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Oluwatosin Adeniyi

Oluwatosin Adeniyi

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62
Publications
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Publications

Publications (62)
Article
This study analyses whether Coronavirus health shocks and government responses in terms of lockdown policy and stringency measures impact stock markets in Africa. We found that stock markets appeared to be more negatively responsive to growth in total number of COVID‐19 reported cases than the growth in deaths in the case of Nigeria and South Afric...
Article
The study investigated the empirical relationship between natural resource dependence and tax effort in 28 Sub-Saharan African countries, with data for the period 1996-2016. The findings indicated that in economies with oil rents, less efforts is invested on other non-oil-resource revenues. In these countries, trade openness deteriorates tax revenu...
Article
This paper examined the potential effects of the global Corona Virus (COVID-19) pandemic on the paths of international trade, industrial development and economic globalization on the African continent. Deploying a purely descriptive analytical approach, a number of submissions are made. One, the pandemic significantly disrupted African trade -on bo...
Article
Investigated the impact of crude oil price shocks on the returns and volatility of the Nigerian stock market. Since not all industries are expected to be equally affected by oil price changes, the study was conducted at disaggregate firm level for two sectors namely Banking and Oil &Gas. A bivariate VAR-GARCH model was employed for the daily observ...
Article
Full-text available
This study investigates the validity of the Environmental Kuznets Curve (EKC) hypothesis for carbon emissions (CO 2) in Nigeria for the period 1990 to 2016. The study revisited the Shen (2006) argument of increased explanatory variables in the income-pollution relation. Two additional variables were included: energy demand and the human development...
Chapter
Full-text available
Since the newly emerging COVID-19 broke out in Nigeria in February, 2020, the number of cases has exponentially increased from 1 to 42,208 over six months. As worrisome as this is, the government at all tiers have responded aggressively with measures to 'flatten the curve' of the pandemic. Like other parts of the world, stay-at-home orders have bee...
Article
The persistent debate among policy makers and academics around combating the high rates of poverty and income inequality can be further illuminated by understanding how tourism contributes to inclusive growth, especially in developing economies. Tourism sector can be regarded as one of the key contributors to inclusive growth and where it has the c...
Article
Purpose This paper aims to examine the impact of health and other exogenous shocks on stock markets in Africa. Particularly, the authors examined the resilience of the major stock markets in 12 African economies during the recent global pandemic. Design/methodology/approach This paper uses the recent panel vector autoregressive model, which enable...
Article
Large external debt stock has been identified as one of the most important factors which have restricted the development of many poor countries. The consensus in the literature remains that external debt promotes growth to the extent that a country does not exceed its debt carrying capacity. Otherwise, additional debt accumulation would serve as a...
Conference Paper
This study will carry out a comprehensive and analytical exploration of the relationship between conflict/political instability and economic growth using selected African countries. One key indicator to be explored is investment (both domestic and foreign) which is important to economic growth. As established in the literature, investment plays a p...
Chapter
The tourism sector has been identified as a sector that has the capacity of improving the lives of the poor around the world, including African countries, due to its labour absorbing potential. Infrastructure such as road and air transportations are major catalysts for tourism development. African countries that were settler societies are therefore...
Data
The shared spreadsheet contains the data on variables including gross domestic savings (% of GDP), gross capital formation/gross domestic investment (% of GDP), real GDP growth, foreign remittances inflow (% of GDP), and the three indicators of financial sector development (liquid liabilities, private sector credit and bank deposits, % of GDP) coll...
Preprint
Full-text available
In recent times, increasing attention is being paid to examine the developmental impact of remittances inflow, particularly due to the emergence of remittances as the fastest growing source of capital flows for developing countries. To this end, we contribute to the literature by analyzing the interactive effects of remittances and financial develo...
Article
This study investigates the nexus between domestic resource mobilization using aggregated and disaggregated taxes, and human capital accumulation as measured by the index of human capital and total factor productivity. The study explores panel Autoregressive Distributed Lag. We further explore the linear and nonlinear effects of taxes on human capi...
