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Matthew Higgins and Thomas Klitgaard\u27s reserve accumulation: Implications for Global Capital Flows and Financial Market; Current Issues in Economics and Finance: Federal Reserve Bank of New York, September/October 2004: a review.
No full textThe paper examines the accumulation of foreign currency reserve assets and explores its implications for monetary policy, global financial markets and the U.S. economy. It reveals an upward surge in Central Bank holdings of foreign currency assets or foreign exchange reserves in recent years, particularly in foreign government securities. The paper notes that most of the recent reserve purchases were made by Japan and other emerging Asia countries. Similarly, the scale of the purchases made their central banks key players in setting the pattern of capital flows across countries. The authors state that holdings of foreign assets have doubled since 1995 and assumed a more important role in central bank balance sheets and monetary policy operations. They attribute this trend to build-up of reserves by many central banks for the purpose of stabilizing their currencies. Analyzing the benefits and costs of reserve purchases, the paper reveals that they allow a country to insure itself against a destabilizing run on its domestic currency whose value it helps to stabilize over time. However, on the cost side, central banks loose interest income through reserve purchases and get exposed to potentially large capital losses whenever domestic currency strengthens against reserve currencies
Banking sector reforms and bank consolidation: The Turkey experience.
No full textCountries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in implementing the programme, while section five and six respectively, discusses the results and lessons from the banking reforms in Turkey. A brief conclusion in section seven ends the paper. The study suggest that the pay-off from the reform justifies the exercise. However, as has always been the experience, the seeming end of one reform produces new challenges that may necessitate further reforms. Thus, as the Turkish Banking sector stabllizes and perhaps grows, it is imperative that it should prepare for new reforms to meet challenges in the global banking market. This is particularly true with regard to its capacity for mega businesses and the privatization of state owned banks, three of which were still in existence as at end of 2004
Post-consolidation challenges.
No full textThis paper tend to look at the huge complexity of a consolidation programme of the kind embarked upon by the CBN demands caution, constant reappraisal of strategies and actions, and full attention to the identified and emerging challenges. The paper is structured into three parts, dealing with the benefits of a properly conceived and effectively implemented consolidation programme, which has several components. beyond the benefits, the challenges that the banking industry stakeholders (especially the Central Bank of Nigeria) will face when the dust settles . The final part offers some advice on what the CBN and other stakeholders should do in order to handle effectively the challenges identified. Finally, the paper concluded that, the bank consolidation brings some benefits to all the stakeholders of the banking system. Some of the obvious ones were discussed and represent the low hanging fruits of the prograrmme. Even at that, they must not be taken for granted, as efforts are needed to stay the course. Post consolidation, there are daunting challenges to the Central Bank, operators, investors and other stakeholders of the Nigerian banking system
Legal and regulatory framework for the mortgage industry in Nigeria
No full textThis article examines the legal and regulatory framework for the mortgage industry in Nigeria. The outline of major issues on legal and regulatory framework for mortgage institutions discussed in the article include: Functions of PMI’s vis-a-vis their enabling laws and role in the overall financial system; licensing; assets and liability powers; capital requirements; supervision; disclosure and verification of information; staffing, and developmental issues
An X-ray of the Mortgage Industry in Nigeria
No full textThis article provides a detailed examination of the Mortgage Industry in Nigeria with a view to identifying the issues, challenges and prospects. The rest of the paper is divided into five sections. The overview of housing industry in Nigeria is the focus of section 2 while section 3 reviews the structure of the mortgage industry. Section 4 focuses on the regulatory/institutional framework for mortgage financing in Nigeria. The x-ray of mortgage industry is undertaken in section 5 while section 6 concludes the paper
The imperatives of e-banking for monetary policy in Nigeria.
No full textThe electronic delivery of banking services is fast gaining wide acceptance in many jurisdictions including Nigeria. The importance of this channel of banking service delivery has been strengthened by advancement in information and communications technology (ICT) that has reshaped global financial architecture. This paper examines the crucial nature of electronic banking (e-banking) to monetary policy implementation in Nigeria and advocated necessary actions for enhancing the effectiveness and efficiency of monetary policy execution for the achievement of the ultimate target of economic growth and development. It is postulated that, subject to initial conditions and establishment of risk mitigating factors, e-banking is beneficial to monetary policy execution, financial sector and economic development in Nigeria as speed and convenience endears banking culture to greater segment of the economy while the proportion of money stock under the discretionary control of the monetary authorities is increased. Although, some seigniorage income may be lost, the Central Bank of Nigeria\u27s contribution to the economy should be measured in terms of achievement of its mandate of price stability and efficient payments system in a stable financial environment that engenders balanced and sustainable economic growth and development
Purchasing power parity and exchange rate in Nigeria: a regime switching approach.
No full textThis study basically extends the work of Obaseki (1998) by including an additional variable to capture the impact of changes in exchange rate regime. The paper undertakes an empirical examination of the long-run co-movement in naira exchange rate and relative price levels of Nigeria and USA. The impact of the policy swap from a system of exchange rate control to a market based system (captured by a dummy variable) is investigated using an error correction model. The outcome reveals the applicability of the PPP using Nigerian data. From the analysis, the prevailing nominal exchange rate during the period closely approximates that suggested by PPP. Furthermore, the change in exchange rate regime had a considerable effect in re-aligning the naira exchange rate. The implication of this is that continued floating of the naira will in the long-run, bring its exchange rate to equilibrium
Reducing Child Malnutrition: How Far Does Income Growth Take Us? By Lawrence Haddad, Harold Alderman, Simon Appleton, Lina Song and Yisehac Yohannes: a review
No full textThis is a review of the article “Reducing Child Malnutrition: How Far Does Income Growth Take Us?” By Lawrence Haddad, Harold Alderman, Simon Appleton, Lina Song and Yisehac Yohannes which was published in the World Bank Economic Review, Vol.17, No. 1, 2003
Banking sector reforms and bank consolidation: The Malaysian experience.
No full textThis paper examines banking sector reform with particular reference to the Malaysian banking sector. The Malaysian banking sector which resulted from the Asian financial crises of the 1990s is the subject of the study. The paper is divided into four sections: following the introduction, section II covers conceptual issues in banking sector reform and bank consolidation. The Malaysian experience in banking sector reforms and bank consolidation is discussed in section III, while lessons for Nigeria and concluding remarks are presented in section IV. The paper highlights the response of the Malaysian authorities to the Asian financial crisis and identified the strength of the Malaysian financial and economic system as well as robust policy response as key factors which enabled the country to minimize the negative impact of the Asian financial crisis of the late 1990s. The paper concludes that the Malaysian experience in responding to financial crisis and implementing banking sector reform and bank consolidation provides an enduring legacy for Nigeria to emulate
Banking system consolidation in Nigeria and some regional experiences: Challenges and prospects.
No full textThis paper examines banking sector development in Nigeria from the Structural Adjustment era of the mid-1980s and the current reforms taking place in the financial service industry in terms of consolidation. In addition, the paper tries assess the banking system consolidation in Nigeria and the challenges and prospects expected. The paper is structured into six parts. following this introduction\, the part two discusses an overview of the banking system in Nigeria. part three reviews some regional experiences, while part four evaluates banking system consolidation in Nigeria and part five examines the challenges and prospects. while part six, summarizes and concludes the paper. Finally, the paper tried to evaluate the banking system consolidation in Nigeria and examined some regional experiences in consolidation process. Banking consolidation was brought about as a result of the unprecedented change in the global financial architecture, where continuing technological innovation, border-less barriers, and competition had played a significant role