scholarly journals Infrastructure, Human Capital and Industrialization in Nigeria

2017 ◽  
Vol 3 (6) ◽  
pp. 58
Author(s):  
Udah E. B. ◽  
Ebi Bassey
Keyword(s):  
Human Capital ◽  
Industrial Development ◽  
Time Series Data ◽  
Trade Openness ◽  
Ordinary Least Squares ◽  
Minimum Variance ◽  
Historical Background ◽  
Series Data ◽  
Domestic Investment ◽  
Causality Test

The objective of this paper had been to shed light on the importance of infrastructure and human capital on industrialization in Nigeria using time series data from 1970 to 2014. The methodology adopted in this paper was first to trace the historical background of the data using such tests as mean, minimum and maximum values, standard deviation, skewness, kurtosis and Jarque-Bera tests. Second, in order to smoothen the data and reduce white noise, the paper adopted Augmented Dickey-Fuller and Phillips-Perron tests for unit root and for co-integration, the paper used Engle-Granger two-step procedure and Johansen method. The paper captured the interrelationship among the variables with Pairwise Granger causality test. Thirdly, the paper proceeded to use Ordinary Least Squares (OLS) estimation technique. The co-integration tests using Engle-Granger two-step and Johansen methods showed that the series are co-integrated, thus, the use of OLS satisfies the Best Linear Unbiased Estimator (BLUE) with minimum variance property. The parsimonious results suggest that gross domestic investment, electricity supply and trade openness are the required elements to accelerate the pace of industrialization in Nigeria. This implied that providing adequate and stable supply of electricity, deepening public and private investments as well as opening the economy to the vagaries of international trade has short and long-termed lasting effect on industrial development. The policy perspective is that government should prioritize the generation and distribution of electricity, increase the quantum of investments in road infrastructure and opening of the economy in order to accelerate the pace of industrialization.

scholarly journals Islamic Finance and Economic Growth Nexus: An Econometric Analysis

2019 ◽  
Vol 2 (1) ◽  
pp. 11-22
Author(s):  
Kashif Raza ◽  
Rashid Ahmad ◽  
Muhammad Abdul Rehman Shah ◽  
Muhammad Umar
Keyword(s):  
Economic Growth ◽  
Time Series Data ◽  
Trade Openness ◽  
Unit Root Test ◽  
Least Square ◽  
Series Data ◽  
Islamic Finance ◽  
Causality Test ◽  
Economic Agents ◽  
Fixed Capital Formation

Researchers have written chain of research papers about the dynamics of financial development and economic growth. The financial capital plays a productive role when it delivers to economic agents who are facing shortage or excess of funds.  This study explores the linkages among Islamic financing and economic growth for Pakistan, by using annual time series data from 2005-2018. Islamic banks’ financing funds used as a proxy of Islamic financing, Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF), labor force (LF),Broad money(M) and Trade openness (TO) to presents real sector of an economy. For the exploration, the unit root test, Ordinary least square technique and Granger causality test are applied. The results validate a substantial causal relationship of Islamic financing and GDP, which supports the Schumpeter’s supply-leading view. The results indicate that Islamic finance contributed towards economic growth.  

A Sectoral Analysis of the Role of Stock Market Development on Economic Growth: Empirical Evidence from Indian Economy

2017 ◽  
Vol 18 (4) ◽  
pp. 911-923 ◽  
Author(s):  
Madhu Sehrawat ◽  
A.K. Giri
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Stock Prices ◽  
Stock Price ◽  
Time Series Data ◽  
Trade Openness ◽  
Series Data ◽  
Causality Test ◽  
Long Run ◽  
Short Run

The present study examines the relationship between Indian stock market and economic growth from a sectoral perspective using quarterly time-series data from 2003:Q4 to 2014:Q4. The results of the autoregressive distributed lag (ARDL) approach bounds test confirm the existence of a cointegrating relationship between sector-specific gross domestic product (GDP) and sector-specific stock indices. The empirical results reveal that sector-specific economic growth are significantly influenced by changes in the respective sector-specific stock price indices in the long run as well as in the short run. Apart from that, the control variables, such as trade openness and inflation, act as the instrument variables in explaining the variations in the sector-specific GDP of the economy. The results of Granger causality test demonstrate unidirectional long-run as well as short-run causality running from sector specific stock prices to respective sector GDP. The findings suggest that economic growth of the country is sensitive to respective sub-sector stock market investments. The findings highlight the reasons for cyclical and counter-cyclical business phase for the overall economy.

