Finance and Development

Unlike small and medium scale enterprises, there is no doubt that cooperative societies have attracted little attention from both the public and private sectors. This is not the case in industrialized countries such as Denmark, USA, Great Britain, etc; where they have contributed immensely to the GDP of their respective economies. A review by various scholars of the various ways of financing cooperatives in Nigeria reveals that there is no adequate nation-wide financing agency. This study aims among others to review through historical data the operational and policy frameworks of the global and Nigerian cooperatives societies and other dependent cooperatives scattered all over the globe and their emerging trends in sourcing for funds. The methodology used is the content analysis. Historical (secondary data) such as journals, articles, textbooks, newspapers and Internet etc are employed. The paper identified the financing gap existing in cooperative movement in order for them to assu...

This empirical paper investigates the relationship between financial inclusion and economic growth in Nigeria. It draws on the Institutional Theory of Financial Inclusion, Social Capital Theory of Financial Inclusion, and Finance-Growth Nexus Theory as its theoretical foundations. Utilizing annualized data extracted from the Central Bank of Nigeria's Statistical Bulletin (2022), the study employs financial time series methodology, employing Ordinary Least Squares (OLS) and Granger Causality Techniques for comprehensive analysis. The research findings reveal a robust and positive association between financial inclusion and economic growth in Nigeria. Notably, the Granger causality test results establish unidirectional causation from the number of bank branches to Real Gross Domestic Product (RGDP), indicating that as the number of bank branches increases, there is a corresponding augmentation in RGDP. This outcome underscores a discernible cause-and-effect relationship between the two variables. Recognizing the pivotal role of the banking industry in Nigeria's economic development, acting as a crucial channel for monetary transfers within the economy, the study concludes with insightful recommendations that the federal government should facilitate the establishment of low-cost financial centers nationwide, particularly in rural areas, to provide informal banking services to underserved populations. At the same time, operators of automated teller machines should lower transaction fees, thereby fostering increased utilization of ATMs for transactions, thereby reducing dependence on traditional banking methods.

The Paper examines the empirical relationship between the level of development by financial intermediaries and economic growth in Nigeria. I trace the origin of trade from the primitive barter system to its evolution through money to the dominant economic system of capitalism and the role of financial intermediation in such a system. I use data of aggregate deposit money bank credit over time and Nigerias corresponding GDP to establish that a moderate positive relationship exist between these variables in Nigeria to backup the various literatures on this topic. I conclude by advising of the potentials and the need to develop institutions engaged in financial intermediation in Nigeria and her factors of production, which is in line with the present Government economic reform agenda via NEEDS.

The study is designed to examine the impact of banking and the stock exchange on the economic development of Nigeria and the interplay of relationship between these two major financial institutions as agents of economic development between 2006 and 2016. The independent variables were: Market Capitalization, Total Securities Listed (for the Nigerian Stock Exchange) and Total Bank Deposit and Domestic Credit to Private Sector by (for Banks). Gross Domestic Product, the barometer of economy development, is the dependent variable. These secondary data were sourced from National Bureau of Statistics (NBS), Nigeria Stock Exchange publications and various issues of Central Bank Nigeria statistical bulletin. Data were analyzed using OLS, regression analysis. From the analysis performed, the development in Nigeria's stock market has positive significant relationship with economic growth both in short and long run. The result dispelled the adeptness of Nigeria stock market to propel growth. GDP =-3614.57 + 0.288 MC + 4.67 TBC + e. Result of regression of each agent variables to the national GDP showed stock market to be dominant. This is rather surprising because if the financial performance indicators of the banks and stock exchange indices were something to go bye, they ought to be moving in the same direction and relative degree as development catalytic agents. Policy makers must urgently look into this.

This study examined the effect of financial sector development on capital formation of Nigeria and South Africa using time series data from 1987-2019.Time series data was sourced from Central Bank of Nigeria Statistical bulletin and World Bank data base. percentage of capital formation to gross domestic products was used as the function of credit to private sector, broad money supply, interest rate spread and market capitalization ratio. Ordinary least square methods of cointegration, granger causality test, unit root test and Vector error correction model. The study found that the financial sector development explained 64.1 percent variation in Nigeria capital formation as against 46.4 percent variation from South Africa; this implies that the variables hav e more explanatory powers in Nigeria than South Africa. From Nigeria, the study conclude that credit to private sector have positive and significant effect, interest rate spread have negative and no significant effect while money supply and market capitalization ratio have positive and significant effect on Nigeria capital formation. However, from south Africa, credit to private sector have negative and no significant effect, interest rate spread have positive and significant effect, money supply have positive and no significant effect while market capitalization ratio have positive and significant effect on south African capital formation. It recommends that the need to increase the size of the markets in both countries by increasing the number of financial instruments available to investors so as to increase trading as well as improve liquidity in the markets and government effort to increase the operational efficiency of the financial sector; the banking habit shall be increase and banking density reduced through effective branch banking policies to enhance effective savings mobilization and credit allocation that will bridge the wide savings-investment gap in the economy.

