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No.5

Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010)


Pages: 683-702
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Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010)

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Oriakhi D.E, Iyoha Daniel Osaze
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Oriakhi D.E, Iyoha Daniel Osaze (2013). Oil Price Volatility and its Consequences on the Growth of the Nigerian Economy: An Examination (1970-2010). Asian Economic and Financial Review, 3(5): 683-702. DOI:
This study examines the consequences of oil price volatility on the growth of the Nigerian economy within the period 1970 to 2010. Using quaterly data and employing the VAR methodology, the study finds that of the six variables employed, oil price volatility impacted directly on real government expenditure, real exchange rate and real import, while impacting on real GDP, real money supply and inflation through other variables, notably real government expenditure. This implies that oil price changes determines government expenditure level, which in turn determines the growth of the Nigerian economy. This result seems to reflect the dominant role of government in Nigeria. Considering the destabilizing effects of oil price fluctuations on economic activity and government spending in Nigeria, the study makes some recommendations. Some of these include; fiscal  prudence, reform in budgetary operations, export diversification, revival of the non-oil sector of the economy, accountability and corporate governance.

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The Causality between Income Inequality and Economic Growth: Empirical Evidence from the Middle East and North Africa Region


Pages: 668-682
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The Causality between Income Inequality and Economic Growth: Empirical Evidence from the Middle East and North Africa Region

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Sbaouelgi Jihene, Boulila Ghazi
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Sbaouelgi Jihene, Boulila Ghazi (2013). The Causality between Income Inequality and Economic Growth: Empirical Evidence from the Middle East and North Africa Region. Asian Economic and Financial Review, 3(5): 668-682. DOI:
This paper explores the causality problem between income inequality and economic growth for 9 countries of Middle East and North Africa (MENA) region for the period ranging from 1960 to 2011. In this study, we applied the cointegration techniques, that means the Granger causality tests (in the long-run and short-run). The results of this paper indicate that the Granger causality in the long-run exist for example in Tunisia, Iran, and Morocco. Moreover, the Granger causality in the short-run exist in many other countries such as Mauritania, Jordan and Algeria.

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  2. Alesina, A. and R. Perotti, 1996. Income distribution, political instability, and investment. European Economic Review, 40: 1203-1228.
  3. Alesina, A. and Rodrik., 1994. Distributive, politics and economic growth. European Economic Review.
  4. Atkinson., 2002. Top incomes in the united kingdom over the twentieth century. Working Paper.
  5. Barro, R., 2000. Inequality and growth in a panel of countries. Journal of Economic Growth, 5: 5-32.
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  7. Bourguignon., 2003. The difficult task of expanding the income poverty paradigm. Paper prepared for the conference on "Conceptual challenges in poverty and inequality analysis", Cornell University, 16-17 April 2002.
  8. Deininger, K. and L. Squire, 1996. A new data set measuring income inequality. World Bank Economic Review, 10: 565-591.
  9. Forbes, K., 2000. A reassessment of the relationship between inequality and growth. American Economic Review, 90: 869-897.
  10. Galor, O. and J. Zeira, 1996. Income distribution and macroeconomics. Review of Economic Studies, 60: 35-52.
  11. Granger, C.W.J., 1988. Some recent developments in a concept of causality. Journal of Economitrics, 39: 199-211.
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  13. Patrizio, P.,2004. An empirical investigation of the relationship between inequality and growth. Department of Economics of the University of California at Berkeley
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Sustainable Growth and Firm Risk from the Signaling Perspective


Pages: 660-667
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Sustainable Growth and Firm Risk from the Signaling Perspective

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MOHEB ALI KANANI, Javad Moradi, Hashem Valipour
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MOHEB ALI KANANI, Javad Moradi, Hashem Valipour (2013). Sustainable Growth and Firm Risk from the Signaling Perspective. Asian Economic and Financial Review, 3(5): 660-667. DOI:
This study attempts to examine the relevance of sustainable growth and its influence on firm??? financial and business risks and Compare the relative information content of them. Based on sampling, 85 firms from Tehran Stock Exchange (TSE) were selected and examined during 2003 to 2010. The Statistical tests findings showed that there is a significant relation between the firm??? real and sustainable growth difference and their financial risk, but there is no significant relation between the firm??? real and sustainable growths difference and their business risk

