PUBLIC DEBT, DEBT SERVICING AND ECONOMIC GROWTH
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Purpose: This paper aims to investigate the relationship between Ghana's external debt level, debt servicing, and economic growth, considering the context of Sub-Saharan Africa's ongoing struggle with managing substantial external debt. Additionally, the effects of the Structural Adjustment/Economic Recovery Program (SAP/ERP) of 1983 on economic growth are examined. Design/Methodology/Approach: The study utilizes time...
Information asymmetry and Credit Creation in Sub-Saharan Africa’s credit market
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Information inefficiencies in the credit market of emerging economies in Sub-Saharan Africa has spark up adverse selection and moral hazard behaviour among market players which have affected the decisions in the financial sector and credit creation function. The study examines the dynamic interaction between credit information about borrower and credit creation function of lenders in Sub-Saharan Africa (SSA) countries....
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This study shows that the creation of money supply positively affects economic growth in a monetary union. Specifically, the long-term credit exchanging government securities in the West African Economic and Monetary Union (WAEMU) between 2003 and 2017 had an impact on economic growth. Using secondary data of macroeconomic variables and the P-value of the Hausman test, it gives evidence that supply credit between 2003-...
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In Ethiopia tef is the most important crop in terms of area coverage and among the producers. Though, the crop marketing outlets choosing recommendation has not been given attention that has potential for crop production enhancing for marketable. The objective of this paper was to examine factors affecting market outlet choices among smallholder tef producers in western Ethiopia. The quantitative data was collected from...
Impact Analysis of Budgetary Allocation on Nigerian Agricultural Sector Performance
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Budgetary allocations remained a veritable tool for curbing food insecurity, boosting agricultural productivity through mechanization, enhancing research & development, generating employment and poverty reduction in the Nigeria. Given this relative importance, it is pertinent to investigate the impact analysis of budgetary allocation on the Nigerian agricultural sector performance. A critical reviewed of the graphical...
IMPACT OF COCOA PRICE SHOCK ON THE BANK PROFITABILITY IN GHANA
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Cocoa unrelentingly is a valuable crop and key foreign exchange earner in Ghana regarding other agricultural commodity exports. The focal drive of this study was to examine the impact of macroeconomic variables including cocoa price and bank specific characteristics on bank profitability during the period 2010 to 2020. The study extends the analysis of cointegration, VECM with that of impulse response and provided a...
THE IMPORTANCE OF DEFICIT CONTROL FOR ECONOMIC STABILITY: AN EMPIRICAL ANALYSIS THE ANGOLA
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This research aims to describe the importance of controlling the trade balance deficit for economic stability: an empirical analysis for the Angolan economy in the 2016-2020 period. Empirical analysis indicates that deficits were controlled for 4 years. Because it is an economy that imports part of the raw material for national industrial companies, it caused the outflow of foreign currency to the rest of the world, giving...
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Nigeria is endowed with rich human and material resources yet continues to struggle in the quack mire of underdevelopment. This paper explored the place of human capital development and transparency/accountability in economic development. Correlation and regression analyses were used on the secondary data collected, tested for unit root and autocorrelation, over a period of 13 years. Transparency/accountability proxies...
Regime Detection in Sub-Saharan Africa Equity Markets – A Hidden Markov Model Approach
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Complaints of heightened risks in the sub-Saharan African equities markets are rife in the practitioner literature. Investors need an understanding of the volatility dynamics in these frontier markets. This paper uses the Hidden Markov Models to detect the points of regime changes in the volatility in the markets of Ghana, Kenya, Nigerian and Botswana. We used the daily closing indices of the exchanges and modeled 2- and...
Market chain analysis of coffee in Gimbo Woreda, Kaffa Zone, SNNPR, Ethiopia
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Market chain analysis of coffee production in Gimbo woreda, Kaffa zone, SNNPR, Ethiopia. The four firms’ concentration ratio (CR4) was 39.7%, which shows there is a weak oligopoly in the market structure. The survey results indicated that the price-setting technique in the coffee market is largely determined by the benevolence of purchasers. According to the findings of the study, the majority of coffee producers (64.7%)...
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This study was initiated with the objective of effect of demographic and socioeconomic factors on saving behavior of households the case of Abay Choman district. For the purpose of the study, cross-sectional data were collected from sampled households, and both primary and secondary data were used. In addition to the questionnaires, experts from credit and saving microfinance institution, and few selected households were...
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Saving is the most significant component of growth for adequate financial and capital mobilization to finance domestic investment. However, in most developing countries including Ethiopia, the level of households saving was found to be the smallest. Therefore, this research was aimed to identify the factors that affect households saving performance in Ethiopia the case of Dambi Dollo town. An individual base survey along...