This research traces the history of the creation of the BFPME, the governance structure, business model and sources of financing. It also reviews the structural and other factors that have influenced the sustainability of the bank’s business model. These include the regulatory provisions and the institutional framework, as well as the Revolution of 2011 and its consequences in terms of social tensions and political instability in Tunisia

Financial systems all over the world play fundamental roles in the growth and development of the economy. Given the profound changes in the Nigerian financial system over the recent years, this study aims at assessing the performance of Nigeria's financial sector deepening and unveiling its implications on the economic growth and development of the country in recent times. By basing the study on the Harrod-Domar Growth Model and using qualitative and quantitative methods of analyses, it was found that while the recent trend in Nigeria's financial deepening in terms of credit allocation to the private sector increased steadily, annual market capitalization dwindled and the outcomes in terms of economic growth and development were grossly insignificant, implying that the deepening of the financial system in the country in itself was insignificant as its impact on the economy was found to be majorly negative. The Granger Causality Test result shows that independence exists between economic growth and broad money supply in Nigeria; and that independence is suggested between credit to the private sector and economic growth as well as between annual market capitalisation and economic growth-implying that financial deepening does not cause economic growth. The OLS result corroborates the evidence revealed by the analysis of the trend of financial deepening and economic growth in Nigeria as its impact on the economy is disappointing. The study therefore, recommends that in credit allocation to the private sector, key sectors such as manufacturing and agriculture should be highly favoured through improved lending to investors, the monetary authority should encourage lenders of funds to bias the maturity period of loans towards the long end and devise reliable means of punishing chronic debtors in banks through legislation to ensure that public funds are not subjected to waste by unscrupulous borrowers, the public should be enlightened more on financial markets operation and the anti graft agencies as well as the regulatory authority should closely monitor the markets to avoid manipulations and encourage private sector participation; and poverty and unemployment in the country must be sincerely tackled by making funds available to young entrepreneurs who are willing to venture into small and medium scale businesses if the financial sector must deepen enough to cause economic growth.

Financial systems all over the world play fundamental roles in the growth and development of the economy. Given the profound changes in the Nigerian financial system over the recent years, this study aims at assessing the performance of Nigeria's financial sector deepening and unveiling its implications on the economic growth and development of the country in recent times. By basing the study on the Harrod-Domar Growth Model and using qualitative and quantitative methods of analyses, it was found that while the recent trend in Nigeria's financial deepening in terms of credit allocation to the private sector increased steadily, annual market capitalization dwindled and the outcomes in terms of economic growth and development were grossly insignificant, implying that the deepening of the financial system in the country in itself was insignificant as its impact on the economy was found to be majorly negative. The Granger Causality Test result shows that independence exists between economic growth and broad money supply in Nigeria; and that independence is suggested between credit to the private sector and economic growth as well as between annual market capitalisation and economic growth-implying that financial deepening does not cause economic growth. The OLS result corroborates the evidence revealed by the analysis of the trend of financial deepening and economic growth in Nigeria as its impact on the economy is disappointing. The study therefore, recommends that in credit allocation to the private sector, key sectors such as manufacturing and agriculture should be highly favoured through improved lending to investors, the monetary authority should encourage lenders of funds to bias the maturity period of loans towards the long end and devise reliable means of punishing chronic debtors in banks through legislation to ensure that public funds are not subjected to waste by unscrupulous borrowers, the public should be enlightened more on financial markets operation and the anti graft agencies as well as the regulatory authority should closely monitor the markets to avoid manipulations and encourage private sector participation; and poverty and unemployment in the country must be sincerely tackled by making funds available to young entrepreneurs who are willing to venture into small and medium scale businesses if the financial sector must deepen enough to cause economic growth.

Forty percent of all firms in the United States are owned and operated by women. At current growth rates, women could own 50% of the nation's businesses by the turn of the century. Women have been prompted to start their businesses for many reasons, including the desire to avoid gender-based discrimination in the workplace. But female entrepreneurs who venture out on their own must still contend with gender discrimination. This study examines female entrepreneurship in Illinois through rural versus urban comparisons of male and female business owners. We surveyed 4,200 business owners to test the hypothesis that gender and geographic location combined to hinder the entrepreneurial success of women. Business owners were asked about personal attributes including gender, work experience, education, training, and prior career status. Entrepreneurs were also asked about firm characteristics such as financing sources, number of employees, revenues, problems encountered during startup, sector of new firm, geographic location, and the importance of selected community characteristics. Our results show that rural female entrepreneurs face more obstacles to business success than their male or urban female counterparts.

