Asian Economic and Financial Review

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Online ISSN: 2222-6737
Print ISSN: 2305-2147
Total Citation: 1219

No.1

Zakah as an Islamic Micro-Financing Mechanism to Productive Zakah Recipients


Pages: 117-125
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Patmawati Ibrahim, Ruziah Ghazali
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Patmawati Ibrahim, Ruziah Ghazali (2014). Zakah as an Islamic Micro-Financing Mechanism to Productive Zakah Recipients. Asian Economic and Financial Review, 4(1): 117-125. DOI:
There are various forms of zakah distribution practiced by the zakah institutions. One of them is the distribution of zakah in a form of business capital given to productive zakah recipients. This form of zakah distribution is recognized as micro-financing mechanism. Thus, this paper attempts to analyse the potential of zakah fund as a source of Islamic micro financing to productive zakah recipients. The analysis is divided into several parts. Firstly, this paper discusses on the rationale of zakah fund as a source of micro financing to small Muslim entrepreneurs. It is then followed by the feasibility study of zakah as a micro financing mechanism. Thirdly, this paper shares the practicality analysis of the mechanism by sharing the experience of Selangor Zakah Board (Lembaga Zakat Selangor - LZS). In addition, it also highlights the problems and challenges of LZS in performing the role of ‘micro-finance institution’. Lastly, suggestion on the proper mechanism of zakah micro financing to ensure its effectiveness is given in the final part of the paper. This is to ensure that the objectives of zakah in alleviating poverty and reducing income inequality are met.
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Economic Freedom and Economic Growth in Mena Countries


Pages: 105-116
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Economic Freedom and Economic Growth in Mena Countries

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Hossein Panahi, Ahmad Assadzadeh, Ramiar Refaei
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Hossein Panahi, Ahmad Assadzadeh, Ramiar Refaei (2014). Economic Freedom and Economic Growth in Mena Countries. Asian Economic and Financial Review, 4(1): 105-116. DOI:
Most studies of the relationship between economic freedom and growth of GDP have found a positive correlation. One problem in this area is the choice of measure of economic freedom. A single measurement does not reflect the complex economic environment and a highly aggregated index makes it difficult to draw policy conclusions. This paper attempts to answer the question: How does economic freedom impact economic growth? Using data from 13 selected MENA countries over the period of 2000 to 2009, this paper investigates the relationship between economic freedom and economic growth. The results of panel data analysis show that economic institutions, specifically economic freedom, play a significant role in economic development independently and the overall index of economic freedom is positively correlated with growth. It is found that economic freedom does matter for growth. This does not mean that increasing economic freedom, defined in general terms, is good for economic growth since some of the categories in the index are insignificant and some of the significant variables have negative effects.
Contribution/ Originality

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  7. Dawson, J.W., 1998. Institutions, investment, and growth: New cross-country and panel data evidence. Economic Inquiry, 36(4): 603– 619.
  8. De Haan, J., S. Lundström and J. Sturm, 2006. Market-oriented institutions and policies and economic growth: A critical survey. Journal of Economic Surveys, 20(2): 157-191.
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Technology Transfer and FDI: Some Lessons for Tunisia


Pages: 90-104
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GHAZOUANI Assaad, TERAOUI Hedia
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GHAZOUANI Assaad, TERAOUI Hedia (2014). Technology Transfer and FDI: Some Lessons for Tunisia. Asian Economic and Financial Review, 4(1): 90-104. DOI:
The purpose of this article is to try to see if the FDI actually contributes to technology transfer in Tunisia or are there other sources that can guarantee this transfer? The answer to this problem was gradual as we followed an approach using economic theory, the reality of Tunisia and econometric and statistical tools. We examined the relationship between technology transfer and FDI in Tunisia over a period of 40 years from 1970 to 2010. We estimated in two stages: first, a growth equation, then we have learned from this regression residue (proxy technology), secondly, we regressed on European FDI, exports of manufactures, imports of goods from the European Union in addition to other variables to test the robustness of the results and describing the level of infrastructure in the country.It follows from our study that technology transfer does not originate primarily and exclusively in the FDI and the latter is econometrically weakly with technology transfer and spillover effect of FDI does not seem to occur according to our results. However, the relationship between technology transfer and imports is negative and significant. Although this result is cons-intuitive, is recurrent in the literature of panel data. It has also given rise to intense debate on the microeconomic modeling as well as on the empirical applications.
Contribution/ Originality

