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

Determinants of interest rates in Nigeria: An error correction model

November 2010

  This paper analyzes the determinants of interest rate in Nigeria within the framework of a Vector Error Correction Model (VECM), using quarterly data between first quarter of 2000 and last quarter of 2008. The study found that the Treasury Bill Rates (TBR) in Nigeria and its hypothesized determinants are generally I (1) series, with two cointegrating equations existing among their linear combinations. Results...

Author(s): Abayomi Toyin Onanuga and Adebayo M. Shittu

The market reaction to the appointment of an outside CEO: An empirical investigation

November 2010

  The primary objective of this study is to examine whether there is a market reaction around the announcement day of an outside Chief Executive Officer (CEO) appointment. A significant market reaction around the announcement would indicate the strategic importance of a CEO and his/her contribution to future firm prospects. Our dataset consists of 158 US firms over the period 1993 to 2005 that appointed an...

Author(s): Melita Charitou, Andreas Patis and Adamos Vlittis

A dynamic panel data analysis for relationship between private and public investment in R and D

November 2010

  This paper investigates the relationship between private and public investment in R and D, while taking into account the effect of several instruments policies such as subsidies and taxes. We design a new look of knowledge spillovers and R and D cooperation to explain the contribution of public and private R and D on growth. We propose a heterogeneous dynamic panel data model to consider the effect as well as...

Author(s): Tarek Sadraoui and Adnen Chockri

Importance of financial education in making informed decision on spending

October 2010

  The discourse of spending is important if finance is of concern. Those who save money realize the fact that wise spending leads to saving and hence investing. A household that spends unwisely can end up complaining on insufficient funds attained. Governments and organizations which spend unwisely will always cry for budget deficit. Therefore this paper provides a discussion on the importance of financial...

Author(s): A. S. Norman

Neglected and underutilized species (NUS): A panacea for community focused development to poverty alleviation/poverty reduction in Nigeria

October 2010

  The boom in the financial system and economy, and challenges of “leaving no one behind”. Poverty becoming dynastic that is, the “poor cannot sleep because they are hungry, and the rich cannot sleep because the poor are awake” in everybody’s interest to have an INCLUSIVE society. Using the World Bank’s estimates (based on 1993 Purchasing Power Parity) about 2.6 billion or...

Author(s): J. A. O. Magbagbeola, J. A. Adetoso and O. A. Owolabi

Customer complaints in banks-nature, extent and strategies to mitigate

October 2010

  The present paper analyze the extent of complaints in three types of bank groups, namely, public sector banks, Indian private sector banks and foreign banks. The numbers of complaints are the maximum in public sector banks and the maximum complaints are related to deposit, credit cards and housing loans. The present study is related to 2006 - 2007 to 2007 - 2008.The paper intends to solve these complaints...

Author(s): R. K. Uppal

Dynamic modeling of stability of money demand and minimum wages

October 2010

  Dynamic modeling is a vital policy instrument in measuring macroeconomic stability of the economy and monetary planning. This study was conducted to explore long term dynamic behavior of the narrow money supply to investigate the nexus between money demand and minimum wages and their impact on macroeconomic stability in Sri Lanka. The empirical approach was directed to estimate a Vector Auto regression (VAR)...

Author(s): S. P. Jayasooriya

Economic growth convergence among Middle East Countries

October 2010

  The main result of early neoclassical growth models supports the convergence of economic growth among countries. Given that countries converge to their steady state growth path, countries with lower economic growth will move faster than rich ones based on the neoclassical growth models. A tremendous amount of research studies have investigated the growth convergence among different regions and countries....

Author(s): Nahid Kalbasi

Estimation of the equilibrium interest rate in CFA countries in Africa

October 2010

  This paper treats determination of neutral or natural interest rate in CFA zone and under zone UEMOA and CEMAC. Methodology used is based on a generalized Taylor rule derived from the goals of monetary policies and budgetary attaches with a quadratic function of reaction which takes into account a target of inflation, public expenditure and interest rate. The estimates highlight a neutral interest rate...

Author(s): Latif Dramani

Estimating the growth-maximizing tax rate for Cote d’Ivoire: Evidence and implications

September 2010

  This paper investigates the optimal tax burden for the Ivorian economy. To address this issue, the empirical analysis was conducted using both Scully and quadratic regression models and annual data covering the period from 1960 to 2006. These models suggest that the growth-maximizing tax rate is in the range of 21.1 to 22.3% of GDP. At that tax rate, the economic growth rate would be around 6.2% instead of...

