Shehu Usman Rano Aliyu
Bayero University, Kano, Economics Department, Faculty Member
Research Interests:
Research Interests:
The paper analyzes volatility spillover between exchange rate and stock market in “turbulent” and “calm”, otherwise, “bull” and “bear” periods in the Nigerian stock market from 1st January, 2010 to 31st December, 2017 using a regime... more
The paper analyzes volatility spillover between exchange rate and stock market in “turbulent” and “calm”, otherwise, “bull” and “bear” periods in the Nigerian stock market from 1st January, 2010 to 31st December, 2017 using a regime heteroskedastic Markov switching model in line with Kim (1993). The approach allows regime shift in both mean and variance of a series where failure to allow for regime shift leads to an overstatement of persistence of the variance, Lamoureuex and Lastrapes (1990). Results from preliminary investigations reveal that both stock returns and exchange rate series are characterized with non- normal distribution, presence of unit root and ARCH effects. Further, evidence of two regimes, that is, bear and bull markets, was established with higher persistence, that is, high transition probabilities, in the bear as against the bull market at 0.9455 and 0.8686, respectively. However, duration of stay in the regime is higher in the bull market (regime 2) than in the...
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The paper sets to explore the debate of whether a shift to a more stabilized low-inflation regime as a result of monetary policy dynamics could lead to a decline in the degree of pass-through of exchange rate movements to consumer prices.... more
The paper sets to explore the debate of whether a shift to a more stabilized low-inflation regime as a result of monetary policy dynamics could lead to a decline in the degree of pass-through of exchange rate movements to consumer prices. The paper deviates from previous empirical work as it subjects the series to multiple structural break tests as proposed by Bai and Perron (2013) which help to identify policies related to stabilizing the environment and also uses panel-data approach. The paper utilizes quarterly data from 1981q1 to 2014q3 and covers oil exporting countries in Sub-Saharan African and lends it support to the Taylor Hypothesis. Specifically, the paper confirms the hypothesis that the degree of exchange rate pass-through to consumer price declines following inflation stabilization policies as witnessed in the selected countries. Guided by the findings of the paper, the policies adopted after 2010s seems to be more credible in stabilizing the environment than the polic...
Research Interests: Economics, Monetary Economics, Econometrics, Panel Data, Monetary Policy, and 9 moreExchange rate, Oil Price, Inflation Targeting, Central Bank, Inflation Cosmology, Exchange Rate Pass-through, Degree in music, Balkan Middle Eastern Institute for Economic and Social Sciences, and Generalized Method of Moments
Despite tremendous growth of Islamic finance globally, the phenomenon is relatively new in Nigeria. The first full-fledged Islamic bank, Jaiz Bank Plc, was licensed as a regional bank by the Central Bank of Nigeria (CBN) in 2011 and it... more
Despite tremendous growth of Islamic finance globally, the phenomenon is relatively new in Nigeria. The first full-fledged Islamic bank, Jaiz Bank Plc, was licensed as a regional bank by the Central Bank of Nigeria (CBN) in 2011 and it started its operations in January, 2012. Over 3 years now, the apex regulatory body is yet to develop robust shari’ah complainant instruments for liquidity management of Islamic banks in Nigeria. This paper assesses the predicaments of Jaiz bank Plc over the last 3 years of its operations in the face of this challenge on the basis of secondary data from the financial statements of the Bank. Evidences on the basis of CAMEL analysis show that while the Bank performs quite well in respect to capital adequacy, assets and management quality, the Bank, however, suffers most, on average, with respect to earning quality and liquidity. The paper recommends that the CBN should, while the shari’ah compliant instruments are being awaited, introduce a measure of d...
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Ijarah-wa-iqtina, also known as Al-Ijarah Thummal Al-Bay (AITAB) is a leasing contract where the ownership of the leased asset is transferred to the lessee at the end of the leasing contract. With the inception of Ja’iz Bank Nigeria Plc,... more
Ijarah-wa-iqtina, also known as Al-Ijarah Thummal Al-Bay (AITAB) is a leasing contract where the ownership of the leased asset is transferred to the lessee at the end of the leasing contract. With the inception of Ja’iz Bank Nigeria Plc, the product has grown in the Ja’iz Bank’s housing and auto-finance. Despite this popularity, majority of small scale businesses especially tricycle operators in Kano metropolis are still not aware of the product and the benefits attached to it. This research assesses the potentials of Ijarah-wa-iqtina in financing tricycle operation in Kano using a multiple regression model from a sample of 311 respondents. The study found myriad of problems associated with conventional mode financing arrangements prior to ijarah-wa-iqtina. It was also established that religious inclinations of respondents have strong influence on potential benefits from switching to ijarah-wa-iqtina. The paper recommends that Islamic financial institutions and well-to-do business p...
