Annals of Spiru Haret University
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EFFECT OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA: AN EMPIRICAL INVESTIGATION
Get PDFThe study investigated effect of monetary policy on economic growth in Nigeria. The natural log of the GDP was used as the dependent variables against the explanatory monetary policy variables: monetary policy rate, money supply, exchange rate, lending rate and investment. The time series data is the market controlled period covering 1986 to 2016. The study adopted an Ordinary Least Squared technique and also conducted the unit root and co-integration tests. The study showed that long run relationship exists among the variables. Also, the core finding of this study showed that monetary policy rate, interest rate, and investment have insignificant positive effect on economic growth in Nigeria. Money supply however has significant positive effect on growth in Nigeria. Exchange rate has significant negative effect on GDP in Nigeria. Money supply and investment granger cause economic growth, while economic growth causes interest rate in Nigeria. On the overall, monetary policy explain 98% of the changes in economic growth in Nigeria. Thus, the study concluded that monetary policy can be effectively used to control Nigerian economy and thus a veritable tool for price stability and improve output
CORRUPTION AND STOCK MARKET PERFORMANCE IN NIGERIA
Get PDFAbstractThe study examines the effect of corruption (using corruption perception index and Nigeria corruption ranking as proxies) on the stock market performance (proxied with share price index) in Nigeria. The study employed time series data spanning twenty years (1996-2016). Data availability especially on corruption indices was the major reason underlying the choice of period. The data were obtained from CBN Statistical Bulletin and Transparency International website. With the aid of SPSS version 20, the study used Multi-regression analysis and student t-test for the test of hypotheses. The study finds a significant positive correlation between corruption and stock market performance in Nigeria. The result reveals robust positive and significant relationships between Nigeria Corruption Ranking, Corruption perception index and Share price index. The result of the study explains the integration of graft into the Nigerian economic system. Therefore, adoption of a strong form of stock market efficiency by the Security and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) for actualization by all listed firms in Nigeria is hereby recommended. In addition, we recommend that the Federal and State governments should formulate more result-oriented policies and rules that could help combat corruption more effectively
THE DEVELOPMENT OF THE TRAVEL AND TOURISM INDUSTRY IN THE WORLD
Get PDFThe purpose of this paper is how the travel and tourism industry are changing and development in the world.Travel and tourism industry is one of the world's great industrial sectors. It drives economic growth, creates jobs, improves social development and promotes peace.Hundreds of millions of people around the world are dependent on the sector for their employment. In some island economies, travel and tourism industry is not just the biggest employer, it is effectively the only employer. The role is to contributing to the creation of sustainable economies.Travel and tourism industry is a diverse sector consisting of millions of companies and employers, from the biggest global travel brands to the smallest tour operator or hostel owner. Together we form a formidable force with a voice to be heard at the highest levels of society and government
MILLENNIALS: A NEW TREND FOR THE TOURISM INDUSTRY
Get PDFThe purpose of this paper is how millennials change and influencing the tourism industry and their importance for travel in the world.Having grown up with near-ubiquitous internet access and beginning their professional careers in the wake of a financial crisis, millennials are using technology to make savvy travel-buying decisions, largely based on the perceived authenticity of the experience they are offered.Millennials travel more than any other demographic. On average, they take 35 days of vacation each year, and they’re also bucking the trend by increasing their annual travel spend as other generations intend to be more conservative with their cash.Millennial travelers are interested in authenticity, fulfillment and sustainability. That’s a message that tour operators, travel agents and the entire travel industry needs to understand.The millennials represent 27 percent of the global population or about 2 billion people
THE ROLE OF INTERDEPENDENCIES BETWEEN CRITICAL INFRASTRUCTURES IN RURAL DEVELOPMENT
No full textIn the general context, the phenomenon of globalization causes an increase in risks to critical infrastructures. In order to order this set, the criteria of dependence and interdependence were imposed. Thus, was proposed a model with seven levels, the first being sector analysis and the second one the study of interdependencies.The first level is organized in critical sectors and dependencies between them. This division, which engendered the public-private partnership, is show on the EU and NATO documents. The second level of the interdependence study aims to determine the vital elements and essential components of a system. In this paper we show some considerations on the dimensionality of interdependencies between critical infrastructures, interdependence between critical infrastructures from the energy sector and Information and Communication Technology (ICT). After a breakdown of SCADA systems, we presented at the end of the paper few examples of cybernetic attack against energy infrastructure
EFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON NIGERIAN ECONOMY
No full textThis study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS) multiple regression technique for the analysis. The coefficient of determination (R2), F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date) is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on GDP during the fixed exchange era; significant effect in floating era and significant negative effect in the all-time period; money supply has insignificant negative effect GDP in fixed exchange era; and significant positive effect during the floating and all-time period; and oil revenue has significant positive effect on the GDP in all the exchange rate regimes (floating, fixed and all-time) in Nigeria. The study thus conclude that exchange rate movement is a good indicator for monitoring Nigerian economic growth. So far exchange rate has always been a key economic indicator for Nigeria. The floating exchange period has outperformed the fixed exchange rate in terms of contribution inflation, money supply and oil revenue to economic growth. This indicate that the floating exchange rate has been a better economic regime for sustainable economic growth in Nigeria. From the findings, it is evident that oil revenue has positive effect in Nigeria and has remained the mainstay of the economy. It is thus recommended among other things that a positive exchange rate stock should be monitored regularly, so as not to allow those that find exchange rate as an avenue of investment like banks and public carry out their business, which is more devastating to the economy.