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Housing is a major asset in the property portfolio of every individual and it represents the largest life-long investment and a store of wealth for every man. Acquisition of a housing unit therefore requires a well-functioning financial market. To end, this study examines factors influencing households’ accessibility to housing finance market with a view to recommending appropriate strategies for making it more vibrant...
PERFORMANCE OF SMES: EMPIRICAL EVIDENCE FROM PAKISTAN
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SMEs are the engine of economic development. SMEs play an important role in the national economic development of any country. It is becoming more and more a subject of high attention in the developing countries. The objective of this study is to evaluate how the moderating effect of Fin Tech, entrepreneurial orientation and the effects of access to finance affect the SMEs. The current study is a basic research being...
The impact of labor migration inflow on the economy in Jordan (1980-2017)
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The aim of this research was to investigate the impact of foreign labor migration on Jordan’s GDP which are related to the labor migration such as; foreign labor size, capital stock and labor’s outflow remittances. Statistical tests have been made according to the model that have been adjusted by the researchers depending on Cobb-Douglas production function to explain the effect of each independent variable on the...
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Anthropogenic causes of climate change which ranges from local to global levels are exacerbating human life, their businesses and this is more severe when it comes to the economies of the developing world. This paper tried to develop a compendium of potential green jobs, best practices, and strategies for exploiting green jobs from experiences of African and Latin American countries to catalyze rural development of...
Impact of debt financing on performance: Evidence from textile sector of Pakistan
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This research study is carried out to determine the impact of capital structure mainly debt financing on firm performance incorporating panel data of 70 textile companies in Pakistan from the year 2010-2015 respectively. Relationship between firm performance (ROA) and capital expenditure (DTA, LDA and STD) is determined using the Fixed Effects Model. Statistical results present a positive relationship among return on...
EXCHANGE RATE MANAGEMENT AND MACROECONOMIC PERFORMANCE IN NIGERIA
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This study probes the optimal response in managing exchange rate following its attendant impact on the economy. Thus, we investigated the effect of a failed defense of the value of the currency through the use of foreign reserves and a self-driven devaluation of exchange rate on inflows of Foreign Direct Investment (FDI), exports, and output in Nigeria, using the impulse response function from the vector error correction...
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This paper examined the impact of financial inclusion on Sub-Saharan African economies for the period, 1985 to 2017 with emphasis on Nigeria and Ghana. In line with earlier empirical studies, Gross Domestic Product Growth rate (GDPG) was used as proxy for economic growth while Commercial banks credit to private sector (BCPS), lending interest rates (LINT), Financial deepening (FIND), number of Rural bank branches (NRBB),...
Unconditional convergence of Chinese Provinces (1952-2017): Some statistical analysis results
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This research tests the economic convergence hypothesis of 31 inland Chinese provinces over the period from 1952 to 2017. Regression and descriptive analysis methods are adopted to study the economic convergence among these Chinese provinces in terms of GDP growth and per-capita GDP growth. The research results show that GDP growth does not exhibit a tendency of convergence, rejecting the absolute convergence hypothesis...
Impediments in the disbursement of micro-credit among small farmers
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The present study entitled impediments in the disbursement of micro-credit among small farmers was conducted with special references to three purposively selected union councils of District Lower Dir. A Sample size of 152 farmers beneficiaries of micro-credit were selected in the targeted area. The data showed that out of total respondents 55.9% of the respondents having monthly income from Rs 9001 to 14000, 56.6% had the...
The relationship between the exchange rate and international trade in the Moroccan context
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This last decade is marked by the multiplication of free trade agreements signed by Morocco whose goal is to achieve its integration into international trade. The move to a highly administered floating exchange regime is also part of this process of liberalization and integration. We propose to study the relationship between the official exchange rate and international trade. The estimation of the VAR model allows us to...
Nonlinear impact of public debt on economic growth: Evidence from Sub-Saharan African Countries
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This paper empirically explores the impact of public debt on economic growth in Sub-Saharan African (SSA) countries over the period 1960 to 2015 by using a system Generalized Methods of Moments (s-GMM). Specifically, this work studies the nonlinear relationship between public debt and economic growth. To do so, we perform the Sasabuchi-Lind-Mehlum’s test (or U-test) to check if the required and sufficient conditions are...
The impact of remittances on households consumption
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Nigeria is rated among the highest recipient of remittances in the world. Several studies have examined the impact of the flow on household consumption without conducting a comparative analysis of this impact in the rural areas, urban areas and in the geo-political zones of Nigeria. Besides, there are several types of remittances and their impacts on household consumption expenditure need to be investigated. This study,...
Unemployment and the macroeconomics of Ethiopia
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Unemployment has long been there for (especially) developing economies being the major development challenge. The cost of unemployment transmits in a couple of channels; of which the opportunity costs arising from lost production and the resultant social disorders are of immediate ledges. While appreciating them all, the government of Ethiopia (GoE) conveyed various schemes towards reducing unemployment to (at least the...