A globally felt progressive idea for business world identified is entrepreneurship (Scott, 1986) creating diverse opportunities for future potential performers (Mitra, 2002). Education of women have resulted in greater self-confidence and encouragement to serve and discover new business avenues. Women have started realizing that the survival of their families and their own potential lies only in working side by side with men (Marlow, 2002). Apart from multi-faceted economic pressures there are other reasons for women coming into entrepreneurship. This study gives an insight regarding various Socio-Economic progressions leading to women start-ups at their own home in Indore city. The paper also discusses various personal, family, market and culture based factors that are a matter of concern in the development of female entrepreneurs. The study aims to support and encourage these small scale entrepreneurial activities and suggest ways to integrate these small businesses into existing ...

espanolEste articulo examina el efecto de la politica de precios en el rendimiento de las empresas nigerianas. Para ello se utiliza la informacion procedente de 101 empresas que cotizan en la Bolsa nigeriana. Los datos, de seccion cruzada,se obtuvieron de losinformes anuales de las companias estudiadas. Para cumplir el objetivo perseguido se utilizan modelos de regression. Los resultados obtenidos ponen de manifiesto que el coste de ventas y los objetivos de la compania tienen un efecto positivo signifidcativo en la rentabilidad de los activos. Por lo que se refiere a las variables de control, el impacto de la demanda de mercado en dicha rentabilidad y la disponibilidad de un sustitutivo similar tienen tambien un efecto positive y significativo en el rendimiento, mientras que el impacto en el del segmento de mercado, la tendencia macroeconomica y la percepcion del consumidor es no significativo. Estosresultadossugieren hacer un esfuerzo en la reduccion de los costes de produccion en...

Despite the impressive growth in the number of firms run by women entrepreneurs, most of these businesses continue to remain small and women-owned firms have not grown as fast as male entrepreneurs. There are many reasons that may help explain the growth limitations in women-owned firms. Amongall, growth orientation is an important factor. A common finding in entrepreneurship literature shows that ventures owned by women tend to be smaller than those by men are. This difference can be due toindividual, organizational and environmental factors.Since half of Iran's population iswomen who are more willing to have higher education and contribution in the society, they deal with more challenges rather than their male counterparts. So attention to the factors affecting growth orientation of their ventures is the same as deliberate economic development and nationalincome. This is a qualitative study to identify individual factors affecting growth orientation in women's businesses. Data analysis of 11 semi-structured interviews on a sample of women entrepreneurs indicated individual factors in four groups of "goals and aspirations", "motives", "female identity" and "personal characteristics".

Unlike small and medium scale enterprises, there is no doubt that cooperative societies have attracted little attention from both the public and private sectors. This is not the case in industrialized countries such as Denmark, USA, Great Britain, etc; where they have contributed immensely to the GDP of their respective economies. A review by various scholars of the various ways of financing cooperatives in Nigeria reveals that there is no adequate nation-wide financing agency. This study aims among others to review through historical data the operational and policy frameworks of the global and Nigerian cooperatives societies and other dependent cooperatives scattered all over the globe and their emerging trends in sourcing for funds. The methodology used is the content analysis. Historical (secondary data) such as journals, articles, textbooks, newspapers and Internet etc are employed. The paper identified the financing gap existing in cooperative movement in order for them to assu...

Adopting the ordinary Least Square Regression method and measuring the impact of insurance on capital formation in Nigeria, it was found that insurance contributed significantly to capital formation within the period studied. It is evident that the insurance sector contributes largely to the process of financial intermediation which is a veritable instrument for the growth of any economy.

La transition vers l'économie verte comme une opportunité pour les économies africaines Résumé Les défis du développement durable sont connus : jouir pleinement des ressources de la terre sans pour autant compromettre le bien-être des générations futures. Il s'agit de faire concilier les trois piliers sur lesquels repose ce concept, à savoir : l'économique, le social et l'environnemental. Au-delà de ce développement dit durable, le système des Nations Unies 1 , en collaboration avec d'autres organisations internationales développe depuis une dizaine d'années un nouveau concept : le concept d'économie verte qui est défini comme « une économie qui entraîne une amélioration du bien-être humain et de l'équité sociale tout en réduisant de manière significative les risques environnementaux et la pénurie des ressources ». Dans ce papier, nous soutiendrons l'idée que les politiques économiques en faveur du développement doivent inclure la problématique de l'économie verte qui représente une réelle opportunité de développement et d'endiguement de la pauvreté dans le monde en général en Afrique en particulier.

