
Anthony Enisan Akinlo- PhD Economics
- Professor at Obafemi Awolowo University
Anthony Enisan Akinlo
- PhD Economics
- Professor at Obafemi Awolowo University
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96
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Introduction
Current institution
Publications
Publications (96)
The study not only examines the impact of foreign direct investment on carbon emissions but also tests the contingency effects of income level on the relationship between them. Employing annual data series from 1980 to 2022 in Nigeria, the study uses dynamic ordinary least squares and Markov-switching techniques to achieve the objectives. The resul...
Over the past few years, the deterioration in income distribution has remained a significant impediment to achieving the Sustainable Development Goal 10 (SDG-10), thereby necessitating a global policy discourse among policymakers and scholars to make collaborative commitments to address income inequality concerns. While there is growing scholarly e...
This paper investigates how institutional environments shape the relation between insurance development and economic growth nexus in a panel of 39 sub-Saharan African countries from 1991 to 2018 using the two-step system Generalised Method of Moment (GMM) estimation technique. The results show that total insurance, life insurance, and non-life insu...
The paper incorporates the world uncertainty index into conventional money demand for Nigeria. Both symmetric and asymmetric effects of world uncertainty index are estimated over the period 1986: Q1–2020: Q4. Results from the linear ARDL estimation reveal that world uncertainty has no significant effect in the short and long-run. However, the asymm...
The paper investigates the asymmetric effects of expected oil wealth on the
demand for money in Nigeria over the period 1986:Q1–2020:Q4, by using linear autoregressive distributed lag (ARDL) and nonlinear ARDL (NARDL) approaches. The linear (ARDL) bounds testing approach shows that expected oil wealth has no significant effect, both in the short an...
The study examines the role of monetary policy in influencing business cycles in Nigeria,
Brazil, and China by estimating a small open sticky-price Dynamic Stochastic General
Equilibrium (DSGE) model. The role of monetary policy is sub-divided into anticipated and unanticipated. Using quarterly data from 1986:1 to 2022:4, results show that monetary...
The contention in the literature is the relative contribution of private and public investment on economic growth and whether the relationship is linear or non-linear. In addition, there is the issue of whether the impact of investment on economic growth changes depending on public and private investment Purpose. The study examines the relationship...
This article examines economic freedom’s impact on quality of life conditional on the political risk factors in Africa over the period 1985–2016, using the Generalised Method of Moments (GMM) estimation technique. The results show that economic freedom has a significant positive effect on the quality of life. However, political risk fundamentals, n...
The study examines the effectiveness of the monetary policy transmission mechanism in Nigeria by estimating a sticky-price DSGE model using the Bayesian estimation approach. This study is important given the implicit inflation targeting framework employed in the implementation of monetary policy in the country. The study employs quarterly data from...
This paper examines the effect of competition on nonperforming loans in the Nigerian banking industry between 2011 and 2018 using the system generalized method of moments. The findings establish the competition-stability hypothesis in the Nigerian context. The interaction between competition and bank size/capitalization has a positive and significa...
Household investment is a significant part of total private investment that has contributed enormously to economic growth in Nigeria. However, little or no attempt has been made to examine its structure. This study, therefore, examines the structure (volume and pattern) of household (banked and unbanked) investment in physical, human capital and fi...
This paper examined the economic consequences of the COVID-19 pandemic on sub-Saharan Africa (SSA) using the historical approach and analysing the policy responses of the region to past crises and their economic consequences. The study employed the manufacturing-value-added share of GDP as a performance indicator. The analysis shows that the wrong...
This paper provides empirical evidence on the relationship between firm size, growth and the profitability of quoted non financial firms in Nigeria. Panel data framework was fitted to the secondary data obtained from one hundred and fifteen (115) companies that have ever been listed on the Nigerian Stock Exchange for the period 1998-2012. This stud...
The article examines the impact of corruption on currency substitution in Nigeria over the 1986–2017 period, using the auto-regressive distributed lag and vector error-correction approaches. The results indicate that corruption and currency substitution are co-integrated. Moreover, corruption promotes currency substitution in the short run, which c...
