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Angola - an Oil Dependant Country in Sub-Saharan Africa

Abstract

The Sub-Saharan Africa belongs to the most underdeveloped regions in the world economy. This region consists of forty nine countries but it’s world GDP share is only a small percentage. There are some very resource rich countries in this region. One of them is Angola. This former Portuguese colony has one of the largest inventories of oil among all African countries. Angola recorded one of the highest growth of GDP between 2004-2008 from all countries in the world economy and nowadays is the third biggest economy in Sub-Saharan Africa after Nigeria and South Africa. The essential problem of Angola is the one-way oriented economy on oil and general on natural resources. Angola will be forced to change their one-way oriented economy to be more diversified and competitive in the future.

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An Analysis of the Effectiveness of Interest Rates to Facilitate Price Stability and Economic Growth in South Africa

Abstract

Price stability supports accelerated economic growth (GDP), thus the main objective of most central banks is to ensure price stability. The South African economy is experiencing a unique monetary policy dilemma, where a high inflation rate is accompanied by high interest rates and low GDP. This is an unconventional monetary policy scenario and may hold strenuous repercussions for the South African economy. This dilemma was held as the rationale behind this study. The study investigated the effectiveness of the use of the repo rate as an instrument to facilitate price stability and GDP in South Africa. Long-run, short-run and casual relationships between interest rates, inflation and GDP were therefore analyzed. The methodology is based on an econometric process which included a Johansen co-integration test, with a Vector Error Correction model (VECM). Casual relationships were also tested using Granger causality tests. Results of the Johansen Co-integration test indicated the presence of co-integrating long-run relationships between the variables and a significant and negative long-run relationship between the repo rate and inflation rate was revealed, whereas GDP and inflation rate exhibited a significant and positive long-run relationship. The study also found short-run relationships between inflation and GDP, but not for inflation and the repo rate. Further areas of potential research may fixate towards the assessment of other significant alternative policy tools which may be utilized by various countries’ monetary policy authorities to influence supply specific inflationary pressures led by the cost-push phenomena, especially in the short-run.

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Capitalization and bank performance: Evidence from Nigerian Banking Sector

Abstract

The study examines the impact of capitalization on bank performance of some selected commercial banks in Nigeria using econometric analysis on annual time series data of ten banks over the period of 2006 to 2014. The results from a Levin, Lin & Chu unit root test show that all the variables were non-stationary. The results from a Panel Least Square (PLS) estimate found that operating expenses, bank size and bank loan are negatively related to profitability but only bank loans are significant. On the other hand, bank deposit and bank liquidity are positively related to profitability but not significant. This conclusion has important policy implications for emerging countries like Nigeria as it suggests that capitalisation and total assets of a bank should be periodically evaluated. The regulatory authorities will therefore need to put in place appropriate machinery that will address issues of bank liquidity and assure asset quality in the industry.

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The Effect of Exchange Rate Movements and Economic Growth on Job Creation

Abstract

Job creation is at the centre of economic development and remains a source of sustenance for social and human relations. The creation of a job-enabling economic environment is imperative in promoting social and economic cohesiveness in the macro and microeconomic environment. Any shocks to the economy, particularly those of exchange rate shocks and changes in economic growth, may negatively affect the labour market and job creation. This study made use of quarterly observations, from the first quarter of 1995 to the fourth quarter of 2015, to investigate the effect of the real exchange rate and economic growth on South Africa’s employment status. South Africa, a developing country, was selected as a case study due to its high unemployment rate that is still increasing. The Vector Autoregressive (VAR) model and multivariate co-integration techniques were used in assessing the impact and responsiveness of employment to the real exchange rate and real economic growth in South Africa. Findings of this study revealed that employment responds positively to economic growth and negatively to the real exchange rate in the long-run. The short-run displays a positive relationship between real economic growth and employment, while the relationship between employment and the real exchange rate is also negative. However, the effect of economic growth in creating jobs is not significant enough in stimulating job creation in South Africa, as indicated by results in variance decomposition. Movements in the exchange rate exerted a significant short and long-run negative effect on employment dynamics; implying that a depreciation of the rand against the U.S. dollar is associated with decrease in overall employment. Exchange rate stability is thus important for economic growth and job creation in South Africa. The study provided further recommendations on promoting job creation in South Africa and other developing countries.

