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

Social and financial performance of microfinance institutions: Is there a trade-off?

February 2012

  The simultaneous achievement of financial and social objectives assigned to microfinance institutions is a challenge. Showing good financial performance (good profitability) and having a high depth of outreach (serving the poor) may be contradictory. Therefore, these "banks for the poor" are facing a trade-off that can lead to mission drift. To verify the existence of this fact, we have analyzed the...

Author(s): BEN SOLTANE Bassem

Impact of socio-economic characteristics of GSM-owner on the use of global system for mobile communication (GSM)

February 2012

  The wide use of the global system for mobile communication (GSM) and its influence on various aspects of the society is yet to be empirically investigated. This paper examined the relationship between GSM usage and socio-economic characteristics (sex, marital status, age, education, income, occupation and employment) of the GSM-owners. The study sample consisted of 2,500 households in the study area....

Author(s): OSOBA, Samson Babatunde

Free coinage for gold and silver –Then and now

February 2012

Author(s): Hugo Salinas-Price

Transformational leadership for excellent result: Challenges for women in management and executive positions in Nigeria

February 2012

  The obvious problem that impedes growth in today’s organizations and particularly government is not that of getting leadership but the transformational one that can make remarkable difference in the socio-economic lives of stakeholders. This nation has been ruled and governed by “men in their various capacities and yet we are far away from the median of growth and development. This paper tried to...

Author(s): Yusuf Olafemi Munirat and Grace Chinelo Nzelibe

Hedge funds and their interaction with market parameters

February 2012

  The performance of hedge funds and other financial institutions has been carefully studied during the last financial crisis. In our study which spans through a time period of 31 December, 1999 to 21 June, 2011, the relationship between global hedge fund indice and Federal Reserve’s effective interest rate, and the relationship between the 10 year-term Treasury bill and the M2 monetary supply variables...

Author(s): Samet GÜNAY, and Gökberk CAN,

Effect of corporate governance on the top management team compensation

January 2012

  This paper has explored the determinants of the top management team (TMT) compensation. Specifically, it has examined the influence of ownership structure and the board of directors’ effectiveness on the TMT compensation in a sample of 274 most admired American firms of fortune magazine. When panel data methodology was applied, the results have shown that TMT pay level has not been affected by the...

Author(s): Karima DHAOUADI

Industrıal sector energy consumptıon ın Turkey- the relatıonshıp between economıc growth (1970-2010)

January 2012

  Economic growth is one of the most important macroeconomic targets, due to its relatively important effects on the other macroeconomic variables. Among many others, productivity of labor, accumulation of capital, technological improvements, enhancement of human capital, existence of natural resources are considered to be the most important factors affecting economic growth. In this study, the effect of energy...

Author(s): Yusuf BAYRAKTUTAN, Ibrahim ARSLAN, Dr. Gökçen Sayar ÖZKAN and Filiz Sanal ÇEVÄ°K

Money supply and inflation in Malawi: An econometric investigation

January 2012

  This paper examines the relative importance of monetary factors in driving inflation in Malawi. A stylized inflation model is specified which includes standard monetary variables, the exchange rate and supply-side factors. The results indicate that inflation in Malawi is a result of both monetary and supply-side factors. Monetary supply growth drives inflation with lags of about 3 to 6 months. On the other...

Author(s): Kisu Simwaka, Perks Ligoya, Grant Kabango and Mtendere Chikonda

Interaction between political instability and investment

January 2012

  The aim of this paper is to identify the effect of political instability on investment and economic growth. By using a dynamic balanced panel data model applied on annual data from 11 countries from the Middle East and North Africa (MENA) region over the period of 2000 to 2009. The political instability’ effect on the contribution of investment to economic growth has been the subject of a second...

Author(s): Hadhek Zouhaier, and Mohamed Karim KEFI

Financial performance and ownership structure of Ethiopian commercial banks

January 2012

It has been argued since long time that private ownership of firms leads to better firm performance. Knowledge of the relationship of performance and ownership is assumed to have significance importance. This paper is an empirical analysis on the impact of ownership structure on the performance of Ethiopian commercial banks. We examined whether the ownership structure of banks significantly impinges on bank performance....

Author(s): Deepak Kapur and Abebaw Kassie Gualu

Evaluation of countries solution against the U.S economics crisis through a multiple attribute decision model (MADM)

January 2012

  U.S economics crisis have occurred since 2007. It is the important crisis after the great depression of 1930’s. The countries in our global village have relationships together. They can become impressive or neutral in case of this crisis. It definitely depends on their policies and decisions. In this paper, we evaluate some chosen solutions in front of U.S economic crisis using a multi attributes...

