsanya Taofik, Akingbade Adekunle and Are Stephen Olusegun

Franklin’s economic graph formula/rules: A set of rules and procedural guidelines through which economic and non-static diagrams can be skeletonized and converted to simpler model diagrams for easier study, explanation and comprehension of economic diagrams

July 2014

A reference book on economic diagrams is strongly believed to be a good solution to the challenge posed by graph in Economics. Graph has posed a challenge to many in the field of Economics, thus increasing the need to create a solution for it. Therefore, this research employs some set of rules or formula set of procedural guidelines through which economic diagrams can be skeletonized and converted to simpler model...

Author(s): Franklin, Chiemeka Agukwe

Assessing the performance of banks listed on Ghana stock exchange: Financial ratio analysis (2005 to 2011)

July 2014

Banks and non-bank financial institutions, supported by efficient money and capital markets ensure the successful operation of the financial system in an economy. Efficient banking industries must be capable of measuring, analyzing and hedging or otherwise limit all types of risk faced resulting from transactions undertaken.The average efficiency of the individual banks operating in an industry reflects the...

Author(s): Sarpong David Jnr, Winful Ernest Christian and Owusu-Mensah Matthew

Revisiting government spending and growth analysis in Ghana: A disaggregated analysis from 1970 to 2010

July 2014

Government’s desire to raise economic growth in Ghana has led to a sharp rise in public spending in Ghana without any significant impact on economic growth. This study set out to investigate the relationship between economic growth and government spending at the disaggregated level with an Auto Regressive Distributed Lag (ARDL) model with annual data spanning from 1970 to 2010 to advice policy makers on the...

Author(s): Adu Frank and Ackah Ishmaell

Oil price volatility and economic development: Stylized evidence in Nigeria

June 2014

The research presented in this study, investigates chiefly the causal relationship between oil prices and key macroeconomic variables in Nigeria in a multivariate framework using times series data from 1980 to 2010. To examine whether there is prediction between oil prices and macroeconomic indicators (inflation, interest rate, exchange rate and real gross domestic product) as well as the impact of oil prices on the...

Author(s): Ani Wilson, Ugwunta David, Oliver Inyiama and Eneje Beatrice

Causes of poverty in Sub-Saharan Africa: A layered theory approach to understanding significant factors

June 2014

Majority of studies on Sub Saharan Africa approach poverty solely as a lack of income. We believe that poverty is more than an economic status and is inclusive of educational attainment and gender inequality, for example. Our study analyzed poverty under a unique approach, and in a departure from previous studies, delineates between economic factors; political factors; health factors; educational factors; cultural...

Author(s): Teshome Abebe and Nana Quaicoe

The effect of currency devaluation on output: The case of ethiopian economy

May 2014

This paper assesses the short and long run effects of currency devaluation on output growth in Ethiopia. The study is conducted by using quarterly time series data over the period ranging from 1998.Q1 to 2010.Q4 and employing a vector auto regression (VAR) model. By controlling the monetary and fiscal policies, it is found that currency devaluations are contractionary in the long run and neutral in the short-run. Other...

Author(s): Yilkal Wassie Ayen

Market reaction to chief executive officers (CEOs) appointments on Johannesburg securities exchange (JSE): stock price and volume approach

May 2014

The study is aimed at assessing the market reaction to the announcement of the appointment of CEOs of companies listed on the Johannesburg securities exchange (JSE). To achieve this objective an event study was conducted.  The dataset consist of 43 firms who satisfied the inclusion criteria, who have announced the appointment of CEO within the period January, 2000 to December, 2012. In this study both the volume...

Author(s): Nthoesane M.G. and Kruger J.W.

Analysis of competitiveness of lowland rice farming in indonesia: Case study of Bolaang Mongondow District, North Sulawesi Province

April 2014

Further development through the application of technological innovations may result to rice export in North Sulawesi. It is necessary to do a study on the competitiveness level of this commodity, especially if there is a local policy to export rice. The aims of this research are: (1) to analyze the profitability of rice farming in Bolaang Mongondow District; (2) to analyze the comparative and competitive advantages of...

