Social Sciences-Scholalry Publications

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Browsing Social Sciences-Scholalry Publications by Subject "ARDL"

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    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.
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    Open Access
    Global Commodity Prices and Stock Market Nexus: Sub-Sahara African Perspectives
    (Acta Universitatis Danubius. Œconomica, 2019-06-12) Oyelami, Lukman O
    Many SSA countries are exports dependent and rely heavily on the global price of their primary commodities to make rational economic decisions. It is against this background this study investigates the level of interdependence between global commodities prices and stock market returns in selected SSA countries. For the purpose of this empirical investigation, two largest stock markets were selected based on market capitalization namely Johannesburg Stock Exchange (JSE) and Nigerian Stock Exchange (NSE). Specifically; we examined the relationship between global commodities prices and Stock market returns and the direction of causality between the variables following Eagle Granger causality procedures. In addition, we determined the effect of global commodities’ prices movement on stock market returns using ARDL estimation technique. The results of our analyses show that there is a significant long-run relationship between global commodities prices and stock market returns. Also, there exists a bi-directional causal relationship between global commodities prices and Stock market returns in the two markets. Furthermore, the results of ARDL estimation reveal that global commodities prices have short-run and long-run effects on stock market returns in the two markets.
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    Open Access
    Macroeconomic implications of trade diversification in Nigeria
    (CBN Journal of Applied Statistics, 2018-06-12) Oyelami, Lukman O; Alege, Philips O
    This study seeks to examine the effects of trade diversification on macroeconomic performance in Nigeria. To achieve this, the study employs bound test of ARDL to determine the existence of cointegration between trade diversification and key macroeconomic variables. We further estimate the short-run and long-run effects of Intensive and Extensive trade diversification on Economic growth and exchange rate movements. The results from bound tests confirm co-integration between trade diversification and economic growth on one hand and trade diversification and exchange rate movements on the other hand. Similarly, the results from our estimations show that trade diversification can propel economic growth in the country. Also, the trade diversification can reduce movements in exchange rate especially extensive diversification thus preventing it from a substantial movement that can derail this important variable from its long-run equilibrium. The study recommends that policymakers should pursue vigorously both intensive and extensive trade diversification to propel economic growth and guarantee a stable exchange rate for the Nigerian currency