Version-1 (Jan-Feb 2017)
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| Paper Type | : | Research Paper |
| Title | : | Corruption and Legislative Functions in Nigeria |
| Country | : | Nigeria |
| Authors | : | Usman D. Umaru, Ph.D |
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: | 10.9790/5933-0801010108  |
Abstract: The Legislature is an important institution of government in a democratic system of government as Nigeria, especially the bicameral legislature, made up of the Senate and the House of Representative. It was against this background that this study is on the impact of corruption on the function of the legislature. The study adopted content analysis. Documentary ideas as expressed in text books, journal articles, magazines, Internet and Newspapers was analyzed and utilized. Its objective is to identify how corruption scuttled proper democratic representation in the National Assembly in Nigeria...............
Keywords: Representative system of government, Legislature and Corruption.
[1]. 1999 Constitution of the Federal Republic of Nigeria, pages 27, 31, 32 & 33.
[2]. Abimboye, D. (2010). A House of Fraud. Lagos, Newswatch Magazine, July, page 14.
[3]. Agbo, A. (2012). The Oversight Haram. Lagos, Tell Magazine, July, pages 45-51.
[4]. Akintunde, K. (2003). Damaging Allegations. Lagos, The Week Magazine, Oct., page 15-17.
[5]. Drenkat, C. (2016). Budget Padding: Between National Assembly and Law. Abuja, Forefront Magazine, August, pages 16-17.
[6]. Mbah, G. (2002). Valley of Corruption. Lagos, Insider Weekly Magazine, December, page 19.
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| Paper Type | : | Research Paper |
| Title | : | Implications of Financial Repression on Economic Growth: Evidence from Nigeria |
| Country | : | Nigeria |
| Authors | : | Francis Agboola Oluleye |
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: | 10.9790/5933-0801010914 |
Abstract: This study set out to examine the effects of financial repression on economic growth using Nigeria's data and adapted form of McKinnon (1973) and Shaw (1973) models. McKinnon (1973) and Shaw (1973) found that financial repression retards economic growth. Our study found that they were right, that interest rate regulation and control negatively affect investment as low interest rate will discourage savings thereby depriving investment the needed funded and hence retard economic growth. Therefore, to make funds available for investment and enhance economic growth, monetary authorities will have to ease financial repression by raising or/and liberalizing interest rate.
Keywords: Financial repression, interest rate, monetary authorities, economic growth
[1]. Gbosi, A.N. (2005). Money, Monetary Policy and the Economy, Uyo: Abigab Associayes
[2]. Ghatak, S. (1995). Monetary Economics in Developing Countries, 2nd ed, New York: St. Martins Press
[3]. Keynes, J.M. (1936). The General Theory of Employment, Interest and Money, London: Macmillian Press Ltd
[4]. Koutsoyannis, A. (1977). Theory of Econometrics, Basingstoke: Macmillian Press Ltd
[5]. Mckinnon, R. (1973). Money and Capital in Economic Development, Brookings Institute, Washington
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| Paper Type | : | Research Paper |
| Title | : | Modeling USD/KES Exchange Rate Volatility using GARCH Models |
| Country | : | Kenya |
| Authors | : | Cyprian Ondieki Omari || Peter Nyamuhanga Mwita || Antony Gichuhi Waititu |
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: | 10.9790/5933-0801011526 |
Abstract: In this paper the generalized autoregressive conditional heteroscedastic models are applied in modeling exchange rate volatility of the USD/KES exchange rate using daily observations over the period starting 3rd January 2003 to 31st December 2015. The paper applies both symmetric and asymmetric models that capture most of the stylized facts about exchange rate returns such as volatility clustering and leverage effect. The performance of the symmetric GARCH (1, 1) and GARCH-M models as well as the asymmetric EGARCH (1, 1), GJR-GARCH (1, 1) and APARCH (1, 1) models with different residual distributions are applied to data. The most adequate models for estimating volatility of the exchange rates are the asymmetric APARCH model, GJR-GARCH model and EGARCH model with Student's t-distribution.
Keyword: GARCH Models, Volatility clustering, forecasting volatility, Leverage effect, Value-at-Risk
[1] Black, F. (1976). Studies of stock price volatility changes.
[2] Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of econometrics, 31(3), 307-327.
[3] Bollerslev, T. (1987). A conditionally heteroskedastic time series model for speculative prices and rates of return. The review of economics and statistics, 542-547.
[4] Brooks, C. (2008). Introductory financial econometrics.