This paper examined the impact of financial intermediation function of the commercial banks on economic growth in Nigeria using the annual time series data from 1987 to 2016 by employing the Engle-Granger technique for the estimation of the error correction model, pearson correlation and the Vector auto regression model. Following a detailed time series analysis, the findings reveal that the commercial bank financial intermediation function has a positive relationship with economic growth in Nigeria but this relationship is not significant and the regression results shows that as important as all the variables are to economic growth, they have not actually impacted real GDP. The study also showed that the interest rate is a very important factor to credit since it has a significant negative relationship with the credit to the private sector, capital stock and money supply. We therefore recommend that commercial banks credit department advance more credit to private sector used for economic activities that will impact the real economy like the manufacturing and agricultural sectors and the government can also encourage economic growth by introducing incentives like tax holiday, low export duties amongst others to the participants in the sectors that boost the real economy.

As the traditional definition of entrepreneurship had never focused on the gender of entrepreneurs, it could very well be used to define women entrepreneur without constraints. Entrepreneurship by women can be understood as the practice wherever females systematise various elements of production, willing to take risks and be responsible for employing other people. Focusing on the structural reforms in the Indian economy, the well-known 'liberalisation, privatisation and globalisation' policies in the early 1990s, completely changed the Indian outlook. It had spurred the start-up phenomenon in the country and emphasis on women entrepreneurship had gained significantly ever since. There are many prosperous women entrepreneurs who have outplayed their male counterparts in many aspects. Nevertheless, women as entrepreneurs are less than one third of the total gamut of entrepreneurs in the country. The main objective of this study is to identify barriers that hinder women's progress as entrepreneurs and examines the factors that motivate them to take up entrepreneurship. On the basis of review, this conceptual study has suggested few propositions that could be further empirically tested.

The aim of this paper is to investigate the influence of banking sector on economic growth apart from other financial development tools. Four control variables are included in the analysis, precisely, domestic credit provided by banks to private sector, liquid liabilities, bank deposit and trade ratio. Design/Methodology/Approach: This study employs time series data of four financial indicators and economic growth in Sudan from 198 to 201. Using Auto 0 5 Regressive Distributed Lag ARDL and associated ECM. Findings: The study reveals positive link (relationship) between economic growth and the financial development indicators. Also, the empirical results indicate that change in economic growth is positively related to the most of financial development indicators coming from banking sector. In view of long-run results, the analysis pointed out, liquid liabilities, trade ratio and domestic credit provided to private sector bring to bear direct (positive) impact on economic growth, while bank deposit affects economic growth negatively. In the short-run, the local (domestic) credit by banks to private sector, liquid liability and trade ratio exert negative impact on economic growth, while bank deposit shows positive relationship. Practical Implications: The findings suggest that policy makers need to concentrate on bank credit to private sector, raise the liquidity by offering e-banks services and Impact of Financial Development on Economic Growth in Sudan: Short-run and Long-run Analysis

espanolEste articulo examina el efecto de la politica de precios en el rendimiento de las empresas nigerianas. Para ello se utiliza la informacion procedente de 101 empresas que cotizan en la Bolsa nigeriana. Los datos, de seccion cruzada,se obtuvieron de losinformes anuales de las companias estudiadas. Para cumplir el objetivo perseguido se utilizan modelos de regression. Los resultados obtenidos ponen de manifiesto que el coste de ventas y los objetivos de la compania tienen un efecto positivo signifidcativo en la rentabilidad de los activos. Por lo que se refiere a las variables de control, el impacto de la demanda de mercado en dicha rentabilidad y la disponibilidad de un sustitutivo similar tienen tambien un efecto positive y significativo en el rendimiento, mientras que el impacto en el del segmento de mercado, la tendencia macroeconomica y la percepcion del consumidor es no significativo. Estosresultadossugieren hacer un esfuerzo en la reduccion de los costes de produccion en...

Royer makes two significant contributions to the field: (1) he provides a brief overview of three of the neo-institutional paradigms used in the current discussion of theories of the firm, and (2) he demonstrates how difficult it is to move from theory to application in an evolving theoretical field. Royer's first contribution is analyzed and discussed in the companion reaction paper by Sykuta and Chaddad, and we expand on his second contribution-the interface between theory and application. Extending Royer's Work Royer's introductory review of the application of new institutional economics' (NIE) to the cooperative organizational form leaves space for further analysis of the involved issues and, additionally, a review of some critical references missing in his paper. Areas amenable to a more sophisticated discussion'include:

Depuis le début des années 1980, les économies de la périphérie, comme la plupart des économies de l'OCDE, ont mis en oeuvre un large processus de libéralisation financière. Les changements réalisés dans le mode de coordination liés à la libéralisation se sont accompagnés d'une forte instabilité bancaire qui révèle le rôle majeur joué par le contexte institutionnel et réglementaire dans la stabilité économique. L'objectif de ce papier est donc d'évaluer à partir des faits stylisés et de la méthode des Logit, l'effet d'une part de la libéralisation, mesurée par un indice synthétique et d'autre part, de la qualité de la structure institutionnelle et réglementaire et de leur mode de transformation sur la probabilité d'occurrence de crises bancaires dans un panel de 27 pays émergents sur la période (1980-2002). Les résultats obtenus soulignent bien l'importance du cadre institutionnel et au-delà le caractère systémique du changement institutionnel qui ne peut s'effectuer sans incident dès lors qu'il touche à un secteur aussi important de l'économie que le secteur bancaire.

