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Recent developments in the international financial system and implications fo central banking
No full textThe objective of this paper is to review the recent developments in the institutional financial scene and assess their impact on the effectiveness of central banks\u27 effort to meet their primary mandate. For ease of exposition, the rest of the paper has been divided into four sections. In section two, the author took a cursory view of recent developments in the international financial system, while section three identifies some of the challenges for central banking activities. In section four, we outline policy implications and response to those developments. The paper is concluded in the fifth and final section
Corruption and development (Susan Rose-Ackerman, The World Bank Conference on Development Economics, 1997, pp. 35 - 57, April 1998)
No full textA review of the paper corruption and development . The author examined the issue of corruption and its effect on development with special reference to the developing countries where it is more pervasive and is one of the major factors responsible for the stunt growth of their economies. Also, the role played by the World Bank in assisting any anticorruption effort by various governments and international organisations was highlighted. The paper is broadly divided into four major sub-headings viz: costs and causes of conuption; corruption and the organization of government; reform programs and conclusion
Capital flows to Nigeria: issues and determinants
No full textThis paper examines issues in capital flows to Nigeria as well as its determinants. Using the Error Correction Modeling technique, results indicate that the macroeconomic conditions of host country, reflecting opportunities for investment, risk, market conditions, and rates of returns are very crucial in attracting capital. Most interestingly the speed of adjustment, indicating the sustainability of capital flow was highly significant. Thus, capital flow adjusts rapidly to changes in these variables in Nigeria. The paper concludes that the relevance of these variables imposes a great challenge to policy makers and recommends that the newly acquired autonomy of the Central Bank of Nigeria should help in the pursuance of a purposeful monetary policy that would make the macroeconomic conditions conducive for the inflow of external capital
Central Bank of Nigeria in the year 2000 and beyond: challenges for the Central Bank of Nigeria
No full textThe paper highlights the challenges which may confront central banks in the discharge of their inter-dependent responsibilities as they go into the next millennium and the 21st century rolls along. Section II provides a bird\u27s eye-view of the evolution of central banks, Sections Ill and VII examine the challenges likely to face central banks in sustaining monetary policy and price stability, the stability of the financial system, exchange rate stability, management of central banks operations and the often referred to \u27 millennium bug\u27, taking cognizance of the fact t9at the essence of Central Bank\u27s thinking ... is looking through time, through the medium-term into the long-term. 2 The paper is concluded in Section V
Analysis of Intersectoral Linkages between Agriculture and Industry in Nigeria
No full textThis paper uses time series data to analyse the relationship between agricultural growth and industrial performance for the three-decade period 1966 - 1995. Agricultural growth influences industry in many ways. It provides the raw materials needed by industry; it creates direct demand for the output of consumption goods of industries and indirect demand for the output of basic and capital goods industries. Analysing the input-output coefficients, the paper found that most primary and secondary commodity groups have weak backward and forward linkages, while the quantitative relationships between agricultural growth and industrial performance were non-significant, even when lagged. However, the link between industrial growth and the food component of agricultural growth rate emerges positive, as food is expected to play a significant role during the agroindustrial transformation processes. Power generation, as expected, positively influenced industrial performance, while transport infrastructures and capital goods industries have negligible impact as a result of poor performance of these sectors. The policy implications of the analysis include the need to build and expand the capital goods-production capacity of the economy; enhance power generation and distribution, drastic improvement in transport infrastructures, especially roads; research and developmentof local raw materials, including storage/preservation, integrated agroindustrial planning and better investment information management
Special remarks at the 7th CBN Executive Policy Seminar
No full textSpecial remarks at the 7th CBN executive policy on in-house seminar on central banking in the year 2000 and beyond: challenges for the Central Bank of Nigeria
Open Market Operations of the Central Bank of Nigeria: theory, development and growth
No full textThe aim of the paper is to assess the efficacy of the open market operations of the Central Bank of Nigeria (CBN), as an instrument of monetary management. Against the adopted framework of the instrument, it analyses the movements in open market transactions and changes in the portfolio of treasury bill holdings of the CBN and other financial institutions. The initial application of the instrument was quite successful, resulting in the sale of large volumes of the securities and consequent decline in the portfolio of CBN’s holdings of government securities. These trends were reversed in the latter part of the review period owing in large part to the changing economic policy environment. On the whole, the open market operations of the CBN failed to keep the base money [the operating variable] and money supply within the established targets, explained mainly by the large fiscal deficits of the Federal Government financed by CBN credit, as well as the inadequate depth of the financial markets. The implications of the review include the need to maintain a stable macroeconomic environment and for the CBN to have the discretionary power to apply the instrument as desirable
Money and output interaction in Nigeria an econometric investigation using multivarate cointegration technique
No full textThis paper derives and estimates a Barro-type reduced-form equahonfor domestic real output from a simple structural model ofan open developing economy in which markets clear continuously and expectations are rational. The form in which open economy variables appeared was explicitly derived from an underlying structural model. The model was adapted to Nigerian economy by according an important role to imported intermediate goods. The empirical result provided support for the open economy model of output determination in Nigeria
The capital market and equity failure in Nigeria
No full textThe capital Markel is recognized in the literature as an important barometer for economic growth and development in a nation via its allocative efficiency properties. In investigating equity failure in Nigeria, the paper applied the predictive models developed for discriminant and logistic analyses for selecting equity stocks lo invest in. In the study relating to a sample of 47 Equity Issues from 45 Nigerian companies over the period 1988-92, two classificalion models were applied on a data set comprising macro and micro economic indicators, an industry variable and various accounting ratios. The models were the multiple discriminant and logistic regression models. Both models performed well and were able to classify equity issues correctly as failed or successful to a high degree (over 70 per cent correct classification). Overall, it was clear that for both models, the major warning signals appear to be low profitability, low dividends and high price earnings ratio. However. the precise variable characteristics evaluated in the two models do differ in some interesting ways
Evolution and functions of central banks
No full textThe aim of this paper is to provide a background for much of the details that is going to be presented in other sections of this policy seminar. discusses the evolution of central banks in a number of countries around the world including a discussion of central banks in a number of countries around the world including a discussion of central banking in Nigeria and some other relevant issues about the Central Bank