The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balan...The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balance of payment,covers the period of 1986-2017.This study adopts econometrics techniques of analysis by using Panel Unit Root Tests and Co-integration analysis which is used to determine the long run relationship among economic variables.To test the co-integration relationship this study followed the system proposed by Pedroni(1991)who expands the Engle and Granger[9]two stage technique to heterogeneous board information structure.The study adopts annual time series secondary data for the period of 1986 to 2017.Balance of payment,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness,Real Gross Domestic Product growth,and Term of Trade,all data used were obtained from the World Development Indicators.The findings of this study revealed that an increase in exchange rate,interest rate,inflation rate,and trade openness have negatively affect economic growth.Hence,changes or movements in these variables do not necessarily prompt the liberalization decision in the real sector.Therefore,the need to address balance of payment is important,in accordance with the low rate of development in Nigeria.We therefore,recommend that government should monitor both Fiscal and Monetary policies’variables that can significantly influence economic growth in Nigeria.That is,adequate balance of payment that can encourage appropriate financial liberalization should be put in place with,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness.展开更多
Kalimeris integrifolia Turcz. is a root sucker form perennial herb of Compositae. In die late period of growing season, fresh fleshy radicels grow up above the soil surface to develop root-borne buds, which in turn gr...Kalimeris integrifolia Turcz. is a root sucker form perennial herb of Compositae. In die late period of growing season, fresh fleshy radicels grow up above the soil surface to develop root-borne buds, which in turn grow into ramets and taproot. On the basis of observation on numerous samples, methods to classify the age of ramets and buds for the root sucker herbaceous plant population and to estimate the ages of taproots were established according to their morphology. The age of ramets was classified based on the regeneration times of taproot buds. Ramets developed from new root sucker buds were classified as 1 a. After 1 a ramets died, the ramets reproduced from the taproots were 2 a, and so on. New buds from a root sucker were 0 a buds, other age classes of buds were consistent with that of ramets, i.e. buds produced from taproots of I a ramets were 1 a buds, and so on. In the hay clipping meadows of the Songnen Plains, for K. integrifolia population, there are three age classes of ramets, representing a steady age structure. The maximal age of taproots of ramets is 4 a. Among all age classes, the population productivity of 2 a ramets was the highest, and that of I a ramets was the lowest. The ramet productivity increased with ramet age. During the early period of growing season, the productivity of 3 a ramets was the highest, but after the middle of growing season, I a ramets showed the greatest relative growth rate. The population size and age structure in the next year could be accurately forecasted by the number of fresh roots with budlet and present population in late autumn. The potential population in the bud banks was more than two times of the present population, which may provide sufficient substitution in the future.展开更多
In this study, we investigate the association between financial reporting quality and a firm＇s deviation from its optimal capital structure. We find that a firm＇s deviation from its optimal capital structure is decr...In this study, we investigate the association between financial reporting quality and a firm＇s deviation from its optimal capital structure. We find that a firm＇s deviation from its optimal capital structure is decreasing in financial reporting quality. The results suggest that high-quality financial reporting helps to reduce a firm＇s deviation from its optimal capital structure. In addition, we document that the relationship is intensified in non-SOEs, in which financial reporting quality plays a more crucial role. Furthermore, we find that bank connections diminish the role of financial reporting quality in optimal capital structure. Our results hold when we control for potential endogeneity in financial reporting quality and capital structure decisions. Our study contributes to both financial reporting quality and capital structure literature. We also contribute to the literature on informal contracts in organizational decision-making.展开更多
China’s economy faces the daunting challenge of shifting from a manufacturing-based economy to a services-based economy.Reforms in the services sector are slated to continue to take place in the coming years,includin...China’s economy faces the daunting challenge of shifting from a manufacturing-based economy to a services-based economy.Reforms in the services sector are slated to continue to take place in the coming years,including in the financial sector.In this paper,we explore China’s success and challenges with structural change,then take a closer look at the financial services sector to find out where reforms have occurred,where the potential lies,and what the future will bring.We first describe structural change with regard to growth and TFP,then as it applies to China.We examine China’s financial services sector.Next,we calculate potential GDP of the financial services sector now and with the implementation of expected reforms.We find that,given even conservative estimates,the value added of the financial intermediation sector could double,as labor,capital,technology,and elasticity respond to liberalization policies.Whether potential GDP under reforms is reached is another question;therefore,we recommend that China both increase the pace of implementation,focusing in particular on reducing the oligopoly in the banking sector,increasing investment options by reforming its bond and equity markets,and enhancing innovation in the financial sphere while controlling for risk.展开更多