  1. Barro, R.J. and S.M. Xavier, 1997. Technological diffusion, convergence, and growth. Journal of Economic Growth, 2(1): 1-26.
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The Effect of Valuation Ratios, Gold Price, and Petroleum Price on Equity Returns: A Comparison of Static Panel and Quantile Regressions


Pages: 80-89
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Aynur Pala
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Aynur Pala(2014). The Effect of Valuation Ratios, Gold Price, and Petroleum Price on Equity Returns: A Comparison of Static Panel and Quantile Regressions. Asian Economic and Financial Review, 4(1): 80-89. DOI:
The purpose of this paper is to investigate to impact of valuation ratios, oil price changes and gold price changes on equity returns using static panel regression and quantile regression for 25 industrial firms at ISE (Istanbul Stock Exchange). Data periods includes from 1st quarter of year 2005 to 1st quarter of year 2011. As a result of LLC, IPS, Breitung test, variables are stationary at level. White procedure has been used to correct serial correlation and heterogeneity problems. Asset pricing model estimated using random and fixed panel data models and quantile regression model. Results of Hausman test indicated that fixed effect model (OLS) is valid. In general we find strong evidence that OLS estimation difference from quantile regression (QR) estimation at the most points of the distribution for ISE.
Contribution/ Originality

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A New Economic Dimension to the Environmental Kuznets Curve: Estimation of Environmental Efficiency in Case of Pakistan


Pages: 68-79
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Shahid ALI, Maryam BIBI, Fazli RABBI
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Shahid ALI, Maryam BIBI, Fazli RABBI (2014). A New Economic Dimension to the Environmental Kuznets Curve: Estimation of Environmental Efficiency in Case of Pakistan. Asian Economic and Financial Review, 4(1): 68-79. DOI:
This study attempts to examine the linkage between environmental degradation and economic growth in Pakistan over the period 1972-2011. The main concern of this study is to test the validity of Environmental Kuznets Curve in case of Pakistan and aims to find out the total and per capita carbon efficiency of Pakistan. Moreover, this study estimates the tipping point of environmental Kuznets curve in case of Pakistan. The study used Autoregressive Distributed Lag (ARDL) model to determine the robustness of long-run relationship among environmental degradation and economic growth. The results show that the inverted U-shaped relationship between economic growth and environmental degradation is valid in case of Pakistan. The values of total carbon efficiency for Pakistan is 47.69 and per capita carbon efficiency for Pakistan is 0.0002, which are relatively low as compare to other developing and developed countries like in the region. The Tipping Point of EKC in case of Pakistan is 338.34. This study recommends that government should keep into consideration the sustainable economic policies with environmental policies, as environmental sustainability largely based on the economic conditions and economic policies adopted by the countries.
Contribution/ Originality

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  37. Poudel, B.N., K. P. Paudel and K. Bhattarai., 2009. Searching for an environmental kuznetsm curve in carbon dioxide pollutant in latin American countries. Journal of Agricultural and Applied Economics, 41(1): 13-27.
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Asia Pacific ADRS in the New Millennium: Is There A Difference in Performance for Issues Listed on the NYSE in the Last Two Decades?


Pages: 58-67
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Asia Pacific ADRS in the New Millennium: Is There A Difference in Performance for Issues Listed on the NYSE in the Last Two Decades?

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Mark Schaub
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Mark Schaub(2014). Asia Pacific ADRS in the New Millennium: Is There A Difference in Performance for Issues Listed on the NYSE in the Last Two Decades?. Asian Economic and Financial Review, 4(1): 58-67. DOI:
The long-term excess returns for Asia Pacific ADRs listed on the NYSE from 1990 through 2009 are tested to determine differences in performance and evidence of decade-long market timing effects.  While the overall sample outperformed the S&P 500 Index during the first 36 months of trading by over 13 percent, those ADRs listed before January 1, 2000 underperformed by 21 percent while those issued after outperformed the index by 31 percent.  A similar market-timing effect is seen by breaking IPOs and SEOs down by date of issue as well.  The results suggest Asia Pacific ADRs provided great diversification benefits during the volatile US markets during the 2000s. 