The Covid-19 pandemic represented a watershed in the dynamics of global socio-environmental change. Against this transforming scenario, extractive pressures on lithium reserves in the Global South increased. Furthermore, the Lithium Triangle also witnesses the unfolding tensions between the Asian block and the Atlantic world, visible centrally in the dispute between the United States and China. We hypothesise that the Lithium Triangle, made up of the salt flats of Argentina, Bolivia and Chile, has given way to a Latin American lithium-bearing. Methodologically, the research combines data collected over a decade on the lithium debate, bibliographic review, statistics, interviews with key informants, and participant observation. After the pandemic, a booming lithium market and its price growth resulted in an attempt to sustain a more substantial presence in national states. The paper argues that, because of post-pandemic geo-political transformations, we are now witnessing a new post-pandemic reality in lithium deposits and salt lakes. The latter reflects the increasing pressures from the Global North on reserves met with a repertoire of rather heterogeneous actions of institutional and social resistance by the countries of the Global South to resist them.

Entrepreneurship is the engine of economic growth and wheel that pedal the vehicle of economic development and has been recognized for its importance in the area of job creation, revenue generation, poverty alleviation and wealth creation [1-3] Following this, it is now identified as the central element in the theory of economic development and it makes up the largest business sector in economies [4,5]. It involves a willingness to rejuvenate market offerings, innovate, risks taking, trying out of new and uncertain products, services and markets and being more proactive than competitors towards exploring new business opportunities [6, 7]. It attracts both men and women who are interested in profitable inter-industry relationship. Women account for significant percent of the operators of Small and Medium Enterprises (SMEs) [5, 8]. Women entrepreneurs make a substantial contribution to national economies through their participation in start-ups and their growth in small and medium bus...

Based on the findings of a literature review of over 425 articles and reports on women in small business commissioned by the Department of Industry, Science and Tourism in Australia, factors that have a genderspecific impact on women in small business are identified. These factors include age, education and experience; motivations, values and risktaking; business and financial planning; financing; training and business assistance needs; networks and mentoring; and legal issues. Suggestions are made on how the help and advice of accountants and other assistance providers may be influenced by these gender differences.

According to World Bank policy, countries remain eligible to borrow from the IBRD until they are able to sustain long-term development without further recourse to Bank financing. Graduation from IBRD is not an automatic consequence of reaching a particular income level, but rather is supposed to be based on a determination of whether the country has reached a level of institutional development and capital-market access that enables it to sustain its own development process without recourse to Bank funding. This paper takes a positive approach to IBRD graduation policy, investigating what income and non-income factors appear to have influenced graduation status in recent decades, based on panel data for 1982 through 2009. Explanatory variables include the per-capita income of the country, as well as measures of institutional development and market access that are cited as criteria by the graduation policy, and other plausible explanatory variables that capture the levels of economic development and vulnerability of the country. We find that the observed correlates of Bank graduation status are generally consistent with the stated policy. Countries that are wealthier, more creditworthy,

This paper investigates the effects of tax incentives on investment growth in the tourism sector in less developed countries, using Zimbabwe as the case study. The study was prompted by the realisation that many less developed countries use tax incentives as means for luring investors into their countries yet there is a general lack of analysis on whether such tax incentives have any impact on social and capital growth. The study employed face-to-face and telephone interviews with key stakeholders in the tourism sector that were selected through stratified and random sampling methods. Questionnaires, distributed by hand, post and email were also used in situations where interviews were not feasible. Secondary data was used as a bedrock for detailed analysis. The paper established that most policy makers indeed use tax incentives to lure investors into the tourism industry but such policies are not followed by other supportive policies in other areas of the economy that help boost investment in the tourism sector. Other factors like corruption, transparency in government policies, length and cost of starting a business in the country, for instance, are other important factors that need to be taken into consideration. Among other recommendations there is a need for political stability, consistent and supportive policy, limited government interference in the industry, decentralization and opening up of more local and foreign tourism promotion centres, application of low tax rates across industries and the general creation of a favourable environment for the effectiveness of tax incentives.