Demographics Structure effect on Stock Prices: An Evidence from (China, India, Pakistan)
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This study investigates the impact of investment on the demographic structure of population i.e.; peak earning age and retirement age and its impact on the stock price of China, India and Pakistan. The current study employs data of these countries for the period of 1991to 2016 by using Autoregressive Regressive Distributed Lag (ARDL) approach. This study indicates that investment made by peak earning age investors has a...
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Trip to recreational sites is a human activity that increases visitors’ utility. The demand for outdoor recreation has a tendency of increasing with the increase in population, income and mobility. There is, however, limited natural and financial resource for the provision of outdoor recreation. Thus, there is a need to have a quantitative estimate of economic benefit of outdoor recreation site so as to properly and...
Effects of Foreign Aid on Domestic Private Investment Growth: The Case of Eastern African Countries
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The effect of foreign aid on domestic private investment has been a controversial issue. Many economists claim that aid has positive effect via relaxing saving gaps and trade gaps of developing countries. Whereas, others take the position that aid is counterproductive effect by generating ‘’Dutch disease effect’’, encouraging corruption, rent seeking activities and weakening institution. Moreover, others also...
Border Trade for North East Region of India with neighboring Countries
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The North East Region (NER) of India involves seven states in particular – Arunachal Pradesh, Assam, Monipur, Meghalaya, Mizoram, Nagaland, and Tripura. The area is situated in the remote eastern corner of Indian association. The aggregate topographical zone of the district is about 2.62 lakh sq km, which covers 7.9 percent of the nation's aggregate region. The district has some impossible to miss attributes which are...
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Theoretically, natural resource abundance is expected to create national wealth; however, the inconclusiveness in the literature and among the African rich-resources motivated this study. Our paper investigated that does Nigeria non-renewable resource abundance leads to sustainable macroeconomic performance? To achieve the objectives of this study, our paper employ descriptive trends analysis, using table and charts to...
Does Governance Matter Foreign Direct Investment? Evidence from India
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This paper examine the impact of governance indicators on FDI inflow in India. Multiple regression Models were applied to the data taken for the period of 1996-2012. VIF test shows no perfect multicollinearity. Empirical results proved that governance indicators have significant impact on FDI inflow in India which indicates that good governance attract foreign investors and enhance FDI inflow in India. This paper...
THE NAKHCHIVAN AUTONOMOUS REPUBLIC IS ON THE PATH OF RAPID ECONOMIC DEVELOPMENT
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The purpose of the research – is to analyze the path of rapid economic and social development of the Nakhchivan Autonomous Republic, to study its main directions and consists of the proposals in this area. The methodology of the research - a systematic, comparative analysis and prediction method The results of the research- systematic research in terms of sustainability of the socio-economic development of the...
Governance, unemployment and inclusive growth in West African Economic and Monetary Union (WAEMU)
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With regard to all African countries, WAEMU is one of the economic zones that has experienced the strongest economic growth in the last two decades. According to Ali and Son (2007), growth is inclusive when associated with high average income and equity. This study tries to verify this assertion in the WAEMU. Specifically, it is interested in the role of governance and unemployment over the period 2002-2016, and tests the...
Share Price and Macroeconomic Variables in Nigeria: A Granger Causality Approach
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This research examined the causal relations between share price and macroeconomic variables in Nigeria. Monthly variables from January 2001 to December 2014 are utilized. The Johansen cointegration test indicates long run relationship between share price and macroeconomic variables under study. The normalized cointegrating equations showed that share price is inversely related to exchange rates (LEXR), oil prices (LOP),...
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The common question for many economists are why countries growth at different rates? Leaders and policy makers highly believe that Foreign Direct Investment is one of the weapons for economic growth of a nation. However, existing empirical researches didn’t agree on the impact of Foreign Direct Investment on economic growth. The main purpose of this study is to check the existence of the long run association and...
Worker temporary mobility and labour market regulation: evidence from Europe
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One of the patterns European firms follow in order to work in various European States is that of providing services in Countries different from that of origin. This can occur through the temporary mobility of workers, also known as “posting of workersâ€. The posting of workers gives rise to a mutual conflict between legal systems, because it allows Firms to exploit inter-Country differences in pay and stringency of...
FINANCIAL INCLUSION, CAPITAL MARKET AND ECONOMIC GROWTH IN NIGERIA: 1986 -2017.
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The study is focused on finding the effect of financial inclusion on the growth of the capital market and economic growth for the period 1986 to 2016.This was to ascertain if the stylize fact that financial inclusion enhances economic growth is applicable to Nigeria, and whether the capital market is a proximate cause of this growth process. Using a VAR model, the paper employed Bayer-Hanck cointegration procedure to...
