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

Foreign direct investment - economic nexus: The role of the level of financial sector development in Africa

December 2013

This study examines the relationship between foreign direct investment (FDI) and economic growth considering the influence of financial sector development (FSD). We empirically determine the threshold level of three FSD indicators that would ensure the positive association between FDI and growth once these threshold levels are exceeded. The policy implication of this study is that policies directed towards attracting...

Author(s): Ibrahim Dolapo RAHEEM and Mutiu Abimbola OYINLOLA

Externalities of global financial crisis and coping strategies among emerging African economies

December 2013

The recent global economic recess has far-reaching implications on the stock market, employment of labour and survival of the production sector. Investors are poorly compensated, jobs are lost in thousands and hitherto viable industries are folding up. The African economy is not spared either. Policy makers and technocrats are now being challenged in an attempt to arrive at workable solutions to the current economic...

Author(s): Akanni, K.A.

Public debt, capital stock and economic growth: An analysis of fiscal sustainability in Brazil

December 2013

This article analyzes the fiscal sustainability of the Brazilian economy in recent decades. It evaluates the solvency of public debt in Brazil through the cointegration tests that showed a long-term relationship between public revenue and expenditure in the period of 1975 (I) to 2010 (II). The results show a solvency ratio between the Revenue / GDP ratio and expense / GDP ratio.  That is, for each $ 1.00 spent per...

Author(s): Tito Moreira

Exports, domestic demand and economic growth in Ethiopia: Granger causality analysis

December 2013

Fundamental relationships between different macroeconomic variables may follow certain common theories, but local preferences are also decisive in determining their unique behaviour.  Looking into domestic demand-growth nexus and export-growth nexus is, therefore, needed in Ethiopia, so as to understand the long -run economic stance and to capture the short-run dynamics in the national economy. Thus, the aim of...

Author(s): Soressa Tolcha Jarra

Working capital management and profitability: Evidence from Ghanaian listed manufacturing firms

December 2013

Working capital management plays a vital role in the success of businesses because of its effect on profitability and liquidity. The purpose of this study is to examine the relationship between working capital management practices and profitability of listed manufacturing firms in Ghana. The study used secondary data collected from all the 13 listed manufacturing firms in Ghana covering the period from 2005-2009. Using...

Author(s): Richard Kofi Akoto, Dadson Awunyo-Vitor and Peter Lawer Angmor

Association between foreign capital inflow and macroeconomic factors: Evidence from Nigeria

November 2013

This paper empirically examines the association between foreign capital inflows to Nigeria and real growth rate of gross domestic product, domestic credit to the private sector, rate of inflation, perceived level of corruption and market capitalization.  Data covering the period 1982 and 2012 were analyzed using econometric models of cointegration technique with its implied error correction model (ECM). Results are...

Author(s): Etumudon Ndidi Asien and Victor Oriavwote

The impact of financial inclusion on monetary policy in Nigeria

November 2013

Financial inclusion is currently hot topic in policy spheres because of its potency in encouraging economic growth. And because it improves the sensitivity of aggregate demand to interest rate it has been argued to be useful for the success of monetary policy. However, little attention has been devoted to computing the exact effect of financial inclusion on monetary policy. This paper presents a simple model showing the...

Author(s): Mbutor O. Mbutor and Ibrahim A. Uba

Health care expenditure, health status and national productivity in Nigeria (1999-2012)

October 2013

The major challenge facing policy makers is how to allocate limited resources across the range of preferences that contribute to poverty reduction and economic development; including capital expenditures on health, education, infrastructure and recurrent expenditures. The aim of this study is to establish the relationship between healthcare expenditure, the health status and national productivity in Nigeria. The...

Author(s): Mathias Agri Eneji ,  Dickson Vonke Juliana and Bisong John Onabe

Finance and economic growth nexus: Complementarity and substitutability between the banking sector and financial markets in Africa, using South Africa as a case1

October 2013

The paper empirically examines the dynamic relationship between financial development and economic growth in South Africa in terms of financial intermediaries and financial markets based structure. A time series analysis using the VAR Model provided evidence for the dynamic relationship. The paper provides empirical evidence on the causal impact of the financial market on economic growth in South African. The results...

Author(s): Forget M. Kapingura

Evaluating profit organizations’ financial tools development strategy for managing crises

October 2013

The purpose of the study is to evaluate profit organizations’ financial tools development strategy in order to find limits. These limits can help the strategy to organize development internationally and locally without solving crises with negative effect. The study found out that there were negative outcomes because profit organizations were ignorant of their responsibility and were revenue oriented without...