This paper investigates the effects of tax incentives on investment growth in the tourism sector in less developed countries, using Zimbabwe as the case study. The study was prompted by the realisation that many less developed countries use tax incentives as means for luring investors into their countries yet there is a general lack of analysis on whether such tax incentives have any impact on social and capital growth. The study employed face-to-face and telephone interviews with key stakeholders in the tourism sector that were selected through stratified and random sampling methods. Questionnaires, distributed by hand, post and email were also used in situations where interviews were not feasible. Secondary data was used as a bedrock for detailed analysis. The paper established that most policy makers indeed use tax incentives to lure investors into the tourism industry but such policies are not followed by other supportive policies in other areas of the economy that help boost investment in the tourism sector. Other factors like corruption, transparency in government policies, length and cost of starting a business in the country, for instance, are other important factors that need to be taken into consideration. Among other recommendations there is a need for political stability, consistent and supportive policy, limited government interference in the industry, decentralization and opening up of more local and foreign tourism promotion centres, application of low tax rates across industries and the general creation of a favourable environment for the effectiveness of tax incentives.

Financing Infrastructurefor New Economies in the Context of Dislocated MarketsIntroductionOne could be forgiven for thinking that given the close to 20 deadly pandemics (LePan, 2020) and over 70 economic crises humanity has seen since the first century, we should by now know how mutation works and what economic outcomes to expect. This view is influenced by the established understanding that irrespective of the type of crisis – natural, financial, economic or otherwise – all crises have some similarities (Reinhart and Rogoff, 2011). For example, we can anticipate varying impacts f rom crises on risk appetite in markets, liquidity, productivity, trade, economic activity, standard of living – sometimes even lives and fiscal debt.

Sustainable green finance is often promoted as an innovative tool to deal with environmental problems. This paper assesses policy proposals at the level of the EU and UNCTAD’s Green New Deal, specifically regarding its suggestions in the field of sustainable finance. It provides a theoretical framework in the tradition of critical political economy and combines a global perspective with regulation theory in order to assess different strategies in the area of sustainable finance. The respective proposals and initiatives can be considered as possible blueprints for hegemonic strategies within different contexts. However, the analysis suggests both proposals, although substantially different and representing different entities in the international political economy, fail to provide a systematic answer to the problems of a highly unequal over-use of natural and environmental resources at a global level.

Slow growth has been the case in many Sub Saharan Africa (SSA) Countries in the 1970s and 1990s. The financial sector performance of most SSA countries in the 1990s to early 2000s has been dismally limited, with uneven reforms in the financial sector. This situation is the case for Sierra Leone; the financial sector performance is mixed and largely attributed to weak intermediation, inadequate legal and judicial environment, institutional and administrative bottlenecks in conducting banking and financial services. Given the role of finance on growth, this study investigates the link between financial development and economic growth in Sierra Leone from 1985-2010, using the Granger Causality test. This study shows that the overall financial depth and credit to the private sector have positive impact on growth. While, the interest rate spread and inflation negatively affect growth. The policy implication is that the real sector growth policy should be emphasized. Therefore, the government should strive to attain sound macroeconomic stability. This study contributes to current literature by providing an econometric understanding of relationship in finance and economic growth for SSA countries. This understanding is important for academics, policy makers and development organizations in shaping the future financial sector infrastructure and economic growth.

This study examined the effect of financial intermediation on the development of the economy of Nigeria using data spanning 1986 to 2017. The data were obtained from Central Bank of Nigeria Statistical Bulletin, World Bank (World Development Indicators) and International Monetary Fund (World Economic Outlook). The study considered credit to private sector, lending rate and money supply as independent variables, while real GDP growth rate and unemployment rate were used as dependent variables.Autoregressive distributed Lag (ARDL) technique was employed andEviews 9 was used for the analyses. In other to achieve the objective of the study, series of tests were conducted, including normality test, stationarity test, cointegration test, ARDL estimation and error correction. The tests provided the basis for the conclusion that credit to private sector do not really contributes positively to the development of the economy. This could be due to high lending rate (interest rate). High lendin...

The influence of financial deepening on the economic growth of any nation cannot be underestimated. To this end, the study evaluated the effect of financial deepening on economic growth in Nigeria over a period of thirty three (33) years: 1986 to 2018. Data were collected from statistical bulletins of the Central Bank of Nigeria (CBN) and factbooks of the Nigerian Stock Exchange (NSE). The model estimation followed the Auto-regressive Distributive Lag (ARDL) approach with the effect estimated in line with the Granger Causality analysis. We found that economic growth in Nigeria is not affected by financial deepening. The study also stated that the level of growth in the economy is what influences the level of development in the banking sector. The implication is that the Central Bank of Nigeria and the Security and Exchange Commission (SEC) should formulate and implement policies geared toward the deepening of the banking sector and the capital markets to help in the efficient and ef...