Author(s): Ehsan Rasoulinezhad

Global climate change and emerging environmental and strategic security issues for South Asia

December 2011

  Global climate change-essentially an adverse consequence of global warming, is principally caused by progressive build-up and extensive spread of greenhouse gases (GHGs) across countries, regions or continents because of earth’s rotational movement. The potent sources of GHGs are fossil-fuels and biomass. With the increasing pace of globalization, industrialization and rapid change of life-style, the...

Author(s): Amarendra Nath Sarkar

The determinants of the demand for money in developed and developing countries

December 2011

  This study examined the determinants of the demand for money in developing and the developed countries. The study employed a comparative analysis of the effectiveness of the determinants of the demand for money in both developing and developed countries. It was found out that income related factors or the scale variables are more effective in the developing countries while factors that work through the...

Author(s): Yamden Pandok Bitrus

Effective risk management and company’s performance: Investment in innovations and intellectual capital using behavioral and practical approach

December 2011

  Risk management is used to decrease the undesirable effects of market conditions and behavior on company’s activities and performance. This research focuses on ability of risk management response to out of control market factors to facilitate consistent profitability that leads to improvement in company’s performance. This is an empirical research that investigates the association of total risk...

Author(s): Mohsen Jafari, Arezoo Aghaei Chadegani and Vahid Biglari

Mixed exchange rate regime in the West African Economic and Monetary Union (WAEMU)

December 2011

  The debate on the issue of choosing the best exchange rate regime is still valid. Indeed, each exchange rate regime has both costs and benefits. For WAEMU countries, the current choice is less and less justified mainly because of globalization. Therefore, the objective of this study is to propose a mixed exchange rate regime pegged to the euro and U.S. dollar. The study shows that this type of plan allows...

Author(s): Ibrahima Thiam

An econometric analysis of money demand function in Sudan, 1960 to 2010

December 2011

  This study is an attempt to test the existence of a stable money demand function in Sudan during the period, 1960 to 2010. The money demand function includes real money balances, real GDP (as scale variable), the rate of inflation and exchange rate (as opportunity cost of holding money balances variables). The study applies cointegration and error correction models to examine the behavior of money demand...

Author(s): Suliman Zakaria Suliman and Hala Ahmed Dafaalla

Effectiveness of foreign aid in sub-Saharan Africa: Does disaggregating aid into bilateral and multilateral components make a difference?

December 2011

  Inspired by the contradicting findings of studies on aid effectiveness and the recently emerging dissatisfaction of scholars with the methodologies of earlier works, this study took up the examination of the effectiveness of bilateral and multilateral aids on economic growth. To this end, the study applied the estimation technique of system-GMM (system - generalized method of moments) to panel data of 42...

Author(s): Hassen Abda Wako

Economic integration and trade deficit: A case of Vietnam

November 2011

  This paper attempts to present a quantitative analysis in order to figure out the reasons of continuous increase of trade deficit in the last decade in Vietnam. After a long period of unceasing economic growth and macroeconomic stability, Vietnam has become one of the attractive investment destinations for many foreigner investors. However, the country starts to worry about its overall economic situation...

Author(s): Bui Trinh, Kiyoshi Kobayashi and Vu Trung Dien

The investigation of the current status of socially responsible investment indices

November 2011

  This paper investigated the development of the current status of socially responsible investment indices and their composition features, and it was found that the socially responsible investment indices were highly developed since the 2006 period. The socially responsible investment indices mostly used in European markets are becoming a trademark in many countries. Meanwhile, this paper listed some...

Author(s): Mei Sun, Katsuya Nagata and Hiroshi Onoda

Time series variation of foreign exchange rate in the Nigerian Wholesale Dutch Auction Market

November 2011

  Exchange rate movements can be forecast if we understand how exchange rates are determined. This paper seeks to find significant explanatory variables in the time series variation of foreign exchange rates based on Nigerian data. The study period covered 2004 to 2009 using monthly data for the Wholesale Dutch Auction Market (WDAS). The study embodies the monetary approach to exchange rate determination,...

Author(s): J. E. Ezike and P. N. Amah

A survey of poverty and inequality indicators with an application to Southern African Customs Union (SACU)

November 2011

The article provides a brief survey of poverty and inequality indicators and proceeds to provide their analytical application for countries in the Southern African Customs Union (SACU). Poverty measures surveyed, included money-metric measures such as the Foster-Greer-Thorbecke (FGT) indicators, while the non-money metric measures included body mass index and human development index (HDI), among others. The inequality...