Author(s): Abdullah Ibrahim Nazal

Globalization and economic security in Nigeria: A reflection of the Nigerian manufacturing sector performance (1981 -2010)

October 2013

This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the Nigerian manufacturing sector, using co-integration and error correction mechanism (ECM) techniques with annual time series covering the period between 1981 and 2010. The findings revealed that globalization has negative impact on the performance of the Nigerian manufacturing sector in the...

Author(s): Ogunyomi, Oluwatosin Olatunji, Jenrola, Oladapo .A. and Daisi, Olusegun Richard

Banking crises and inflation dynamics in the West Africa Monetary Zone (WAMZ)

September 2013

  This paper examines the impact of banking crises on inflation in West Africa Monetary Zone (WAMZ) from 1970 to 2012. It adopts the modified monetarist theory of inflation that is based on dynamic panel estimation technique to analyze the dynamics of inflation and banking crises. The paper indicates that banking crises increases the rate of inflation in WAMZ. The study concludes that incessant banking crises...

Author(s):   Adegoke I. ADELEKE and Joseph O. OGEBE  

Sources of real exchange rate volatility in the Ghanaian economy

September 2013

  Real exchange rate volatility is an important contributor to risks in the financial world. During periods of excessive fluctuations in exchange rates, foreign trade and investments could be affected negatively. The objective of this study is to determine the sources of exchange rate volatility in Ghana. The methodology employed is a dynamic econometric technique based on the Autoregressive Distributed Lag...

Author(s):   Baba Insah and Anthony Chiaraah  

Regimes Markov models with endogenous transition probabilities: Modeling fluctuations in Tunisia

September 2013

  This paper is an advanced analysis of the cyclical industry in Tunisia by taking the transition probabilities as endogenous in a Markov switching framework. Using Matlab programming of the Gibbs algorithm, Bayesian analysis allowed us to deal with the hidden Markov process withvariable transition probabilities. Showing a persistent state, we...

Author(s):   Slim CHAOUACHI, Ali CHEBBI and Ramzi KNANI  

Determinants of domestic saving in Ethiopia: An autoregressive distributed lag (ARDL) bounds testing approach

September 2013

  The objective of this paper was to investigate the determinants of domestic saving in Ethiopia using time series annual data form 1970/71-2010/11. In this study, effort has been made to identify the long run and short run determinants of domestic saving in Ethiopia using an ARDL bounds testing Approach and Error correction model (ECM) to capture both short run and long run relationships. The Estimated results...

Author(s):   Haile Ademe Ayalew  

Evaluating profit organizations’ financial tools development strategy for managing crises

August 2013

The purpose of the present study is to evaluate profit organizations’ financial tools development strategy in order to find limits. These limits can help the strategy to organize development internationally and locally without solving crises with negative effect. The study found out that there were negative outcomes because profit organizations were ignorant of their responsibility and were revenue oriented...

Author(s):   Abdullah Ibrahim Nazal

Interest rate pass-through to bank mortgage and participation bond rates in South Africa: Evidence from ARDL and FMLS models

August 2013

  This paper examines the degree of pass-through and the adjustment speed of the bank rate and partB rate  in response to changes in the repo and treasury bill rates in South Africa for the period 1998M4 to 2011M1. The repo rate is the policy rate while the treasury bill rate (TBR) represents money market rates.  We employ the ARDL and FMLS estimators to test for co-integration over the whole sample...

Author(s):   Smile Dube and Yan Zhou  

An assessment of Nigeria expenditure on the agricultural sector: Its relationship with agricultural output (1980 - 2011)

August 2013

  A strong and an efficient agricultural sector would enable a country to feed its growing population, generate employment, earn foreign exchange and provide raw materials for industries. This study makes a modest contribution to the debates by empirically analyzing the relationship between Nigeria government expenditure on the agricultural sector and its contribution to economic growth, using time series data...

Author(s):   Okezie A. Ihugba, Nwosu Chinedu and Njoku A.C  

Sustainability of the Malawian current account deficit: Application of structural and solvency approaches

August 2013

  The objective of the paper is to examine the sustainability of current account in Malawi. The study employs econometric analysis and solvency approaches to complement each other. Results from both approaches confirm that Malawi’s current account deficits were excessive and unsustainable during the period of 1980 to 2010. Results from the econometric analysis reveal that for Malawi’s current...

Author(s):   Onelie Nkuna    

Impact of motivation on employees’ performance: A case study of CreditWest Bank Cyprus

August 2013

  An important role of management is to help make work more satisfying and rewarding for employees and to make employees’ motivation consistent with organizational objectives. With the diversity of contemporary workplaces, this is a complex task. Many factors, including the influences of different cultures, affect what people value and what is rewarding to them. From a manager's perspective, this...