This paper examines the interactive effect of export promotion policies and agricultural output growth on the poverty level in Nigeria for the period 1980 to 2016 using the Autoregressive Distributed Lag Approach (ARDL) approach. Our results can be summarized as follows. First, the interaction of export promotion and agricultural output growth is a...
The study examines the impact of the misery index on corruption in Nigeria over the period 1980–2018 using the autoregressive distributed lag model. The results confirm the long-run relationship between the misery index and corruption. Misery index increases corruption in both the short and long term, while economic growth reduces corruption in the...
The paper examines the role of institutional quality in the effect of financial globalization on economic growth in sub-Saharan Africa (SSA). The study used a dynamic panel Generalised Method of Moment (GMM) test in estimating the data. The paper finds that financial globalization has a negative and significant impact on economic growth in SSA. The...
Sub-Saharan Africa (SSA) is one of the regions of the world that exhibits high disparities in income distribution. Income inequality has remained ubiquitous and pronounced across countries in the region, with Sub-Saharan Africa ranking closely behind Latin America as the second most unequal region globally. This paper specifically investigates the...
Nigeria is a major oil-producing country but with a low electricity supply; therefore, the country depends mainly on refined petroleum to power economic activities. The paper uses a multi-methodological approach, which includes nonlinear autoregressive distributed lag model, vector error correction modelling, and Hatemi-J causality tests to examine...
This paper empirically investigates the exchange rate volatility-FDI nexus in selected Economic Community of West African Sates (ECOWAS) countries using time series data from 1986-2017. Using
Autoregressive Distributed Lag (ARDL) model and Toda-Yamamoto (1995) causality techniques, the effects of exchange rate volatility on FDI and causality relat...
The paper investigates the impact of fiscal policy channels on selected macroeconomic
variables in Nigeria over the period of 1970-2018. The study employed the Bayesian approach of the Dynamic Stochastic General Equilibrium Model, after examining the prior and posterior mean values on the models specified. The paper established that channels of tra...
This paper examines the asymmetric impact of oil prices on remittance inflows in Nigeria based on annual data over 1981–2018. The study employs the nonlinear autoregressive distributed lag approach, which allows testing the short- and long-run asymmetric response of remittances inflows to positive and negative innovations in oil prices. The results...
Using the dynamic panel threshold model, this work examines the nonlinear relationship between financial development and inequality in Africa. The study introduces a robust measure of financial development into the literature. Using 40 African countries selected from high-income, middle-low and low-income countries, the study tests the new financia...
Using a robust firm-level dataset of 896 firms selected from 27 African countries between 2005 and 2017 and generalized method of moments (GMM) technique, this study investigates the firm-specific, the industry-level and the macroeconomic factors affecting firm profitability in Africa. Unlike existing studies that adopt non-standard measures of fir...
The inward-looking development strategy adopted by the Nigerian government; coupled with economic mismanagement and massive corruption, led to slow economic growth rate and a high level of poverty in the country. To address these problems, the government implemented a number of interventionist policies (poverty alleviation measures). This article e...
The article examines empirically the nexus between working capital and firm's profitability. It applies Vector Autoregressive approach (VAR) to firm level data in Nigeria. In all, sixty-six (66) quoted firms are purposively selected for the study over the period 1999-2007. The VAR approach enables us address the endogeneity problem by allowing the...
This paper examines the role that the level and changes in economic freedom play in promoting quality of life in Africa over the period 1985–2016. It develops a composite index for quality of life to capture the different dimensions of quality of life. Employing the generalised method of moments (GMM) estimation technique, the results indicate a po...
The study examines the effectiveness of the monetary policy transmission mechanism in Nigeria by estimating a sticky-price DSGE model using the Bayesian estimation approach. This study is important given the implicit inflation targeting framework employed in the implementation of monetary policy in the country. The study employs quarterly data from...
The study examines the relationship between external debt and economic growth in Nigeria for the period 1970-2016 using the Markov Regime Switching approach. This approach is adopted because of its various advantages. Firstly, it is more flexible compared with other models. Secondly, it allows the examination of unobservable variables in an observa...
Existing studies have shown that income inequality remains a core determinant of population health. These findings are in line with the Income Inequality-Health Hypothesis (IIHH). However, this assertion remains unclear for Sub-Saharan Africa (SSA), despite the rising trend of income disparity in the region and the vastness of the studies that test...