scholarly journals DOES STOCK MARKET DEVELOPMENT PLAY ANY ROLE IN THE EFFECT OF FDI ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION

2016 ◽  
pp. 51-61
Author(s):  
Oziengbe Scott Aigheyisi
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Time Series Data ◽  
Ordinary Least Squares ◽  
Growth Effect ◽  
Market Development ◽  
Series Data ◽  
Domestic Investment ◽  
Government Consumption ◽  
Stock Market Development

The objective of the paper is to investigate whether stock market development plays any role in the effect of foreign direct investment (FDI) on economic growth in Nigeria. Using annual time series data that span the period from 1981 to 2014, and employing the fully modified ordinary least squares (FMOLS) estimation technique, the empirical evidence indicates that FDI, domestic investment and stock market development positively and significantly affect economic growth, but the effect of the interaction between stock market development and FDI on economic growth is negative and significant, indicating that the Nigerian bourse is not yet fully developed to engender positive growth effect of FDI. The study further finds that government consumption expenditure and trade openness adversely affect the growth of the country’s real GDP per capita. Recommendations of the paper include efforts by the government to design and implement programmes and policies aimed at enhancing the attractiveness of the country to foreign and local investors, efforts by capital market regulators to enhance stock market efficiency, reduction of government consumption expenditures and import control.

scholarly journals FOREIGN DIRECT INVESTMENT, WORKERS’ REMITTANCES AND PRIVATE SAVING IN PAKISTAN: AN ARDL BOUND TESTING APPROACH

2015 ◽  
Vol 16 (6) ◽  
pp. 1216-1234 ◽  
Author(s):  
Syed Ali Raza
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Time Series Data ◽  
Positive Impact ◽  
Series Data ◽  
Unique Contribution ◽  
Domestic Investment ◽  
Causality Test ◽  
Private Savings ◽  
The Impact

The objective of this study is to investigate the impact of foreign direct investment (FDI) and workers’ remittances on private savings of Pakistan. This study employs ARDL bound testing co-integration approach, rolling window analysis, Granger causality test, Toda and Yamamoto Modified Wald causality test and variance decomposition test. Results indicate the significant positive impact of FDI and workers’ remittances on private savings in the long and short run. Causality analyses confirm the bidirectional causal relationship of FDI and workers’ remittances with private savings. It is recommended that policy makers should form friendly policies to attract more FDI and workers’ remittances in the country which leads to increase private savings in Pakistan. This leads to increase more fund for financial intermediaries to increase domestic investment opportunities in the country. This paper makes a unique contribution to the literature with reference to Pakistan, being a pioneering attempt to investigate the impact of FDI and workers’ remittances on private savings of Pakistan by using the long annual time series data and applying more rigorous econometric techniques.

scholarly journals The Impact Of Human Capital On Nigeria's Economic Growth

2021 ◽  
Vol 17 (15) ◽  
Author(s):  
Yusufu Nigel Bachama ◽  
Aisha Adamu Hassan ◽  
Bello Ibrahim
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Time Series Data ◽  
Trade Openness ◽  
Health Sector ◽  
Series Data ◽  
Development Indicators ◽  
Distributed Lag ◽  
The Impact

Despite abundant evidence at microeconomic level, the role of human capital in promoting economic growth and development has not been well documented at the macroeconomic level – specifically in developing countries. This paper seeks to examine the role of human capital on economic growth in Nigeria using time series data covering the period from 1970-2019. The data are sourced from Central Bank of Nigeria (CBN) statistical bulletin and World Development Indicators of the World Bank. The data are analyzed using Autoregressive Distributed Lag model (ARDL). The study reveals that expenditure on health and education are found to be positively and significantly related with economic growth both in the short-run and long-run. However, labor negatively impact on economic growth and it was found to be significant. Again, trade openness and inflation are insignificant in explaining economic growth in this paper. Thus, the paper recommends that, Nigerian government should focus on improving the educational and health sector. Meaning that, huge amount of government budgetary allocation should be directed toward educational and health sector. So also, government should create more jobs opportunities (through skills acquisitions/ vocational training) to minimize the unemployment rate in the country.