Savings, Remittances And Economic Growth In Nigeria
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This study will uncover the effect and direction of causality between savings, foreign remittances and economic growth in Nigeria from 1980 to 2017.It will assess the effect of remittances in bridging the resource gap that is a vital for domestic savings to enhance economic growth. Using a single equation multivariate model approach, it employs Engel-Granger cointegration and causality tests to analyze the relationship....
Credit Risk Evaluation Modeling: A Logit Approach
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Credit scoring is a method that is used to determine the risk factors relevant to undertake an obligatory task and wiliness to pay. This research paper is aimed at evaluating credit risk model, based on the logit model approach. Various performance indices were used such as; average success rate, sensitivity, specificity, and misclassification cost (type I and II errors). The measure of accuracy and reliability of the...
Quantitative easing in the West African economic and monetary union (WAEMU).
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This study aims to show first in a theoretical approach that changes in government bonds influences the real gross domestic product per capita in a monetary union in the short term. Indeed, in the long term, nominal government bonds will not have an effect on economic growth. The study also conducted empirical verification based on mainly secondary data on macroeconomic variables and the P-value of Hausman test the...
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Credit scoring is used to determine the risk factors relevant to undertake an obligatory task and wiliness to pay. The purpose of this study is to investigate trade-off between linear discriminant and logistic regression models for credit scoring and risk evaluation in banking system. Various performances indices such as percentage correctly classified (PCC), Sensitivity, Specificity, and misclassification cost (type I...
An Empirical Test of the Agency Theory in Corporate Governance of SACCOs in Uganda
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In a corporation, management is employed by owners for specified functions from which utility of owners and management is to be derived. While executing their roles and obligations, management may consider fulfilling their interests at the expense of owners’ interests and vice versa. This results into agency problems. This study tests the relevance of the agency theory and examines whether existing governance mechanisms...
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This study examines the impact of trade liberalization on Small and Medium Scale Enterprises (SMEs) growth in Nigeria, as a strategy for the diversification of the economy through trade liberalization especially on the SMEs sector. Data used for this study was sourced from Central Bank of Nigeria (CBN) 2016 statistical bulletin and bureau of statistics from 1986 to 2016. SMEs outputs was used as dependent variable, while...
The Speed of Mean Reversion: Regional Market Study
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Volatility is measured as a risk and plays vital role in many financial decisions. The central part of this study is to capture the existence of the volatility in the regional financial markets (Karachi, Bombay, China, Korea and Hong Kong) have been included and the sample of daily stock return from Jan 1,2013 to Dec 31,2017 taken for the testing. The volatility and its stylized facts were under consideration by using...
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Kenya –China trade and investment are at a record high with China’s entry point being heavy infrastructural investments in Kenya. China now controls 66 per cent of Kenya’s bilateral debt. Given the rapid penetration of Chinese manufactured exports to the East African market, prospects for Kenya’s industrialization could be in jeopardy. The flooding of counterfeit products from China into the Kenyan local market...
THE NEXUS BETWEEN STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH IN ZAMBIA
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Stock market activities assume a crucial role in determining the level of economic activities in both developing and developed economies, by effectively facilitating capital for investment, providing a proper stage to incite best corporate practices that will bring about growing investment and hence leading to a rise in the growth rate of the economy. In this regard, this study sought to empirically examine the nexus...
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Since 1999, successive Governments of Cross River State (CRS), Nigeria have successfully transformed the State to a preferred destination for business and leisure. But notwithstanding the impressive macroeconomic performance, youth inactivity has remained very high, and it is believed that Crossriverians suffer from acute skills deficiency syndrome (ASDS), which is not having the required skills to secure good jobs or...
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Maritime transportation for Tunisia plays an important role in trade exchange with other countries. Therefore, the objective of this paper is to measure the efficiency scores of 7 seaports in Tunisia by applying the Stochastic Frontier Analysis (SFA) with Cobb-Douglas production function and data envelopment analysis (DEA) with CCR and BCC models. The annual data collected cover the 2003 to 2013 period for each port. Thus,...
Currency portfolio optimization with an innovative covariance matrix estimator (QMLE)
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With the advent of high frequency data, the sum of squared returns between trades which is the most common estimator, is biased by microstructure effects like bid-ask bounce thus the need to drop most of the data. Nonetheless, a number of alternative estimators that make efficient use of the available data have been developed. However, choosing an estimator is not trivial since the study of their relative merits focuses on...
THE SHORT AND LONGRUN PHILIPS CURVES: WHAT IS KENYA’S NON-ACCELARATION RATE OF UNEMPLOYMENT?
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This study estimated the short and longrun Phillips curves for Kenya. The non- accelerating inflation rate of unemployment (NAIRU) was also estimated and the Lucas critique tested to prove whether it is evident in Kenyan data. This study was necessary since the Kenyan rates of inflation and unemployment were both simultaneously high contrary to what Phillips curve theory explains. Using secondary data covering 1977 to...
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