Author(s):   Ukaejiofo Rex Uzonna

Relationship between ethical leadership and value creation

August 2013

  The theme of value creation, being the source of this research, has received increased interest in the field of management science, and hence has become the new creed of managers. We have proposed that ethical behavior of managers influences the policy of value creation. In particular, we test the four cardinal virtues of the manager (justice, prudence, strength and moderation) that influence development and...

Author(s):   Saliha Theiri,

Insurance development and economic growth in Nigeria, 1986-2010

August 2013

  This study analyzed both the long and short run relationship between insurance development and economic growth in Nigeria over the period 1986 to 2010. Using error correction model (ECM), the study finds that insurance development cointegrated with economic growth in Nigeria. That is there is long run relationship between insurance development and economic growth in Nigeria. The results also shows that...

Author(s):   Olalekan Yinusa and Taiwo Akinlo        

Electricity consumption and gross domestic product in an electricity community: Evidence from bound testing cointegration and Granger-causality tests

July 2013

  This study probes the nexus between electricity consumption and gross domestic product (GDP) for the electricity community of Togo and Benin using ARDL bounds testing approach of cointegration. Long-run equilibrium has been established among these variables for Benin. The study further establishes long and short-run Granger causality running from GDP to electricity consumption for Benin and short-run Granger...

Author(s):   Alastaire Sèna Alinsato  

Corporate disclosure, transparency and firms’ cash holdings: Evidence from the Emerging capital market of Ghana

July 2013

  The paper documents the monitoring effect of corporate disclosure and transparency on cash holdings on the Ghana Stock Exchange (GSE). The paper employs the Fama and French (1998) valuation model by relating firm level variables to firm value with panel data covering a period from 2002 to 2007 for 23 firms. It builds further on the agency theory and its relevance to emerging markets. We find that the...

Author(s):   Godfred A. Bokpin  

China-US interest in Africa: The implications for peace and development

July 2013

  Apart from the China-US relations, one of the most important bilateral relations that have attracted the attention of analysts in the field of international relations today is the triangular Africa-China-US trilateral engagements. Scholars, practitioners, business community and citizens from the three sides could in one way or the other express their own anxieties, with some imaginary conclusion about the...

Author(s):   Odey, Acha Francis, Eneji Mathias Agri , and Shi Li Rong  

High credit rating IPOs and determinants of underpricing

July 2013

  In this paper, we declare that such objective, autonomous and exogenous certifying mechanism provides a better opportunity to test the well-established credit rating hypothesis, especially in the context of emerging markets with institutional voids. Employing a sample of 142 Indian IPOs (January 2007 to December 2012), we also experiment Ex-ante uncertainty with the efficacy of IPO (Initial Public Offerings)...

Author(s):   Rohit Bansal and Ashu Khanna  

Tenant eviction in property management practice in Ilorin Metropolis, Nigeria

July 2013

  This paper examines the causes and methods of tenant eviction in property management practice in Ilorin metropolis, Nigeria with a view to suggesting measures aimed at reducing its incidence. The 16 registered estate surveyors and valuers in the study area were surveyed with a structured questionnaire. Data collected were analysed using descriptive statistics. The study’s result revealed that rent...

Author(s):   Ibrahim Tajudeen Akogun and Olatoye Ojo  

Public expenditure and economic growth nexus: Further evidence from Nigeria

July 2013

This paper examines the relationship between public expenditure and economic growth in Nigeria during the period 1970-2009. A disaggregated public expenditure level was employed using the Gregory-Hansen structural breaks cointegration technique. The result confirms Wagner’s law in two models in the long run; there was a break in 1993 in which the political crisis that engulfed the nation was accountable. The...

Author(s):   Mutiu Abimbola Oyinlola and Olusijibomi Akinnibosun

Consequences of fiscal deficit

June 2013

  The main objective of this paper is to understand and to evaluate recently expressed popular anxiety about fiscal deficits. The paper begins with a discussion of problems involved in measuring the fiscal deficit. A general conclusion is that all interesting measures of the federal fiscal deficit have increased substantially over the past eight presidential terms and are likely to increase further in the near...

Author(s):   Artan Nimani  

Medical tourism: The new favorite tourist market

June 2013

  Medical tourism, a new form of tourism industry flourishing around the world, holds a huge market potential in China. Its definition and related issues are under the way of being carefully examined with quite a concern on its development conditions and strategies. China, a late boomer in medical tourism, is in a total different social and economical situation and in urgent need to get close scrutiny in its...