This paper examines the impact of government export promotion schemes on the growth of agriculture in Nigeria. Employing an ARDL cointegration technique, impulse-response functions and variance decompositions, the results indicate a significant positive impact of the government export promotion schemes on agricultural output growth in the short-and...
This paper examines the cost efficiency of 15 commercial banks in Nigeria in the post-consolidation period
extending from 2006 to 2018. As a first step, efficiency scores are generated using the stochastic frontier
approach. As a second step, the effect of bank size on cost efficiency is examined using the robust standard
errors of Driscoll and Kra...
Sub-Saharan Africa (SSA) ranks as the second most unequal region globally (in terms of income distribution), harboring 10 of the 19 most unequal countries in the world. This paper explores the channels through which income inequality exerts its effects on economic growth in SSA. The study spans the period 1995–2015, focusing on 31 SSA countries. Fi...
The study examined the determinants of financial inclusion in Ondo State, Nigeria, and investigated its impact on poverty in the state. The study used a survey method to obtain primary data by administering questionnaires on 450 adult individuals aged 18 years and above in the 18 local government areas of Ondo State. A multi-stage sampling procedur...
This study examines the effect of anticipated and unanticipated monetary policy shocks on the effectiveness of monetary policy transmission mechanism in Nigeria by estimating a sticky-price dynamic stochastic general equilibrium (DSGE) model using Bayesian estimation approach. Four major transmission channels (exchange rate, interest rate, credit a...
The paper examines the impact of financial integration on economic growth in sub-Saharan Africa (SSA). Using a dynamic panel Generalised Method of Moment (GMM), the paper finds that financial integration had a negative and significant impact on economic growth in SSA. The results also reveal that institutional quality had a negative and significant...
The paper examines the impact of public health expenditure on under-five and infant mortality rates in 10 selected sub-Saharan African countries for the period 2000–2008. The results show that government health expenditure has a positive effect on under-five and infant mortality. However, the results show GDP per capita, health aid, hiv prevalence...
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Abstract
This paper contributes to the literature on the effect of Foreign Direct Investment (FDI) on economic growth by examining the role of financial development as a source of absorptive capacity in the FDI-economic growth relationship in Sub-Saharan Africa (SSA). Using pane...
This paper contributes to the literature on the effect of Foreign Direct Investment (FDI) on economic growth by examining the role of financial development as a source of
absorptive capacity in the FDI-economic growth relationship in Sub-Saharan Africa (SSA). Using panel data econometric techniques and an unbalanced dataset of 1989-
2013, we examin...
Global levels of Foreign Direct Investment (FDI) flows and financial development have increased significantly over the last three decades. This follows the widespread adoption of FDI as a strategy for economic development and significant reduction of government's control of the financial system. While the period has witnessed marginal increases in...
Several studies have analyzed the movement of foreign direct investment in Nigeria using linear approach. In contrast with all existing studies in Nigeria, this paper runs several non linear FDI equations where the main determinants of FDI are determined using Markov- Regime Switching Model (MSMs). The approach enables us to observe structural chan...
The impact of large bulk shareholders on debt financing is far from been conclusive both from developing and developed countries. While some authors reported a negative impact others reported a positive impact, yet others have documented a nonlinear relationship. Most of the studies conducted in the context of Nigeria have largely ignored the role...
The paper investigates the dynamic interactions among the inflow of foreign direct investment, economic growth and environmental quality of the countries in Sub-Saharan Africa (SSA). It seeks to examine the environmental implications of the inflow of foreign direct investment and economic growth of the countries in the sub-region. The dynamic inter...
This article examines the determinants of total factor productivity (TFP) in Nigeria over the period 1970–2009. Using error correction model (ECM), impulse-response functions and variance decompositions, the results show that in the long run, human capital, trade openness and inflation have a significant negative impact on TFP. However, foreign dir...
In recent times, the increases in longevity of sub-Saharan Africans are expected to transform into substantial economic gains. Unfortunately, the rising longevity is accompanied by an increase in the prevalence of diseases. This study, therefore, examined the impact of infectious diseases (HIV and TB) in the relationship between longevity and labou...
