Department Of Social Sciences

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Browsing Department Of Social Sciences by Author "Oyelami, L.O"

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  • Item
    Open Access
    Determinants of Financial Inclusion in Sub-Sahara African Countries
    (Covenant Journal of Business & Social Sciences, 2017-12-16) Oyelami, L.O; Saibu, O.M; Adekunle, B.S
    As the exclusion of large percentage of the population has been identified as a major obstacle to inclusive growth and development in developing countries of the world it is against this background this study investigates the determinants of financial inclusion in Sub-Saharan Africa using Panel Autoregressive Distributed Lag (ARDL). The results from the study reveal that financial inclusion in the region is meaningfully influenced by both demand side factors (level of income and literacy) and Supply-side factors (Interest rate and bank innovation proxy by ATM usage). The government in the sub-region should put a policy in place to promote financial literacy and other forms of innovative banking in their respective country as this will go a long way in promoting financial inclusion in the region.
  • Item
    Open Access
    External shocks and macroeconomic responses in Nigeria: A global VAR approach
    (Taylor and Francis, 2016-09-12) Oyelami, L.O; Olomola, P.A.
    This study investigates the macroeconomic responses of the Nigerian economy to external shock between 1986 and 2014. Specifically, we examine the effect of oil price shocks and macroeconomic shocks from developed trading partners on Nigerian macroeconomic performances in order to establish a pattern of reactions to these shocks in the country. We employ global vector autoregression (GVAR) comprising of the US, EU, China, Japan and Nigeria as the reference country. The adoption as of this method of estimation is necessitated by its capability to effectively model complex high-dimensional system and also offers adequate tools to deal with the curse of dimensionality that can arise from a study of this nature. Having critically examined the econometric properties of our GVAR model, the results from our estimation based on impulse response function show that oil price shocks have a direct effect on real gross domestic product and exchange rate in Nigeria but variables like inflation and short-term interest rate do not show immediate response to the shocks. The results also indicate that macroeconomic variables such as short-term interest and inflation show immediate responses to shocks to counterpart variables in developed countries. Based on this, the study concludes that the Nigerian economy is vulnerable to external shocks and such shocks are not limited to oil price shocks. Other forms of shocks such as growth spillover and financial shocks from developed countries are also relevant in shaping macroeconomic performances in Nigeria.