Author(s): Sephooko I. Motelle

The long run relationship between interest rates and inflation in Iran: Revisiting Fisher’s hypothesis

November 2011

  This paper analyzes the relationship between interest rates and inflation by using the Johansen’s co-integration approach and then vector error correction model (VECM) approach. It should be noted that this relation has been known as Fisher effect in long run term, so we used the theory of Fisher for theoretical basis. The hypothesis, proposed by Fisher (1930), which states that the nominal rate of...

Author(s): Safdari Mahdi and Soleymani Masood

Economic growth and increasing trends of child malnutrition in Mumbai City

November 2011

  Malnutrition among children reduces the physical growth, school achievements and future employment opportunities. Present study finds that the incidence of malnutrition among below five age group children in Kutcha slums of Mumbai city is increasing. The incidence of stunting is rising faster whereas the incidence of underweight remains stagnant. The incidence of severe malnutrition is also increasing among...

Author(s): Sanjay Rode

International portfolio diversification: Cointegration, causality tests and error correction model

November 2011

  The objective of this paper is to examine the short and long term relationships between 22 financial markets in order to study their implication on the potential gains from international diversification during the period 1987 to 2004. We will make an empirical study based on cointegration, causality tests and error correction model. The results of bivariate tests show the existence of long term...

Author(s): Dhouha Hadidane, and Ezzeddine Abaoub,

Balance sheet channel in developing countries: Review, evaluation and integration

November 2011

  Lacking from most of the literature on the balance sheet channel is an integration of economic theory with empirical observation. We provide: (1) An account of the usefulness of the theoretical literature for interpreting the empirical research on the balance sheet channel; (2) Brief notes on some of the implications of the balance sheet channel; and (3) Suggestions for future research roadmap which...

Author(s): Kelvin Mudita, Andrew Maredza and Slyvanus Ikhide

Analytic hierarchy process for prioritizing production functions: Illustration with pharmaceutical data

November 2011

  Since the downturn hit the world’s economy in 2008, many organizations have been having a tough time remaining in business not to talk of making profit. Consequently, companies now seem to give a relatively high priority to the marketing competencies of their staff even when this may not be the required antidote. Using data from five major pharmaceutical companies in Lagos, Southwest Nigeria, this study...

Author(s): Oluseye Ogunyemi, Ade Ibiwoye and Emmanuel Olateju Oyatoye

Foreign direct investment and export growth in Nigeria

October 2011

  The purpose of this study was to examine the link between Foreign Direct Investment (FDI) in Nigeria from 1970 to 2008. The stationary properties of the data and the order of integration of the data were tested using the augmented Dickey fuller (ADF) and the Philip – Perron (PP) tests. The cointegration results showed at least one cointegrating equation in the export function. The Granger...

Author(s): Sam S. Enimola

The impact of different investment strategies on reducing systematic risk in Tehran stock exchange

October 2011

  Scientific findings indicate that the efficiency of different investment strategies is varied, so financial experts have classified these strategies from diverse perspectives. One of the most common categories as the major academic studies which have been done on this classification is passive, active and momentum strategies, but so far none has been done around correlation of investment strategies. In this...

Author(s): Mohammad S. Ezazi, Mostafa Farrokhi Ostad and Mojtaba Farrokhi Ostad

Analyzing the effect of macroeconomic variables on stock market returns: Evidence from Ghana

October 2011

  This study investigates the relationship between macroeconomic variables and stock market returns using monthly data that spans from January 1992 to December 2008. Macroeconomic variables used in this study are consumer price index (as a proxy for inflation), crude oil price, exchange rate and 91 day Treasury bill rate (as a proxy for interest rate). The ordinary least square estimation (OLS) model...

Author(s): Owusu-Nantwi, Victor and John K. M. Kuwornu

Social entrepreneurship as an instrument for curbing youth gangsterism: A study of the Nigerian Urban Communities

October 2011

  There have been growing concerns over the level of unemployment in Nigeria especially among the teeming youths. Unemployment among the youths has been a major factor responsible for youth gangsterism in most urban centers. This study focuses on the effectiveness of social entrepreneurship in providing gainful employment for the teeming youths in the Nigerian urban communities, especially in the light of...

