scholarly journals National Defence Expenditure and Its Implications on Economic Development in Nigeria

2021 ◽  
Vol 4 (1) ◽  
pp. 17-31
Author(s):  
Raymond M. ◽  
Ibyingibo S.
Keyword(s):  
Economic Development ◽  
Significant Relationship ◽  
Series Data ◽  
Ex Post ◽  
Long Run ◽  
Defence Spending ◽  
Misery Index ◽  
Capital Spending ◽  
Defence Expenditure ◽  
National Defence

The issue of security is presently a critical challenge for the Nigeria State: biggest democracy in Africa as reports of killings are plastered on a daily basis on both print and social media. This is unpalatable for a developing country like Nigeria that has its eyes set on improving the lot of its citizens and becoming a force to reckon with in the global economy. It is on this backdrop that this study set sail to examine the association between national defence expenditure and economic development in Nigeria. The study adopted Ex-post facto research design as the variables- Misery Index, CDEX and RDEX: cannot be manipulated as they are annual time series data sourced from the World Development Indicator and the Central Bank of Nigeria annual report from a period of 38 years covering from 1981 to 2018, which were in turn analyzed using the error correction model (ECM) method of estimation. The result of the Johansen cointegration test revealed that government capital spending on defence, recurrent spending on defence, foreign direct investment and misery index have common trends in the long run. The outcome of the normalized cointegration disclosed a negative and significant relationship between government capital spending on defence and misery index, while a positive and significant long run relationship exists between government recurrent spending on defence and misery index. The short run analysis pointed to a positive and significant relationship between previous year’s misery index and current year’s misery index. The study thus recommended that government defence spending be reassessed to make it development oriented and proper monitoring of defence spending be carried out.

Impact of Foreign Capital on Economic Development in India: An Econometric Investigation

2017 ◽  
Vol 18 (3) ◽  
pp. 766-780 ◽  
Author(s):  
Kalpana Sahoo ◽  
Narayan Sethi
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Foreign Capital ◽  
Negative Impact ◽  
Positive Impact ◽  
Private Investment ◽  
Series Data ◽  
Domestic Investment ◽  
Long Run ◽  
Foreign Private Investment

The present study empirically investigates the long-run causal relationship between foreign capital and economic development in India by using the annual time-series data from 1990–1991 to 2013–2014. The study uses some selected macroeconomic variables such as per capita government expenditure on education (PcGEE, as an indicator of economic development), gross domestic product (GDP, as an indicator of economic growth), gross capital formation (GCF, as an indicator of domestic investment), official development assistance (ODA, as an indicator of foreign official inflows) and foreign direct investment (FDI, as an indicator of foreign private investment) for its empirical analysis. By using the cointegration test and the vector vector-error correction model (VECM) technique, this study finds that in the long run, domestic investment has shown a significant and positive impact on economic development, whereas, ODA, FDI and GDP have shown a significant negative impact on it. It concludes that domestic investment, foreign capital along with economic growth have a significant impact on economic development in India in long run. It suggests that the national developmental policy of India should focus on the productive utilization of both domestic and foreign capital along with it should give emphasis on effective transformation of growth benefits towards development process.

scholarly journals Stock Market and Economic Development: a Causality Test

2007 ◽  
Vol 3 (1) ◽  
pp. 36-44 ◽  
Author(s):  
Surya Bahadur G.C. ◽  
Suman Neupane
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Stock Market ◽  
Time Series Data ◽  
Series Data ◽  
Causality Test ◽  
Stock Market Development ◽  
Business Studies ◽  
Long Run ◽  
Made In

ABSTRACT An attempt has been made in this paper to examine the existence of causality relationship between stock market and economic growth based on the time series data for the year 1988 to 2005 using Granger causality test. The study finds the empirical evidence of long-run integration and causality of macroeconomic variables and stock market indicators even in a small capital market of Nepal. The causality has been observed only in real terms but not in nominal variables. In econometric sense, it depicts that the stock market plays significant role in determining economic growth and vice versa. Interestingly, the causation is evident with a lag of 3 to 4 years. Also, the paper reveals the importance of stock market development for fostering economic development. Journal of Nepalese Business Studies 2006/III/1 pp. 36-44

scholarly journals Impact of Women Education on Economic Growth: An Evidence from Pakistan