文摘The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balance of payment,covers the period of 1986-2017.This study adopts econometrics techniques of analysis by using Panel Unit Root Tests and Co-integration analysis which is used to determine the long run relationship among economic variables.To test the co-integration relationship this study followed the system proposed by Pedroni(1991)who expands the Engle and Granger[9]two stage technique to heterogeneous board information structure.The study adopts annual time series secondary data for the period of 1986 to 2017.Balance of payment,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness,Real Gross Domestic Product growth,and Term of Trade,all data used were obtained from the World Development Indicators.The findings of this study revealed that an increase in exchange rate,interest rate,inflation rate,and trade openness have negatively affect economic growth.Hence,changes or movements in these variables do not necessarily prompt the liberalization decision in the real sector.Therefore,the need to address balance of payment is important,in accordance with the low rate of development in Nigeria.We therefore,recommend that government should monitor both Fiscal and Monetary policies’variables that can significantly influence economic growth in Nigeria.That is,adequate balance of payment that can encourage appropriate financial liberalization should be put in place with,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness.
文摘Kalimeris integrifolia Turcz. is a root sucker form perennial herb of Compositae. In die late period of growing season, fresh fleshy radicels grow up above the soil surface to develop root-borne buds, which in turn grow into ramets and taproot. On the basis of observation on numerous samples, methods to classify the age of ramets and buds for the root sucker herbaceous plant population and to estimate the ages of taproots were established according to their morphology. The age of ramets was classified based on the regeneration times of taproot buds. Ramets developed from new root sucker buds were classified as 1 a. After 1 a ramets died, the ramets reproduced from the taproots were 2 a, and so on. New buds from a root sucker were 0 a buds, other age classes of buds were consistent with that of ramets, i.e. buds produced from taproots of I a ramets were 1 a buds, and so on. In the hay clipping meadows of the Songnen Plains, for K. integrifolia population, there are three age classes of ramets, representing a steady age structure. The maximal age of taproots of ramets is 4 a. Among all age classes, the population productivity of 2 a ramets was the highest, and that of I a ramets was the lowest. The ramet productivity increased with ramet age. During the early period of growing season, the productivity of 3 a ramets was the highest, but after the middle of growing season, I a ramets showed the greatest relative growth rate. The population size and age structure in the next year could be accurately forecasted by the number of fresh roots with budlet and present population in late autumn. The potential population in the bud banks was more than two times of the present population, which may provide sufficient substitution in the future.
文摘In this study, we investigate the association between financial reporting quality and a firm＇s deviation from its optimal capital structure. We find that a firm＇s deviation from its optimal capital structure is decreasing in financial reporting quality. The results suggest that high-quality financial reporting helps to reduce a firm＇s deviation from its optimal capital structure. In addition, we document that the relationship is intensified in non-SOEs, in which financial reporting quality plays a more crucial role. Furthermore, we find that bank connections diminish the role of financial reporting quality in optimal capital structure. Our results hold when we control for potential endogeneity in financial reporting quality and capital structure decisions. Our study contributes to both financial reporting quality and capital structure literature. We also contribute to the literature on informal contracts in organizational decision-making.
文摘China’s economy faces the daunting challenge of shifting from a manufacturing-based economy to a services-based economy.Reforms in the services sector are slated to continue to take place in the coming years,including in the financial sector.In this paper,we explore China’s success and challenges with structural change,then take a closer look at the financial services sector to find out where reforms have occurred,where the potential lies,and what the future will bring.We first describe structural change with regard to growth and TFP,then as it applies to China.We examine China’s financial services sector.Next,we calculate potential GDP of the financial services sector now and with the implementation of expected reforms.We find that,given even conservative estimates,the value added of the financial intermediation sector could double,as labor,capital,technology,and elasticity respond to liberalization policies.Whether potential GDP under reforms is reached is another question;therefore,we recommend that China both increase the pace of implementation,focusing in particular on reducing the oligopoly in the banking sector,increasing investment options by reforming its bond and equity markets,and enhancing innovation in the financial sphere while controlling for risk.
