Economic Reviews

Financial Development And Export Diversification In Nigeria: Evidence From The Auto Regressive Distributed Leg (Ardl) Approach

Moses K. Tule and Victor Ugbem Oboh

Abstract

The paper empirically investigates the nexus between financial development and export diversification in Nigeria. Using the ARDL approach with annual data covering 1981 to 2015, the findings suggest that financial development is a significant requirement for diversifying Nigeria’s export base. Specifically, the study indicates that a 1per cent increase in domestic credit to the private sector would lead to 0.046 per cent increase in export diversification. For a developing economy like Nigeria that is eager to diversify, these findings suggest that government should design macroeconomic policies that would encourage the channeling of more affordable credit to the private sector.

JEL Codes: E44, G20, O16.

Keywords: Financial development, diversification, ARDL, private sector.

Evolution comparée de la fiscalité indirecte et des revenus au Sénégal et au Burkina Faso

Mbaye Diene

Résumé
Une redistribution des revenus et du bien-être s’est effectuée au Burkina Faso et au Sénégal grâce aux réformes fiscales entreprises dans le cadre de l’Union Economique et Monétaire Ouest Africaine, avec l’harmonisation des taxes indirectes et l’adoption d’un tarif extérieur commun. Nous avons évalué l’ampleur de l’iniquité horizontale issue de cette redistribution, avec un indice qui se décompose en deux éléments, l’un tenant compte des caractéristiques distributives d’un système de taxes de référence équitable, l’autre exprimant une iniquité calculée comme une fraction du revenu moyen. Nous trouvons que le Burkina a beaucoup plus bénéficié des réformes. Cela est expliqué surtout par la part relativement importante de l’évasion fiscale, avec l’autoconsommation et le secteur informel, et par le fait que la plupart des biens consommés par les ménages pauvres ne sont pas passibles de taxation.
JEL classification : C14, D31, D63, H23
Mots-clés : Réformes fiscales; inégalités de revenus, redistribution, iniquité horizontale.

Macroeconomic Effect of Commodity Price Shocks

Moses K. Tule, Adegoke I Adeleke, Udoma J. Afangideh and Austin Ujunwa

The current global commodity price shocks have affected many commodity dependent countries and also raised serious concerns on the viability of regional blocks whose member countries are predominantly commodity-based economies. ECOWAS sub-region typifies evidence of primary export as the main source of income and foreign exchange, thereby making them susceptible to commodity price shocks. This paper, therefore, examines the effect of commodity price shocks on 13 ECOWAS member countries using both static and dynamic panel data analysis for the period 2000 – 2015. The results clearly show that there is a positive and statistically significant relationship between commodity prices (energy and precious metals) and per capita income in the sub-region. However, a negative relationship was observed between non-energy prices and per capita income. The implication of the result is that declining commodity prices (energy and precious metals) has the tendency of deteriorating per capita income and thus the standard of living of the populace in the ECOWAS sub-region. This result reinforces the need to rethink the issues of regional integration agenda not only along monetary lines, but also along diversification integration.

Key Word: Energy Prices, Panel Analysis, ECOWAS

JEL Classification: Q43, O13 and C23

The West African Economic Review provides a forum for the participation of all stakeholders relevant to the monetary integration process of the ECOWAS Region, in respect of providing evidence-based policy recommendations. The Review if bilingual publication (French and English) which comes out twice a year (June and December) from the West African Monetary Agency (WAMA), […]

The West African Economic Review provides a forum for the participation of all the stakeholders relevant to the monetary integration process of the ECOWAS region, in respect of providing evidence-based policy recommendations. The Review is a bilingual publication (French and English) which comes out twice a year (June and December) from The West African Monetary […]

The West African Economic Review Vol. 2 N° 1 – June 2013

The West African Economic Review Vol. 1 N° 2 – December 2012

The West African Economic Review provides a forum for the participation of all the stakeholders relevant to the monetary integration process of the ECOWAS region, in respect of providing evidence-based policy recommendations. The Review is a bilingual publication (French and English) which comes out twice a year ( June and December) from The West African Monetary Agency (WAMA), whose mandate includes but not […]

THE WEST AFRICAN ECONOMIC REVIEW Vol 1 No 1 June 2012

The West African Economic Review provides a forum for the participation of all stakeholders relevant to the monetary integration process of the ECOWAS Region, in respect of providing evidence-based policy recommendations. The Review is a bilingual publication (French and English) which comes out twice a year (June and December) from the West African Monetary Agency […]

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