Department Of Social Sciences

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Browsing Department Of Social Sciences by Author "Yinusa, Dauda O"

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  • Item
    Open Access
    Alternative Payment Systems Implication for Currency Demand and Monetary Policy in Developing Economy: A Case Study of Nigeria
    (International Journal of Humanities and Social Science, 2013-05-16) Oyelami, Lukman O; Yinusa, Dauda O
    This paper investigates the implication of the alternative payment systems on currency demand and monetary policy using monthly data between 2008 and 2010. Vector Error Correction Model (VECM) was used due to endogenous assumption that predicated our model and the co-integrating behavour of variables employed. Previous theoretical and empirical studies on this issue are scarce for developing economies and to best of our knowledge none exists for Nigeria. The empirical results from Impulse-Response reveal that internet payment and mobile money substitute currency while credit card (ATM) and Point of Sale (POS) compliment it. Similarly, Apart from debit card (ATM) and internet payment (WEB) all other payment channels respond negatively to innovation in interest rate throughout the periods including currency. This finding may have serious implication for the conduct of monetary policy especially in developing countries as it alternative payment systems seem to dampen the effectiveness of monetary policy
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    Open Access
    Exchange rate volatility and sectoral analysis of foreign direct investment inflows in Nigeria (1970–2009)
    (Inderscience, 2014-09-20) Oyelami, Lukman O; Yinusa, Dauda O
    This paper investigates the effect of exchange rate volatility on oil and non-oil FDI inflows in Nigeria using vector error correction model (VECM) for the period 1970–2009. Previous theoretical and empirical studies on this issue produced conflicting results. The empirical results from short run dynamics show that bi-directional causal relationship exists between exchange rate volatility and non-oil FDI and no causal relationship exists between exchange rate volatility and oil FDI. But the results from forecast error variance decomposition (FEVD) indicate that there is no significant differential effect of exchange rate volatility on oil and non-oil FDI in Nigeria. This might suggests that there are other variables that drive oil FDI inflows apart from macroeconomic condition in Nigeria