  1. Aghion. and Howitt., 1996. Research and development in the growth process. Journal of economic growth, 1:49-73.
  2. Alesina, A. and R. Perotti, 1996. Income distribution, political instability, and investment. European Economic Review, 40: 1203-1228.
  3. Alesina, A. and Rodrik., 1994. Distributive, politics and economic growth. European Economic Review.
  4. Atkinson., 2002. Top incomes in the united kingdom over the twentieth century. Working Paper.
  5. Barro, R., 2000. Inequality and growth in a panel of countries. Journal of Economic Growth, 5: 5-32.
  6. Benhabib, J. and M. Spiegel, 1994. The role of human capital in economic development: Evidence from aggregate cross-country data. Journal of Monetary Economics, 34: 143-173.
  7. Bourguignon., 2003. The difficult task of expanding the income poverty paradigm. Paper prepared for the conference on "Conceptual challenges in poverty and inequality analysis", Cornell University, 16-17 April 2002.
  8. Deininger, K. and L. Squire, 1996. A new data set measuring income inequality. World Bank Economic Review, 10: 565-591.
  9. Forbes, K., 2000. A reassessment of the relationship between inequality and growth. American Economic Review, 90: 869-897.
  10. Galor, O. and J. Zeira, 1996. Income distribution and macroeconomics. Review of Economic Studies, 60: 35-52.
  11. Granger, C.W.J., 1988. Some recent developments in a concept of causality. Journal of Economitrics, 39: 199-211.
  12. Johanson., 1988. Hypothesis testing for cointegration vectors : With application to the demand for money in denmark and finland. Discussion papers 88-05, University of Copenhagen. Department of Economics.
  13. Patrizio, P.,2004. An empirical investigation of the relationship between inequality and growth. Department of Economics of the University of California at Berkeley
  14. Perotti, R., 1993. Income distribution and investment. European Economic Review, 38: 827-835.
  15. World Bank., 2011. World development indicators database.

Wagner’s Law in Saudi Arabia 1970 - 2012: An Econometric Analysis


Pages: 647-659
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Wagner’s Law in Saudi Arabia 1970 - 2012: An Econometric Analysis

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Mohammed Moosa Ageli
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Mohammed Moosa Ageli (2013). Wagner’s Law in Saudi Arabia 1970 - 2012: An Econometric Analysis. Asian Economic and Financial Review, 3(5): 647-659. DOI:
Our goal in this paper is to explorethe validity of Wagner???s Law in Saudi Arabia during the period (1970-2012) for real oil GDP and Non-oil GDP.Wagner???s Law investigated that fundamental economic growth is validity to the public sector growth. In the previousstudies have been tested the six versions of Wagner???s law to support the existence of long-run relationship between government expenditure and economic growth.We used a method as a time series econometrics techniques to examine how far Wagner???s Law validity can be applied in Saudi economy. The results obtained from the analyses find that the Wagnerian proposition can explain the growth of government in Saudi Arabia, which holds for both the oil and non-oil income cases. The findings also note that the existence of strong causality for all of Wagner???s law versions in the long run.

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Does Monetary Policy Influence Economic Growth in Nigeria?


Pages: 635-646
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Does Monetary Policy Influence Economic Growth in Nigeria?

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Ismail O. Fasanya, Adegbemi B.O Onakoya, Mariam A. Agboluaje
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Ismail O. Fasanya, Adegbemi B.O Onakoya, Mariam A. Agboluaje (2013). Does Monetary Policy Influence Economic Growth in Nigeria?. Asian Economic and Financial Review, 3(5): 635-646. DOI:
This study examines the impact of monetary policy on economic growth in Nigeria.The study uses time-series data covering the range of 1975 to 2010.The effects of stochastic shocks of each of the endogenous variables are explored using Error Correction Model (ECM). The study shows that Long run relationship exists among the variables. Also, the core finding of this study shows that inflation rate, exchange rate and external reserve are significant monetary policy instruments that drive growth in Nigeria .It is therefore recommended that the establishment of primary and secondary government bond markets that can also increase the efficiency of monetary policy and reduce the government???s need to rely on the central bank for direct financing.

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  7. Balogun, E., 2007. Monetary policy and economic performance of west african monetary zone countries.Mpra paper no. 3408.
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Economies of Scale and Allocative Efficiency of Rice Farming at West Seram Regency, Maluku Province, Indonesia


Pages: 624-634
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Economies of Scale and Allocative Efficiency of Rice Farming at West Seram Regency, Maluku Province, Indonesia

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Ismatul Hidayah, Andriko Noto Susanto
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Ismatul Hidayah, Andriko Noto Susanto (2013). Economies of Scale and Allocative Efficiency of Rice Farming at West Seram Regency, Maluku Province, Indonesia. Asian Economic and Financial Review, 3(5): 624-634. DOI:
Economies of scale and allocative efficiency of rice farming has been conducted in technical irrigated field at Kabupaten Seram Bagian Barat ??? SBB (West Seram Regency), Province of Maluku. This study has the objectives to analyze production factors that affecting production and farming scale level, also technical efficiency and input utilization allocation in rice farming at West Seram Regency, by using linear regression from Cobb-Douglas production function. Result of this study showed that there were three independent variables that has significant effect toward production (Y), that is labor bulk (X6), urea fertilizer (X2) and NPK Pelangi fertilizer (X3) with consecutive elasticity 0,55; 0,19 and 0,11 which means that technical efficiency of this farming has been achieved. Value in return to scale (RTS) with 0,88 showed that increase rate for rice farming at West Seram Regency tend to decrease or decreasing return to scale (DRS), but still within rational production area. Result in allocative efficiency test toward farming input showed ratio MVPxi/Pxi>1, which means allocative efficiency of this farming still not achieved.