Author(s): Yaya Keho

Exploring the causality relationship between trade liberalization, human capital and economic growth: Empirical evidence from Pakistan

September 2010

  There is a rapidly growing literature on the interaction between trade liberalization and economic growth but few have analyzed the relationship between trade liberalization, human capital and economic growth. This paper attempts to investigate empirically the causality relationship between trade liberalization, human capital and economic growth in Pakistan by employing co-integration and granger causality...

Author(s): Imran Sharif Chaudhry, Ali Malik and Muhammad Zahir Faridi

External reserve holdings in Nigeria: Implications for investment, inflation and exchange rate

September 2010

  The paper investigates the impact of change in external reserve positions of Nigeria on domestic investment, inflation rate and exchange rate. Using a combination of ordinary least square (OLS) and vector error correction (VEC) methods, it was observed that change in external reserves in the country only influences foreign direct investment (FDI) and exchange rates and no influence of it was found on domestic...

Author(s): Usman Abdullateef and Ibrahim Waheed

Some empirical literature evidence on the effects of independent directors on firm performance

September 2010

  This work is a review of existing literature on the effectiveness of independent directors at ensuring superior firm performance. The study finds that the evidence in this regard are not only mixed, but may also be culture-bound because while some studies, especially most of those structured and conducted in the US, find no positive relationship between the presence of independence directors on the board and...

Author(s): Ronald Chibuike Iwu-Egwuonwu

The impact of three major banking statutes on bank failures in the U.S., 1970 - 2008

August 2010

  Bank solvency questions and bank failures in the U.S. have become issues of renewed concern in recent years. Given the significance of bank solvency and bank failures for the health and stability of the U.S. economy, it is imperative to have insights into factors that systematically influence bank failures, including major federal government banking statutes that have been implemented. Accordingly, this...

Author(s): Richard J. Cebula

Is the Senegalese accelerated growth strategy pro-poor?

August 2010

  The main purpose of Senegalese accelerated growth strategy (AGS) is to boost economic growth so as to make poor people share its benefits. In any given economy, there is a relationship between growth, poverty reduction and income distribution. In this paper, based on a dynamic computable general equilibrium model and pro-poor measures, the author experiment the quality of AGS pattern. It turns out that...

Author(s): François Joseph Cabral

Can monetary policy enhance remittances for economic growth in Africa? The case of Nigeria

August 2010

  Remittances are a vital component of liquidity flows in Nigeria. This paper evaluates the role of monetary policy in enhancing remittances for economic growth. The vector autoregressive methodology is applied with two stage deductions. The monetary policy rate first impacts intervening variables- exchange rate, interest rate, inflation etc- which in turn impact remittance flows. The data set are tested for...

Author(s): Mbutor O. Mbutor

Application of data mining techniques in stock markets: A survey

July 2010

  One of the most important problems in modern finance is finding efficient ways to summarize and visualize the stock market data to give individuals or institutions useful information about the market behavior for investment decisions. The enormous amount of valuable data generated by the stock market has attracted researchers to explore this problem domain using different methodologies. Potential significant...

Author(s): Ehsan Hajizadeh, Hamed Davari Ardakani and Jamal Shahrabi

Monetary policy conduct: A hybrid framework

July 2010

  This paper examines whether a small-open-economy, DSGE-based, New-Keynesian model can provide a natural framework for monetary policy conduct with the use of a hybrid monetary-policy regime. Allowing for some inflation inertia, a small-open-economy version of the Calvo sticky-price model to investigate hybrid inflation/price-level targeting was developed. This paper explores the proprieties of monetary policy...

Author(s): Mohamed Douch and Naceur Essadam

A direct formulation of implied volatility in the Black-Scholes model

June 2010

  The inverse problem of option pricing, also known as market calibration, attracted the attention of a large number of practitioners and academics, from the moment that Black-Scholes formulated their model. The search for an explicit expression of volatility as a function of the observable variables has generated a vast body of literature, forming a specific branch of quantitative finance. But up to now, no...

Author(s): Philippe Jacquinot and Nikolay Sukhomlin

Relative responsiveness of trade flows to changes in exchange rate and prices in selected ECOWAS countries: Does Orcutt hypothesis hold?

June 2010

  This paper examines the elasticities of both export and import models in selected ECOWAS countries employing quarterly series from 1980Q1 to 2007Q4. Specifically, the objective of the paper is grounded in the need to evaluate the relative responsiveness of trade flows to changes in real effective exchange rate and prices among these countries. The empirical evidence from this paper indicates evidence of long...