Author(s):   Guojinga F. A. N., and Zhijun L.    

Evaluation of the current higher education funding model in Rwanda using Higher Education Students’ Loans Department (HESLD-REB) as a case study

June 2013

  Higher education funding in Rwanda uses a costs sharing approach. This has been analyzed to ascertain its suitability for Rwanda. This research looked at other funding methods that can be applicable for the higher education sector in Rwanda. These included use of PPP, tuition fees, bank loans and internally generated funds by higher learning institutions. It was found in this research that costs sharing...

Author(s):   Alfred Nuwagaba  

Management research and the phenomenon of industry growth: The case of Nigerian banking industry

May 2013

  The pre-capitalization banking in Nigeria was characterize by poor research base, low investment in training and development; hence, leading to incessant distress and massive liquidation. The main focus of this paper is therefore to examine the relationship between research and growth in the industry. The research is descriptive in nature and based strictly on secondary data. Research finding revealed that...

Author(s):   Nzelibe Grace Chinelo, Yusuf, Olafemi Munirat and Egononwu-Iwu  Ronald    

Determinants of financial performance of a firm: Case of Pakistani stock market

May 2013

  This paper examines the possible association between financial performance of the firm and economic indicators, corporate governance, ownership structure, capital structure, and risk management. It is also one of the very few examples, which attempts to test various determinant of firm performance in context of developing market (Pakistan). The present study examines the performance of firms in terms of...

Author(s):   Sidra Ali Mirza and Attiya Javed

The relationship between energy consumption and national income of Nigeria

May 2013

  The purpose of this paper is to examine the causal relationship between energy consumption and National income of Nigeria. The importance of identifying the direction of causality emanates from its relevance in national policy-making issues regarding energy conservation. There are various evidences indicating some level of relation between national income and energy consumption of many countries: developed,...

Author(s):   A. Kabir, S. G. Zaku, A.A.Tukur and Aikhuele. J.G

Publicly available information and the pricing of book built IPOs: Evidence from India

April 2013

  The pricing of initial public offering (IPO) plays a vital role for both the issuers and the investors. Therefore they also have a profound impact on the activities of primary and secondary capital markets. Extensive literature on pricing of IPOs has reported a significant mis-pricing across countries during different time periods. The present study analyzes the pricing of 207 book built IPOs listed on Bombay...

Author(s):   Neeta Jain and Anna Jain  

Studying the obstacles of applying a target costing system in firms accepted in Tehran Stock Exchange

April 2013

  Target system is one of the most important techniques which can help organizations to improve cost-based performances. In this method, the products' sale price is anticipated before production processes start, based on surveys in the market and manufacturers try to design and manufacture a product according to the predetermined cost to ensure the management's desirable profit. Meanwhile, it should...

Author(s):   Mehdi Alinezhad Sarokolaei and Akbar Rahimipoor   

Willingness to participate in micro pension schemes: Evidence from the informal sector in Ghana

April 2013

  Market and state based pension schemes in Ghana tends to be better adapted to formal conditions and this limits the participation of majority of the populace especially those in the informal sector of the economy. In cases where “an all inclusive” schemes are developed, no special consideration is made to better integrate low income earners or workers in the informal sector into such pension...

Author(s):   Peron A. Collins-Sowah, John K. M. Kuwornu and Daniel Tsegai  

Organizational learning and market performance: The interactive effect of market orientation

October 2012

  This study examines the interactive effect of market orientation in the relationship between organizational learning and market performance. Market performance, as the dependent variable, is expected to create wealth for organizations and shareholders, however, so far, little empirical attention has been given to market performance as one of the decisive end outcome of organizational learning activities....

Author(s):   Moses Tahate Kamya

Demographic changes and economic development: Application of the vector error correction model (VECM) to the case of Ethiopia

October 2012

  Ethiopia is one of the countries with high fertility, rapidly growing and largely young population. At the same time, it is among countries with weak and poorly focused population policy. In light of this, this study intended to assess the causation between demographic factors and economic development in Ethiopia. To this end, it applied vector-error-correction model (VECM) to data on economic, demographic...

Author(s):   Hassen Abda Wako

Financial inclusion by Zimbabwean commercial banks in a liquidity constrained environment

October 2012

  The study investigates the trends and challenges of financial inclusion by commercial banks in Zimbabwe after the adoption of the multiple currency regime. Results showed that some commercial banks made efforts to ensure financial inclusion. New innovations like cell phone banking and internet banking were positive steps towards ensuring financial inclusion by Zimbabwean commercial banks. The foreign...

