Agriculture and Intersectoral Linkages and their Contribution to Nigerian Economic Growth
ONAKOYA,
Adegbemi Babatunde
Issue:
Volume 2, Issue 5, October 2013
Pages:
38-54
Received:
22 August 2013
Published:
30 September 2013
DOI:
10.11648/j.eco.20130205.11
Downloads:
Views:
Abstract: This study investigates the contributions of the agricultural sector to Nigeria's economy by estimating a macroeconometric model which is a system of simultaneous equations that seeks to explain the behaviour of key economic variables at the aggregate level, based on the received theories of economics. Within the context of the inter-linkages of the various sectors of the real economy, the estimates incorporate the linkages among agriculture, manufacturing, oil and gas and the service sectors, especially how the affect of the other sectors influence the growth of agriculture. The findings is that inter sectoral relationships are complicated and multi-directional. The spill-over effects and externalities generated by the interactions and linkages between the different sectors attest to the dynamic nature of the economy. Also, the economic role of the agricultural sector is a one-way path as the flow of capital is mainly towards the industrial, oil and gas and the tertiary services sectors. This study establishes that sectoral linkages are not always beneficial especially between agriculture and the oil sector and recommends the modernization of the industrial and services sectors in order to generate increase in local content value addition to agriculture.
Abstract: This study investigates the contributions of the agricultural sector to Nigeria's economy by estimating a macroeconometric model which is a system of simultaneous equations that seeks to explain the behaviour of key economic variables at the aggregate level, based on the received theories of economics. Within the context of the inter-linkages of th...
Show More
Central Bank Behaviour before and after the Great Recession
Mehdi Monadjemi,
Kyung H. Yoon,
John Lodewijks
Issue:
Volume 2, Issue 5, October 2013
Pages:
55-61
Received:
8 November 2013
Published:
20 November 2013
DOI:
10.11648/j.eco.20130205.12
Downloads:
Views:
Abstract: Before the Global Financial Crisis (GFC) central bank independence was a popular topic among those who favoured price stability. A conservative central banker, without being influenced by the economic policies of the government, can maintain as its primary priority the maintenance of price stability. The response of central bankers to the GFC seems to indicate a very different approach to macroeconomic targeting. In this paper we present empirical results using the Engel Granger cointegration technique for five countries and the results show that persistent cointegration of series from 2000 until 2006-2007 did not continue in the latter part of the sample period. These results are indicative of significant changes in central bank behaviour.
Abstract: Before the Global Financial Crisis (GFC) central bank independence was a popular topic among those who favoured price stability. A conservative central banker, without being influenced by the economic policies of the government, can maintain as its primary priority the maintenance of price stability. The response of central bankers to the GFC see...
Show More