IMPLEMENTATION OF ETHICS MANAGEMENT NOWADAYS IN THE ROMANIAN UNIVERSITY ENVIRONMENT
Get PDFThe paper shows that, at the present moment, the management of ethics in the academic environment is the coordination of all elements related to the moral life of a university. The last decades have insistently imposed on public awareness the importance of taking into account the ethical dimension of the life of universities. Ethical codes, ethics committees and commissions, ethical audits, ethical education of staff, techniques to create an institutional culture of a moral nature have all become increasingly widespread. The University respects the dignity of each of its members and promotes academic integrity on ethical principles. Its members are committed to contributing to the democratic development and prosperity of society. The University is an institution whose goals, valid for each of its members, include development and professional affirmation, the evolution of knowledge and research in the conditions of respect for the rule of law and human rights. I think that the values and principles that universities have to promote in particular, and whose actual achievement is sought to ensure, are: academic freedom, personal autonomy, justice and equity, merit, professionalism, honesty and intellectual integrity, transparency, respect and tolerance, responsibility, goodwill and care. I also think that "institutionalization of ethics" in academia is a new reality for which we all must be prepared.
GENERAL CONSIDERATIONS ON THE IMPACT OF PROPERTY ON THE ECONOMIC AND SOCIAL STATUS OF PEOPLE
Get PDF Property is indissolubly linked to people's lives, forming part of it, being a permanent problem and occupying a particularly important place in economic, social, political and philosophical science. Through the structure outlined in this short study, we are also trying to analyze the impact of ownership on people's economic and social status, relative to the concept of property and economic freedom. So, the impact of property as a multiple social relationship on the social status of people is relevant, namely the link between property and economic freedom, property and social justice, property and equality/inequality in society.
Foreword
Get PDFShanta Devarajan, who is the Senior Director at the Development Economics – World Bank, said recently, in a forecasting about global economic growth at the beginning of 2018, that currently there is a set of optimistic projections for economic growth around the world. Ten years after the global financial crisis, every economic region – from the U.S. to Europe to Asia, Africa, and Latin America – is seeing an uptick in growth. One reason for the optimism is that economic growth was surprisingly better than anticipated in 2017. Almost every growth forecast at the beginning of the year was revised upward by the end of the year. Global growth, projected by the World Bank to be 2.7 % in January 2017, was estimated at 3 percent in December, with expectation to be at 3.1 percent in 2018. Furthermore, stock markets are booming. And the factors that caused growth to be subdued in the past – a slowdown in investment and trade and low commodity prices – are rebounding. Consequently, developing country growth is forecasted at a robust 4.5 percent in 2018, accelerating to 4.7 percent in the subsequent two years. This growth is not just driven by China, although the country’s economy is projected to grow at a robust 6.4 percent in 2018. Low-income countries’ growth will rise to 5.4 percent in 2018, accelerating to 5.6 percent in 2019-2020, as metal and mineral prices strengthen
SELF-GOVERNMENT EMPLOYEE IN THE POLISH DEFENCE SYSTEM ON THE EXAMPLE OF MAZOWIECKIE PROVINCE
Get PDFThe subject of the article is an organization of local government authorities in the implementation of tasks related to security and defence. Attention is focused on issues of employment and organization of work. The issues addressed relate to the adequacy of employees’ knowledge and experience within the limits of their professional duties, the adaptation of the number of employees to the purpose of the tasks and the public opinion on the activities of the security bureaus. The article is based on the results of the qualitative and quantitative studies carried out within the framework of the project ”Local self-government in Polish non-military defence system” conducted by the Department of Security and Defence Systems from the Faculty of Logistics in Military, University of Technology, during 2015-2016, in Mazowieckie Province.