IOSR Journal of Economics and Finance最新文献

{"title":"Macroeconomic Fluctuations, Foreign Aid Shocks and the Forecast of Economic Growth Rate in Nigeria","authors":"R. Ayeni","doi":"10.9790/5933-0802033444","DOIUrl":"https://doi.org/10.9790/5933-0802033444","url":null,"abstract":"The study examined effectiveness of foreign aid flows also called official development assistance in increasing economic growth in Nigeria. The main objective was to empirically analyze the impact of foreign aid flow and its domestic saving counterpart on the economic growth in Nigeria under the assumption of stable and unstable macroeconomic indicators with the aim of knowing what determines the effectiveness of official development assistance in an economy. Time series data were used sourced from various sources such as the Central Bank of Nigeria statistical bulletin, and World Bank databank. The study employed Augmented Dickey fuller (ADF) to ascertain the stationarity of the time series properties of the research variables. The study made use of Auto-regressive distributed lag (ARDL) Bound Testing approach to co-integration error correction mechanisms(ECM) to determine the dynamic relationship between foreign aid flows and Economic growth in Nigeria. VAR and Granger Causality tests were used to explain the transmission of socks among the variable and to forecasts economic growth rate and official development assistance effectiveness. The findings from the study reveal that there is disequilibrium in the growth rate of GDP in Nigeria. In the short-run the combination of domestic saving and foreign aid variables tend to correct the disequilibrium but at slow speed of adjustment. Given all macroeconomic indicators in Nigeria as stable, domestic saving and foreign aid are more effective to increase the growth of the economy. With the unstable nature of macroeconomic indicators in Nigeria especially, the increasing rate of inflation and exchange rates and the low export rate, official development assistance, that is foreign aid, tend to be impacting negatively on the economy rather than positive. That means foreign aid becomes less effective in the face of unstable exchange rate, inflation rate and low export. Based on the findings, the study recommends that, Policy measures that will diversify the economy, improve export and encourage a more stable exchange rate should be put in place to allow a more effective utilization of foreign aids in the economy.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114731195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Shareholder Value Disclosure Practices In India: A Content Analysis","authors":"Merugu Venugopal, M. R. Reddy","doi":"10.9790/5933-0802040108","DOIUrl":"https://doi.org/10.9790/5933-0802040108","url":null,"abstract":"Many organizations are accepting their goal as shareholder wealth maximization and working towards achieving it to attract long term capital. Financial statements may have become more transparent, but relevant information has become much more difficult to identify the information what shareholders are looking for. This paper addresses on the necessity of creating more transparent information through which companies would benefit in the long term. More than ever, it also raises a question if it is the time to take a step back and consider how an organization can more effectively communicate their business story to better convey shareholder value. The research methodology employed content analysis of annual performance reports for pharmaceutical industry in India. The results from the study reiterate on the importance of creating transparent information to its stakeholders for a long term profitability of the organization.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132851834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Developing Economies Optimal Exchange Rate Regime: to Float or to Peg for Morocco?","authors":"Ayoub Rabhi, Amina Haoudi","doi":"10.9790/5933-0802043648","DOIUrl":"https://doi.org/10.9790/5933-0802043648","url":null,"abstract":"One of the most important and recent issues for the last decade in international finance, is the choice of an optimal Exchange Rate Regime for emerging and developing countries, because it stands as the major factor in the drive for economic stability according to different studies. In this context, encouraged recently by the IMF to introduce a greater flexibility to its Exchange Rate Regime, Morocco as a small economy has already started working on the process to establish the new reform in its Exchange Rate Regime, so as pledged, it can reinforce its integration in the international financial system in order to achieve different targets of the economy. However, the transition from the actual Regime to a more flexible one is not a simple equation; that's why we intended in our paper to answer different questions related to the fundamentals of the economy through a scrupulous analysis that helps have a more clear vision on whether to float or peg the Moroccan Exchange Rate Regime. Our study is based on a quantitative comparative benchmark between Morocco and other emerging countries in order to evaluate the decision made by the Moroccan Central Bank.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"220 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123704152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Fundamental, Risk and Demography on Value of the Firm","authors":"Dompak Pasaribu","doi":"10.9790/5933-0802040916","DOIUrl":"https://doi.org/10.9790/5933-0802040916","url":null,"abstract":"The purpose of this study is to examine the effect of the company's fundamentals (DER and ROA), Systematic risk (beta stocks) and population growth (PP) on firms value (PBV).The sampleswas food and beverage sub-sectors listed in Indonesia Stock Exchange. The sampling technique is purposive sampling. The data used annual data from 2010 to 2015. The analytical method used is multiple regression.The results of this research show that partially Debt Equity Ratio (DER), Return on Assets (ROA) and population growth (PP) positive and significant impact on the PBV while Systematic Risk (Beta Shares) not significant positive effect on the PBV.Simultaneously DER, ROA, Beta Stocks and PP significant effect on PBV. Value Adjusted R Square of 0.859. Keyword: Corporate Values ​​(Price Book Value / PBV), Debt to Equity Ratio (DER), Return on Assets (ROA), Systematic Risk (Beta Equity) and Population Growth (PG).","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130712547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"La Micro finance au Nord-Kivu : Aide ou Frein au Développement ?","authors":"Bengeya Machozi Déo, Kanyengele Muganza Michael","doi":"10.9790/5933-0802041726","DOIUrl":"https://doi.org/10.9790/5933-0802041726","url":null,"abstract":"Resume: Cet article propose un cadre d’analyse de l’incidence de la situation des crises et faillites des Coopératives d’Epargne et de Crédit (COOPEC) et Institutions de Microfinance (IMF) sur le développement socioéconomique de la population du Nord-Kivu en République Démocratique du Congo. Il met en exergue le volume et la conséquence d’épargnes non désintéressées pendant la crise/faillite des Institutions du Système Financier Décentralisé (ISFD) dont le processus de dissolution a été déclenché et clôturé, ou est en cours. Motsclefs: ISFD, Microfinance, faillite, développement, Nord-Kivu,","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122010975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of Foreign Direct Investment: An Application on MSCI Emerging Markets Index","authors":"Sinan Ayteki̇n","doi":"10.9790/5933-0802035461","DOIUrl":"https://doi.org/10.9790/5933-0802035461","url":null,"abstract":"The aim of this study is to examine the determinants of foreign direct investment (FDI) in emerging countries for the period 2002-2014. As well as some economic variables, the impact of country level governance quality on FDI is investigated. The country level governance quality is measured by world bank governance indicators which are voice and accountability, political stability and absence of voilence, governance effectiveness, regulatory quality, rule of law and control of corruption. The hypothesis is tested by using Generalized Moment of Methods, a relation between governance quality and FDI is found. According to the regression results, a positive relationship is found between FDI and voice and accountability, regulatory quality, rule of law and control of corruption. As for other economic variables, it is determined that GDP growth and lagged value of FDI have a positive effect on FDI, and unemployment rate and population growth have negative effects on FDI.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128500431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Role of the Monetary Policy in Achieving Economic Growth in Syria","authors":"G. Ghandour","doi":"10.9790/5933-0802037478","DOIUrl":"https://doi.org/10.9790/5933-0802037478","url":null,"abstract":"","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122516946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysis of the Determinants of Banks Distress in Nigeria: An Autoregressive Distributed Lag Model Approach","authors":"M. Koko, A. Hassan","doi":"10.9790/5933-0802036773","DOIUrl":"https://doi.org/10.9790/5933-0802036773","url":null,"abstract":"This study examines the causes of bank distress in Nigeria using annual data from 1986 to 2015. The study employed Autoregressive Distributed Lag Model developed by Pesaran et al (2001) as the technique of data analysis. The study reveals that exchange rate and non-performing loans have positive and statistically significant impact on bank distress, while inflation and interest rate have negative and statistically insignificant effect on bank distress. The study further found that liquidity ratio exerts positive and statistically insignificant influence on bank distress. In consistent with the findings, the study recommends the followings: firstly, there should be proactive measures by the banks such as loan surveillance and monitoring.The government should strengthen the mechanisms that will create favorable and sustainable macroeconomic stability in the economy; secondly, to guarantee effective control of non-performing loans, banks should ensure that loans to be given must satisfy the requirements of banking policy and finally, the Central Bank of Nigeria must ensure that deposit money banks are operating in line with the banking policy guide lines and any bank that violate or bridge the policy should be call to order or penalized.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126577857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Predictive Model for Determining Internal Rate Return (Irr) Without Trial and Error","authors":"Onuma . E. Onuma","doi":"10.9790/5933-0802036266","DOIUrl":"https://doi.org/10.9790/5933-0802036266","url":null,"abstract":"Planners are often confronted with challenges of evaluating proposed capital projects. The most popular tools are, inter alia 1 Net present value (NPV) 2 Benefit/ cost ratio and 3 Internal Rate of return (IRR) While the first two are straight forwardly determinable IRR on the other hand, requires a trial and error measures. Based on current literature. This is not only challenging in time consumption but presents enormous obstacle for financial advisors during brief sessions with the un-informed Business owners. The foretasted elicits is a need to develop a straight forward model to approximate IRR without the “TRIAL AND ERROR” Routine Methodology: The employment of ratio analysis and mathematical logic based on inductive reasoning determined that relationships exist among cost of capital, Benefit/cost ratio and IRR subsequently an Illustrative example on a capital project proved that the model espoused here in is useful.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126398342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of Foreign Direct Investment on Economic Growth in Niger","authors":"Ms.Mounkaila Noma Kadiatou","doi":"10.9790/5933-0802032833","DOIUrl":"https://doi.org/10.9790/5933-0802032833","url":null,"abstract":"The main target of this paper is to analyze the impact of foreign direct investment on Niger economic growth by employing time series dates over the period 1980–2005. The data of this study come from different sources such as, World Development Indicators, the Niger Investment Agency, and the office of national statistics (INS). To determine the relationship among FDI and economic growth, we used Ordinary Least Square (OLS) and granger causality test as econometric methodologies. The findings revealed that foreign direct investment has a positive and statistically significant contribution on Niger’s economic growth. The granger causality test shows a bidirectionary causation running from FDI to GDP and vice –versa but no strong .This study recommends: that local government must continue to ensure Business Friendly Environment in the purpose to attract more investors and to maintain Political and economic Stability at all stages in Niger.","PeriodicalId":387621,"journal":{"name":"IOSR Journal of Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121900543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}