This paper examines the dynamic interactions between insurance and economic growth in eight African countries for the period of 1970–2013. Insurance demand is measured by insurance penetration which accounts for income differences across the sample countries. A Bayesian Time Varying Parameter Vector Auto regression (TVP-VAR) model with stochastic v...
This paper investigates the presence or otherwise of fiscal dominance in Nigeria during the period of 1986-2013 using structural VAR analysis. Annual secondary data were used for the study. Data on fiscal deficits and monetary base were obtained from the publication of Central Bank of Nigeria Statistical Bulletin. The results show that shock to fis...
This paper examines the long-run relationship between financial globalization and economic growth in sub-Saharan Africa using panel unit root tests, panel cointegration tests and panel multivariate ECM. The study finds that the variables are stationary at first difference — I(1). Also, the results reveal that all the variables are cointegrated, tha...
The paper analyses the dominant factors influencing bank credit to private sector in Nigeria over the period 1980-2010 using the error correction modeling technique. The results show that broad money, cyclical risk premium and liquidity ratio tend to increase credit to the private sector. However, prime lending rate and reserve ratio lead to a redu...
This paper draws on documentary evidence to examine the various schemes implemented by the Nigerian government through the Central Bank of Nigeria (CBN) to alleviate the challenges of access to finance by small and medium sized enterprises (SMEs) in Nigeria. The authors employ this commentary and inductive argument to evaluate how well the special...
This paper examines whether or not the Economic Community of West African States (ECOWAS), comprising fifteen countries, constitutes an Optimum Currency Area (OCA). The paper uses secondary data obtained from the International Financial Statistics Bulletin, covering the period 1986 to 2003. The Vector Autoregressive (VAR) modelling technique was us...
Nigerian financial system has witnessed significant growth over the years. Thephenomenal growth and high financial depth can be attributed in part to the country’s vastnetwork of financial institutions, including rural finance.Improvements in rural finance notwithstanding, the supply of formal finance appears tobe biased against the rural populatio...
The study determined the degree of
competition in the banking sector between 1990 and 2009 using Panzar and Rosse
(PR) methodology. The data for the study were obtained from the annual reports
and statement of accounts of fifteen commercial banks in Nigeria which were
purposively selected for the study. The data collected were analysed using
dynami...
The paper examines the impact of microfinance on poverty alleviation in Ondo State, Nigeria. The paper is based on a survey of 240 beneficiaries of microcredit loans in Ondo State. The results of the analysis show that most beneficiaries of micro credit loans are educated youth between the age brackets of 18 and 40 years. Many of the beneficiaries...
The paper investigates the long run relationship and causality issues between firm size and profitability in 66 firms in Nigeria by using the panel cointegration method for the period 1999-2007. The empirical results show that there is long run steady-state relationship between firm size and profitability. The short run causal relationship shows th...
The study examined the socio-economic factors influencing the capacity of small and medium enterprise (SMEs) to alleviate poverty in Southwest Nigeria. Primary data were used for this study. The target population was (SMEs) in three states(Lagos, Ogun and Oyo) in the Southwest region of Nigeria. The choice of these three states was based on size an...
This study assesses the importance of oil in the development of the Nigerian economy in a multivariate VAR model over the period 1960-2009. Empirical evidence shows that the five subsectors are cointegrated and that the oil can cause other non oil sectors to grow. However, oil had adverse effect on the manufacturing sector. Granger causality test f...
The study utilised a macro econometric simulation model to investigate the effects of liberalisation policies in the financial sector on capital flight phenomenon in Nigeria. The simulation experiments revealed that an interest rate deregulation policy positively stimulated capital flight and was predominantly inflationary. Relaxations of the requi...
The paper investigates the impact of exchange rate volatility on trade in 40 selected sub-Saharan African countries for the period 1986-2005. The study employs a gravity model with pooled ordinary least square (POLS) allowing for fixed effect and panel Generalized Method of Moments (GMM) techniques. The results of the analysis show that the net eff...
