Interest Rate Pass-Through to Macroeconomic Variables: The Nigerian Experience

The effectiveness of monetary policy depends on the adjustment response of Central Banks short-term interest rate on the real interest rates charged by commercial banks and ultimately on macroeconomic indicators of investment and consumption in the economy. Thus, the extent of interest rate pass-through largely depends on how effective the process of financial intermediation works and to what extent individual bank characteristics influence or hinder a perfect adjustment of product rates based on market conditions. The study examines the speed and completeness of pass-through from policy rates to retail bank rates and the effectiveness of monetary policy stance in influencing macroeconomic policy targets using a co-integration analysis based on Johansen and Juselius maximum likelihood and Engle-Granger two step procedures for the period 1970–2011. The VAR based Error Correction Model (ECM) and the Mean Adjustment Lag (MAL) was used to determine the short run estimates and asymmetric behaviour respectively. The study found an evidence of downward stickiness both in the short-run and long-run policy pass-through to the retail bank rates. In order to ensure robustness of the result, the Impulse Response Function (IRF) and Variance Decomposition (VD) analysis were conducted and similar slow and sluggish pass-through was obtained. The study as well, found pass-through from policy rate to macroeconomic variables to exhibit extremely rigid immediate responses

GPS monitoring of a steel box girder viaduct

Structural performance monitoring of bridges has increased as major infrastructure ages and is required to sustain loads that are significantly greater than those predicted during design. Structural stiffness and/or mass distribution can change over the lifespan of a bridge structure. Resulting changes in profile or resonant frequency provide key indicators of change, and may identify structural defects. Field tests using GPS for monitoring relatively small deformations were carried out on a steel box girder viaduct bridge in the UK. The configuration consisted of five GPS receivers located at key locations on the viaduct and two reference GPS receivers. GPS data was collected at either 10 Hz or 20 Hz and post-processed using proprietary software, along with appropriate filtering and spectral analysis. Three main frequencies were clearly detected by the GPS in the vertical component. A previously reported frequency of approximately 0.56 Hz was identified along with two other frequencies. The peak vertical deflections lie in the range of ± 50 mm, while lateral and longitudinal deflections of much smaller magnitude - in the order of a few mm - are also measured. The use of GPS leads to readily obtained and useful engineering data for continued monitoring of structures

Income Heterogeneity and Environmental Kuznets Curve in Africa

The Environmental Kuznets Curve (EKC) hypothesis asserts that pollution levels rises as a country develops, but reaches a certain threshold where pollution begins to fall with increasing income. In EKC analysis, the relationship between environmental degradation and income is usually expressed as a quadratic function with turning point occurring at a maximum pollution level. This study seeks to examine the pattern and nature of EKC in Africa and major income groups according to World Bank classification comprising low income, lower middle income and upper middle income in Africa. In ensuring the robustness of our study; the paper proceeded by ascertaining the nature of EKC in all fifty-three countries of Africa in order to confirm the results obtained from basic and augmented EKC model. The study could not validate EKC hypothesis in Africa (combined), low income and upper middle income but empirical and analytical evidences supports the existence of EKC in lower middle income countries. Likewise, evidences from the robustness checks confirmed the findings from the basic and augmented EKC model. The study could not attain a reasonable turning point as there are evidences that Africa could be turning on the EKC at lower levels of income. Also, there is need to strengthen institutions in order to enforce policies that prohibits environmental pollution and ensure pro-poor development agenda

Rethinking Regional Energy Policy Do Threats Matter in Supply and Generation Process?

The study investigates potential threats to energy security and sustainable electricity production from a regional perspective, after identifying a host of factors that are likely to affect sustainable energy production and supply using seemingly unrelated regression estimation, which produces efficient estimates. Our results show that energy security which we described as the level of diversification in regional specific energy generating sources is probably being affected by regional specific level of industrialization and domestic energy consumption. Issues of over dependence on specific sources of energy supply (particularly nuclear production sources) were also found to have a negative effect on energy security and probably increase the risk of future failure in energy supply. Energy policy was also found to have a significant effect on energy security. The impacts of various constraints on electricity production were also considered. It was found that many factors affect electricity output production in regions particularly environmental factors that affect consumption and generation

Keyword Index – Volume 65 (2005)

The paper explains the working definition of management, specifically, how it functionally deduces from the managerial performance. It concentrates on the roles of managers as found in the textbook elements, three different authors; Gavetti, Kanter and Mintzberg as well as collaborating conventional literatures. It underscores various terms that have been in use frequently; assessing how they affects corporate outcomes. The methodology is to analyze the three main articles on the role of CEOs and enumerate their functions- the attempt to evaluate few efficient methods to measure an effective enterprise performance

RELATIONSHIP OF DAM MILK OFFTAKE AND LAMB’S STRONGYLE EGG COUNT, HAEMATOLOGICAL, BIOCHEMICAL AND PHYSIOLOGICAL PARAMETERS IN WEST AFRICAN DWARF AND YANKASA SHEEP

