Financial Markets, Institutions and Risks (FMIR)
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Item Exchange rate policy regimes, private investment behaviour and economic growth in Nigeria (1960 -2020)(Sumy State University, 2022) Popoola, M.A.; Ajayi, J.O.; Abiodun, T.S.To improve economic growth acceleration, the Nigerian government should continue to formulate and implement several policies including exchange rate policy regimes. Exchange rate policy regime of any government could be a fixed exchange rate regime when the price of a country’s currency in terms of another country’s currency is fixed to a value by the monetary authority; it could be a floating regime when the price of a country’s currency in terms of another country’s currency is left to be determined by the forces of demand and supply, while a managed-floating regime is undertaken when there is an element of both fixed and floating regimes. Following the Barro (1990) theoretical framework, this study attempted to assess the effects each exchange rate regime has on the economy through the mechanism of private investment spending. The researcher carefully selected macroeconomic variables that have been considered in the econometric models for empirical analysis of the research study in this dissertation through statistical estimation techniques as guided by Barro (1990) and international studies, specifically that of Sahoo et al., (2012), in this area of study. These variables include GDP as an indicator for economic growth, Private capital, private sector credit, real exchange rate, interest rate, government capital expenditure, trade openness, exchange rate regimes dummies, total employment, and spending on health and education. Specifically, the study set out to empirically quantify the impact of both fixed and floating regimes on private investment spending and in turn, on economic growth in Nigeria.Through this study, the key determinants of private investment spending and economic growth in Nigeria. To achieve the study’s objectives and address the respective research questions, preliminary examinations of the data were conducted through the use of visual and unit root tests and some of the variables were found to be stationary at levels (i.e., 𝐼(0)) while some are stationary in their first differences (i.e., 𝐼(1)). The study proceeded to estimate both private investment and economic growth models simultaneously using Two-Stage Least Squares (TSLS) method.Item The impact of stockmarket development on economic growth in Singapore. econometric study based on an autoregressive distribution lag (ARDL) model covering the period from 1990 to 2020.(Sumy State University, 2022) Bekhti, D.; Bakbak, L.I.; Bouchetara, M.The main objective of this paper is to discuss and examine the relationship between the development of stock market and economic growth and to show if the economic growth is positively influenced by stock market development in Singapore. Theoretically, some economists postulate a bidirectional relationship between financial development and economic growth, while others consider that growth drives finance, but that financial development is only a minor growth factor. We used an econometric study based on an autoregressive distribution lag (ARDL) model covering the period from 1990 to 2020 which is supported by the Asian financial crisis of 1997, obtained from various sources, in particular World Bank data and International Monetary Fund reports. Economic growth is expressed by GDP per capita, while stock market development is measured by market capitalization of domestic listed companies (% of GDP), shares traded total value (% of GDP) and stocks traded turnover ratio of domestic shares (%). The results show that the capitalization of domestic listed companies and the turnover ratio of domestic stocks have a positive and significant effect on gross domestic product per capita in the short and long run. However, shares traded total value hasa negative impact on gross domestic product per capita in short and long term. The contribution of our results suggests that stock market development promotes short and long-run growth in Singapore. Our findings can be of direct value to developed or emerging countries while they are of indirect value to less developed economies that may be committed to certain policy or regulatory decisions.Item Inflation Targeting and Economic Growth in the Middle East and North Africa (MENA): empirical modeling using ARDL approach(Sumy State University, 2022) Bouyacoub, B.This paper analyses the relationship between Inflation Targeting and economic growth in 20 countries in the Middle East and North Africa (MENA) countries region (Algeria, Saudi Arabia, Palestinian Authority, Bahrain, Djibouti, United Arab Emirates, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Libya, Morocco, Mauritania, Oman, Qatar, Syria, Tunisia, and Yemen), using an Autoregressive Distributed Lag (ARDL) model over the period 2000-2020. An autoregressive distributed lag (ARDL) model is an ordinary least square (OLS) based model which is applicable for both non-stationary time series as well as for times series with mixed order of integration. The results show that Inflation Targeting can have several functions. It is a monetary policy framework based on an appropriate institutional architecture. The adoption of inflation targeting is often subject to a change in laws or administrative arrangements relating to the Central Bank. Inflation targeting might support economic growth by lowering