Author(s): Olusegun Omisakin, Abimbola Oyinlola and Oluwatosin Adeniyi

Globalization in India: With special reference to the 1990s

May 2010

  The paper describes the process of economic integration in India and the benefits that the economy received from the same, especially in the era of 1990s. Internationalization of capital flows (represented by FDI inflows) and internationalization of trade flows (represented by trade openness) are used as the indicators for this study. The paper also explores the interface between FDI inflows and trade...

Author(s): Rudra P. Pradhan

Education and economic performance: Lessons from West Africa

May 2010

  The study of economic growth across countries has been of utmost interest to economists explaining the various factors that contribute to the growth and development of countries. Thus, in recent times “human resources have been recognized to constitute the ultimate basis for the wealth of nations. In other words, while capital and natural resources are passive factors of production, human being are the...

Author(s): Gbadebo Olusegun Odularu and Ramilowo Olowookere

Waves of technological innovations and the end of the information revolution

April 2010

  The article is about new views on the theory of “long waves” and especially from the point of view of technological progress, importance of which is stressed. It developed a new conception of waves of technological innovations in a modern society (from 1600 AD). The last 5th wave (based on a progress in informatics and telecommunications) is just coming to an end. Today economic crisis (2008) must...

Author(s): Daniel Šmihula

The essential infrastructures’ preparation assessment for establishing the electronic stock exchange in Iran

April 2010

  Establishing an electronic stock exchange market can be a perfect example of new technologies and IT utilization in the stock market in Iran and thus it can pave the way and provide the opportunity for all walks of life to invest in the stock exchange market. The essential infrastructures’ preparation assessment for opening the electronic stock exchange in Iran helps us identify the essential...

Author(s): S. M. Allameh and N. Jafari

Cointegrating and causal relationship between financial development and economic growth in ECOWAS countries

March 2010

  The aim of this paper is to re-examine the cointegrating and causal relationship between financial development and economic growth in the ECOWAS countries. To this end, we use the Pesaran et al. (2001) approach to cointegration and the procedure for non - causality test of Toda and Yamamoto (1995). Data are from the World Bank (2007) and cover the period 1960 - 2005. We show that there is a positive long -...

Author(s): Loesse Jacques Esso

Stock market prices and the random walk hypothesis: Further evidence from Nigeria

March 2010

  The weak form hypothesis has been pointed out as dealing with whether or not security prices fully reflect historical price or return information. To carry out this investigation with the Nigerian stock market data, we employed the run test and the correlogram/partial autocorrelation function as alternate forms of the research instrument. The results of the three alternate tests revealed that the Nigerian...

Author(s): Godwin Chigozie Okpara

What corporate social responsibility reporting adds to financial return?

February 2010

  Using a Capital Asset Pricing Model (CAPM) for panel data, this study investigates the influence of corporate social responsibility (CSR) on financial performance, for 154 European firms between 2000 and 2008. The CSR index reveals whether or not the firm published a social report for year t. Statistical evidence shows that this index is negatively and significantly associated with the expected return on...

Author(s): Jean-Marie Cardebat and Nicolas Sirven

Information technology, financial deepening and economic growth: Some evidence from a fast growing emerging economy

February 2010

  We empirically assess the role of information technology and financial deepening in Qatar’s fast growing economy. Our analysis follows the vector-error-correction modeling technique that is capable of exploring long-run relations and short-run causal dynamics. We further investigate the common permanent components of the cointegrating system to identify the main driving...

Author(s):

Budget balance through revenue or spending adjustments? An econometric analysis of the Ivorian budgetary process, 1960 - 2005

January 2010

  This paper uses annual data for the period of 1960 - 2005 to investigate the causal relationship between government revenues and spending in Côte d’Ivoire. The empirical findings reveal a positive long-run unidirectional causality running from revenues to expenditures. This implies that achieving fiscal consolidation should focus more on reducing government spending rather than raising...

Author(s): Yaya Keho

Analysis of the importance of general agreement on tariffs and trade (GATT) and its contribution to international trade

January 2010

  The establishment of trade organizations requires a number of provisions. However, the negotiators wanted to create an institution in which trade issues could be analyzed on a multilateral basis. Since its enforcement date on 1st January 1948, GATT has given international trade a new face. The international trade barely regulated before 1947, has since then become well structured and organized through the...

