Stock Market Development and Economic Growth: Empirical Evidence from Nigeria

Considerable debate exists on how stock exchanges affect economic growth. One line of research argues that stock market development is a positive and significant contributor to growth. On the other hand, other studies show that stock markets negatively affect growth or that they are not relevant contributors to economic growth. This paper seeks to identify the correlation between stock market development and long-run economic growth in Nigeria using the vector error correction modeling. Empirical results suggest that stock market development, as proxied by market capitalization to GDP ratio, does not contribute significantly to long-run economic growth in Nigeria. The implication of this findings is that the Nigerian economy has not gotten to the stage where the stock market can play critical economic development roles. However, efforts must be made to utilize the revenue from crude oil exports for investment in education, health, and capital goods to boost the country’s ailing manufacturing sector for sustainable development and set up robust institutions necessary for financial markets to flourish. JEL Classification: G23, O16 Discipline: Financial Economicshttps://thekeep.eiu.edu/lib_awards_2019_docs/1003/thumbnail.jp

Financial Development in Developing Countries

What are the economic, political, institutional, socio-cultural, and geographical determinants of financial development in developing countries? This paper uses the two-way fixed effects (with clustered standard errors) and annual panel data from 1980 to 2018 for 69 developing countries in sub-Saharan Africa, Middle East and North Africa, East and South Asia, Latin America, and the Caribbean to address this question. The principal component analysis is employed to construct a financial development index based on three financial development indicators. This study builds on previous studies by introducing new potential determinants of financial development, such as the perception of corruption, and by exploring important quadratic and interaction effects. The results show that national income, trade openness, indices of political stability and Polity2 (a democracy score), perception of corruption, the predominant religion in the countries, and geographical factors such as territorial access to the sea explain the differences in the levels of financial development across countries and regions. A rise in national income leads to a higher level of financial development and countries with a high perceived level of corruption have a lower level of financial development. There is strong evidence of threshold effects as trade openness has a diminishing marginal effect on financial development while the auxiliary growth regressions show that financial development has an increasing marginal effect on national income. Of the five regions studied, East and South Asia and sub-Saharan Africa have the highest and lowest levels of financial development, respectively. Also, fuel-exporting countries, least developed countries, and landlocked countries tend to have lower levels of financial development. These results have relevant policy implications for developing countries in their continued efforts to achieve better financial development and ultimately, sustainable economic development

Human immunodeficiency virus infection presenting as a fatal case of Guillain-Barré syndrome on a background of diabetes mellitus

Background: Guillain-Barré syndrome (GBS), a post-infective acute polyneuropathy, which occurs rarely among Africans, has been associated with HIV infection and less commonly with diabetes mellitus. Aim: The article documents a case of GBS occurring on the setting of HIV infection on a background of diabetes mellitus. Findings: A 47 years old man presented with features of inability to walk, “pins and needles” sensation in the lower limbs, progressive lower limb weakness of 3 days duration and later on admission involving the upper limbs and, finally respiratory distress leading to his death on the 3rd day of hospital admission. He had an antecedent history of a diarrheal illness 3 weeks prior to his admission, and was treated at a private hospital without any complication. He was observed to have concomitant HIV infection and diabetes mellitus. He was not previously known to have any of these diseases and initially diagnosed as having acute diabetic neuropathy. Conclusion: GBS can occur in the setting of HIV infection on a background of DM and may be associated with a poor prognosis. There is a need to have a high index of suspicion in making a diagnosis of GBS in diabetic patients when it occurs concomitantly with HIV infection.Key words: HIV, Guillain-Barré Syndrome, diabetes mellitus, paralysis, presenting, progressive weaknes

Effects of Aloe vera on dressing percentage and haemato-biochemidal parameters of broiler chickens

Aim: To evaluate the effects of Aloe vera on dressing percentage and hemato-biochemical parameters of broiler chickens.Materials and Methods: A total of 90 chicks were used in this study. They were randomly allocated into 3 treatment groups.Fresh Aloe vera leaf juice (ALJ) was prepared and administered to the test group T3 at the rate of 20 g/Lin drinking water daily.This study was carried out for 42 days. Dressing percentage and hemato-biochemical parameters were recorded at the end ofexperiment.Results: Group that was given Aloe vera (T3) showed numerically higher dressing percentage as compared to control group(T1) and drug control group (T2). It also showed significantly (P<0.05) higher value of Hb concentration, PCV percentage,total leukocyte count (TLC), blood plasma glucose concentration, and serum calcium level as compared to control and drugcontrol groups. No significant (P>0.05) differences were observed in other parameters among all the treatment groups.Conclusion: Aloe vera has potential to be a growth promoter in broiler chicks and its growth promoting effects are comparableto that of antibiotic growth promoter (AGP)

