results
Publication
"The study looks at two main objectives, the asset pricing characteristics and the response to annual earnings announcements of the Ghana Stock Market (GSM). The study hypothesizes that the GSM, as a typical African emerging stock market, is not eff…
Publication
"This paper finds that G-20 countries have responded through fast and large bailouts, historically large fiscal stimuli and accommodative monetary policies. It seems that African countries could learn from this, and in part they should indeed do so …
Publication
"The objective of this study was to estimate a long and short run money demand function in the Rwandan economy. Using the Johansen approach, this paper established that there was a stable long-run equilibrium relationship between the demand for re…
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"This study estimated an error correction model of the impact of real effective exchange rate volatility on the performance of non-traditional exports for Zambia between 1965 and 1999. Using a generalized autoregressive conditional hetero-scedastici…
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"This study identifies the range of financial assets that can adequately approximate financial deepening,which simply means an increase in the supply of financial assets in the economy. FD is represented by two variables, the degree of financial int…
Publication
"This paper presents an analysis of the impact of financial liberalization on the conduct of banking business and its impact on the real sector. Survey results show that the overall assessment by commercial banks of financial sector liberalization i…
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"Financial sector reforms began in Nigeria with the deregulation of interest rates in August 1987. Since then, far-reaching policy measures including the chartering of new banks, reform of the capital market and a move from direct to indirect moneta…
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"This study aims to provide a detailed analysis of the behavioural patterns of savings in Nigeria during the eras of financial regulation and deregulation. The impact of the policies of regulation and deregulation on savings mobilization were analyz…
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"The main objective of this study is to analyse and make some initial attempts in assessing the magnitude of the burden. To achieve this, it became necessary to collect data of macro-nature at various focal points, namely Ministry of Finance, Tanzan…
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"The objective of the paper, is to propose a financial programming framework that uses the technique of targets and indicators to assist the monetary authority in conducting policy to achieve its macro-economic goals. The proposed programming framew…
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"This study is motivated by the conviction that inflation entails sizeable economic and social costs, and controlling it is one of the prerequisites for achieving a sustainable economic growth. The study analyses the main sources of fluctuations i…
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"This study investigates and analyses the process of money supply in Nigeria in order to provide an explanation for the inflationary acceleration in money supply that occurred in the period 1970-1989. Initial double-digit inflation was found to have…
Publication
"This paper examines why the rates of inflation in Ghana have usually stayed above target levels. A trivial answer is that the targets were too optimistic and outside the achievable ranges. The paper assumes that the targets were reasonable and ex…
Publication
"The study uses a modified market model to investigate whether the Nigerian stock market reacts efficiently to dividend announcements in terms of price adjustments. The study finds that the cumulative excess returns (CERs) for dividend paying firm…
Publication
"The purpose of the paper is twofold: the first objective is to survey the main developments in econometric thinking and to outline the key concepts of what has been called the LSE/Oxford methodology. Secondly, the more important aspect of the paper…
Publication
"This study attempted to assess the short-run macroeconomic impacts of the rising bank lending rate profile of the period between 1987, when the monetary authorities started liberalizing the financial sector, and 1991. The justification for the st…
Publication
"This study ventures to expand the frontier of knowledge on income velocity behaviour and its main determinants. Our investigation is also important in understanding the effect of changes in money growth on income over extended periods, thus helping…
Publication
"In this BIDPA Briefing issue we discuss the trends in Botswana’s exports for the period 1997 to 2001 using the latest available data disaggregated at the 4 digit level of the Harmonised System (HS4). The high credit ratings that have been award…
Publication
"This issue of the BIDPA Briefing gives a review of FDI inflows into Botswana which have been largely dominated by investment in manufacturing activity linked to the mining sector. Although investment in the mining sector has earned high rates of re…
Publication
"In this issue of the briefing the impressive performance in the telecommunications sector is highlighted and the question is asked whether a precedent will be set for a broader microeconomic reform. Also discussed are the amendments to the African …
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