Following the need for more recent rigorous empirical evidence on the role of institutions at sec... more Following the need for more recent rigorous empirical evidence on the role of institutions at sectoral level as well as the conflicting empirical evidences on the institutions-growth relationship in Africa, this study investigated the sectoral impacts of institutional quality in Sub-Saharan Africa (SSA). The study also revisited the role of institutions in the aggregate economy. The system GMM estimation procedure and a panel of 42 SSA countries were used over the period 2010 to 2018. The results indicate that contrary to the widely held view that institutions foster growth and development, the role of institutional quality in sectoral and aggregate economic performance in SSA generally remained muted. However, the results indicate that initial level of real GDP and labor are robust drivers of growth, particularly in the aggregate economy. The study therefore concludes that the sub-region requires institutional reform, enhanced human capital development and capital accumulation to d...
Bussecon Review of Social Sciences (2687-2285), 2019
This paper investigated this disparity in the literature using Nigeria data from 1980 to 2016. In... more This paper investigated this disparity in the literature using Nigeria data from 1980 to 2016. In doing this, energy consumption was disaggregated, and their impacts on economic growth investigated using a modified Ordinary Least Square technique which allows for time gaps in the model. It was observed that only renewable energy impacted on economic growth in the long-run whereas non-renewable energy component impacted on economic growth in the short-run. Therefore, the study sees the impact of energy consumption on economic growth to be indistinct in Nigeria within the period under review. This further buttresses the need for improvement in electricity production and distribution in Nigeria. Given the importance of energy consumption on productivity, the study, therefore, suggests policies/measures that will bring about increasing the supply or improvement of energy production in the country.
Central Bank of Nigeria Journal of Applied Statistics
This paper examines spillover effects of U.S monetary policy on macroeconomic fundamentals in Nig... more This paper examines spillover effects of U.S monetary policy on macroeconomic fundamentals in Nigeria from January 1985 to December 2018. The study period is partitioned to account for conventional monetary policy (CMP) period, January 1985 to August 2007 and unconventional monetary policy (UMP) period, September 2007 to December 2018. Guided by relevant pre-tests, we find BEKK-VARMA-CCCMGARCH as the most appropriate model. The study finds significant spillover effects of U.S CMP and UMP on interest rate, exchange rate and inflation rate in Nigeria. We, however, observe that while CMP may be a significant accelerator of shocks persistence on interest rates and exchange rates, the extent to which the UMP accelerate shocks in inflation rate tends to vary for different measures of quantitative easing. Thus, in addition to past own shocks and past own conditional variance of these macro fundamentals, understanding their dynamics cannot be in isolation of their vulnerability to external ...
Oceania’s extra-trade performance is quite considerable relative to its intra-trade. This indicat... more Oceania’s extra-trade performance is quite considerable relative to its intra-trade. This indicates that the Oceania may be susceptible to trade shocks originating from its main trading partners in the global economy. Given that shocks often occur, the presence of such enormous and dynamic external sector makes economic growth in the Oceania vulnerable to shocks. This study, therefore, investigates the dynamics of trade shock transmission between the Oceania and the rest of the global economy. The study constructed generalized trade linkage measures at various degrees of aggregation. The results indicate that the trade linkage between the Oceania and the rest of the global economy is quite substantial, with the total trade linkage index having a mean value of 83%. The results also show that USA, China, Canada, France, Germany, and Japan exert dominant influence on Oceania’s trade and therefore have the potential to spread trade shocks to it. Overall, the findings show that economies...
This study investigated trade shock transmission between Africa, the BRIC and the rest of the glo... more This study investigated trade shock transmission between Africa, the BRIC and the rest of the global economy with a view to understanding the likely disposition of African economies towards trade shocks. The study extended the network approach of Diebold and Yilmaz (2009) by constructing generalized trade linkage measures at various degrees of aggregation. The results indicate that the trade linkage between Africa and the rest of the global economy is quite substantial, with the total trade linkage index having an average value of 87%. We find also that China, USA, UK, Japan, EU, and Canada dominate Africa’s trade and therefore have the potential to spread trade shocks to it. The results further indicate that apart from the BRIC, other regional trading blocs such as Asia, the Americas, and Europe play influential roles in Africa’s trade. Overall, the findings show that African economies are predominantly net receivers of trade shocks originating from the aforementioned dominant sour...