2021 ◽  
Vol 3 (2) ◽  
pp. 113-120
Author(s):  
Kiran Zahra ◽  
Mudassar Yasin ◽  
Baserat Sultana ◽  
Zulqarnain Haider ◽  
Raheela Khatoon
Keyword(s):  
Higher Education ◽  
Economic Growth ◽  
Economic Development ◽  
Time Series Data ◽  
Essential Element ◽  
Series Data ◽  
Education Expenditure ◽  
Long Run ◽  
The Government ◽  
The Impact

Education is the most fundamental right in the current situation, and it is an essential element of economic growth. No country can achieve economic development and goals without investing in education. Pakistan’s economic development is possible when education is equal for both men and women, but the government did not give importance to the sector as it deserved. This study investigated the determinants of female higher education in Pakistan and the impact of women's education on the economic growth of Pakistan. This study utilized time-series data from 1991 to 2019. The autoregressive distribution lag (ARDL) model is applied to estimate the impact. The result shows that in Pakistan, education expenditure has no positive effect on female education. In contrast, a positive relationship between female higher education and GDP growth exists, but this relation is not strong in the short run and long run.

scholarly journals The Impact of Internally Generated Revenue on Economic Development in Nigeria

2018 ◽  
Vol 7 (2) ◽  
pp. 166 ◽  
Author(s):  
Cordelia Onyinyechi Omodero ◽  
Michael Chidiebere Ekwe ◽  
John Uzoma Ihendinihu
Keyword(s):  
Economic Development ◽  
Local Governments ◽  
Time Series Data ◽  
Positive Impact ◽  
Series Data ◽  
P Value ◽  
Statistical Tool ◽  
Ex Post ◽  
Test Of Hypotheses ◽  
The Impact

The study investigated the impact of internally generated revenue (IGR) on economic development of Nigeria. The inability of States and Local governments in Nigeria to generate enough revenue to cope with their expenditure responsibilities has been a serious challenge. The improper use of IGR and corruption have remained a setback to economic development in Nigeria, hence the clamour from the citizens. This study made use of ex-post facto research design to specifically examine the impact of total IGR (TIGR), Federal Government Independent Revenue (FGIR), States IGR (SIGR) and Local IGR (LIGR) Governments IGR on the Real Gross Domestic Product (RGDP i.e. proxy for economic development) of the country. The time series data employed covered a period from 1981 to 2016 and were gathered from the Central Bank of Nigeria (CBN) Statistical Bulletin. The statistical tool used for the data analysis was the multi-regression and t-test for test of hypotheses. The findings of the study revealed that TIGR, SIGR and LIGR have robust and significant positive impact (p-value = 0.000 < 0.05) on RGDP, while FGIR also indicated positive and significant influence on RGDP. There was an existence of high correlation between the dependent and independent variables. The study concluded that the positive impact of IGR is not out of place but the physical evidence is apparently lacking and therefore government policies that could eradicate sharp practices in the government system are required. The study also recommends that government official with corruption history should not be allowed to continue to handle responsibilities rather; people with outstanding integrity should be given opportunity to occupy government positions that are sensitive and could help achieve economic development objectives.

INCOME EQUALITY IN A COURSE OF INDONESIAN DEVELOPMENT

2014 ◽  
Vol 59 (01) ◽  
pp. 1450006
Author(s):  
SUSUMU HONDAI
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Economic Development ◽  
Poverty Reduction ◽  
Time Series Data ◽  
Series Data ◽  
Income Equality ◽  
Left Behind ◽  
Long Run ◽  
Run Time

Indonesia has done remarkably well in the areas of both economic growth and poverty reduction. However, the economic situations differ significantly among Indonesian provinces. Some provinces have already developed well, while the rest have been left behind. The variation in the situations will generate a synthetic long-run time series data of economic development as a whole and enable us to find out when income equality starts to improve in a course of economic development.

scholarly journals Determinants of Deposit Money Banks Lending Behaviour to Private Sector of The Economy in Nigeria (1986-2017)

2021 ◽  
Author(s):  
Tonia Akindutire
Keyword(s):  
Private Sector ◽  
Significant Relationship ◽  
Bank Lending ◽  
Series Data ◽  
Financial Deepening ◽  
Reserve Requirement ◽  
Long Run ◽  
Lending Rate ◽  
Specific Factors ◽  
Bank Specific Factors

