This study empirically examined the effect of macroeconomic indicators on economic performance of selected sub Sahara African Countries between 1990 and 2017. The study employed four variables: GDP growth rate, Inflation rate, Monetary policy rate and Exchange rate and panel unit root test using two criteria to test for stationarity, panel cointegration test was also conducted to test for long run cointegration between the variables employed and Generalized Method of Moment method of estimation was employed to check the relationships between the variables. The results of the panel unit root test result from the LLC and IPS methods shows that the order of integrations mixed with some of the variables being stationary at levels (GDPgr and INFL) and first difference (MPR and EXHR) at the same time. The result of Pedroni cointegration test indicated the bivariate long-run cointegration equation between the variables employed. The GMM result revealed that all explanatory variables accounted for 23% variation of Economic performance in SSA. However, the study made the following policy implications: More balanced but flexible approach towards the MPR should be embraced to allow more room for impressive economic growth in these countries. Macroeconomic policy decision is not enough to stimulate growth in the economy of any nation. The interplay of fiscal instruments and monetary instruments backed with political will of the government on genuine implementation of well-thought out programmes can be employed as the antidote to ensure that the macroeconomic objectives are achieved both in the short and long-run.
This study has examined the potential impacts of climate change on Nigerian economic growth using a time series data (1980-2017). In doing so, an econometric model has been constructed based on theoretical and empirical literatures of the climate change economics, then it has employed a growth model adapted from the Solow growth model. The research work found that annual average rainfall has a significant effect on economic growth both short-run and long-run. Also, there is a high degree of positive and significant relationship between carbon emission, foreign direct investment, gross fixed capital formation and economic growth under investigation. The result also revealed that this relationship between climatic factors and economic growth is more noticeable in the long run. In addition, an inverse relationship was found between forest depletion, population growth and economic growth in the long run. Finally, there is unidirectional causality between annual average rainfall and economic growth in Nigeria. It is therefore recommended that the stakeholders and the general public should build green economy that enables sinking carbon and promotes carbon market in the long-run.
This study empirically investigates the effects of macroeconomic disequilibrium on educational development in Nigeria. The study employed time series data between 1980 and 2017. Autoregressive Distributed Lag method of estimation was employed. The result revealed that the variables stationarity test were mixed between the first difference I(I) and level I(0). The cointegration result shows that there exist long run relationship between the variables. The result revealed that Balance of payment, Poverty, Debt rate inflation and unemployment exhibited negative relationship with educational development. The estimation result showed that all explanatory variables account for 88% variation of educational development in Nigeria. It is therefore recommended that government should fast track policies that can stabilize inflation and exchange rate in the country. Also, Policies must be formulated to reduce poverty and unemployment.
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