Article
The crux of the study was to ascertain whether (and to what extent) the different deficit financing options impacted inclusive growth in India and Nigeria. The paper conducted an empirical analysis using data covering the period from 1989 to 2018 using the ARDL model. Some interesting results were obtained. First, foreign aid positively impacted in...
Article
Full-text available
The study models the behaviour of the Central Bank of Nigeria. An extended Taylor's framework that accounted for exchange rate dynamics and political risk factors was adopted. In order to capture both ex-ante and ex-post behaviours of the monetary authority in the country, Markov-Switching Dynamic Regression (MSDR) approach was employed. The period...
Preprint
Purpose Many West African countries face the challenge of growth inclusiveness. The region is also facing challenges of equipping its teeming population with high-quality skills despite many reforms and initiatives introduced in the past. This study, thus, identifies education as a crucial contributory factor to growth inclusiveness in the region....
Article
A negative outcome of the nascent cashless policy in Nigeria has been persistent electronic banking fraud (e-fraud). Fraud occurrence in any financial space indicates insecurity and loopholes being exploited by fraudsters. This underscores the importance of trust governance in electronic banking and its centrality in a transiting cashless economy l...
Preprint
Full-text available
Large external debt stock has been identified as one of the most important factors which have restricted the development of many poor countries. The consensus in the literature remains that external debt promotes growth to the extent that a country does not exceed its debt carrying capacity. Otherwise, additional debt accumulation would serve as a...
Article
Full-text available
In recent times, the economic growth literature is becoming more interested in the macroeconomic impacts of foreign remittances. This focus could be because foreign remittances now constitute the largest source of foreign capital flows for developing countries next to foreign direct investment (FDI). To this end, the present study analyzed the poss...
Article
This study examined the symmetry and asymmetry of the exchange rate-stock price nexus for 54 firms listed on the Nigerian Stock Exchange (NSE). We employed asymmetric Auto Regressive Distributed Lag (ARDL) model proposed for time series, using daily data for the period from December 12, 2001 to December 8, 2017 . For comparative purposes, we also e...
Article
Full-text available
The paper empirically investigated the relationship between remittance flows and output growth volatility for an extensive sample predominated by emerging and developing countries. Following this broad treatment, it goes further to estimate the extent to which the degree of financial development (FD) impacts on the remittances–growth volatility nex...
Article
To achieve the Sustainable Development Goals (SDGs), precisely the one of eradicating extreme poverty at the end of 2030, it is important to understand factors that can reduce poverty. This article examines the effects of tourism development on poverty in Sub-Saharan African countries. Because of the possibility of an endogeneity problem arising...
Article
Policy makers face trade-off in dealing with exchange rate management, monetary independence and concerns about capital mobility simultaneously. This study empirically examines the effects of Nigeria's trilemma policy path on interest rate using data spanning from 1997:Q1 to 2017:Q3. It equally incorporates the role of external reserves in bufferin...
Article
Large external debt stock has been identified as one of the most important factors which have restricted the development of many poor countries. The consensus in the literature remains that external debt promotes growth to the extent that a country does not exceed its debt carrying capacity. Otherwise, additional debt accumulation would serve as a...
Article
Full-text available
This paper empirically analysed the spatial distribution and identified key determinants of foreign direct investments (FDIs) in Nigeria using data on the 36 states and the Federal Capital Territory. Unlike extant studies on FDI, the approach pursued here is not only disaggregated but also spatial to better reflect observed state-level disparities...
Article
Full-text available
In this paper, we utilize a panel of oil dependent economies from 2000 to 2015 and attempt to empirically examine the relationship between crude oil rents and fiscal balance, while controlling for other covariates. Our strategy is to highlight the importance of fiscal rules by using an instrumental variable approach based on Dynamic Panel estimator...
Article
Full-text available
The literature has been awash with alternative explanations for structural and economic transformation in more recent years. Growth drivers are myriad in empirical depictions and enquiries into deeper causal relationships has preoccupied development discourse. Particularly, the contributory role of tourism development in job creation, thereby incre...