This article analyses the implications of currency substitution and exchange rate volatility for monetary policy in Nigeria. It adopts the unrestricted portfolio balance model of currency substitution, incorporating exchange rate volatility within the framework of the Vector Error Correction (VEC) technique. Results from both impulse response and t...
The paper examines the long run and causal relationship between financial development and economic growth for ten countries in sub-Saharan Africa. Using the vector error correction model (VECM), the study finds that financial development is cointegrated with economic growth in the selected ten countries in sub-Saharan Africa. That is there is a lon...
The paper investigates the causality relationship between energy consumption and economic growth for Nigeria during the period 1980-2006. The results of our estimation show that real gross domestic product (rGDP) and electricity consumption (ele) are cointegrated and there is only unidirectional Granger causality running from electricity consumptio...
The paper examines the long run and causal relationship between stock market development and economic growth for seven countries in sub-Saharan Africa. Using the autoregressive distributed lag (ARDL) bounds test, the study finds that the stock market development is cointegrated with economic growth in Egypt and South Africa. Moreover, this test sug...
This study investigates whether changes in the financial structure or the overall financial systems explain economic growth dynamics in Nigeria using vector error correction model. The result shows that changes in financial structure in Nigeria have no significant consequential effects on its real growth rate. The result shows further that despite...
The article uses a translog cost function to examine the substitution relations among capital, labour and imports. The results show that capital has a substitute relation with domestic labour and import. However, labour and import have complementary relationship. The implication of this finding is that liberalization policies, if pursued vigorously...
The paper examines the causal relationship between energy consumption and economic growth for eleven countries in sub-Saharan Africa. Using the autoregressive distributed lag (ARDL) bounds test, the study finds that energy consumption is cointegrated with economic growth in Cameroon, Cote D'Ivoire, Gambia, Ghana, Senegal, Sudan and Zimbabwe. Moreov...
This paper examines the impact of adjustment programme on manufacturing industries in Nigeria. A survey of 370 manufacturing industries randomly selected was undertaken in several parts of the country. It is found that the adjustment policies had different effects on profits, capacity utilization, sales, exports, employment and production costs in...
This study tests for the existence of currency substitution and attempts to gauge its magnitude in Nigeria. The analysis was based on a multi-perspective unrestricted portfolio balance model. The stock of foreign currency deposits in Nigeria and the ratio of deposits denominated in foreign currency in the domestic banking system to deposits denomin...
Using the ARDL approach combined with CUSUM and CUSUMSQ tests, we examined the cointegrating property and stability of M2 money demand. The results show the M2 is cointegrated with income, interest rate and exchange rate. Moreover, the result revealed somewhat stable relation in particular the CUSUM test.
This study explores the effects of macroeconomic factors on total factor productivity in 34 sub-Saharan African countries for the period 1980-2002. The econometric analysis shows that external debt is negatively and significantly related to total factor productivity. Other factors that have significant negative effect include inflation rate, agricu...
The paper investigates the impact of foreign direct investment (FDI) on economic growth in Nigeria, for the period 1970–2001. The ECM results show that both private capital and lagged foreign capital have small, and not a statistically significant effect, on the economic growth. The results seem to support the argument that extractive FDI might not...
The paper looks at the role of psychological factor(s) in the failure of the adjustment programme in Sub-saharan Africa. The paper argues that the mass retrenchment occasioned by the implementation of the adjustment programme damages the cognitive, motivational and emotional status of workers both retrenched and survivor. The loss in productivity a...
Using descriptive statistics and Vector Autoregressive Model, we investigated the impact of financial sector reforms on the performance of the Nigerian economy. The paper is justified given the need to provide empirical evidence on the effectiveness of financial reform in promoting saving, investment and growth. The paper found that the means of pe...
The paper investigates Wagner’s law, the nexus between government spending and national income in Nigeria over the period 1961-2009 in multivariate framework incorporating population size variable. The results provide support for Wagner’s law in Nigeria. Moreover, there is a long-run relation among real government spending, real GDP and population...
The study examined the determinants of scientific productivity and attitudes of some academics towards patent rights protection in faculties of science and technology at Obafemi Awolowo University, Ile-Ife Nigeria. A total of 53 lecturers from the rank of lecturer II and above completed the questionnaire which was analyzed using econometric methods...