Financial Development in Developing Countries

What are the economic, political, institutional, socio-cultural, and geographical determinants of financial development in developing countries? This paper uses the two-way fixed effects (with clustered standard errors) and annual panel data from 1980 to 2018 for 69 developing countries in sub-Saharan Africa, Middle East and North Africa, East and South Asia, Latin America, and the Caribbean to address this question. The principal component analysis is employed to construct a financial development index based on three financial development indicators. This study builds on previous studies by introducing new potential determinants of financial development, such as the perception of corruption, and by exploring important quadratic and interaction effects. The results show that national income, trade openness, indices of political stability and Polity2 (a democracy score), perception of corruption, the predominant religion in the countries, and geographical factors such as territorial access to the sea explain the differences in the levels of financial development across countries and regions. A rise in national income leads to a higher level of financial development and countries with a high perceived level of corruption have a lower level of financial development. There is strong evidence of threshold effects as trade openness has a diminishing marginal effect on financial development while the auxiliary growth regressions show that financial development has an increasing marginal effect on national income. Of the five regions studied, East and South Asia and sub-Saharan Africa have the highest and lowest levels of financial development, respectively. Also, fuel-exporting countries, least developed countries, and landlocked countries tend to have lower levels of financial development. These results have relevant policy implications for developing countries in their continued efforts to achieve better financial development and ultimately, sustainable economic development

The current role of fluoropyrimidines in cancer chemotherapy

The main aim of chemotherapy has always been to destroy tumor cells without necessarily affecting the normal cells, hence the need for more directly acting drugs. Fluoropyrimidine are directly acting cells with a great future in chemotherapeutic treatment of various cancers such as breast and gastrointestinal cancers.egységes, osztatlanáltalános orvosango

Stock Market Development and Economic Growth: Empirical Evidence from Nigeria

Considerable debate exists on how stock exchanges affect economic growth. One line of research argues that stock market development is a positive and significant contributor to growth. On the other hand, other studies show that stock markets negatively affect growth or that they are not relevant contributors to economic growth. This paper seeks to identify the correlation between stock market development and long-run economic growth in Nigeria using the vector error correction modeling. Empirical results suggest that stock market development, as proxied by market capitalization to GDP ratio, does not contribute significantly to long-run economic growth in Nigeria. The implication of this findings is that the Nigerian economy has not gotten to the stage where the stock market can play critical economic development roles. However, efforts must be made to utilize the revenue from crude oil exports for investment in education, health, and capital goods to boost the country’s ailing manufacturing sector for sustainable development and set up robust institutions necessary for financial markets to flourish. JEL Classification: G23, O16 Discipline: Financial Economicshttps://thekeep.eiu.edu/lib_awards_2019_docs/1003/thumbnail.jp

Monetary Policy and Domestic Investment in Nigeria: The Role of the Inflation Rate

Economic theory suggests that monetary policy can be used to stabilize an economy. However, the ability of monetary policy targets—interest rates and money supply—to stabilize an economy depends on their ability to achieve price stability. Using data from 1981 to 2018 and applying the vector error correction model, this paper seeks to determine how the changes in the inflation rate affect the ability of monetary policy tools to stabilize the Nigerian economy and stimulate investment. Empirical results suggest that the impact of the interest rates on investment depends on the level of the inflation rate. The size of the effect of interest rates on investment gets weaker as the inflation rate increases suggesting that monetary policy tools, such as the monetary policy rate (MPR), that directly change the interest rates are robust stabilization tools during periods of declining inflation rates but not relevant during periods of rising inflation rates. This is attributable to low bank lending rates. Additionally, the impact of the money supply target on investment does not depend on the level of the inflation rate. This suggests that monetary policy tools, such as open market operations, that directly change the money supply can be relevant stabilization tools during economic booms and recessions. As a result, the Central Bank of Nigeria should work to deepen the scale, capacity, and efficiency of its open market operations by ensuring that most of the people can participate with minimal transaction cost and by making different financial instruments available

Performance of maize intercropped with leguminous browse plant at different rates of lime

No Abstract.Journal of Agriculture and Food Sciences Vol. 2 (1) 2004 pp. 1-