The study examined those factors that determine the deposit money banks lending behavior to private sector of the economy in Nigeria using annual time series data spanning from 1986 to 2017. Secondary data were sourced majorly from CBN Statistical Bulletin(2017). In measuring the variables, determinants of deposit money bank lendingbehaviour to private sector were subjected to bank specific factors, regulation factors, financial deepening and macroeconomic factors. The bank specific factors were proxied by volume of deposit (VD) and lending rate (LDR), regulation factor was proxied by reserve requirement (RSR), financial deepening was proxied by ratio of money supply to GDP (M2G)while macroeconomic variables was proxied by inflation (INF). The estimation techniques used for the study were Augmented Dickey Fuller test, pair wise granger causality test and auto regressive distributed lag (ARDL). It was found that, the variables in the series were integrated of difference order l(0) and l(1) and there was significant relationship between bank lending behaviours and the identified determinants. In addition, it was revealed that, the variables move in a long run, however, among the variables of interest, volume of deposit and M2G determine bank lending behaviour in the short and long run while RSR, INF and LDR retard lending to private sector. The study also found that, causality runs from volume of deposit to private sector credit. Hence, the study concluded that, there is significant relationship between bank lending behaviour private sectorand its determinants. It was recommended that, bank lending rate should be brought down or flexible to meet up the categories of borrowers, since there is common knowledge that high interest rate discourages borrowers and influences banks to select bad loan offer which may affect the bank returns in the long run. Secondly, the reserve requirement dictated by CBN on deposit money banks should be reduced so as to enable banks to be more liquid for the private sector to access funds for their productive purposes and lastly, inflation should be made below 2 digit, as inflation above a digit may be unfriendly to economy activities thereby affecting the private sector output which is germane to the economic growth.

Does corruption matter for economic development? Long run evidence from Bangladesh

2017 ◽  
Vol 44 (3) ◽  
pp. 350-361 ◽  
Author(s):  
Mohammad Habibullah Pulok ◽  
Moin Uddin Ahmed
Keyword(s):  
Time Series ◽  
Economic Development ◽  
Negative Impact ◽  
Public Awareness ◽  
Test Method ◽  
Series Data ◽  
Content Type ◽  
Ardl Bounds Test ◽  
Long Run ◽  
Bounds Test

Purpose Despite remarkable economic growth in the last two decades, corruption is a “way of life” in Bangladesh. The purpose of this paper is to investigate the long run relationship between economic development and corruption in Bangladesh over 1984-2013. Design/methodology/approach This study employs autoregressive distributed lag (ARDL) bounds test method to examine the long run relationship or cointegration between corruption and per capita real GDP in Bangladesh using annual time series data. International Country Risk Guide’s (ICRG) corruption index is used as the proxy to measure the degree of corruption. Findings The results of ARDL bounds test confirm that there exists a long run association between corruption and economic development in Bangladesh. Findings from the long run estimation provide evidence of negative impact of corruption on economic development. The negative value of the error correction term in the short model reinforces the existence of long run relationship. Originality/value Using multivariate time series approach, this paper contributes to corruption literature by investigating the long run relation between corruption and economic development in Bangladesh. Bangladesh would be able to accelerate its economic development further by reducing the level of corruption through institutional reforms and raising public awareness. Most importantly, government should focus on identifying and abolishing laws and programmes promoting corruption.

scholarly journals The Impact of Okun Misery Index on Out-of-pocket-payments in the Iranian Healthcare System

2020 ◽  
Author(s):  
Aziz Rezapour ◽  
Salar Ghorbani ◽  
Eisavi Mahmoud ◽  
Saeed Bagheri Faradonbeh
Keyword(s):  
Healthcare System ◽  
Time Series Data ◽  
Series Data ◽  
Causality Test ◽  
Long Run ◽  
Misery Index ◽  
Out Of Pocket Payments ◽  
Error Coefficient ◽  
The Impact ◽  
The Relationship