Author(s): B. E. A. Oghojafor, S. A. Aduloju and F. F. Olowokudejo

Does devaluation improve the trade balance of Nigeria? (A test of the Marshall-Lerner condition)

October 2011

  This paper aims to investigate the effect of devaluation/depreciation of the Nigerian naira on the country’s trade balance for the period 1986 to 2008. The paper adopts the elasticity approach to the balance of payments adjustment. The study investigates the effect of exchange rate devaluation as a policy on the Nigerian economy’s Trade for the period 1986 to 2008. The focus is to test...

Author(s): M. A. Loto

Liberalizing trade in services in Tunisia: General equilibrium effects

October 2011

  The main objective of this paper is to simulate removal of barriers to trade in services in Tunisia by focusing on two modes; cross-border delivery (Mode 1) and commercial presence (Mode 3). For the first mode, we model restrictions as tariff equivalent-price wedge. Thus, the simulation of services liberalization consists of removing totally or partially these estimated tariff equivalents. We assume for...

Author(s): Saoussen Ben Romdhane

Impact of government sectoral expenditure on economic growth

October 2011

  The objective of this study is to investigate the growth effect of government expenditure on economic growth in Nigeria over the period of 1980 to 2008, with a particular focus on sectoral expenditures. This paper investigates the growth effects of government expenditure in Nigeria over the period of 1980 to 2008, with a particular focus on sectoral expenditures. Five key sectors were...

Author(s): M. A. LOTO

Trade Unionism: Protection of worker’s rights in Power Holding Company of Nigeria (PHCN), Port Harcourt (Port Harcourt Electricity Distribution Company)

October 2011

  The focus of this study was on trade unionism in the protection of workers’ rights, using Power Holding Company of Nigeria (PHCN), Port Harcourt (Port Harcourt Electricity Distribution Company) as a reference. A partly-coded questionnaire was administered on a randomly selected 384 PHCN workers whose selection was without consideration of place of residence, ethno/tribal and religious background. There...

Author(s): Chukwunenye Iheanacho Okereke

Productivity in agribusiness firms and its determinants in Abia State, Nigeria

October 2011

  The study examined total factor productivity in agribusiness firms and its determinants in Abia state, Nigeria. The specific objectives includes, (1) to classify and examine firm specific characteristics that enhance productivity in agribusiness and (2) to identify factors that influence total factor productivity in agribusiness firms in Abia State. The first objective was realised with descriptive statistics...

Author(s): Nto P. O. O. and Mbanasor J. A.

Financial derivatives, global economic crisis and less developed countries (LDCs)

September 2011

  Financial derivatives have been acclaimed as the greatest innovation of the 20th century. This popularity is not unconnected to their use as risk management tool. It is therefore disconcerting that such instruments meant to manage risks can be blamed for having exacerbated it, to the extent of causing a global crisis. In the light of the aforementioned, this paper examines the nature and uses of...

Author(s): Acha, Ikechukwu A.

Towards reducing poverty in Nigeria: The case of Igboland

September 2011

  This paper studied poverty in Igboland (Abia, Anambra, Ebonyi, Enugu, and Imo States) of Nigeria, using the 1996 National Consumer Survey data set. The results show that by 1996, the proportion of the Igbo States’ population living under the  in 1992. The depth of poverty in Igbo%, up from 40.9%poverty line stood at 55.1  in 1992. The severity of% in 1996, again an increase from...

Author(s): John C. Anyanwu

Niger Delta University and the socio-economic life of Amassoma

September 2011

  The paper seeks to evaluate the impact of the establishment of Niger Delta University, Wilberforce Island, Bayelsa State on the socio-economic life of Amassoma City, with emphasis on the growth in population of the area in relationship to the availability of basic social amenities. To achieve this objective, descriptive statistics was employed in analysing the primary data collected. Our findings reveals that...

Author(s): Audu, Nathan Pelesai

Community–level institutions in sustainable exploitation of palm forest resources in South-east Nigeria

September 2011

  In order to protect palm grooves and strengthen community participation in the exploitation and management of palm forest resources, we investigate the roles of community-level institutions in the moderation of exploitation of palm forest resources studied in three states within the palm forest belt of southeast Nigeria. We confirmed that community-level institutions like community development associations...

Author(s): Festus U. Agbo, Noble J. Nweze and Edwin M. Igbokwe

Infrastructure deficiencies and investment in manufacturing firms in Nigeria

September 2011

  The lack of private investment in productive capital is a serious problem in many developing countries, especially in sub-Saharan Africa in general and Nigeria in particular. In the last three decades, the Nigerian Government has spent a huge amount of money on infrastructure, but this has had little impact on efficiency. This study uses microeconomic evidence to show the effects of poor infrastructure...