Milk offtake of dam, strongyle egg count, haematological, biochemical and physiological parameters of lambs were examined in West African Dwarf and Yankasa sheep. Rectal temperature, pulse rate and respiratory rate were also determined.  The West African Dwarf (WAD) lambs had higher haemoglobin concentration (9.12g/dl), lymphocytes (54.93%), glucose content (48.80mg/l), serum glutamate oxaloacetate transaminase (65.97ul/L), pulse rate (65.90beats/minute) and rectal temperature (38.340C) while the Yankasa lambs had higher packed cell volume (28.93%), white blood cell (15540Cumm3), red blood cell (10.03x106mm), total protein (69.96g/l), serum glutamate pyruvate transaminase (18.12ul/L) and  respiratory rate (38.90breath/minute). The West African Dwarf Dams had higher value of milk offtake and their lambs had lower percentage of strongyle egg count. Milk offtake  was significantly correlated with lamb’s white blood cells (r=0.84) and lymphocytes (r=0.55) in WAD sheep while it was significantly correlated with red blood cells (r=0.65) and neutrophils (-0.61) in Yankasa sheep.  There was a significant but negative correlation between milk offtake of dams and strongyle egg count (r= -0.48) in Yankasa sheep. White blood cell was superior to other blood parameters in estimating milk offtake in WAD sheep. Therefore, the West African Dwarf dams and lambs could be selected for milk production and better future performance because of the lower strongyle burden. High milk producing Yankasa ewes tends to confer immunity against strongyle burden in their lambs.Â

Environmental quality and economic growth in Nigeria: A fractional cointegration analysis

The paper investigates the relationship between environmental quality and economic growth in Nigeria using a fractional cointegration analysis over the period 1970-2011. It seeks to examine the effect of growth on environmental performance by controlling for the role of institutional quality, trade openness and population density. The paper found that early stages of development in Nigeria accentuate the level of environmental degradation. It also finds that weak institutions and unrestricted trade openness increase the extent of environmental degradation due to environmental dumping. Finally, the paper shows that a larger population density enhances the promptness of environmental abatement measures and consciousness for cleaner environment. The study, however, failed to attain a reasonable turning point and hence a non-existence of EKC in Nigeria. The paper recommends the need to restrict the importation of emission intensive products, check the activities of multi-nationals which invest in producing high CO2 emitting goods in LDCs and exports to home countries. Finally, there is need to strengthen institutional quality to ensure adoption of clean technologies as income rises

FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTH IN ECOWAS: A SYSTEM-GMM APPROACH

The paper investigates the relationship between foreign direct investment and economic growth in ECOWAS using the System-GMM panel estimation technique covering the period 1970-2011.The study adopted System-GMM in order to overcome the weaknesses perceived in the empirical works of earlier studies; majority of these studies failed to control for the presumed challenges of endogeneity inherent in the FDI-Growth argument. The study likewise interacted human capital and institutions indicators with other explanatory variables in explaining the variability of FDI. The results of the System-GMM appears contrary to earlier studies, as the contribution of FDI was insignificant and impacts negatively on growth in ECOWAS despite the controlling for the role of human capital and quality of institutions in the model. Following this outcome, policy makers in developing Africa needs to exercise cautions in adopting the recommendation from earlier studies; most of which advocates more openness, human capital development and the strengthening of institutions. This might not be completely helpful considering the pattern of FDI inflow into ECOWAS, which is absolutely resourceseeking. There is need to curtail excessive openness in the extractive industries, encouraging more manufacturing FDI and domestic investment of repatriated capital by ensuring more economic stability and raising domestic interest rate

Deflection and frequency monitoring of the Forth Road Bridge, Scotland, by GPS

Permission is granted by ICE Publishing to print one copy for personal use. Any other use of these PDF files is subject to reprint fees. Copyright © 2012 Thomas Telford Ltd.The use of carrier phase kinematic GPS (global positioning system) has evolved into a reliable technique to measure both the three-dimensional magnitudes and frequencies of movements of structures. Techniques have been developed that tackle errors caused by multipath, tropospheric delay and issues relating to satellite geometry. GPS-derived movements compare well with data from both design predictions and structural models. Results from field trials carried out on the Forth Road Bridge are presented. This paper brings together key results that outline the procedure as well as a series of new data that indicate other potential applications. GPS data were collected continuously over a period of 46 h at a minimum rate of 10 Hz. During the trials wind speed, wind direction, relative humidity and temperature were also recorded. Frequently there was very heavy traffic flow, and at one point a special load (a 100-t lorry) passed over simultaneously to the heavy daytime flow of traffic. Data from a planned load trial during a brief bridge closure are reported and compared with the limited results available from a finite element model. Measured vibration frequencies are also computed from GPS data and compared with those given in the literature. In addition, results indicating the change in structural characteristics are also presented – in particular changes of mass associated with changes in traffic loading are observed. The results show the performance of GPS as it has developed in recent years, and that it can now reliably be used as a significant part of structural health monitoring schemes, giving both the magnitude of quasi-static deflections in known time periods and hence the frequency of dynamic movements of structures.Forth Estuary Transport Authorit

Water-in-Oil-in-Water multiple emulsions of ibuprofen for paediatrics using african walnut seed oil

Many prolonged-release dosage forms have employed multiple emulsions (MEs) systems. Hence, this study formulated water-in-oil-in-water (w/o/w) MEs of ibuprofen using African walnut seed oil (AWSO) for paediatrics use. The MEs were prepared by a two-step emulsification method, using Span 80® and Tween 80® as primary and secondary emulsifiers, respectively. The MEs were evaluated by their physical properties, drug entrapment efficiency, stability and drug release profile. From the study, stable MEs of ibuprofen (100 mg / 5 ml) can be prepared with 25 % w/v Span 80® as the primary emulsifier, and 8, 10 or 12 % w/v Tween 80® as the secondary emulsifier. The optimum ratios of oil to water in the primary emulsion were 1:1 and 3:2, while that of primary emulsion to external aqueous phase were 1:1 and 1:2. The amount of the ibuprofen released from the MEs was ≤ 35.6 % at 5 hours. The study offers ibuprofen emulsions which may require once daily dosing compared to other available paediatric dosage forms of the drug which require three to four times dosing daily. It also provides information on AWSO as a possible drug carrier in the formulation of w/o/w MEs of ibuprofen for paediatrics