scholarly journals Macroeconomic Variables And Corruption In Malaysia

2019 ◽  
Vol 5 (2) ◽  
pp. 112
Author(s):  
Zahariah Mohd Zain ◽  
Fatimah Setapa ◽  
Ruzita Baah ◽  
Khaleed Kusnin
Keyword(s):  
Human Capital ◽  
Government Spending ◽  
Capital Investment ◽  
Time Series Data ◽  
Trade Openness ◽  
Least Square ◽  
Series Data ◽  
Macroeconomic Variables ◽  
Development Indicator ◽  
The Relationship

Despite the government’s effort to eradicate corruption, it is still impossible to combat it as long as individuals with no integrity and sense of responsibility exists in organizations. ca This study is to investigate the relationship between several macroeconomics variables with corruption. The macroeconomics variables include government spending, human capital, investment and trade openness. This study uses time series data from the year 1994-2016. The data were obtained from Political Risk Service (PRS) and World Development Indicator from World Bank. Ordinary Least Square (OLS) method is used to examine the relationship between all the macroeconomic variables and corruption. The macroeconomic variables found to be significantly related to corruption in Malaysia were human capital and trade openness. However changes in the corruption in Malaysia may not necessarily be influenced by government spending and investment. Furthermore, all variables are found to have a positive relationship with corruption. The general findings of this paper strongly suggested that corruption in Malaysia is increasing continuously. Therefore efforts by the Malaysian government and policy makers are badly needed to fight corruption in order to foster better economic growth through improved business operations, employment and investments.

scholarly journals Determinants of private domestic investment in Palestine: time series analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ibrahim M. Awad ◽  
Ghada K. Al-Jerashi ◽  
Zaid Ahmad Alabaddi
Keyword(s):  
Time Series ◽  
Time Series Data ◽  
Private Investment ◽  
Critical Issue ◽  
Background Information ◽  
Series Data ◽  
Domestic Investment ◽  
Causality Test ◽  
Content Type ◽  
The Impact

PurposeThis empirical paper aims to examine the impact of interest rate (IR) and political instability (POLINS) on Palestine's domestic private investment.Design/methodology/approachA set of econometric techniques of time series data are adopted to meet the study objectives. They include regression analysis, unit root tests, cointegration test, ARDL & Bound tests, VAR test and Granger causality test.FindingsThe study's primary results complement the neoclassical approach, which states that the IR is negatively associated with domestic private investment. The empirical results reveal that there is no long-run relationship. Also, there is no causality between domestic investment and lending rates. Accordingly, these findings alert policymakers to draw a series of steps to minimize the IR at a minimum to stimulate investment for improved economic growth and development.Practical implicationsThere is still no national currency in Palestine. The Palestinian Monetary Authority (PMA) is advised to set an appropriate ratio of the IR for the currencies-in-circulation in Palestine for boosting investment and economic development.Originality/valueThis paper provides new background information to both policymakers and researchers on the main determinants of investment in Palestine using econometric analysis. Accordingly, this critical issue is required to be examined in Palestine for stimulating investment.

scholarly journals ANALISIS PERDAGANGAN JAGUNG INDONESIA

Agro Ekonomi ◽  
2010 ◽  
Vol 17 (2) ◽  
Author(s):  
Muhammad Imam Ma'ruf
Keyword(s):  
United States ◽  
Comparative Advantage ◽  
Time Series Data ◽  
The United States ◽  
Ordinary Least Squares ◽  
Raw Material ◽  
Series Data ◽  
Causality Test ◽  
Integration Test ◽  
Using Data