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The Usage of Internet Banking Evidence from Jordan


Pages: 614-623
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Ahmad Nahar Al-Rfou
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Ahmad Nahar Al-Rfou (2013). The Usage of Internet Banking Evidence from Jordan. Asian Economic and Financial Review, 3(5): 614-623. DOI:
The huge technological development in banking sector forced the Jordanian banks to cope with these changes in order to gain a sustainable competitive advantage. Banks in Jordan have adopted internet banking since 2000. During that period the usage of internet banking by customers are questionable. The current study aims at investigating the usage of internet banking at commercial banks in Jordan from points of view of electronic services employees. 75 questionnaires were distributed through e-mail. A total of 40 usable were received. The results of this study indicate that the usage of internet banking services is weak. The results also, mentioned that there is a significant relationship between, ease for use, security and privacy and quality of Internet connection and the usage of internet banking.

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Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities


Pages: 593-613
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Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities

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Sameh Charfeddine Karray, Jamel eddine Chichti
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Sameh Charfeddine Karray, Jamel eddine Chichti (2013). Bank Size and Efficiency in Developing Countries: Intermediation Approach versus Value Added Approach and Impact of Non-Traditional Activities. Asian Economic and Financial Review, 3(5): 593-613. DOI:
Following the using a panel of 402 commercial banks from 15 developing countries over the period between 2000-2003 period, we assess the effect of bank size on technical efficiency and its two components: pure technical and scale efficiencies. We use in this study data envelopment approach (DEA) under specifications that allow the examination of the impact on results of the choice to measure banking activities with an intermediation or a value added approach, and of course a test for the relevance of including non traditional activities. Results indicate that examined banks suffer from serious problems of technical inefficiency involving a total average waste of resources that exceeds 46% of their actually levels. This inefficiency is mainly due to pure technical inefficiency for all size of banks except the largest banks for which we found high levels of scale inefficiency. The conducted test results show that the models with and without non-traditional activities are equivalent in terms of overall technical efficiency for banks of all size classes except for those of the smallest size. However, it is proved by these tests that the choice of an intermediation or a value added approach for measuring banking activity can significantly influence the generated average levels of technical efficiency for all bank sizes, but scale efficiency estimates appeared to be less sensitive to this choice.

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The Changes and Trends in Urban Land Prices: An Application of Hierarchical Growth Modelling


Pages: 579-592
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The Changes and Trends in Urban Land Prices: An Application of Hierarchical Growth Modelling

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Chun-Chang Lee, Li-Yun Huang, Shu-Man You
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Chun-Chang Lee, Li-Yun Huang, Shu-Man You (2013). The Changes and Trends in Urban Land Prices: An Application of Hierarchical Growth Modelling. Asian Economic and Financial Review, 3(5): 579-592. DOI:
Urban land prices often changes over time; thus, they are a form of longitudinal data or nested structure. This study uses the growth model in hierarchical linear modelling (HLM) to discuss factors affecting the change in urban land prices in Taiwan over time. The empirical results indicate that urban land prices may increase over time, and the growth rate may slow as a result. As the mean intercept, growth rate and acceleration are statistically significant, three parameters are needed to explain the mean growth trajectory. Further population density and internal net migrants would moderate growth rate and acceleration of the urban land prices.

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A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry


Pages: 560-578
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A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry

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Md. Al Mamun, Kazi Sohog, Ayesha Akhter
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Md. Al Mamun, Kazi Sohog, Ayesha Akhter (2013). A Dynamic Panel Analysis of the Financial Determinants of CSR in Bangladeshi Banking Industry. Asian Economic and Financial Review, 3(5): 560-578. DOI:
Studies on corporate social responsibility (CSR) across the world mainly focus on the impact of CSR on a firm???s financial performance. However, there are hardly enough empirical evidences on the firm???s financial determinants of CSR expenditure. Therefore working with panel data from Bangladeshi banking industry over a period of 2002-2011, this study aims at augmenting the financial determinants of CSR expenditures in Bangladeshi banking industry. Results from panel ARDL model for 30 private commercial banks confirm that several financial determinants including total investment, no. of branch, and no. of employees have significant long run impact on the level of bank???s CSR expenditure and thereupon fulfilling firm???s commitment towards the greater society as a corporate citizen.

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