Author(s):   Kossi Ayenagbo, Josphert Ngui Kimatu, Zhang Jing, Sidime Nountenin and Wang Rongcheng

Is intervention effective after all?

January 2010

  This study examines the effectiveness of direct official intervention in terms of whether the intervention by the Central Bank in the foreign-exchange market does offer effective or lasting instruments for exchange rates. The study is confirmatory research since it offers a descriptive survey of the impact of the Central Bank’s intervention on exchange rates across several economies. The paper makes key...

Author(s): Kulachet Mongkol

Is India the panacea to the global crisis?: A multi-dimentional approach

December 2009

  The need for flexibility in business and pricing models came out as the strongest requirement of (Chief Executive Officers’) CEOs at the Dataquest-Nasscom roundtable discussion. Nasscom India Leadership Forum 2009 was one of the most eagerly anticipated events of the year, with the industry waiting for answers and insights from global leaders on how to survive the ongoing wrath of the downturn. As...

Author(s): Avik Ranjan Roy

The challenges of energy supply for Sierra Leone’s economic development

December 2009

  Energy problems in developing and under developed countries are serious and widespread. Lack of access to sufficient and sustainable supply of energy affects over 85% of the population in these countries. Over 3 billion people are without electricity and a similar number remains dependent on fuels such as animal dung, plant residue, kerosene, wood and charcoal as a source of fuel for lighting and cooking....

Author(s): T. Alphaeus Koroma and Wang Rongcheng

Intellectual property rights, political risk and economic growth in developing countries

November 2009

  This paper examines the impact of intellectual property rights (IPRs) on economic growth for a cross – section of 73 developing countries over a period of 19 years (1985 – 2003). The results of the study indicate that: 1) strengthening IPRs has a negative effect on economic growth; 2) the impact of patent protection on economic growth after the TRIPS agreement is far and above that of the pre...

Author(s): Samuel Adams

The private capital’s social responsibility role in the sustainable human resources development with reference to Egypt

November 2009

  The private capital’s social responsibility concept refers to the existence of implicit contract which determines the rights and responsibilities of businessmen towards the society. It is notable that the private sector’s social responsibility concept is deep rooted and well-established to the extent that it could be sometimes misinterpreted as beneficiary work concept or public relations. This...

Author(s): Ezzat Molouk Kenawy

Wheat risk diversification in North Khorasan province: A risk profile analysis

October 2009

  In this paper application of risk profile in wheat risk management of North Khorasan province has studied. For achieving to risk profile used data of 120 wheat producers for 2005 - 2007 period. Also, for evaluating of losses of each risk, used two indexes of frequency and severity of risk effect and finally risk matrix designed. Result showed that biggest area for wheat was area with low risks. New variety of...

Author(s): Mohammad Ghorbani and Fatemeh Jafari

Investigating Wagner’s law in Iran's economy

October 2009

  The aim of this paper is investigating Wagner’s law by using Iran’s time series data of period the 1960 - 2000. Carrying out the Engel-Granger cointegration test showed that GNP, government expenditure and government consumption expenditure were not cointegrated. Results showed that real income elasticity for non-proportional versions were bigger than one and for proportional...

Author(s): Mohammad Ghorbani and Ali Firooz Zarea

Diminishing musharakah: Using a viable kind of equity financing instrument in managing the capital requirement of business

October 2009

  This applied study was aimed at giving an insight to practitioners and academicians as well as investors and interested parties in understanding the characteristics and processes of an interesting “shari’ah-compliant” equity financing vehicle. Therefore, effort in identifying the related “shari’ah” concept and tenets as well as principles was closely studied in depth in...

Author(s): Mohd Nasir bin Mohd Yatim

Implementating construction projects on schedule - challenge in a developing economy

September 2009

  Engineers all over the world have been trying to find out workable solutions to keep project time over-run under good control. The activity networking technique initiated in the USA in the late fifties gained large popularity. This was followed by the introduction of the computer and a large number of management software aiming at effective project control. The techniques are in use globally including in the...

Author(s): Debabrata Kar

An investigation of the relationship between interest rates and economic growth in Nigeria, 1970 - 2006

September 2009

  The paper investigates the relationship between interest rates and economic growth in Nigeria, using time series analysis and annual data from 1970 - 2006. The co-integration and error correction model were used to capture both the long-run and short-run dynamics of the variables in the model. The empirical results indicate that real lending rates have significant effect on economic growth. There also exists...