Author(s):   Chikoko Laurine and Mangwendeza Patrick  

The impact of globalization on African economic development

May 2012

  The term globalization captures the attention of everyone and especially economic development researchers. Despite the prior prosperity promises of globalization and the benefits of an information accessing society, the afterwards benefits have not been universal and global inequality has increased instead. Globalization has widened the gap between rich and poor countries in its relentless progression....

Author(s):   Kossi Ayenagbo, Balamoguenema Dessougmba, Tommie Njobvu, Komla Kouma Bolale Houmgbo and Magueye Faye

Problems and prospects of electronic resources usage in Nigerian academic libraries

May 2012

  This work dealt with the problems and prospects of electronic information resources in Nigeria. It was obvious from the review that the use of e-resources is not problem-free in Nigeria. Amongst others, it was pointed out that acquisition and maintenance cost, availability of electronic information resources gadgets, spare parts and experts, erratic power supply, are major problems militating against the...

Author(s):   Famous Kose Dafiaghor

Official development assistance (ODA), public spending and economic growth in Ethiopia

May 2012

  The objective of this research was to analyse the role of Ethiopia’s government expenditure in economic growth and the importance that ODA has played in financing government spending. The study employed both descriptive and econometric analyses. In the econometric analysis, Ram’s (1986) model is adopted to scrutinize the impact of different composition of public spending on economic growth. The...

Author(s):   Tofik Siraj

Nigerian foreign trade policy: Its impact on non-oil exports

May 2012

  The paper sets out to examine the impact of trade policy on Nigeria non-oil exports. It specifically seeks to ascertain the effect of trade policies on non-oil exports in Nigeria as well as the performance of the non-oil export sector over the period 1970 to 2010. Nigeria’s data set from the CBN statistical bulletin volume 18, (2009) and the American reserve bank during the period 1970 to 2010 were...

Author(s):   John E. Ezike and Samson Ogege  

Does economic growth and financial development spur energy consumption in Tunisia?

April 2012

  This study investigates the link between energy consumption, financial development and growth in Tunisia. The causal relationship between energy consumption growth (ENC), per capita GDP growth (GDP) and credit to the private sector as a proxy of financial development (CSPV) during the 1972 to 2010 period was examined using the cointegration and vector error correction models for Granger causality...

Author(s):   Slim Chtioui  

Tax policy developments, donor inflows and economic growth in Malawi

April 2012

  Government continuously operates with revenues below expenditures and taxation is increasingly becoming a sensitive political and economic tool to be relied upon as an instrument for revenue generation and economic growth. This study seeks to examine the impact of tax policy and donor inflows on economic growth in Malawi from 1970 to 2010 using data envelope analysis (DEA) and transcendental logarithm...

Author(s):   Austin Chiumia and Kisu Simwaka  

Lessons from the great recession: Need for a new paradigm

March 2012

  The ongoing sovereign debt crisis in Europe and U.S. is challenging the conventional wisdom and is creating fears of a double dip recession in 2012. Massive levels of debt and consumption beyond means and speedy financial innovation with lax regulation has put major economies in a deep hole. Monetary policy with ease in rates had been ineffective, to say the least, in generating new jobs in the last few years...

Author(s):   Salman Ahmed Shaikh

Research and Development (R&D) spillovers and economic growth: Empirical validation in the case of developing countries

March 2012

  The aim of this paper is to study the effects of the domestic and foreign Research and Development (R&D) on the total factor productivity (TFP) in the case of the developing countries. In other words, it is to determine the important role of the R&D externalities through the commercial opening in the TFP of these countries and the necessary conditions to enable them absorb the technological...

Author(s):   Sahbi GABSI and  Ali CHKIR        

Theoretical issues on the African stock markets and portfolio performance

March 2012

  The study discusses the theoretical issues surrounding the African stock markets and portfolio performance. It examines the issues underpinning the perception of market inefficiency in African stock markets. It has been proposed that the solution to problems faced by African stock markets is to integrate their stock exchanges by merging the stock exchanges. The study adopted an exploratory research...

Author(s):   Odhiambo Odera

Risk, coping mechanisms, and factors in the demand for micro-insurance in Ethiopia

February 2012

  This paper is the first result of a policy study carried out for the International Labour Organization (ILO) and the United Nations Capital Development Fund (UNCDF), to determine how micro-insurance can help Ethiopia’s poor become more resilient to negative financial shocks. This research focuses on the demand components of micro-insurance, and investigated two main research questions: Do...

Author(s): Million Tadesse and Marjorie Victor Brans

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