Article
Generating massive investment for growth and development has been one of the main policy goals of most economies around the globe. Countries, most especially developing ones, are highly susceptible to investment volatility owing largely to the fragile nature of their economies as well as weaknesses in terms of dysfunctional institutions. Therefore,...
Article
A major downside of the cashless policy introduced by the Central Bank of Nigeria in 2014 is pervasive automated teller machine (ATM) frauds. While fraudsters gain, the life chances of victims are affected. Previous studies in Nigeria had not investigated the effect of ATM frauds on victims’ life chances. Data were generated through in-depth interv...
Article
This article investigated the tourism–terrorism nexus in Nigeria using quarterly time series data within a vector autoregression analytical framework. Unlike extant studies, we gauge the influence of terrorism shocks on the tourism sector specifically on the one hand and broadly the response of some key macroeconomic variables on the other hand. Se...
Article
This paper examined the relationship among tourism, terrorism and broad economic aggregates. We made use of the impulse response and variance decomposition of the Vector Autoregression (VAR) on the Nigerian economy from 1995Q1 to 2012Q4. Besides the appropriate unit root and cointegration properties of the variables, the result revealed, that terro...
Article
The purpose of this paper is to investigate the role of institutions in the financial development-output growth volatility nexus. It provides new channels through which financial development can dampen the output growth volatilities of the countries under investigation. A comprehensive data set for 71 countries covering the period from 1996 to 2012...
Article
Purpose This paper aims to investigate automated teller machine (ATM) fraud in southwest Nigeria, as extant studies have not examined the unintended consequences of ATM subscription particularly the effect of the identity of fraudsters and the strategies for defrauding. Design/methodology/approach Using sequential exploratory strand of mixed met...
Article
The study broke some yet to be explored ground in the literature on the Feldstein-Horioka (FH) puzzle. Precisely, it uncovered the role of institutions (particularly governance) in the saving-investment causal nexus using data on a panel of 37 sub-Saharan Africa countries, over the period spanning 1996 through 2010. Deploying a battery of panel est...
Article
Purpose – The purpose of this paper is to empirically examine the role of institutions on the remittances–output growth volatility relationship. Design/methodology/approach – The data set of this paper is limited to 71 remittances recipient countries. In an attempt to deal with endogeneity issues, the paper adopts the use of system generalised met...
Article
This paper re-examined the relationship between financial development and economic growth in Nigeria. Unlike existing studies, we attempted to assess the information content of non-linearities in the finance–growth nexus for Nigeria. We also attempted to inventively gauge the impact of financial reforms on the Nigerian economy particularly in terms...
Article
This paper examined the relationship between consumption of energy varieties (total, electricity and road transport) and trade (export and import) in selected West African countries. Data spanning 1971 to 2010 was used to estimate vector error correction models (VECM) for 6 countries based on data availability. Empirical analysis showed that there...
Article
This paper reexamined the relationship between oil price shocks and the performance of the Nigerian stock market. Unlike extant attempts, daily data on oil price shocks and stock returns for the period spanning February 2004 to December 2013 was deployed. The results for the benchmark (linear) oil price model showed the impact of oil prices on stoc...
Article
The study analysed the effect of institution on resource curse abundance-economic growth nexus using the system generalised method of moments. The empirical results refute the resource curse hypothesis in Africa. In addition, institutions have dampening effect on the nexus. This stems from the fact that the institutional development level of most A...
Article
The study broadly focused on examining the trade and investment relationship between South Africa and the BRIC, using both descriptive and vector autoregressive estimation approaches. Specifically, the key objective is to investigate the impact of trade shocks between South Africa and the individual countries of the BRIC bloc. The findings illustra...
Article
The central question this paper sought to tackle was " does the quality of institutions matter for the relationship between Foreign Direct Investment (FDI) and economic growth? " Using macroeconomic data on 27 Sub Saharan African (SSA) economies and six distinct measures of governance the fi ndings showed that control of corruption, political stabi...