Author(s): T. M. Obamuyi

Profitability through effective management of materials

September 2009

  One of the problems facing Manufacturing Company is the growing trend towards the higher cost of materials and services and constant shut down of factory, which erode business profit. The paper focuses on how business firm can attain profitability through effective management of materials. The objective of this paper is to identity problems of material management, which if corrected can result in...

Author(s): Elijah E. Ogbadu

World food scenario: Emerging trends and issues

August 2009

  Global food scenario has been under heavy odds. This has been due to spiraling food prices and scarcity of food grains world over. The result is that the specter of a hungry world that stood at 800 million, roiled into unrest and political upheavals. One of the contributory factors is more population and lesser output of food grains. It is also assumed that that the Asian Economies and the US have also...

Author(s): Badar Alam Iqbal and Theo Van Der Merwe

International remittances and well-being in Sub-saharan Africa

August 2009

  This paper examines the impact of international remittances on well-being in sub-Saharan Africa, using a set of cross-country data drawn from 38 countries and a multiple regression analysis. The result obtained from the analysis indicates that international remittances have to some extent contributed to the improvement of well-being in sub-Saharan Africa. However, for international remittances to continue to...

Author(s): Michael A. Ajayi, Mukaila A. Ijaiya, Gafar T. Ijaiya, Raji A. Bello, Mufthau A. Ijaiya and Sidikat L. Adeyemi

Entrepreneurship orientation among Indian professional students

August 2009

  Entrepreneurship is a life moving force behind any economy. It is an accepted belief without entrepreneurial activities the process of industrialization and development is not possible. It includes the promotion for capital formation, creation of immediate large scale employment, promotion of balanced regional development, effective mobilization of capital and skill. Professional students getting education in...

Author(s): Rajesh Kumar Shastri, Surendra Kumar and Murad Ali

Macro-economic level corporate governance and FDI in emerging markets: Is there a close relationship?

July 2009

  Many experts believe that foreign direct investment (FDI) can provide substantial benefits to emerging market countries and help to speed up the economic development process. National accounts data also shows FDI to be the single largest component of capital inflows to the vast majority of emerging market countries. Thus, it is crucial to determine the drivers and determinants of inwards FDI flows to such...

Author(s): Adewale Adeoye

Does energy consumption contribute to economic performance? Empirical evidence from Nigeria

July 2009

  This article investigates the relationship between energy consumption and the Nigerian economy from the period of 1970 to 2005. The energy sources used to test for this relationship were crude oil, electricity and coal. By applying the co-integration technique, the results derived infer that there exists a positive relationship between current period energy consumption and economic growth. With the exception...

Author(s): Gbadebo, Olusegun Odularu and Chinedu Okonkwo

Sustainability of exchange rate policies and external public debt in the Mena region

July 2009

  The conduct of exchange rate and fiscal policies in the small open Mena economies has recently become critical in determining those countries future economic and fiscal situation, due to the accumulation since the early 1990s of a sizable level of external debt, and the pursuit by some countries of a fixed exchange rate regime. This study presents thorough empirical analysis of the sustainability of exchange...

Author(s): Simon Neaime

Price discovery, trading costs and insider trading: Evidence from a thin emerging market

June 2009

  This research examines the impact of continuous trading system versus fixing system on liquidity, volatility, pricing error and order flows. Our results show that the continuous system show better price determination than the fixing system. This result is surprising. Indeed, temporal consolidation and the absence of effect of noisy orders should have led to a reverse conclusion. We suggest that in thin...

Author(s): Mohamed Derrabi and Samir Agnaou

Foreign capital flows into India: Compositions, regulations, issues and policy options

June 2009

  Existing studies reveals that the huge surge in international capital flows since early 1990s has created unprecedented opportunities for the developing countries like India to achieve accelerated economic growth. International financial institutions routinely advise developing countries to adopt policy regimes that encourage capital inflows. Since the introduction of the reform process in the early 1990s,...

Author(s): Sumanjeet Singh

Wagner’s law in Pakistan: Another look

January 2009

  We used traditional as well as time series econometrics techniques to reinvestigate the application of the Wagner’s hypothesis to Pakistan (1960 -2007). Fiscal deficit and population growth were added to the functional form of the law.Wagner’s hypothesis does not hold for aggregate public spending and income for three periods (1961 - 2007, 1973 - 1990, 1991 - 2007). WL holds for the period 1981 -...

Author(s): Mohammad Afzal and Qaisar Abbas

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