Suchergebnisse

This study examined the influence of government corporate tax policy on the performance of 54 randomly selected listed companies that cut across 17 categories of non-fi nancial fi rms in Nigeria over a period of 1990-2002. Using Generalised Method of Moment (GMM) and contrary to the expectation, the study found positive and significant relationship between corporate tax policy and the output performance of quoted manufacturing fi rms in Nigeria. This may be an indication that government revenue from corporate tax was judiciously expended on productive government expenditure such as road, security and power as nearly all fi rms selected are located in Lagos State. The study therefore, suggested that corporate tax if judiciously used in the provision of physical infrastructures and other public goods would reduce the cost of production of the private sector in Nigeria.

Capital flight from Nigeria has become a trending macroeconomic issue within the country. This is as a result of its implications on economic growth due to the fall in investment as a result of scarce capital created by persistent capital flight. On estimates, Nigeria losses $22billion to capital flight annually as a result of bad economic system alone; hence the study analyses the impacts of capital flight on Nigeria's economic growth. The investment portfolio theory is adopted in the study. This posits that an investor considers the real returns from investment in the determination of the retainment of wealth, or otherwise, in a country. Thus, the real interest rates differential has been identified as a main determinant of capital flight in an economy. This study employs the vector error correction mechanism (VECM) and granger causality test to analyse the causality between capital flight, interest rates differential, political instability and economic growth; using available data between 1980 and 2014. The results show that current year capital flight is influenced by its previous year values, and that there is a negative relationship between capital flight and Nigeria's economic growth. Similarly, the results depict that a positive (and significant) relationship exists between capital flight and interest rates differential, explaining that the higher risk-adjusted returns abroad influence domestic capital flight. Also, there is uni-directional causality running from economic growth to capital flight; while there is independence among other variables.

This study examined the direction of causality and relationship between governance and development in a panel of 37 African countries during 1996 to 2016 period. The Panel cointegration supports the existence of long-run relationship between governance and development in African countries. The study found bidirectional causality between governance and development in the short-run and unidirectional causality from development to governance in the long-run for African countries. The policy implication from these findings suggests that for African countries to experience good governance in the long-run, there must be in place an improved human development indicator that affects positively the wellbeing and standard of living of the citizenries.

This study examined the effect of government expenditure on its disaggregated level on economic growth in a sample of 20 sub-Saharan African Countries over the period of 19802010 in a dynamic panel data model. The result from Generalised Method of Moments (GMM) revealed an inverse relationship between productive government expenditure and economic growth in sub-Sahara Africa. Also, productive government expenditures were not actually productive most especially when financed by non-distortionary government tax revenue in sub-Saharan African countries. The study concluded that the productive government expenditure and its corresponding source of the mode of financing were counterproductive for economic performance in the African countries

Since the beginning of the 20th century till date, crude oil has played a major role as an indicator of economic growth, due to its immeasurable importance in supply of energy demand of the entire world. Over more than four decades, Nigeria has been an important crude oil exporter, her primary product. Crude oil production and export since 1957 has brought a tremendous change to the economy of Nigeria, contributing a large share to the gross domestic product of the country. As reported in Hamilton (2008), high and fluctuating oil prices have become an inevitable result of recent world developments such as strong growth in demand, contribution of scarcity rent and OPEC monopoly pricing. In the light of these, it is of interest to investigate how the Nigerian economy which is heavily dependent on the export of its primary product will be affected by such trends in the world. For the purpose, the study seeks to analyze various economic impacts caused by international fluctuations in crude oil prices on the Nigerian economy between1994Q.1 -2013Q.4 using quarterly data. Output growth and inflation variables have been used to reflect the state of the economy while money supply will capture the monetary policy response to real crude oil price movements. The analysis employs structural VAR methodology. The empirical results suggest a negative relationship between inflation and oil price shock and its volatility over the sample period while response of monetary policy is insignificant. However, both unexpected price shock and volatility imposes a positive impact on the Nigerian output which later may destabilize the economy. Keywords: SVAR, inflation, money supply and crude oil price. ; Öz: Yirminci asrın başından günümüze dek, ham petrol, dünya enerji talebinin karşılanmasındaki rolü nedeniyle, ülkelerin ekonomik büyüme göstergeleri arasında önem kazanmıştır. Dört asrı aşkın bir süreden beri, Nijerya'nın en önemli üretimi olan petrol, ihracat yapısında da en üst sırada yer almıştır. 1957 yılından beri ham petrol üreticisi ve ihracatçısı olan Nijerya'nın ekonomisi, bu sayede değişim göstermiş ve petrol geliri gayri safi milli hasıla (GSMH) içinde önemli bir paya sahip olmuştur. Hamilton'nun (2008) belirttiği üzere, gerek petrola olan küresel talebin artması, gerekse, kaynakların azalıyor olması ve rant ile OPEC ülkelerinin tekel fiyatlaması gibi dünyadaki en son gelişmeler sonucunda, petrol fiyatlarındaki yüksek seyir ve dalgalanmalar kaçınılmaz olmuştur. Bu çerçevede, ekenomisi petrol ihracına bağimlı olan Nijerya'nın, sözkonusu gelişmelerden nasıl etkilenmekte olduğu, çalışmanın ilgi odağı olmuştur. Çalışmada, uluslararası petrol fiyatlarındaki artış ve dalgalanmaların, 1994Q.1 – 2013Q.4 döneminde Nijerya ekonomisi üzerindeki etkileri yapısal VAR (SVAR) yaklaşımı uygulaması ile araştırılmıştır. Nijerya ekonomisi için makroekonomik göstergeler olarak büyüme ve enflasyon, para politikasının tepkisini ölçmek amacıyla ise para arzı kullanılan değişkenler olmuştur. Elde edilen ampirik bulgulara göre, petrol fiyatlarındaki artış ve dalgalanma, Nijeryadaki enflasyonun azalmasına neden olurken, para politikasını etkilememektedir. Dünya petrol fiyatlarındaki artış ve dalgalanma ekonomik büyümeyi olumlu etkilemekle birlikte, ileride ekonomide dengesizliğe neden olabileceği sonucuna varılmıştır. Anahtar Kelimeler: SVAR, enflasyon, para arzı ve ham petrol fiyatı. ; Master of Science in Economics. Thesis (M.S.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Economics, 2014. Supervisor: Assoc. Prof. Dr. Gülcay Tuna Payaslıoğlu.

It is a time series analysis that investigates on the role of democratic institution in the relationship between fiscal decentralisation and economic development in Nigeria. The trend analysis clearly showed that sub-national expenditure is higher than sub-national revenue in Nigeria. The federally allocated expenditures to sub-national is far more than its corresponding allocated revenue in Nigeria and this becomes manifest from the year 1999 when the nation returned to civil rule up till 2014 under the administration of a dominant political party known as the People's Democratic Party (PDP). Using multiple regression analysis, the empirical results revealed 1% increase in expenditure decentralisation and revenue decentralisation would retard economic performance by 11% and 21% respectively when democratic institution index is included as explanatory variable. The impact of democratic institution in the relationship between fiscal decentralisation and economic performance in Nigeria is however, weak, positive and statistically insignificant in Nigeria as 100% increase in expenditure decentralisation and revenue decentralisation only yield 4% and 5% economic performance respectively in Nigeria. This has resulted to a wide spread level of corruption in Nigeria among bureaucrats and politicians. The study therefore advocates for a strong government institution that will be transparent, accountable and also respect the rule of law for sustainability, effectiveness and timely service delivery.