Author(s): Olatundun Janet Adelegan

An equilibrium approach for tactical asset allocation: Assessing Black-Litterman model to Indian stock market

September 2011

  In practice, mean-variance optimization results in non-intuitive and extreme portfolio allocations, which are highly sensitive to variations in the inputs. Generally, efficient frontiers based on historical data lead to highly concentrated portfolios. The Black-Litterman approach overcomes, or at least mitigates, these problems to a large extent. The highlight of this approach is that it enables us to...

Author(s): Alok Kumar Mishra, Subramanyam Pisipati and Iti Vyas

Determining optimum farm credit need of small scale farmers in Benue State

September 2011

  This study determined an optimum farm credit for small scale farmers in Benue State. A set of structured questionnaires were administered on 180 respondents randomly selected from eighteen communities in the state. Linear programming was used to obtain an optimum farm credit for farmers engaged in four farm enterprises in the study area, namely, yam and cassava mix, maize and sorghum mix, yam and sorghum mix...

Author(s): G. A. Abu, I. U. Odoemenem and A. Ocholi

Trends in perception of corruption in a developing democracy

September 2011

  This paper aims to study individual observational data (education, media consumption, gender, age, region, urban or rural dwellers, personal well-being, social trust, political trust, and interest in politics) and their influences on perceptions of trends in corruption in Nigeria. Perceptions of trends in corruption or corruption worse under previous military regimes or under present democratic dispensation...

Author(s): Iroghama Paul Iroghama

Does fiscal deficit determine the size of external debt in Nigeria?

September 2011

This paper investigates the direction of causality as well as the impact of fiscal deficit on external debt in Nigeria. It goes further to determine whether structural shift actually exists in the pattern and direction of fiscal deficit and debt in the period under review. Econometric analysis such as unit root test, Granger causality test, ordinary least square (OLS) and the Chow break point test were performed on time...

Author(s): Michael S. Ogunmuyiwa

Fiscal federalism in changeable world

August 2011

  The conversations about fiscal federalism, decentralization and devolution have been evolving in the literature since the second half of the 20th century. In the United States and all around the world, the matter of governance and decentralization are on the agenda. This paper aims to find the routes of fiscal federalism by first understanding what is meant by federalism, as it does not simply refer to a form...

Author(s): Wasim Al-Habil

Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30

August 2011

  This paper examine the relationship between four important corporate governance mechanisms (board size, board composition, CEO/chairman duality and audit committee) and two firm performance measures (return on equity, ROE, and profit margin, PM), for a sample of 30 Pakistani listed firms between 2008 and 2009. The results provide evidence of a positive significant relationship between ROE and PM and...

Author(s): Qaiser Rafique Yasser, Harry Entebang and Shazali Abu Mansor

Impact of VAT on economic development of emerging nations

August 2011

  This paper on the impact of value added tax (VAT) on economic and human developments of emerging Nations from 2001 to 2009 as VAT is becoming important source of revenue. Our scope of study centers on Adamawa State of Nigeria. Data were collected from both primary and secondary sources. Regression, discriminant analysis and ANOVA were used in testing the hypotheses. We found out that VAT allocations...

Author(s): Angus O. UNEGBU and David IREFIN

Technical efficiency of sole cowpea production in Adamawa State, Nigeria: A Cobb-Douglas stochastic frontier function

August 2011

  The stochastic frontier production model represents an improvement over the traditional average function and the deterministic functions, which use mathematical programming to construct production frontiers. The study was conducted to analyze the technical efficiency of sole cowpea production in the Northern part of Adamawa State using a stochastic frontier model. The result revealed that the variance of...

Author(s): Taru, V. B., Lawal, H. and Tizhe, I.

Modelling stock price behaviour: The Kernel approach

July 2011

  The efficient market hypothesis asserts that financial markets are always efficient and therefore cannot be predicted in order to make abnormal returns. This paper investigates the predictability of stock prices in more efficient and developed markets (U.S and U.K) using two econometric methods namely, the random walk and the non-parametric methods. Based on the out-of-sample predicted mean square error, and...

Author(s): John Muteba Mwamba

Lead - lag relationship between the futures and spot prices

July 2011

  This paper examined the relationship between the futures market and spot market for the lean hogs and pork bellies markets during the sample period January 2001 through May 2010 and quantifies the price discovery function of commodity futures prices in relation to spot prices of the sample markets. The econometric tools like Unit root tests and Pairwise Granger Causality tests were employed in the study. The...

Author(s): S. Jackline and Malabika Deo

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