Consumption Dynamics, Interest Rate Behavior and the Euler Equation: Time Series Evidence for Nigeria
Uduak Michael Ekong,
Christiana Uduak Ekong
Issue:
Volume 1, Issue 2, May 2017
Pages:
46-55
Received:
10 March 2017
Accepted:
12 April 2017
Published:
20 June 2017
DOI:
10.11648/j.ijes.20170102.11
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Abstract: The study investigated the Consumption-Interest rate Euler relationship for Nigeria in the periods 1980 to 2015. Applying commonly used vector autoregression (VAR) techniques on annual data obtained for the country, the study found that there exists the Consumption-Interest rate Euler relationship for Nigeria. However, our finding refutes the general assertion of theorist that the substitution effect is always larger (and more workable) in the Euler relationship than the income effect. Our results show that the consumption Euler equation for Nigeria is consumption-driven, an indication that income effect may be more workable in Nigeria thus crowding out the substitution effect. This was further supported by a uni-directional causality that runs through consumption to interest rate. We recommend, among other things, interest rate policy framework that is flexible to economic needs of the region and motivates saving-dissaving culture of the people and consumptions patterns that is financed by cashless financial products.
Abstract: The study investigated the Consumption-Interest rate Euler relationship for Nigeria in the periods 1980 to 2015. Applying commonly used vector autoregression (VAR) techniques on annual data obtained for the country, the study found that there exists the Consumption-Interest rate Euler relationship for Nigeria. However, our finding refutes the gener...
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Hosius of Cordova and His Struggle of Blessed Orthodoxy
Issue:
Volume 1, Issue 2, May 2017
Pages:
56-59
Received:
12 April 2017
Accepted:
27 April 2017
Published:
22 June 2017
DOI:
10.11648/j.ijes.20170102.12
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Abstract: Hosius of Cordova is one of the most known of the West Fathers of Early Christianity. The saint advised Saint Constantine to convene the First Ecumenical Council at Nicea in 325, and he was the first to sign the acts of this Council. After the death of Saint Constantine the Great, Saint Hosius defended Saint Athanasius of Alexandria (May 2) against the emperor Constantius (337-361), an advocate of the Arian heresy. Because of this, they sent him to prison in Sirmium. Saint Hosius died in the year 359 after his return to Cordova. Despite his long career, few of Ossius’ writings are known. Two works attributed to him by Isidore of Seville, De laude virginitatis and De interpretatione vestium sacerdotalium, are no longer extant. The following table lists his surviving works, and the documents marked with asterisks are spurious. The links provide more information on each of the documents.
Abstract: Hosius of Cordova is one of the most known of the West Fathers of Early Christianity. The saint advised Saint Constantine to convene the First Ecumenical Council at Nicea in 325, and he was the first to sign the acts of this Council. After the death of Saint Constantine the Great, Saint Hosius defended Saint Athanasius of Alexandria (May 2) against...
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The Pertinency of Fuel Subsidy in Nigeria’s Economic Recession
Adeniran Adetayo Olaniyi,
Adekunle Emmanuel Adewale,
Adeleke Ibrahim Ayodele
Issue:
Volume 1, Issue 2, May 2017
Pages:
60-71
Received:
12 April 2017
Accepted:
2 May 2017
Published:
26 June 2017
DOI:
10.11648/j.ijes.20170102.13
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Abstract: This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun, said the economy was in a “technical” recession, their official confirmation came with the new figures released in August, 2016, meanwhile, fuel subsidy was totally removed by the present administration in May, 2016. This recession became noticed after almost three months when fuel subsidy was totally removed by the present administration. Various attempts by previous government administration to remove fuel subsidy have huge negative effects on the nations’ economy. For a developing country like Nigeria, fuel subsidy should be considered as major tool to enhance citizens’ welfare most especially the middle and low income earners, meanwhile, the disbursement of fuel subsidy must be properly monitored to guide against corruption as shown in the past administrations. Strict policies can be set aside as punishment (such as death sentence, life imprisonment and other costly punishments) for any corrupt office holder.
Abstract: This paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria’s economy was officially declared to be in recession, following the figures released by the National Bureau of Statistics (NBS) officially confirmed, although, various government officials notably, the Central Bank of ...
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