Following the need for more recent rigorous empirical evidence on the role of institutions at sec... more Following the need for more recent rigorous empirical evidence on the role of institutions at sectoral level as well as the conflicting empirical evidences on the institutions-growth relationship in Africa, this study investigated the sectoral impacts of institutional quality in Sub-Saharan Africa (SSA). The study also revisited the role of institutions in the aggregate economy. The system GMM estimation procedure and a panel of 42 SSA countries were used over the period 2010 to 2018. The results indicate that contrary to the widely held view that institutions foster growth and development, the role of institutional quality in sectoral and aggregate economic performance in SSA generally remained muted. However, the results indicate that initial level of real GDP and labor are robust drivers of growth, particularly in the aggregate economy. The study therefore concludes that the sub-region requires institutional reform, enhanced human capital development and capital accumulation to d...
Bussecon Review of Social Sciences (2687-2285), 2019
This paper investigated this disparity in the literature using Nigeria data from 1980 to 2016. In... more This paper investigated this disparity in the literature using Nigeria data from 1980 to 2016. In doing this, energy consumption was disaggregated, and their impacts on economic growth investigated using a modified Ordinary Least Square technique which allows for time gaps in the model. It was observed that only renewable energy impacted on economic growth in the long-run whereas non-renewable energy component impacted on economic growth in the short-run. Therefore, the study sees the impact of energy consumption on economic growth to be indistinct in Nigeria within the period under review. This further buttresses the need for improvement in electricity production and distribution in Nigeria. Given the importance of energy consumption on productivity, the study, therefore, suggests policies/measures that will bring about increasing the supply or improvement of energy production in the country.
Central Bank of Nigeria Journal of Applied Statistics
This paper examines spillover effects of U.S monetary policy on macroeconomic fundamentals in Nig... more This paper examines spillover effects of U.S monetary policy on macroeconomic fundamentals in Nigeria from January 1985 to December 2018. The study period is partitioned to account for conventional monetary policy (CMP) period, January 1985 to August 2007 and unconventional monetary policy (UMP) period, September 2007 to December 2018. Guided by relevant pre-tests, we find BEKK-VARMA-CCCMGARCH as the most appropriate model. The study finds significant spillover effects of U.S CMP and UMP on interest rate, exchange rate and inflation rate in Nigeria. We, however, observe that while CMP may be a significant accelerator of shocks persistence on interest rates and exchange rates, the extent to which the UMP accelerate shocks in inflation rate tends to vary for different measures of quantitative easing. Thus, in addition to past own shocks and past own conditional variance of these macro fundamentals, understanding their dynamics cannot be in isolation of their vulnerability to external ...
Oceania’s extra-trade performance is quite considerable relative to its intra-trade. This indicat... more Oceania’s extra-trade performance is quite considerable relative to its intra-trade. This indicates that the Oceania may be susceptible to trade shocks originating from its main trading partners in the global economy. Given that shocks often occur, the presence of such enormous and dynamic external sector makes economic growth in the Oceania vulnerable to shocks. This study, therefore, investigates the dynamics of trade shock transmission between the Oceania and the rest of the global economy. The study constructed generalized trade linkage measures at various degrees of aggregation. The results indicate that the trade linkage between the Oceania and the rest of the global economy is quite substantial, with the total trade linkage index having a mean value of 83%. The results also show that USA, China, Canada, France, Germany, and Japan exert dominant influence on Oceania’s trade and therefore have the potential to spread trade shocks to it. Overall, the findings show that economies...
This study investigated trade shock transmission between Africa, the BRIC and the rest of the glo... more This study investigated trade shock transmission between Africa, the BRIC and the rest of the global economy with a view to understanding the likely disposition of African economies towards trade shocks. The study extended the network approach of Diebold and Yilmaz (2009) by constructing generalized trade linkage measures at various degrees of aggregation. The results indicate that the trade linkage between Africa and the rest of the global economy is quite substantial, with the total trade linkage index having an average value of 87%. We find also that China, USA, UK, Japan, EU, and Canada dominate Africa’s trade and therefore have the potential to spread trade shocks to it. The results further indicate that apart from the BRIC, other regional trading blocs such as Asia, the Americas, and Europe play influential roles in Africa’s trade. Overall, the findings show that African economies are predominantly net receivers of trade shocks originating from the aforementioned dominant sour...
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