Fiscal Policy and Inflation in Nigeria

This paper empirically examined the impact of fiscal policy on inflation in Nigeria.Time series data on inflation,government revenue,government expenditure,and gross domestic product were sourced from the Central Bank of Nigeria(CBN).The aforementioned secondary data cover the period from 1981 to 2021.The Augmented Dickey Fuller(ADF)unit root test and Johansen co-integration test were used to testing for data stationarity and the existence or otherwise of co-integrating equations respectively.Thereafter,data were analyzed using Ordinary Least Square and Parsimonious Error Correction techniques.Findings from the study show that government expenditure and revenue both have a positive relationship with the rate of inflation,though the latter is not statistically significant.Also,there is a positive but insignificant relationship between inflation and gross domestic product.In line with the above findings,we,therefore,recommend that the Nigerian government at all levels(local,state,and federal)should be tactful in the use of fiscal policy tools to avoid triggering inflationary pressure and its negative multiplier effects on the welfare of its citizenry.

Corporate Board Structure and Corporate Performance:Empirical Analysis of Listed Companies in China

Using cross section data of 3 years 2000,2007,and 2014 for non-financial listed firms in China,this study quantitatively analyzes the relationship between government-affiliated corporate executives and corporate performance.We classify the sample firms into two groups,based on whether their chief executive officers(CEOs)and independent directors are prior government officials or not.Then,we empirically examine the difference in corporate performance between the two groups.We find that the appointment of CEOs and directors of listed companies in China is significantly affected by government shareholders.The results also suggest that prior to 2000 government-affiliated CEOs impaired corporate performance.But with the establishment of State-owned Assets Supervision and Administration Committee and the completion of the Split-Share Structure Reform in 2006,government as a shareholder began to give priority to corporate value maximization,and government-affiliated CEOs began to help improve corporate performance.However,due to the slowdown of economic growth after 2012,problems such as inefficiency and corruption brought by government-affiliated executives manifested again,and therefore,corporate performance deteriorated.Meanwhile,government-affiliated independent directors have limited influence on these factors.