Adeniyi, O., A. Oyinlola and O. Omisakin, 2011. Oil price shocks and economic growth in Nigeria: Are thresholds important? OPEC Energy Review, 35(4): 308–333. View at Google Scholar | View at Publisher
Afshar, T.A., G. Arabian and R. Zomorrodian, 2008. Oil price shocks and the U.S stock market. IABR & TLC Conference Proceedings, San Juan, Puerto Rico, USA.
Akpan, E.O., 2009. Oil price shocks and Nigeria's macroeconomy. A Paper Presented at the Annual Conference of CSAE Conference, Economic Development in Africa, 22nd–24th March, Oxford.
Aliyu, S.U.R., 2009. Oil price volatility and the macroeconomy of Nigeria: A non-linear approach. Munich Personal RePEc Archive, Paper No. 187.
Anderson, T.G. and T. Bollerslev, 2003. Modeling and forecasting realized volatility. Econometrica, 71(2): 579–625.
Aregbeyen, O.O. and I.O. Fasanya, 2014. Fiscal response to foreign aid inflows in Nigeria. Journal of Applied Finance, 20(2): 37-56. View at Google Scholar
Arezki, R. and K. Ismail, 2010. Boom-bust cycle, asymmetrical fiscal response and the Dutch disease. IMF Working Paper 10/94. Washington: International Monetary Fund.
Babatunde, M.A., 2014. Oil price shocks and trade balance in Nigeria. Book of Proceedings of the NAEE/IAEE Conference on Energy Access for Economic Development: Policy, Institutional Frameworks and Strategic Options at Abuja Sheraton Hotel, February 16 - 18, 2014.
Carroll, C. and M. Kimball, 2001. Liquidity constraints and precautionary saving. NBER Working Paper, No. w8496.
Chuku, C.A., U. Akpan, E. Effiong and N. Sam, 2011. Oil price shocks and the dynamics of current account balances in Nigeria. OPEC Energy Review, 35(2): 119–139. View at Google Scholar | View at Publisher
Cong, R.G., Y.M. Wei, J.L. Jiao and Y. Fan, 2008. Relationships between oil price shocks and stock market: An empirical analysis from China. Energy Policy, 36(9): 3544–3553. View at Google Scholar | View at Publisher
Fasanya, I.O., A.B. Onakoya and M.A. Adabanija, 2013. Oil discovery and sectorial performance in Nigeria: Application of the Dutch disease. IUP Journal of Applied Economics, 12(2): 25-40. View at Google Scholar
Fedelino, A., H. Mark and I. Anna, 2009. Computing cyclically adjusted balances and automatic stabilizers. IMF Technical Note and Manuals 09/05. Retrieved from http://www.imf.org/external/pubs/cat/longres.cfm?sk=23394.0. (Washington: International Monetary Fund).
Gelb, A., 1988. Oil windfalls: Blessing or curse. Washington, DC: World Bank. Oxford University Press.
González, A., M. López, N. Rodríguez and S. Téllez, 2013. Fiscal policy in a small open economy with oil sector and non-ricardian agents. Banco De La República(759): 1-32.
Habibi, N., 1998. Fiscal response to fluctuating oil revenues in oil exporting countries of the Middle East. ERF Working Paper, No. 0136, Cairo.
Hamdi, H. and R. Sbia, 2013. Dynamic relationships between oil revenues, government spending and economic growth in an oil-dependent economy. Economic Modelling, 35: 118-125. View at Google Scholar | View at Publisher
(2017). Oil Price Volatility and Fiscal Behaviour if Government in Nigeria. Asian Journal of Economic Modelling, 5(2): 118-134. DOI: 10.18488/journal.8/2017.5.2/184.108.40.206
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.