Corn has a strategic role and economic value in Indonesia, and has to be developed due to its position as the main source of carbohydrate and protein, raw material for food, feed, and biofuel industry. Aimed this research to determine the position of Indonesian com competitiveness in the international market in know the comparative advantage of Indonesian corn;factors that influence Indonesian com demand, and the integration between Indonesian corn market and the world com market. This research applys descriptive method The data used are time series data sourced from FAO, National Statistic Agency (BPS), and World Bank. Competitiveness is measured by the parameters of Revealed Comparative Advantage, Trade Specialist Ratio, Acceleration Ratio, and Market Penetration Index. The RCA, TSR, and AR analysis used data year 1988-2008, the MPI analysis used data year 1995-2008. Indonesian import corn demand is analyzed by OLS (ordinary least squares) multiple regression in the form of natural logarithm using data year 1980-2008, while market integration is analyzed by the unit root test, co-integration test, and Granger causality test using data year 1961-2008. The results shows that 1) the Indonesian corn competitiveness is low caused by the low production of Indonesian com; 2) Indonesian import corn demand is positively affected by the price of imported com and GDP of Indonesia, and negatively affected by the price of imported soybean and imported rice. Imported soybeans are complements of cornfor feed, while imported rice is the substitute of com for feed,' 3) There is no integration between the Chinese market and the Indonesian market because China is a country which re-export corn, there is integration between the United States market and the Indonesian market, as well as between Argentina's market and Indonesian market, but there is no causal relationship. The United States and Argentina market is not a dominant (leading) market in pricing of Indonesian Corn.market.

scholarly journals Determinants of Pro-Poor Growth and Its Impacts on Income Share: Evidence from Ethiopian Time Series Data

2021 ◽  
Vol 2021 ◽  
pp. 1-7
Author(s):  
Gemechu Bekana Fufa
Keyword(s):  
Time Series ◽  
Human Capital ◽  
Time Series Data ◽  
Least Squares Method ◽  
Income Group ◽  
Ordinary Least Squares ◽  
Series Data ◽  
Poor Growth ◽  
Negative Impacts ◽  
Positive Impacts

The growing research interest in the pro-poorness of growth is the main issue today. Reducing economic poverty and inequality through pro-poor growth is the aim of policies in many countries. Pro-poor growth is good for poverty eradication if it can be achieved. Ethiopia is a good example of a country where growth was pro-poor between 1990 and 2018 but the pro-poor growth was reversed in 2016. The paper examined what led to pro-poor growth between 1990 and 2018 and what may have been responsible for the reversal in 2016. Unit root test reveals that all the series are nonstationary at level and stationary at first difference and have one cointegration relation between the variables. The dynamic ordinary least squares method was used to analyze the Ethiopian time series data from World Bank Development Indicators between 1990 and 2018 for the determinant of pro-poor growth. Regression analysis shows that job creation was responsible for the pro-poor growth between 1990 and 2018. The results of the analysis showed that human capital, industrial, and services growth have negative impacts on poorest people, whereas employment and agriculture growth have positive impacts on poorest people. In the richest income group, human capital, and industrial and service growths have positive impacts while agricultural growth and employment have negative impacts.

Does Improvement in Trade Openness Facilitate Renewable Energy Transition? Evidence from Selected South Asian Economies

2018 ◽  
Vol 19 (2) ◽  
pp. 151-170 ◽  
Author(s):  
Muntasir Murshed
Keyword(s):  
Renewable Energy ◽  
South Asian ◽  
Time Series Data ◽  
Trade Openness ◽  
Energy Transition ◽  
Series Data ◽  
Renewable Energy Resources ◽  
Renewable Energy Consumption ◽  
Causality Test ◽  
Asian Economies

The aim of this article is to empirically shed light on the impacts of trade openness (TO) on facilitation of renewable energy transition (RET) across Bangladesh, India, Pakistan, Sri Lanka and Nepal. Against this backdrop, this article incorporated annual time series data stemming from 2000 to 2017 and employed the two-stage least squares (2SLS) panel data estimation methodology. In addition, the panel Granger causality test was also applied to distinguish the possible long-run causal associations between the variables considered in the regression models. In the light of the estimated results, it is found that an improvement in TO triggers renewable energy consumption, improves the primary energy-use efficiency and elevates the access to clean cooking fuel technology within the selected South Asian economies. However, the results also led to the concerning conclusion regarding the ineffectiveness of the trade liberalization policies in curbing the relative consumption of non-renewable energy resources, thereby marginalizing the prospects of overall RET within these economies. JEL: O13, P2, Q42, D12, F35

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