Contribution/ Originality

  1. Callaghan, J., R. Kleiman and A. Sahu, 2000. The market-adjusted investment performance of ADR, IPOs and SEOs.  Global Finance Journal, 10(2): 123-145.
  2. Foerster, S., G. Andrew and G.A. Karolyi, 2000. The long-run performance of global equity offerings. Journal of Financial and Quantitative Analysis, 35(4): 499-528.
  3. Jiang, C., 1998. Diversification with American depository receipts: The dynamics and the pricing factors.  Journal of Business, Finance & Accounting, 25(5-6): 683-699.
  4. Officer, D. and R. Hoffmeister, 1987. ADRs: A substitute for the real thing?  Journal of Portfolio Management, 13(2): 61-65.
  5. Ritter, J., 1991. The long-run performance of initial public offerings. Journal of Finance, 46(1): 3-27.
  6. Schaub, M., 2003. Investment performance of American depository receipts listed on the New York stock exchange:  Long and short. Journal of Business and Economic Studies, 9(2): 1-19.
  7. Schaub, M., 2004. Market timing wealth effects of asia pacific and European ADRs traded on the NYSE.  Applied Financial Economics, 14(15): 1059-1066.
  8. Schaub, M., 2009. NASDAQ-Listed European and Asia pacific ADRs:  Does market timing affect long-term performance?  Applied Financial Economics, 19(5): 339-345.
  9. Schaub, M., 2012. International equities listed on the New York stock exchange:  Does type of issue or date of issue matter?  Financial Markets and Portfolio Management, 26(4): 429-447.
  10. Schaub, M., 2013a. Latin American ADR performance:  How do issue type and issue date affect long term excess returns?  International Journal of Managerial Finance, 9(1): 4-12.
  11. Schaub, M., 2013b. Long-run performance of emerging market ADRs:  Evidence from issues listed on the New York stock exchange from 1990 through 2009.  Global Journal of Emerging Market Economies, 5(1): 41-54.
  12. Schaub, M. and M. Highfield, 2004. The short and long term performance of IPOs and SEOs traded as American depository receipts:  Does timing matter?  Journal of Asset Management, 5(4): 263-271.
  13. Schaub, M. and M. Highfield, 2006. Market timing wealth effects of American depository re-ceipts:  The cases of emerging and developed market issues.  Journal of International Financial Markets, Institutions & Money, 16(3): 270-282.

An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011


Pages: 41-57
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An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011

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Mirza Vejzagic, Hashem Zarafat
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Mirza Vejzagic, Hashem Zarafat (2014). An Analysis of Macroeconomic Determinants of Commercial Banks Profitability in Malaysia for the Period 1995-2011. Asian Economic and Financial Review, 4(1): 41-57. DOI:
This paper investigates the macroeconomics factors that stimulate banks’ profitability. A standard regression model is used to identify macroeconomics determinants that significantly contribute to profitability, expressed through return on assets (ROA), of commercial banks in Malaysia. The determinant factors under consideration are real gross domestic product growth, inflation (expressed through consumer price index), and real interest rates. The paper incorporates seven banks, namely, CIMB, Public Bank, Maybank, Affin Bank, RHB Bank, Alliance Bank and Hong Leong Bank for the period 1995 to 2011. In order to present research in most accurate way, the paper looked into the relationship between profitability of all banks (expressed through mean of ROAs), as well as every single individual bank, with mentioned macroeconomic determinants. Model demonstrated overall significance for mean of all banks, and three individual banks, namely, Maybank, Public Bank and Hong Leong Bank. Findings show that for mean of all banks, as well as Maybank, Public Bank and Hong Leong Bank, real GDP is significant and have positive relationship with confidence level of 1% and 5%. This paper illustrated that in Malaysian case, inflation (CPI) is not significant for mean of all banks and Maybank. On the contrary, for Public Bank and Hong Leong Bank inflation (CPI) is significant, with negative relationship. Lastly, the outcomes of this paper exemplified that in Malaysia real interest rate has no relation with banks’ profitability. From the empirical estimation, it is suggested that for the banks’ profitability the growth of gross domestic product must be in place in order to stimulate lending and borrowing activities. In addition, it is proposed that for the banking sector in order to preserve on profitability, the anticipation of inflation must be in place to shelter revenue and reduce cost of the banks.

