Asian Journal of Economic Modelling

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Oil Price Volatility and Fiscal Behaviour if Government in Nigeria

Pages: 118-134
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Oil Price Volatility and Fiscal Behaviour if Government in Nigeria

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DOI: 10.18488/journal.8/2017.5.2/8.2.118.134

Omo Aregbeyen , Ismail Olaleke Fasanya

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(2017). Oil Price Volatility and Fiscal Behaviour if Government in Nigeria. Asian Journal of Economic Modelling, 5(2): 118-134. DOI: 10.18488/journal.8/2017.5.2/8.2.118.134
This paper examined the fiscal response of government to oil price volatility in Nigeria during the period 1970-2013. This is because no study has analysed the peculiar fiscal behaviour of the government given the unpredictable nature of oil prices. Yet, government fiscal activities had significantly determined and shaped the growth path of the economy. The multivariate vector Auto regression model was explored for the empirical analysis. Our findings showed that real oil prices had driven government expenditure dynamics and a long run relationship between real oil prices and government spending, non-oil growth, inflation and discount rate differential exist; and no asymmetric effect of oil price shocks on the government spending. However, these results are robust to different non-linear transformation of the real oil prices and inclusion of additional variables. Since oil price is highly volatile, it is advised that the government diversify the sources of foreign exchange inflows.
Contribution/ Originality
This study is one of very few studies which have investigated the fiscal behavior of government to oil price volatility, and particularly for Nigeria. The major innovation of this study is the use of the Generalised Impulse Response function as against the traditional response function in establishing this relationship.

The Exports and Economic Growth Nexus in Cote D ivoire: Evidence from a Multivariate Time Series Analysis

Pages: 135-146
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The Exports and Economic Growth Nexus in Cote D ivoire: Evidence from a Multivariate Time Series Analysis

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DOI: 10.18488/journal.8/2017.5.2/8.2.135.146

Yaya KEHO

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(2017). The Exports and Economic Growth Nexus in Cote D ivoire: Evidence from a Multivariate Time Series Analysis. Asian Journal of Economic Modelling, 5(2): 135-146. DOI: 10.18488/journal.8/2017.5.2/8.2.135.146
In recent years, there has been much attention devoted to the relationship between exports and economic growth. The evidence is, however, mixed and inconclusive. This might be attributed to the fact that most existing studies adopt a bivariate framework ignoring the role of capital stock and labor force. Therefore, this paper examines this issue for Cote d?Ivoire over the period 1965-2014. It applies the ARDL bounds test to cointegration and Granger causality tests. The results confirm the export-led growth hypothesis in the long run when total GDP is used. On the contrary, when non-export GDP is considered, exports cause economic growth both in the short and long run. These findings suggest that export promotion policies will contribute to economic growth in Cote d?Ivoire.
Contribution/ Originality
This study contributes to the existing literature by analyzing the impact of exports on economic growth in Cote d’Ivoire. It is also one of very few studies which use a multivariate framework by incorporating exports in the production function along with capital and labor force.

Estimating the Returns to Education in Algeria

Pages: 147-153
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Estimating the Returns to Education in Algeria

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DOI: 10.18488/journal.8/2017.5.2/8.2.147.153

Faical Boutayeba

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(2017). Estimating the Returns to Education in Algeria. Asian Journal of Economic Modelling, 5(2): 147-153. DOI: 10.18488/journal.8/2017.5.2/8.2.147.153
This study measures the private rates of return to education in Algeria using both basic and extended Mincerian earnings functions. To do so, a random sample of employees from Saida province in Algeria has been used. The findings of the study show that an additional year of schooling increases earnings by 9,5%. Returns from secondary education are the highest while returns from middle education are the lowest. It is also interesting to note that female workers tend to have higher returns than male workers. Furthermore, returns to education are higher in rural and public sector compared to urban and private sector respectively.
Contribution/ Originality
This study is one of very few studies which have estimated the private rates of return to education in Algeria. The main findings of this study are in line with the recent literature on the topic.

Corporate Governance among Small and Medium Size Enterprises in Algeria: Impediments to the Practice of Corporate Governance System

Pages: 154-166
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Corporate Governance among Small and Medium Size Enterprises in Algeria: Impediments to the Practice of Corporate Governance System

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DOI: 10.18488/journal.8.2017.52.154.166

Zerrouki Brahim , Fellag Nourredine

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(2017). Corporate Governance among Small and Medium Size Enterprises in Algeria: Impediments to the Practice of Corporate Governance System. Asian Journal of Economic Modelling, 5(2): 154-166. DOI: 10.18488/journal.8.2017.52.154.166
This study aims to shed light on the fact of corporate governance in the Algerian small and medium size enterprises where the intention is to identify and make the point over the fact of corporate governance in Algerian joint-stock enterprises, so as to state the major and essential obstacles that stand against the good practice of corporate governance. The study took  place in 4 joint-stock enterprises in the region of CHLEF, the empirical study was about a questionnaire in which we tried to recognize the fact of corporate governance of these stated companies and to pull out the different problems that impedes the enterprises path toward the good development. However, our reached results were that the corporate governance concept is not enabled as it should be and the Algerian small and medium enterprise suffers from lot of problems in which initially the family nature and successions problems, also the relation between the main actor?s elements is not good and the legal and organizational environment is not encouraging.
Contribution/ Originality
This study is one of  very few studies have investigated on the corporate governance in the Algerian small and medium scale enterprises, it contributes in the existing literature by bringing to the horizon aspects and perspectives over the obstacles that hamper the practice of corporate governance system in Algeria.