Abstract Introduction: One criterion to measure the achievement of a government's performance is stability and decreasing the misery index that is the sum of inflation and unemployment. Therefore, this study aims to investigate the impact of misery index on patients' out-of-pocket-payments in the Iranian healthcare system. Methods: This paper has used time-series data from 2000 to 2016 and it used three methods to examine the relationship between variables. First, the Dickey-Fuller test was used to evaluate the stationary of variables. Second, the Toda-Yamamoto causality test was used to test causality between variables. Third, Auto-Regressive Distributed Lags (ARDL) was used to test the long-run relationship. Analyzing data was conducted by Eviews 9 software.Results: The results showed that there was a bi-directional causal relationship between the misery index and the out-of-pocket-payments of patients in the health system. Also, increasing 1 unit of misery index increased 1.33 units of out-of-pocket-payments. The correction error coefficient was -0.435 that meant this amount was adjusted per period. In other words, it lasted more than 2 years and less than 3 years that the Nonequilibrium points converge to their long-run points of the relationship.Conclusion: Implementing appropriate policies in order to reduce unemployment and inflation rate can decline the out-of-pocket-payments in the Iranian healthcare system.

scholarly journals Monetary and Fiscal Policies Interactions on Stock Returns in Nigeria

2020 ◽  
Vol 11 (1) ◽  
pp. 17-24
Author(s):  
Onanuga Idowu ◽  
Ilo Bamidele ◽  
Lucas Elumah
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Stock Returns ◽  
Stock Prices ◽  
Free Market ◽  
Series Data ◽  
Fiscal Policies ◽  
Market Values ◽  
Ex Post ◽  
Long Run

This research examined the effects of monetary and fiscal policies on stock returns in Nigeria. The researchers utilized ex-post facto research design using the time series data of the annual market values of All Share Index (ASI) of the Nigerian Stock Exchange (NSE). It was yearly data on the various monetary policy and fiscal policy variables obtained from the Central Bank of Nigeria Statistical Bulletins covering from 1985 to 2017. The result of the cointegration test reveals a long-run relationship between monetary variables and stock returns. Meanwhile, the overall result shows that monetary policy has a significant effect on stock return. However, there is no long-run relationship between fiscal policy variables and stock returns. Meanwhile, the result of the Unrestricted Vector Autoregression model shows that fiscal policy has a significant effect on stock prices in Nigeria. On the other hand, a long-run relationship exists between monetary policy, fiscal policy, and stock returns. It has a significant effect on stock returns in Nigeria. This implies that monetary and fiscal policies have a significant effect on stock returns in Nigeria. It is recommended that there is a need for the federal government to harmonize fiscal and monetary policies in the same direction and to equally design policies that promote a free market for the growth of the Nigerian economy.

scholarly journals Impact of Public Sector Financial Management on the Economic Growth of Nigeria

2021 ◽  
Vol 7 (4) ◽  
pp. 45-59
Author(s):  
Kanu Success Ikechi ◽  
Obi Henry Kenedunium ◽  
Akuwudike Hilary Chinedum
Keyword(s):  
Economic Growth ◽  
Financial Management ◽  
Service Sector ◽  
Time Series Data ◽  
Positive Impact ◽  
Capital Expenditure ◽  
Least Square ◽  
Series Data ◽  
Ex Post ◽  
Long Run

The main thrust of this study is to investigate the seeming mismatch between resource generation, resource allocation and expenditure management in Nigeria. While an ex-post facto research design was adopted in the investigation; descriptive statistics as well as a least square regression analysis were carried out on a time-series data to ascertain relationships. Real Gross Domestic Product taken as a proxy for economic growth is the dependent variable while capital and recurrent expenditures are the independent variables. Outcome of the study indicates that, the nation’s financing option is skewed towards payment of salaries and personnel emoluments (Recurrent Expenditures) as against the provision of basic infrastructures (Capital Expenditures) that are growth oriented. The trend of disbursements is not appropriately harnessed to create a favorable and positive impact on economic growth. In the short run, the disaggregated components of capital expenditure (CAPEX) indicate that expenses incurred in administration sector and external debt service transfers attracted more than their fare share of public expenditure to the detriment of economic and social community welfare services. The disaggregated component of recurrent expenditures (RECEX) indicate that expense on economic service sector and the lagged value of RGDP taken as an explanatory variable were found to have a positive significant relationship with economic growth in the long run. It is therefore recommended that conscious efforts be made by government to scrutinize and monitor budget implementations. Macroeconomic projections should guide the overall level of expenditures. This should be more realistic, internally consistent and based on more accurate and timely information. Government must embark on a careful estimation and determination of priorities and to emphasize the need for control over revenue and expenditure so as to enhance critical areas of economic growth in Nigeria.

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