  1. Aburime, T.U., 2008. Determinants of bank profitability: Industry-level evidence from Nigeria. International Journal of Nigerian Studies and Development, 14: 21-34.
  2. Alexiou, C. and V. Sofoklis, 2009. Determinants of bank profitability. Evidence from the Greek Banking Sector. Economic Annals, 54(182):93-118.
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  4. Bourke, P., 1989. Concentration and other determinants of bank profitability in europe, north america and australia. Journal of Banking & Finance, 13(1): 65-79.
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  8. Goddard, J., P. Molyneux and J.O.S. Wilson, 2004. The profitability of european banks. A Cross-Sectional and Dynamic Panel Analysis. The Manchester School, 72(3): 363-381.
  9. Guru, B.K., J. Staunton and Balashanmugam, 1999. Determinants of commercial bank profitability in Malaysia.
  10. Kosmidou, K., 2008. The determinants of banks’ profits in greece during the period of eu financial integration. Managerial Finance, 34(3): 146–159.
  11. Kosmidou, K., F. Pasiouras and A. Tsaklanganos, 2007. Domestic and multinational determinants of foreign bank profits: The case of greek banks operating abroad. Journal of Multinational Financial Management, 17(1): 1-15.
  12. Kosmidou, K., S. Tanna and F. Pasiouras, 2008. Determinants of profitability of domestic uk commercial banks: Panel evidence from the period 1995–2002. Economics, finance and accounting applied research working paper series, coventry university business school.
  13. Kosmidou, K. and C. Zopounidis, 2008. Measurement of bank performance in Greece. South Eastern Europe Journal of Economics, 6(1): 79–95.
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  18. Ramadan, I.Z., Q.A. Kilani and T.A. Kaddumi, 2011. Determinants of bank profitability: Evidence from Jordan. International Journal of Academic Research, 3(4):180-191.
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  20. Saunders, A. and L. Schumacher, 2000. The determinants of bank interest rate margins: An international study. Journal of International Money and Finance, 16(6): 813-832.
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An Appraisal of Personal Income Tax Evasion in Nigeria


Pages: 33-40
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An Appraisal of Personal Income Tax Evasion in Nigeria

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Kennedy Prince Modugu, Alade Sule Omoye
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Kennedy Prince Modugu, Alade Sule Omoye (2014). An Appraisal of Personal Income Tax Evasion in Nigeria. Asian Economic and Financial Review, 4(1): 33-40. DOI:
The objective of this study is to appraise the evasion of personal income tax in Nigeria. A total of 160 questionnaires were administered to some selected self-employed individuals in Edo State comprising businessmen, contractors, professional practitioners like lawyers, doctors, accountants, architects and traders in shops as well as staff of Federal Inland Revenue Service  in Benin City, Edo State, Nigeria. The result revealed that the tax payers’ relationship with tax authority (TAXPAY_TAXAUTH) and weak penalties (PENALTIES) have a significant influence on tax evasion in Nigeria. Tax rate showed a positive relationship with tax evasion. This means that the higher the tax rate the higher the tendency of tax evasion. The Board should intensify tax payer education and maintain a harmonious relationship capable of fostering voluntary compliance. In addition, efforts should be made towards entrenching stiff penalties for evaders. Finally the prevailing tax rates should be reviewed optimally as not to serve as disincentives to compliance.  

Contribution/ Originality

  1. Allingham, M.G. and A. Sandmo, 1972. Income tax evasion: A theoretical analysis Journal of Public Economics, 1(3-4): 323-338.
  2. Ayua, I.A., 1999. The Nigeria tax law. Ibadan: Spectrum Law Publishing.
  3. Fagbemi, T.O., O.M. Uadiale and A.O. Noah, 2010. The ethics of tax evasion: Perceptual evidence from Nigeria, European journal of social sciences, 17(3): 360-371.
  4. Faseun, L.A., 2001. Tax planning, Lagos tax the newsletter of CITN-Lagos District Society,1:  6 -9 .
  5. Kiabel, B.D. and N.G. Nwokah, 2009. European journal of Economics, Finance and Administrative Sciences,15:  51-69.
  6. Sosanya, S.O.A., 1981. Taxation reform in Nigeria. Lagos.