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Since its emergence in the early 2000’s, Sukuk has been regarded as the most significant innovation recorded in the Islamic capital market. Sukuk is generally regarded as an equivalent of conventional bond, Sukuk paved way for... more
Since its emergence in the early 2000’s, Sukuk has been regarded as the most significant innovation recorded in the Islamic capital market. Sukuk is generally regarded as an equivalent of conventional bond, Sukuk paved way for mobilization of long term Shari’ah compliant funds for equally Shari’ah compliant undertakings. Islamic capital market experts have developed various Shari’ah compliant Sukuk structures, notable among which is Waqf-based Sukuk structure. Viewed as a distinct ethical capitalism and a veritable vehicle for long term financing, Waqf was found to record tremendous impact in all spares of human needs. The paper seeks to unveil how Waqf-based Sukuk could be used to attain effective mobilization as well as management of Waqf assets. It explores the possibility of issuing Waqf-based Sukuk for the development, renovation, reconstruction and modification of Waqf assets in Nigeria. The paper employs a non-experimental, deductive-analytical approach, in its investigation....
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Research Interests:
Research Interests:
This paper seeks to assess the reactions of Nigeria’s stock market to monetary policy innovations during the period of global financial crisis on the basis of monthly data over the period January, 2007 to August, 2011. In particular,... more
This paper seeks to assess the reactions of Nigeria’s stock market to monetary policy innovations during the period of global financial crisis on the basis of monthly data over the period January, 2007 to August, 2011. In particular, stock market return was regressed against major monetary policy instruments; money stock (M1, and M2) and monetary policy rate (MPR). The theoretical
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Research Interests: Economics, Econometrics, Applied Economics, Monetary Policy, Social Science Research Network, and 15 moreCointegration, Terms of Trade, Exchange rate, Econometric analysis, Crude Oil, Real Exchange Rate, Hodrick Prescott, Empirical Analysis, Macroeconomic Stability, Vector Error Correction Model, Net Foreign Assets, Stationarity, Finance and Investment Banking Area, Finance and Investment Banking, and Behavioral equilibrium exchange rate
Research Interests: Economics, Econometrics, Business and Management, Small Business Policy Development and Entrepreneurship Development, Vector Autoregression, and 11 moreStatistical Significance, Granger causality, Asymmetry, Oil Price, VOCATIONAL BUSINESS SKILLS ACQUISITION FOR ENTREPRENEURSHIP DEVELOPMENT, Granger Causality Test, Wald test, GDP Growth, Bivariate Analysis, Oil Price Shock, and Oil Shock
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This paper assesses the determinants of import and export demand functions. The object is to empirically measure the relative strengths and weaknesses of the determinants import and export, and to examine, using the Marshall-Lerner... more
This paper assesses the determinants of import and export demand functions. The object is to empirically measure the relative strengths and weaknesses of the determinants import and export, and to examine, using the Marshall-Lerner hypothesis, the condition ...
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Research Interests: Economics, Monetary Economics, Financial Economics, Applied Economics, Cointegration, and 9 moreTerms of Trade, Exchange rate, Openness to experience, Microfinance and Financial Inclusion, Unit Root, Cointegration Analysis, Finance and Investment Banking, Exchange rate volatility, and Applied Financial Economics
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It is recognized in the literature that the pattern of exchange rate pass-through is a very important instrument in the design of monetary policy, particularly in response to an exchange rate shock. This paper investigates, for the first... more
It is recognized in the literature that the pattern of exchange rate pass-through is a very important instrument in the design of monetary policy, particularly in response to an exchange rate shock. This paper investigates, for the first time, the degree of exchange rate-pass-...
Research Interests:
Research Interests:
This paper seeks to assess the impact of oil price shock and real exchange rate volatility on real economic growth in Nigeria on the basis of quarterly data from 1986Q1 to 2007Q4. The empirical analysis starts by analyzing the time series... more
This paper seeks to assess the impact of oil price shock and real exchange rate volatility on real economic growth in Nigeria on the basis of quarterly data from 1986Q1 to 2007Q4. The empirical analysis starts by analyzing the time series properties of the data which is followed by ...
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Research Interests: Economics, Econometrics, Time Series, Foreign Exchange Market, Stock Market, and 15 moreGlobal Financial Crisis, Financial Crisis, Foreign Exchange, Granger causality, Cointegration, Stock market development, Exchange rate, Financial Market, Stock Prices, Vector Error Correction, Stock Price, Capital Market, Exchange Rate Policy, Johansen test, and Augmented Dickey Fuller
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This paper evaluates whether Nigeria is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted over the last one decade. The paper reviews literature on selected conditions for... more
This paper evaluates whether Nigeria is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted over the last one decade. The paper reviews literature on selected conditions for successful implementation of IT and then ...