Purpose ─ This paper investigates the effect of commercial bank regulations, namely the price, product, and geographic regulations, on the intermediation function of commercial banks in Nigeria. Methods ─ Using secondary data from 1986 to 2017 from the Central Bank of Nigeria (CBN) and the World Bank, this study employs the Autoregressive Distributive Lag (ARDL) model and Granger causality framework. Findings ─ This paper provides evidence of a long-run relationship between commercial bank regulation and intermediation function represented by private sector credit to RGDP (regional gross domestic product). It also finds that commercial banks' regulation index through price, product, and geographic regulation has a positive relationship with intermediation function. Furthermore, the long-run relationship between commercial bank regulation and intermediation function described by private sector credit to RGDP is affirmed. Implication ─ The Central Bank of Nigeria (CBN) needs to relax the product regulation to allow commercial banks to engage in various conventionally non-banking activities. Originality ─ The paper contributes to the literature by ascertaining the commercial banks' intermediation function to Nigeria's economic growth and development.

Motivated by the desire to expose a possible nonlinearity and non-proportionality in linking financial deepening and economic growth, we investigated the finance-growth nexus from a linear and nonlinear perspective using dataset from Nigeria for 1981: Q1 to 2017: Q4. Using the Autoregressive Distributed Lag (ARDL) and Nonlinear Autoregressive distributed Lag (NARDL) models, and it was found that economic growth tends to adjust nonlinearly to financial deepening than it does linearly. This is expected to guide policy makers towards ensuring that the linearity and nonlinearity polarity of the finance-growth nexus are always factored-in while formulating policies relative to driving sustained growth through financial deepening.

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This article seeks to provide a better understanding of the history of Industrial Organization (IO). More precisely, it stresses the specific influence Oxford economists had between 1952 and 1979 on the developments of modern trends in the discipline. This work focuses on three main sub-fields of IO, namely, the empirical approach to concrete forms of organization prevailing in the managerial world, the impact of information and knowledge on the discipline, and the use of game theory within IO.

This study examined the effect of financial sector development on capital formation of Nigeria and South Africa using time series data from 1987-2019.Time series data was sourced from Central Bank of Nigeria Statistical bulletin and World Bank data base. percentage of capital formation to gross domestic products was used as the function of credit to private sector, broad money supply, interest rate spread and market capitalization ratio. Ordinary least square methods of cointegration, granger causality test, unit root test and Vector error correction model. The study found that the financial sector development explained 64.1 percent variation in Nigeria capital formation as against 46.4 percent variation from South Africa; this implies that the variables hav e more explanatory powers in Nigeria than South Africa. From Nigeria, the study conclude that credit to private sector have positive and significant effect, interest rate spread have negative and no significant effect while money supply and market capitalization ratio have positive and significant effect on Nigeria capital formation. However, from south Africa, credit to private sector have negative and no significant effect, interest rate spread have positive and significant effect, money supply have positive and no significant effect while market capitalization ratio have positive and significant effect on south African capital formation. It recommends that the need to increase the size of the markets in both countries by increasing the number of financial instruments available to investors so as to increase trading as well as improve liquidity in the markets and government effort to increase the operational efficiency of the financial sector; the banking habit shall be increase and banking density reduced through effective branch banking policies to enhance effective savings mobilization and credit allocation that will bridge the wide savings-investment gap in the economy.

This paper investigates which firms suffer from informal competition and highlights the role of access to finance in this context. We use cross-sectional data from the World Bank Enterprise Surveys covering 42,000 firms in 114 developing and transition countries for the period 2006 to 2011 and take discrete responses on the perceived severity of financial constraints and informal competition for our empirical analysis. We find that financially constrained firms face significantly more intense competition by the informal sector and that this effect is economically large. In fact, financial constraints are the most important reason why firms suffer from informal competition. Other influential variables are ill-designed labor market regulations, corruption, and firm size. A wide range of robustness checks substantiates this finding.

The 2020, intended to give a good start to the Decade of Action to achieve SDGs by the target date of 2030, became a year of unprecedented health, social and economic crisis. The COVID-19 pandemic plunged the world into the worst global recession since the Great Depression, reversed progress across the full range of the SDGs jeopardizing the Agenda 2030 implementation. To build back better it is vital to assess the COVID-19 pandemic impact on economic growth and sustainable development and reflect on how to reenergize partnerships for saving the SDGs. This article aims to assess the COVID-19 pandemic impact on economic growth and sustainable development and offer recommendations on international cooperation and partnerships for saving the SDGs. It article reviews estimates of the triple crisis toll on the goals implementation. It then looks at the key international institutions’ initiatives to support developing countries in their response to the pandemic and associated economic sho...

