This study was carried out to evaluate Inflation accounting and control through monetary policy measures in Nigeria from 1973 to 2010. Secondary data were used empirically to do the assessment. Aggregate data on independent variables (monetary policy measures) that affect inflation were collected and analyzed using multiple regression model and the ordinary least squares estimation techniques. From the analysis carried out, it was found that some of the variables (money supply, interest rate and exchange rate) were statistically significant, which means that the studied variable could be used to predict inflation. Furthermore, domestic credit was not statistically significant, even though it could be used as a policy variable to account for inflation. Based on these findings, it was recommended that monetary supply, interest rates and exchange rates should be the principal policy variables to be manipulated in controlling inflation in Nigeria. I. Background of the study Inflation is a serious macroeconomic problem and it is an aspect of macroeconomic instability. It can make a comparison of economic conditions at different point in time quite difficult, creates complications for economic measurement, and brings uncertainty when we try to look into the future. Inflation is a substantial and sustained increase in general price level leading to disequilibrium thus undermining the ability of money to serve as a tool for market coordination. In Nigeria, monetary policy measures are used to control inflation and other macro-economic variables in order to ensure economic stability. Monetary policy involves measures designed to regulate and control the volume, cost, availability and direction of money and credit in an economy to achieve some specific macroeconomic policy objectives (Anyanwu, and Oackhenan, 1995).

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Inflation accounting and control through monetary policy measures in Nigeria: Multi-regression analysis (1973-2010)

The paper examines the determinants of unemployment in Nigeria from 1981 to 2013, using error correction model (ECM), and with ordinary least squares method for robustness check.

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The Determinants of Unemployment and the Question of Inclusive Growth in Nigeria: Do Resource Dependence, Government Expenditure and Financial Development Matter?

Western criminologists and criminal justice scholars presuppose that rapid industrialization and growth are accompanied by increasing crime. The modernization-crime relationship has not held true for Japan; in fact, crime levels are extremely low in this Asian bastion of capitalism. Thus the seeming incongruity of increasing economic prosperity combined with declining crime rates intrigues Western researchers. This study explores relationships between fluctuations in unemployment rates and crime cycles in Japan during the reign of Emperor Hirohito (1926 to 1988). The results suggest that the highest prewar correlations between crime and unemployment were positive and that the strongest postwar relationships were negative.

The Relationship Between Unemployment and Crime in Japan from 1926 to 1988: Trends During Emperor Hirohito's Reign

The fluctuation in the economic fortune of developing economies coupled with the attendant low level of savings and unemployment has been a cause for concern among experts and policy makers in recent years. Motivated by the above and the controversy in international finance/economic literature with respect to the effectiveness and potency of foreign direct investment on economic performance of Nations; the study, using multiple regression analytical technique, discovered that a statistically significant relationship exist between GDP, FDI and EXR. . The result showed that variations in gross domestic product had been significantly influenced by FDI, Financial depth and exchange rate within the period under study. The study also confirmed the existence of long run relationship between GDP and FDI, with GDP granger causing FDI and not the other way round.  It is therefore recommended among others that government should put up policies that will nip insurgency and other vices in the bud, so as to create a conducive atmosphere for the attraction of foreign direct investment into the country. The issue of money and capital market deregulation should be sustained, so as to deepen the financial market space, as well. Keywords: Foreign Direct Investment, Economic Performance, Financial deepening, Co-integration.

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Econometric Analysis of Foreign Direct Investment and Nigeria’s Economic Performance

This study examines the relationship fiscal aggregates and balance of payments, anchored on strategic financial management efficacy. Successive Nigerian governments had pursued various programmes to revitalize and synergize the economy. One of these is the Debt Conversion Programme (DCP). The conversion was for acquisition of government privatized enterprises, establishment of new projects, and enhancement of portfolio management. The proceeds were to be utilized to boost production using local inputs for better employment generation. With strategic financial management, fiscal policy is expected to bring about favourable balance of payments for the economy. Essentially, fiscal aggregates pertaining to regulation and deregulation dispensations in Nigeria are analyzed using co-integral regression approach, with secondary data contained in publications of Federal Ministry of Finance (FMF) and Central Bank of Nigeria (CBN). The results indicate that balance of payments has significant relationship with fiscal aggregates such as government expenditure, private investments, foreign capital inflow, and foreign capital outflow. The strategic imperatives underscore selective import restriction and productive budgetary appropriation. Paradoxically, as much as doing fiscal policy contributes towards curbing inflation, it takes strategic financial management efficacy to make the hypothetical become unequivocal in redefining the nation’s macroeconomic fundamentals. Key Words: Balance of payments, Fiscal policy, Strategic financial management

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Thomas M. Havrilesky

Papers

Introduction to modern macroeconomics