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
Abdulai, A. and P. Jaquet, 2002. Exports and economic growth: Cointegration and causality evidence for Côte D’Ivoire. African Development Review, 14(1): 1-17. View at Google Scholar | View at Publisher
Ahmed, J. and A.C.C. Kwan, 1991. Causality between exports and economic growth: Empirical evidence from Africa. Economic Letters, 37(3): 243-248. View at Google Scholar
Alimi, S.R. and B.O. Muse, 2013. Export-led growth or growth-driven exports? Evidence from Nigeria. British Journal of Economics, Management and Trade, 3(2): 89-100. View at Google Scholar | View at Publisher
Baharumshah, A.Z. and S. Rashid, 1999. Exports, imports and economic growth in Malaysia: Empirical evidence based on multivariate time series. Asian Economic Journal, 13(4): 389-406. View at Google Scholar | View at Publisher
Bahmani-Oskooee, M. and M. Oyolola, 2007. Export growth and output growth: An application of bounds testing approach. Journal of Economics and Finance, 31(1): 1-11.View at Google Scholar | View at Publisher
Balassa, B., 1978. Export and economic growth: Further evidence. Journal of Development Economics, 5(2): 181-189. View at Google Scholar
Bank., W., 1993. The East Asian miracle: Economic growth and public policy. New York: Oxford University Press.
Bashir, F., M.M. Iqbal and I. Nasim, 2015. Exports-led growth hypothesis: The econometric evidence from Pakistan. Canadian Social Sciences, 11(7): 86-95. View at Google Scholar
Bbaale, E. and J. Mutenyo, 2011. Export composition and economic growth in Sub-Saharan Africa: A panel analysis. Journal of Sustainable Development, 6(1): 1-19. View at Google Scholar
Chandra, R., 2002. Export growth and economic growth: An investigation of causality in India. Indian Economic Review, 49(3): 64-73. View at Google Scholar
Chenery, H. and A. Strout, 1966. Foreign assistance and economic development. American Economic Review, 56(4): 679-733. View at Google Scholar
Cheung, Y. and K.S. Lai, 1993. Finite-sample sizes of Johansen’s likelihood ratio test for cointegration. Oxford Bulletin of Economics and Statistics, 55(3): 313-328. View at Google Scholar | View at Publisher
Chimobi, O.P. and U.C. Uche, 2010. Export, domestic demand and economic growth in Nigeria: Granger causality analysis. European Journal of Social Sciences, 13(2): 211-218. View at Google Scholar
Choong, C.K., Z. Yusop and K.S. Liew, 2005. Export-led growth hypothesis in Malaysia: An investigation using bounds test. Sunway Academic Journal, 2: 13-22. View at Google Scholar
Dhawan, U. and B. Biswal, 1999. Re-examining export-led growth hypothesis: A multivariate cointegration analysis for India. Applied Economics, 31(4): 525-530. View at Google Scholar | View at Publisher
Dreger, C. and D. Herzer, 2013. A further examination of the export-led growth hypothesis. Empirical Economics, 45(1): 39-60.
Furuoka, F., 2007. Do exports act as “engine” of growth? Evidence from Malaysia. Economics Bulletin, 6(37): 1-14. View at Google Scholar
Furuoka, F. and L. Munir, 2010. Does export dependency hurt economic development? Empirical evidence from Singapore. Economics Bulletin, 30(1): 204-218. View at Google Scholar
Giles, J.A. and C.L. Williams, 2000. Export-led growth: A survey of the empirical literature and some non-causality results. Part 2. Journal of International Trade and Economic Development, 9(4): 445-470. View at Google Scholar | View at Publisher
Hassan, S. and M. Murtala, 2016. Market size and export-led growth hypotheses: New evidence from Malaysia. International Journal of Economics and Financial Issues, 6(3): 971-977.View at Google Scholar
Helpman, E. and P. Krugman, 1985. Market structure and foreign trade. Cambridge, MA: MIT Press.
