Financial Openness and Capital Market Development: Empirical Review of Selected West African Countries

This study empirically determines the main effects of financial openness on capital market development for a group of West African Countries. The three countries selected - Nigeria, Ghana and Ivory Coast - have the most developed capital markets that could be said to be open and integrated at a reasonable level with external markets. The panel data regression technique was applied to annual data from the respective countries covering the period 1988 to 2010. Moreover, both the Fixed Effects and Random Effects estimations were carried out in the empirical analysis to investigate the relationships. The findings from the study indicate that higher financial openness in the sub-region would enhance the development of domestic capital markets. However, the pattern of foreign capital inflow to a country as well as the structure of external assets and liabilities appears to play a role in explaining the impact of financial openness on domestic capital markets within the West African sub-region. In this study, foreign liabilities that have direct link with domestic capital markets were shown to contribute more to capital market development in the domestic economy. Keywords: Financial openness, capital market development, Panel data, West Afric

Macroeconomic Shocks and Employment in sub-Sharan Africa: Do Labour Market Institutions Matter?

The effects of macroeconomic shocks and labour market institutions on employment in sub-Saharan African countries are examined in this study. Using a sample of 27 SSA countries for the period 2007 to 2018, both linear and interactive relationships are investigated. The results show that labour market institutions (especially in terms of wage flexibility) dampen the effects of shocks on modern employment but amplify the effects of shocks on informal employment in the sampled SSA countries. There is also evidence that shocks themselves (especially those emanating from the external sector) do not matter for a huge proportion of employment changes in SSA countries. Rather, the direct effects of shocks on employment are more profound in the formal sector. The study therefore concludes that reforming the informal sector will help to ensure the effectiveness of labour market institutions in mitigating the negative impacts of external shocks on employment in SSA

The global burden of adolescent and young adult cancer in 2019 : a systematic analysis for the Global Burden of Disease Study 2019

Background In estimating the global burden of cancer, adolescents and young adults with cancer are often overlooked, despite being a distinct subgroup with unique epidemiology, clinical care needs, and societal impact. Comprehensive estimates of the global cancer burden in adolescents and young adults (aged 15-39 years) are lacking. To address this gap, we analysed results from the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2019, with a focus on the outcome of disability-adjusted life-years (DALYs), to inform global cancer control measures in adolescents and young adults. Methods Using the GBD 2019 methodology, international mortality data were collected from vital registration systems, verbal autopsies, and population-based cancer registry inputs modelled with mortality-to-incidence ratios (MIRs). Incidence was computed with mortality estimates and corresponding MIRs. Prevalence estimates were calculated using modelled survival and multiplied by disability weights to obtain years lived with disability (YLDs). Years of life lost (YLLs) were calculated as age-specific cancer deaths multiplied by the standard life expectancy at the age of death. The main outcome was DALYs (the sum of YLLs and YLDs). Estimates were presented globally and by Socio-demographic Index (SDI) quintiles (countries ranked and divided into five equal SDI groups), and all estimates were presented with corresponding 95% uncertainty intervals (UIs). For this analysis, we used the age range of 15-39 years to define adolescents and young adults. Findings There were 1.19 million (95% UI 1.11-1.28) incident cancer cases and 396 000 (370 000-425 000) deaths due to cancer among people aged 15-39 years worldwide in 2019. The highest age-standardised incidence rates occurred in high SDI (59.6 [54.5-65.7] per 100 000 person-years) and high-middle SDI countries (53.2 [48.8-57.9] per 100 000 person-years), while the highest age-standardised mortality rates were in low-middle SDI (14.2 [12.9-15.6] per 100 000 person-years) and middle SDI (13.6 [12.6-14.8] per 100 000 person-years) countries. In 2019, adolescent and young adult cancers contributed 23.5 million (21.9-25.2) DALYs to the global burden of disease, of which 2.7% (1.9-3.6) came from YLDs and 97.3% (96.4-98.1) from YLLs. Cancer was the fourth leading cause of death and tenth leading cause of DALYs in adolescents and young adults globally. Interpretation Adolescent and young adult cancers contributed substantially to the overall adolescent and young adult disease burden globally in 2019. These results provide new insights into the distribution and magnitude of the adolescent and young adult cancer burden around the world. With notable differences observed across SDI settings, these estimates can inform global and country-level cancer control efforts. Copyright (C) 2021 The Author(s). Published by Elsevier Ltd.Peer reviewe

The global burden of cancer attributable to risk factors, 2010-19 : a systematic analysis for the Global Burden of Disease Study 2019

Background Understanding the magnitude of cancer burden attributable to potentially modifiable risk factors is crucial for development of effective prevention and mitigation strategies. We analysed results from the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2019 to inform cancer control planning efforts globally. Methods The GBD 2019 comparative risk assessment framework was used to estimate cancer burden attributable to behavioural, environmental and occupational, and metabolic risk factors. A total of 82 risk-outcome pairs were included on the basis of the World Cancer Research Fund criteria. Estimated cancer deaths and disability-adjusted life-years (DALYs) in 2019 and change in these measures between 2010 and 2019 are presented. Findings Globally, in 2019, the risk factors included in this analysis accounted for 4.45 million (95% uncertainty interval 4.01-4.94) deaths and 105 million (95.0-116) DALYs for both sexes combined, representing 44.4% (41.3-48.4) of all cancer deaths and 42.0% (39.1-45.6) of all DALYs. There were 2.88 million (2.60-3.18) risk-attributable cancer deaths in males (50.6% [47.8-54.1] of all male cancer deaths) and 1.58 million (1.36-1.84) risk-attributable cancer deaths in females (36.3% [32.5-41.3] of all female cancer deaths). The leading risk factors at the most detailed level globally for risk-attributable cancer deaths and DALYs in 2019 for both sexes combined were smoking, followed by alcohol use and high BMI. Risk-attributable cancer burden varied by world region and Socio-demographic Index (SDI), with smoking, unsafe sex, and alcohol use being the three leading risk factors for risk-attributable cancer DALYs in low SDI locations in 2019, whereas DALYs in high SDI locations mirrored the top three global risk factor rankings. From 2010 to 2019, global risk-attributable cancer deaths increased by 20.4% (12.6-28.4) and DALYs by 16.8% (8.8-25.0), with the greatest percentage increase in metabolic risks (34.7% [27.9-42.8] and 33.3% [25.8-42.0]). Interpretation The leading risk factors contributing to global cancer burden in 2019 were behavioural, whereas metabolic risk factors saw the largest increases between 2010 and 2019. Reducing exposure to these modifiable risk factors would decrease cancer mortality and DALY rates worldwide, and policies should be tailored appropriately to local cancer risk factor burden. Copyright (C) 2022 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY 4.0 license.Peer reviewe