Author(s): Zulkifli Mantau, Harianto and Nunung Nuriantono

Determinants of Net Savings Deposits held in Savings and Credit Cooperatives (SACCO’s) in Uganda

April 2014

Savings mobilization is important for rural households in Uganda. This study looked at household net savings deposits in Savings and credit cooperatives (SACCO’s) from individual’s passbooks. Net savings were then measured as the difference between deposits and withdrawals. Weighted least squares were used to determine the factors influencing net deposits. Results indicate that deposits decreased with...

Author(s): S. Mpiira, B. Kiiza, E. Katungi, J. R. S. Tabuti, C. Staver, and W. K. Tushemereirwe

Calendar Anomalies, reality or an illusion? KSE-Pakistan

April 2014

This paper investigates the calendar anomalies in Karachi Stock Exchange (KSE) of Pakistan, during 2002-04 periods. The data for this study was taken from KSE 100, involving the daily stock exchange and were tested for turn of the month and time of the month effects. The results, regarding mean returns showed the presence of both effects. Results after regression analysis didn’t show the presence of Turn of the...

Author(s): Muhammad Ibrahim khan, Muhammad Suleman Khan, Aima Khan

Globalization, Foreign Direct Investment and Economic Growth in Sub Saharan Africa

March 2014

The paper examined contributions of foreign direct investment, globalization to real economic growth fluctuation in selected sub-Saharan Africa countries. Adopting the conventional vector autoregressive mechanism the time series data from the selected countries, the result showed that out of the eleven countries studied, foreign direct investment explained the highest proportion in just three countries, Morocco,...

Author(s): Saibu M. O and Akinbobola T. O

A contribution to the theory of economic growth: Old and New

March 2014

In this study it is possible to provide a simple theoretical and empirical literature framework that links the endogenous growth theory through to the classical economists’ theory. There is also the following phenomenon that emphasises the proceeding to Harrod-Domar growth model, through to the model of the neoclassical growth theory. The study utilising the production function and, through to the developed new...

Author(s): Masoud Najeb

The Inflation-Stock market returns Nexus: Evidence from the Ghana Stock Exchange

February 2014

The relationship between inflation and stock market returns has been theoretically and empirically discussed albeit inconclusive results. Whereas some studies find a positive relationship, others find a negative relationship. This paper contributes to the empirical conversation using data (January 1992-December 2010) from the Ghana Stock Exchange (GSE) which is one of the emerging markets in Africa. Employing unit root...

Author(s): Adusei Michael

The finance-growth nexus: Evidence from Malawi

February 2014

Apart from assessing the impact of  financial development on economic growth, economists have also delved to understand the  direction of causality between the two variables. We examine the causal relationship between the two variables in the Granger causality sense and regress economic growth on financial development and a number of control variables. The Augmented –Dickey Fuller unit root test is used...

Author(s): Shawa Ken

Inflation in Nigeria: How much is the function of money?

January 2014

Inflation is one of the most researched concepts in economics, yet there is always a noisy room when it is discussed. Most empirical literature suggests that excessive inflation is harmful to economic growth. The emphasis   on ‘excessive’ implies that some level of inflation would have a positive association with growth. Considerable study has gone into determining the points of inflexion where...

Author(s): Mbutor O. Mbutor

The mining boom, productivity conundrum and monetary policy design to combat resource curse effects in Australia

January 2014

The productivity slump in the 2000 decade whilst Australia was riding on the biggest mining boom in its history posed a conundrum. The mining boom caused a real exchange rate appreciated due to the sky-rocketing terms of trade fuelled by demand for minerals from the mega-Asian economies. The exchange rate appreciation  has led to deindustrialisation and Dutch Disease effects making traditional exports...

Author(s): Neil Dias Karunaratne

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