Monetary Policy and Economic Growth in Nigeria (1980-2011)


Pages: 20-32
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Monetary Policy and Economic Growth in Nigeria (1980-2011)

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Michael Baghebo, Ebibai Tombra Stephen
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Michael Baghebo, Ebibai Tombra Stephen (2014). Monetary Policy and Economic Growth in Nigeria (1980-2011). Asian Economic and Financial Review, 4(1): 20-32. DOI:
The Study empirically examined the impact of monetary policy on selected macroeconomics variables such as gross domestic product, inflation, and balance of payment in Nigeria from (1980-2011).Data were extracted from the Central Bank Statistical Bulletin. Monetary policies played an indispensable role in Nigeria’s economy by regulating and stabilizing the volume of money in circulation in order to create an enabling environment for investment, which will foster economic development. Today, the impact of monetary policy has wider implication and this arises partly because of proactive measures put in place by CBN to ensure macroeconomic stability in the country. The study is designed in such a way that it is an econometric investigation of the impact of monetary policy on economic growth in Nigeria using such econometric tools like the ordinary least square (OLS) regression analysis. The error correction method is used to ascertain if there is a static long run equilibrium relationship among the explanatory variables and subsequently derive an adequate dynamic model of the short run relationship. The study shows that the provision of investment friendly environment in the Nigerian economy will increase the growth rate of GDP.

Contribution/ Originality

  1. Anyanwu, J.C., 1996. Monetary economics: Theory, policy and institutions. Nigeria: Port-Harcpourt; Hybrid publishers limited.
  2. Batini, N., 2004). Achieving and Maintaining Price Stability in Nigeria IMF Working Paper WP/04/97, June.
  3. Borio, C.E.V., 1995. The structure of credit to the non-government sector and the transmission mechanism of monetary policy: A cross-country comparison. Bank for International Settlement Working Paper, Basle, April.
  4. Busari, D.T., P.C. Omoke and B. Adesoye, 1992. Monetary policy and macroeconomic stabilization under alternative exchange rate regime: Evidence from Nigeria.
  5. Folawewo, A.O. and T.S. Osinubi, 2006. Monetary policy and macroeconomic instability in Nigeria. A rational expectation approach. Journal of Social Science, 12(2): 93-100.
  6. Friedman, M. and A. Schwartz, 1963. Money and business cycles. Review of Economics and Statistics, Februray: 32-64.
  7. Gertler, M. and S. Gilchrist, 1993. Monetary policy, Business cycles and the behaviour of small manufacturing firms, WP 3892, National Bureau of Economic Research, Cambridge, November.
  8. Kogar, C.I., 1995. Financial innovations and monetary control. The central bank of The Republic of Turkey Discussion Paper No: 9515, May.
  9. Modigliani, F., 1963. The monetary mechanism and its interaction with real phenomena. Review of Economics and Statistics, Supplement, February: 79-107.
  10. Nnanna, O.J., 2001. Monetary policy framework in Africa; The Nigerian experience. Central Bank of Nigeria , Abuja , July.
  11. Sanusi, J.O., 2002. Central bank and the macroeconomic environment in Nigeria. Being a lecture delivered to participants of the senior executive course No. 24 of the national institute for policy and strategic studies (NIPSS), Kuru on 19th august.

Does Higher Education Reduce Poverty among Youths in Nigeria?


Pages: 1-19
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Does Higher Education Reduce Poverty among Youths in Nigeria?

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Ukwueze Ezebuilo R., Nwosu Emmanuel O.
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Ukwueze Ezebuilo R., Nwosu Emmanuel O. (2014). Does Higher Education Reduce Poverty among Youths in Nigeria?. Asian Economic and Financial Review, 4(1): 1-19. DOI:
Poverty is a serious problem in Nigeria with estimated 70.2 percent of Nigerians on less than 1$ daily. Poverty in Nigeria resembles a paradox, with her wealth; she still faces an enormous challenge in her effort to reduce poverty. The government has vigorously pursued poverty reduction policies through educational and other policies yet the issue of high rate of poverty is still problematic. This study aims at finding the impact of higher education on poverty among youths in Nigeria. We used propensity score matching and Logistic regressions to estimate the impact of higher education on youth poverty. We used data from 2004 National Living Standard Survey.  We found that higher education has the capacity to reduce poverty. Those who had a higher education had the average treatment effect on the treated (ATT), an average gain in expenditure per capita by higher education receiving households, using nearest neighbor matches as N20,106.87. 