This study examines the link between financial sector deepening and economic growth in Nigeria using the financial time series methodology. Time series data on real gross domestic product (proxy for economic growth), financial sector credit, financial sector liquidity and financial market capitalization (proxy for financial sector deepening) were obtained from Central bank of Nigeria statistical bulletin and Nigeria exchange group fact sheet for 61 years (1960-2021). Descriptive analytical tools were used in analyzing the data. The analyses shows that from 2005-2020 the financial sector credit in Nigeria increased significantly above 20%, this growth is as a result of stability and security attained following the war on terrorism and increase in investments in the agriculture and private sector and also due to post election calm which is leading to the investors' confidence and stability in business prospects thereby expanding the economy leading to more demand to the loan products of the banks in turn increasing financial sector credit base while financial market capitalization trend fluctuated all through 1995 to 2020, this implies unstable trend in Nigerian financial market capitalization and instability of banking industry and financial institutions in Nigeria. Between 2008 and 2010, the Nigerian economy suffered a sharp contraction. This was followed by another period of rapid growth between 2011 and 2014 during which the economy grew at an average rate of 7% per year. In 2016, the Nigerian economy was hit by its first recession in over two decades, with the GDP contracting by 1.6%. The recession was worsened by the sharp decline in global oil prices in 2014.

Financial Intermediation, as a process involves the transformation of mobilized deposits liabilities by financialintermediaries such as banks into bank assets or credits such as loans and overdraft. This paper seeks to analyze empirically the trends in Financial Intermediation and Output (GDP) in Nigeria from the banking crises period beginning from 1981 to 2011. In doing so, the study used the endogenous components of financial intermediation such as Demand Deposits (DD), Time/Savings deposits (T/Sav) and Credits (Loans and Overdraft) as explanatory variables to predict the outcome of our dependent variable Output (GDP). Data were sourced from CBN statistical Bulletin, 2011 and regression estimation was carried out using IBM SPSS statistics 20. The findings suggests that though there exist a positive growth relationship between financial intermediation and output in Nigeria, there also exist elements of negative short-run growth relationship, especially for the periods that suffered financial shocks resulting from the global financial crisis and perhaps, numerous bank failures. These findings may serve to buttress existing research outcomes and will be relevant to regulatory authorities in formulating policies that are capable of positively enhancing financial intermediation and output growth in the economy.

This study attempts to find the relationship of international development aid and economic development of Myanmar in the period of 1991 to 2010, by applying the quantitative analysis of correlation and regression. Additionally, this research explores the important policy factors of development aidhow to use aid effectively and efficiently for Myanmar targeted to apply in the reengagement with the World Bank by employing qualitative method of text analysis on the reports of the World Bank and aid-growth policy researches and studies. The ultimate goal of this research is to recommend a set of aid policywhen, where, how much and what composition of aid for Myanmar by which aid effectiveness level can be raised. Literature review covers the areas of fundamental development thinking, development aid trend, prior aid-growth relationship researches, vicious cycle of aid, the development trap, chronological timeline of the World Bank and lending policy of the World Bank. Besides the external look, this study reviews on internal look on macroeconomic environment of Myanmar addressing the policy dilemmas of the past and policy reforms for the future.

Purpose ─ This paper investigates the effect of commercial bank regulations, namely the price, product, and geographic regulations, on the intermediation function of commercial banks in Nigeria. Methods ─ Using secondary data from 1986 to 2017 from the Central Bank of Nigeria (CBN) and the World Bank, this study employs the Autoregressive Distributive Lag (ARDL) model and Granger causality framework. Findings ─ This paper provides evidence of a long-run relationship between commercial bank regulation and intermediation function represented by private sector credit to RGDP (regional gross domestic product). It also finds that commercial banks' regulation index through price, product, and geographic regulation has a positive relationship with intermediation function. Furthermore, the long-run relationship between commercial bank regulation and intermediation function described by private sector credit to RGDP is affirmed. Implication ─ The Central Bank of Nigeria (CBN) needs to relax the product regulation to allow commercial banks to engage in various conventionally non-banking activities. Originality ─ The paper contributes to the literature by ascertaining the commercial banks' intermediation function to Nigeria's economic growth and development.

This study examines the effect of pricing policy on firm performance in Nigeria, using data from 101 non-financial companies listed on the Nigerian Stock Exchange (NSE) in 2013. The cross-sectional data were obtained from the annual reports of the sampled firms and were analysed by means of regression modelling. The results revealed that cost of sales and company objectives both have a significant positive effect on return on assets. As for the control variables, the impact of market demand and availability of a close substitute also have a significant positive effect on return on assets, while the impact of the market segment, the macroeconomic trend and consumer perception are all statistically insignificant. These results suggest that an effort should be made to reduce production costs in order to maximize profit.