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Effect of Corruption on Foreign Direct Investment Inflows in Nigeria

Abstract

This study investigates the effect of corruption on foreign direct investment inflows in Nigeria, by using some control variables. The study covers a period from 1996 to 2017 and employs Ordinary Least Squares method to perform the multiple regression analysis with the aid of SPSS version 20. The findings indicate that corruption has a significant positive influence on FDI. Though the influence of inflation is significantly negative but exchange rate and Nigeria’s corruption ranking position have insignificant positive impact on FDI. The implication is that the poor legal framework and institutional qualities in Nigeria are helping corruption to thrive in all areas of Nigeria’s economy and might ruin the young generation if nothing is done urgently. The study finds support for helping hand theory of corruption and FDI and also establishes that inflation has a significant negative influence on FDI inflows in the country. Therefore, the study recommends establishment of strong institutional and legal system to curtail the prevailing situation in order to save the future of the country.

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Electricity Supply and Economic Diversification in Nigeria (1981-2016)

Abstract

The study examined the impact of electricity supply on economic diversification in Nigeria, using time series data from 1981 to 2016. The study employed descriptive analysis and Autoregressive Distributed Lag (ARDL) techniques. The Augmented Dickey-Fuller unit root test showed that the variables are integrated of different orders.

The result from the Bounds co-integration test to show the presence of a long-run relationship among the variables was inconclusive. The short run (ARDL) model, however, indicated a positive insignificant relationship between electricity supply and economic diversification in Nigeria. The findings of the study revealed that the electricity supply had not played a fundamental role in enhancing economic diversification in Nigeria.

The study, therefore, recommended that for Nigeria to drive economic diversification through electricity supply, the government should fix the electricity supply problem which can be achieved by short-term action to reduce technical faults through maintenance of the transmission and distribution infrastructure or long-term interventions to expand generating capacity.

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Sources of Economic Growth in the Southern African Development Community: Its Likely Impact on Povery and Employment

Abstract

As a means to combat poverty, many countries still pursue high and stable rates of economic growth. In order to attain sustained economic growth, it is crucial that countries do not only accumulate a certain stock of factors of production, but demonstrate the ability to combine such factors in an efficient manner. This study attempts to investigate the key sources of economic growth in the Southern African Development Community (SADC) region, using different panel data techniques, and make inference on poverty and employment. The findings reveal that factors affecting economic growth in the region are: inflation, government expenditures, openness to trade, human capital, level of financial development, and political stability. Furthermore, from the analysis it can be inferred that a higher growth rate has a positive impact on employment and, hence, may lead to poverty reduction.

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Effects of polymyxin B on clinical signs, serum TNF-α, haptoglobin and plasma lactate concentrations in experimental endotoxaemia in sheep

have been evaluated ( 29 ). However, no study has been carried out on the clinical impact and anti-inflammatory effects of polymyxin B alone on endotoxaemia in sheep. The present study has evaluated the clinical manifestations and some circulating inflammatory biomarkers, including haptoglobin, TNF-α, and lactate, in an ovine experimental model in which endotoxaemia was induced by LPS of Escherichia coli serotype O55:B5. Material and Methods Animal care Twenty clinically healthy five-month-old Iranian fat-tailed sheep, with an average body weight of 20 ±1

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Reaction of Leaf Celery (Apium Graveolens L. Var. Secalinum) To Planting Density and Irrigation

Reaction of Leaf Celery (Apium Graveolens L. Var. Secalinum) To Planting Density and Irrigation

In experiments conducted in the years 2004-2005, effect of seedlings planting density and irrigation on yield of 2 cultivars of leaf celery (Afina, Safir) was evaluated. Transplants were planted on 15 May 2004 and 12 May 2005 with spacing 25 x 20 cm and 15 x 20 cm. Harvest of celery leaves was carried out in three turns: on 15 July, 14-15 September and 27-28 October. It was shown that higher planting density significantly increases yield of leaves. Irrigation increased leaf yield, on average, by 55.9%. Depending on cultivar and planting density, leaf yield of non-irrigated plants was 5.29-6.34 kg.m-2, while for irrigated plants it ranged from 7.70 to 11.97 kg.m-2.

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Summary on the ringing of raptors and owls in Slovakia in 2010

Summary on the ringing of raptors and owls in Slovakia in 2010

This paper presents brief information on the number, species and recoveries of ringed birds of prey and owls in Slovakia in 2010. It follows similar papers from 2002-2004, 2005-2006, 2007-2008 and 2009. In 2010 a total of 552 individual birds of prey and owls were ringed in Slovakia, of which 405 were birds of prey (16 species) and 147 owls (9 species). From the total number ringed, 327 birds of prey and 85 owl were nestlings. In comparison with the previous year (2009) the number of ringed birds decreased by 55%.

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