Contribution/ Originality

  1. Akooje, S. and McGrath S, 2005. Post-basic education and training and poverty  reduction in South Africa: Progress to 2004 and vision to 2014, Post-basic education and training, working paper series - No.2, Centre of African Studies, University of Edinburgh.
  2. Asmal, K., 2002. Education, Development and poverty reduction, being a paper presented by Professor Kader Asmal, MP, Minister of education (South Africa) during the national assembly debate on the world summit for sustainable development, Cape Town.
  3. Becker, G.S., 1975. Human capital: A theoretical and empirical analysis, with special reference to education. 2nd Edn., New York: National Bureau of Economic Research.
  4. Carnevale,A. P., 2012. For a middle-class life, College is crucial. Available from http://www.nytimes.com/roomfordebate/2012/03/01/shouldcollege-be-for-everyone/for-a-middle-class-life-college-is-crucial.
  5. Colclough, C., 1994. Under-enrolment and low quality in African Primary Schooling: Towards a gender-sensitive solution, IDS Working Paper, 7, Brighton: IDS.
  6. Dabalen, A. and Oni B., 2000. Labour market prospects of university graduates in Nigeria. Paper prepared for a world bank–sponsored study on tertiary education in Nigeria.
  7. Doepke, M., M. Tertilt and A. Voena, 2011. The economics and politics of women’s rights, National bureau of economic research, Working Paper,17672, Forthcoming.
  8. Ferreira, F., P. Lanjouw and Neri M., 1998. The urban poor in Brazil in  1996: A new poverty profile using PPV, PNAD and census data. World Bank,  Mimio.
  9. McQueston, K., Silverman R and Glassman A., 2012. Adolescent fertility in lowand middle-income countries: Effects and solutions, Center for global development, Working Paper, 295.
  10. National Bureau of Statistics, 2005. Social statistics in Nigeria, Federal republic of Nigeria.
  11. Nigeria Ministry of Finance, 2000a. National rolling plan, 2001–2003. Abuja.
  12. Organisation for Economic Cooperation and Development (OECD), 2012. Gender equality in education, Employment and entrepreneurship: Final Report to the MCM, C/MIN 5.
  13. Ramphele, M., 2003. The role of higher education in reducing poverty and promoting prosperity, Speech delivered to the conference, Policies and models for international co-operation in higher education Bergen, Norway.
  14. Ravallion, M., 2001. The mystery of the vanishing benefits: An introduction to impact evaluation. The World Bank Economic Review, 15(1): 115-140.
  15. Rawlings, L. and N.R. Schady, 2002. Impact evaluation of social funds: An introduction. The world Bank Economic Review, 16(2): 213-217.
  16. Sawyer, S.M., Afi fi R. A., BearingerL. H., Blakemore S. J., Dick B., Eze A. E.  and PattonG. P., 2012. Adolescence: A foundation for future health,centre for adolescent health,Royal Children’sHospital,Parkville, VIC,Australia, Series, Adolescent Health 1, The Lancet, 379: 1630-1640.
  17. United Nations Development Programme (UNDP) 2004. Human Development Report: Cultural liberty in today’s diverse world. New York.
  18. United Nations Development Programme(UNDP) 2001. Human development report: Nigeria 2000/2001 millennium edition. Lagos.
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  20. United Nations Economic Commission for Africa (2005). Economic report on
  21. Africa: Meeting the challenges of unemployment and poverty in Africa, Addis Ababa, Ethiopia
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  23. Veenhoven, R., 2011. Social development and happiness in nations 1990-2010, Presentation atconference taking stock: Measuring social development, International Institute of Social Studies,December, 14-15
  24. Veenhoven, R., 2012. World database of happiness, Erasmus universiteit rotterdam, The Netherlands.
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  26. World Bank, 1995, Development in practice: Priorities and strategies for education, Washington D.C: World Bank
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