The consumption-oriented capital asset pricing model in the Nigerian Stock Exchange

In this study, the Consumption-oriented Capital Asset Pricing Model (CCAPM) is tested for Nigeria by considering returns on investments in the Nigerian Stock Exchange market and other financial assets for the period 1993: Q1 to 2016:Q4. Three tests are conducted. The first test examines forecast performance of excess returns for the selected portfolios in predicting future consumption; the second test estimates the consumption betas for the set of assets using two alternative formulations of the CCAPM; and the third test included consumption growth variable in a multifactor risk analysis to compare with the basic CAPM formulations. The empirical results indicates that while stock returns do not predict future consumption decisions well, both Treasury Bill rates and dividend yield performed well in predicting consumption behaviour. For the consumption beta estimates, CCAPM is found to only be relevant for few portfolios in the stock market, with negative betas for the entire market. Betas for Treasury bill rates and dividend yields however suggest that the assets form strong basis for both current and future consumption decisions. The results also show that the consumption growth factor does not have any significant risk premium for the categories of assets

BUDGET AND POLITICAL INSTITUTIONS AND BUDGETARY PERFORMANCE

In this study, the role of budget and political institutions in promoting the efficiency of the budget process in Nigeria is examined. Efficiency of the budget process is described as budget activities that aid fiscal policy to respond asymmetrically to the business cycle by contracting during booms and expanding during recession. The direct institutions guiding the budget process as well as politically motivated institutional influences are considered in the study in order to show their varied impacts. Descriptive and correlation analyses are employed in describing the relationships using budget data obtained from annual budget reports in Nigeria. The empirical results from the study compare well with both regional and international positions; the budgetary process in Nigeria is fraught with largescale inefficiencies in terms of preparation and allocations. Moreover, budget institutions in Nigeria are shown to be weak in terms of maintaining accelerated processes or efficient resource use. The institutions do not provide the expected formidable guard against inefficiency of budget outcomes in Nigeria. This is largely due to strong influences of political factors in fiscal operation which, in turn, is due to inconsistent oil price development overtime. Thus, more external factors appear to bear in on the budgetary processes in Nigeria. To ensure improved countercyclical fiscal performance based on budgetary provisions therefore, the institutional framework of budget processes has to be strengthened

Decomposing employment growth in selected sub-Saharan African countries: The roles of structural changes and demographic transition

The challenge of employment growth in SSA countries goes beyond economic growthprospects to include structural and demographic dimensions. This study examinesthe relative contributions of structural changes and demographic factors to employ-ment growth for a set of sub-Saharan Africa (SSA) countries using available annualdata from 1970 to 2014. A decomposition approach is employed in the study us-ing the Jobs Generation and Growth (JoGGs) method which generates results thatshow distributive components of employment, productivity and output changes overtime in a system whereby the roles of economic structure and demographic changescould be observed. The study shows that the pattern of structural change in SSAcountries has led to more low-productivity and vulnerable jobs generation. Ris-ing shares of the traditional services sector in the economy has driven a large seg-ment of employment into informal low-wage jobs. Major consequences of the natureof demographic changes in the SSA region are found to include decline in overallemployment rate and large movement of the labour market towards less produc-tive and low-wage employment. Social policies that address population and migra-tion are therefore required to ensure that demographic factors do not further inhibitavailability of productive employment in SSA

GOVERNMENT SPENDING AND INDUSTRIAL DEVELOPMENT IN NIGERIA: A DYNAMIC INVESTIGATION

In this study, the effect of public spending on the industrial sector in Nigeria is examined within a dynamic structure. The goal of the study is to present a position in which industrial production could be enhanced by properly channeling public sector spending. Using data covering the period 1980 to 2013, econometric tools are employed to empirically examine the main effects of some public sector spending factors on industrial development. It is found in the study that that public spending has no significant effect on industrial production in the short run. Moreover, government spending has a relatively weak effect on industrial production even in the long run, suggesting a disconnection between public spending and the real sector of the economy. The proper focus for policymakers bent on improving industrial performance in Nigeria, thus, is on the process of fiscal management restructuring, at least in the medium-term

Business Characteristics, Tax Administration and Tax Compliance by SMEs in Nigeria

This study evaluates the relative impacts of tax administration and business characteristics on the tax compliance behaviour of small scale businesses in Nigeria. The role of tax education as an effective tax administration strategy is also considered. Results show that tax education stimulates small businesses tax compliance behaviour, a result that is robust for both business taxes and personal taxes. It is also found that overall tax administration system in Nigeria does not have significant impact on tax compliance among small businesses in Nigeria due to inefficiencies and corruption in the system. Business ownership structure, registration status, and management qualification/experience are all found to promote tax compliance by small businesses in Nigeria