Krueger, A., 1980. Trade policy as an input to development. American Economic Review, 70(2): 288-292.View at Google Scholar
Kumari, D. and N. Malhotra, 2014. Export-led growth in India: Cointegration and causality analysis. Journal of Economic and Development Studies, 2(2): 297-310. View at Google Scholar
Kumari, D. and N. Malhotra, 2015. Export and economic growth in selected South Asian countries: Causality analysis based on Granger test and VECM. Arthshastra: Indian Journal of Economics and Research, 4(4): 21-36. View at Google Scholar | View at Publisher
Kwiatkowski, D., P.C.B. Phillips, P. Schmidt and Y. Shin, 1992. Testing the null hypothesis of stationarity against the alternative of a unit root. Journal of Econometrics, 54(1–3): 159–178.View at Google Scholar | View at Publisher
Lam, T.D., 2016. An empirical analysis of the ASEAN-4’s causality between exports and output growth. International Journal of Economics and Financial Issues, 6(2): 497-502. View at Google Scholar
Reppas, P. and D. Christopoulos, 2005. The export-output growth nexus: Evidence from African and Asian countries. Journal of Policy Modeling, 27(8): 929-940. View at Google Scholar | View at Publisher
Saleem, A. and M.H. Sial, 2015. Exports-growth nexus in Pakistan: Cointegration and causality analysis. Pakistan Economic and Social Review, 53(1): 17-46.View at Google Scholar
Sharma, A. and T. Panagiotidis, 2005. An analysis of exports and growth in India: Cointegration and causality evidence (1971-2001). Review of Development Economics, 9(2): 232-248. View at Google Scholar | View at Publisher
Tekin, R.B., 2012. Economic growth, exports and foreign direct investment in least developed countries: A panel Granger causality analysis. Economic Modeling, 29(3): 868-878. View at Google Scholar | View at Publisher
Toda, H.Y. and T. Yamamoto, 1995. Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2): 225-250. View at Google Scholar | View at Publisher
Udah, E.B., 2012. Export-growth hypothesis: An econometric analysis of the Nigerian case. Interdisciplinary Journal of Research in Business, 2(4): 39-49. View at Google Scholar
Ukpolo, V., 1994. Export composition and economic growth of selected low-income African countries: Evidence from time-series data. Applied Economics, 26(5): 445-449. View at Google Scholar | View at Publisher
(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.8/2017.5.2/220.127.116.11
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.
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.
Becker, G., 1962. Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5): 9-49. View at Google Scholar
Kavuma, N.K., O. Morrissey and R. Upward, 2015. Private returns to education for wage-employees and the self-employed in Uganda. Helsinki: World Institute for Development Economics Research. Working Paper 2015/021.
Mincer, J., 1974. Schooling, experience and earnings. New York: National Bureau of Economic Research.
Montenegro, C.E. and H.A. Patrinos, 2014. Comparable estimates of returns to schooling around the world. Washington, DC: World Bank. Policy Research Paper 7020.
Schultz, P., 2003. Evidence of returns to schooling in Africa from household surveys: Monitoring and restructuring the market for education. Discussion Paper 875. New Haven, CT: Yale University, Economic Growth Centre.
(2017). Estimating the Returns to Education in Algeria. Asian Journal of Economic Modelling, 5(2): 147-153. DOI: 10.18488/journal.8/2017.5.2/18.104.22.168
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.
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
Algerian Ministry of Small and Medium Enterprises and Traditional Handicrafts, 2009. The Algerian code of corporate governance. First Conference of Algerian Enterprises Forum Chiefs, Algeria. pp: 27.
Asma, B.B., 2015. Small and medium enterprises as an effective sector for economic development and employment creation in Algeria. International Journal of Economics, Commerce and Management, 3(2): 1-16. View at Google Scholar
Center for International Private Enterprise, 2009. Corporate governance issues and trends. Periodical, N, 13, USA: 10.
Hamadi, N., 2012. The impact of the application of governance on the financial audit quality. PhD Thesis, University of Algeria, 3: 25.
Mimouni, Y., 2012. The development of SMEs and the good governance, magister memory. Algeria: University of Telemcen. pp: 15.
Mohamed, H.Y., 2007. Determinants of corporate governance and their applies with particular signal to their nature apply in Egypt. Egypt: National Investment Bank. pp: 04.
Sifuna, A.P., 2012. Disclose or abstain: The prohibition of insider trading on trial. Journal of International Banking Law and Regulation, 27(9): 340. View at Google Scholar
Tarek, Y.M., 2007. Corporate governance. Egypt: The Arabic Organisation for Administrative Development. pp: 07.
Youcef, A.A., 2014. The effectiveness of small and medium enterprises adoption as a strategic option to solve unemployment problem in the Arab world, an example of Algeria. International Journal of Business and Social Science, 5(4): 167. View at Google Scholar
(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.
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.