Article
The influx of massive revenues during periods of abnormally high oil prices creates enormous challenges for policy‐makers in oil‐producing countries. In Nigeria, the prudent utilisation of oil revenues has remained elusive for policy‐makers over time. While the country has earned sizeable oil revenues from its natural endowment, poverty and income...
Article
This paper investigated the energy consumption-financial development linkage for Sub-Saharan Africa (SSA). Annual data for 26 countries spanning the period 1996 to 2009 was used to elicit answers on the questions of interest. This is the first attempt, as far as we are aware, at examining the linkage between shocks to and response of the energy and...
Article
This study investigates the response of trade balance to exchange rate changes in Nigeria. The long-run relationship between these variables is explored using Engel-Granger Two-Stage, Johansen and the Autoregressive Distributed Lag cointegration approaches on a data sample between 1980:Q1 and 2007:Q4. The analyses show that there is only limited ad...
Article
This paper extends previous studies in modeling and estimating energy demand functions for both gasoline and kerosene petroleum products for Nigeria from 1977 to 2008. In contrast to earlier studies on Nigeria and other developing countries, this study specifically tests for the possibility of structural breaks/regime shifts and parameter instabili...
Article
This study queries the oil price-exchange rate linkage in Nigeria deploying data at daily frequency spanning January 2, 2009 to September 28, 2010. Two volatility models – the generalised autoregressive conditional heteroscedasticity (GARCH) and exponential GARCH (EGARCH) – were deployed to estimate the influence of oil price on the nominal exchang...
Article
The present paper examines the causal linkage between foreign direct investment(FDI) and economic growth - in Cote’ d’Ivoire, Gambia, Ghana, Nigeria and Sierra Leone – with financial development accounted for over the period 1970-2005 within a trivariate framework which applies Granger causality tests in a vector error correction(VEC) setting. Thre...
Article
This study examined the influence of financial deepening on manufacturing output in Nigeria, Using the vector autoregression (VAR) based Johansen cointegration technique and an eventual least squares (OLS) estimator on annual data spanning 1970 to 2010. we find insignificant coefficients for credit to the manufacturing sector, banking efficiency an...
Article
The impact of oil price shocks on the economy has occupied the attention of researchers for almost four decades. Majority of studies support the existence of a negative association, while some recent evidences seem to have popularised the view that outcomes are the artefacts of misspecified functional forms. This study, although similar in spirit t...
Article
Full-text available
Energy industry reform has become a global phenomenon. Though the framework varies widely across countries and regions, the international experience has shown that the fundamental objectives of these reforms have been generally similar. Due to its comparative advantage in terms of environmental consideration, natural gas development, especially in...
Article
An attempt is made in this paper to query the existence or otherwise of a J-Curve in four West African Monetary Zone (WAMZ) countries: namely The Gambia, Ghana, Nigeria and Sierra Leone. We use data from 1980Q1 to 2007Q4 and a bounds testing approach, with an autoregressive distributed lag (ARDL) methodology, to cointegration in capturing the impac...
Article
Full-text available
This paper extends previous studies in modeling and estimating demand for gasoline for Nigeria from 1977 to 2008. The ingenious attempt of this study, contrast to earlier studies on Nigeria and other developing countries, lies in its assumption of structural breaks in the long run relationship among the variables employed. The study tests for the p...
Article
Full-text available
This paper examines the long-run and short-run impacts of exchange rate and price changes on trade flows in Nigeria using exports and imports functions. The bounds testing (ARDL) approach to cointegration is applied on a quarterly data from 1980Q1 to 2007Q4. The results indicate that in both the short-run and long-run Nigeria’s trade flows are chie...
Article
Full-text available
This paper examines the elasticities of both export and import models in selected ECOWAS countries employing quarterly series from 1980Q1 to 2007Q4. Specifically, the objective of the paper is grounded in the need to evaluate the relative responsiveness of trade flows to changes in real effective exchange rate and prices among these countries. The...

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