inflation and volatility. However, monetary policy alone cannot drive growth. Inflation targeting might support economic growth by lowering inflation and volatility. Moreover, the results of econometric tests lead to convergent conclusions and argue for the existence of unidirectional causal relationships between economic growth and economic policy indicators.Item Economic Growth and the Optimal Size of the Public sector in Jordan(Sumy State University, 2020) Aljaloudi, J.; Warrad, T.A.The relationship between the size of public sector and the rate of economic growth has been widely examined empirically in different countries. Most applied studies confirmed the validity of the inverse relationship between the increasing role of the state in the economy, measured by the ratio of public spending to gross domestic product and rates of economic growth. These studies estimated the optimum rate that would guarantee achieving the highest economic growth rates.Item Dynamic Effects of Foreign Portfolio Investment on Economic Growth in Nigeria(Sumy State University, 2020) Toyin, O.W.; Oludayol, Ad.E.The slow growth rate and the deficit of full-fledged financial security have created the preconditions for studying the relationship between foreign investment and economic growth. In previous literature, key emphases on this issue were studied in the short term and in terms of static functioning of the economy. Thus, this article purposely studied the dynamic nature of the development of the relationship between foreign investment and economic growth in Nigeria from 1980 to 2018.Item Evaluating the changes in the European Banking Regulation - MiFID and its possible effects on the Global Economy: A Theoretical Study(Sumy State University, 2019) Islam, S.T.; Khan, M.Y.H.Banking regulation plays an important role in the process of ensuring financial stability, the national economy, equitable distribution of wealth and the most efficient use of financial resources. As a key regulatory tool, Banking Regulation monitors and monitors financial transactions to improve their profitability and efficiency. The author points out that the main areas of banking regulation and supervision are to control the processes of formation, operation and liquidation of commercial banks.Item The X-ray report of “Economic growth”(Sumy State University, 2019) Dave, H.With regret to say that politicians and thinkers of economic subject use the word “economic growth” in their talks, writings and discussions as if it is the way to achieve peaceful and happy life. When I read the phrase (“economic growth”) in views/debates and articles, I personally feel on its use as if we fool the innocent and inexperienced young generation and mislead them.Item The Analysis of Value Added Tax (Vat) to Increasing Government Revenue in Ethiopia(Sumy State University, 2019) Singh, S.N.The value added tax is a significant source for increasing the revenue of the Government in Ethiopia. It is a family of indirect tax paid on the value added to goods and services by enterprises at each stage of the production and distribution process. The main objective of the study is to analyze the contribu-tion of VAT to increase the governments’ revenue and makes comparative analysis with other types of taxes. In order to drive the main objective of study the secondary source of data is being under persuasion. Most of the data are secondary by nature and collected through internet sources, newspa-pers, published and unpublished reports of the Government of Ethiopia etc. Furthermore, the study has to use simple descriptive statistical methods like table, percentage, and chart to analyze the dataItem Impact of the Foreign Direct Investment on Economic growth on the Re-public of Benin(Sumy State University, 2019) Marcel, D.T.AmThis paper empirically examines the impact of foreign direct investment (FDI) on economic growth in the Republic of Benin. Using the Error Correction Model (ECM), annual time series data the period of 1970-2017 were analyzed employing an ECM technique to determine the short and long-run impact of FDI on economic growth in the Republic of Benin. Granger causality methodology was used to analyze and establish the nature of the relationship (if any) between FDI and economic growth in the Republic of Benin. Our empirical analysis reveals that Foreign Direct Investment (FDI) has both im-mediate and time lag effect on the Republic of Benin economy in the short run. And FDI has a signif-icant but negative effect on the Republic of Benin economy in the long run during the period under review.Item Influence of State Banks on Economic Growth: A Cross-Country Analysis(Sumy State University, 2017) Onyshchenko, V.; Chen, B.X.The authors systematize the economic-mathematical models, as well as the results of empirical studies of authoritative international analytical agencies and financial institutions, in which the influence of state capital in the banking system on the development of national economies was formalized on different countries in different periods. The analysis showed that such studies often give some completely opposite results. The reason for these authors is that the sample of countries in these models is formed mainly taking into account differences in the scale of state participation and levels of economic development of countries. This approach is erroneous because it does not take into account the specifics of the construction of the financial sector in these countries and the functions performed by the state banks.