IOSR Journal of Economics and Finance (IOSR-JEF)

Volume 5 - Issue 5

Paper Type : Research Paper
Title : War- to-Peace Transition in the Niger Delta: Is Amnesty Working?
Country : Nigeria
Authors : Osah Goodnews || AMAKIHE, Bartholomew
: 10.9790/5933-0550107     logo

Abstract: Civil disobedience in the Niger Delta region of Nigeria had been a threat to the cooperate existence of Nigeria since the late 1960s and particularly in the early 2000s when several non-state actors became very active in resistance struggles against the Federal Government and multinational oil companies. A lot of peacebuilding programmes had consequently been implemented to curtail activities of militants in the area. The Amnesty Programme been implemented since 2009 for armed militants was the Nigerian Government's strategy to demilitarize the region and integrate ex-agitators into civil life after several years of combat engagement in order to allow for immediate and massive socio-economic reconstruction. The ex-combatants had deposited huge quantity of weapons as sign of peacemaking in that conflict-ridden region of Nigeria which in turn have reduced active and sustained physical combat. The Amnesty and peacebuilding programme ushered a regime of fragile peace, though did not translate into a better life for majority of the region's people for their grievances are still unaddressed. The objective of the work is to discuss the practical implementation of the Amnesty Programme, the challenges encountered, achievements made and areas of weaknesses. Lasting peace remains elusive, as renewed violence has began to cast shadows on the progress on the DDR front, and continue to raise questions on the prospect for sustainability of the tentative peace induced by the Amnesty in the region.

Key Words: Peacebuilding, Amnesty, Conflict, Niger Delta, Transition Word count: 228

[1]. Aaron, K.K. & George D. (2010). Placebo as Medicine: The Poverty of Development Intervention and Conflict Resolution Strategies in the Niger Delta region of Nigeria. Port Harcourt: Kemuela Publications
[2]. Adekanye, J. B (1984). "Politics in a Post-Military State in Africa," Il Politico (Pavia, Italy), XLIX (1), pp 25-60. An abbreviated version of article appeared in Christopher Clapham & George Phillip (eds.) The Political Dilemmas of Military Regimes, London, Croom Helm, 1985: 64-94.
[3]. Adekanye 1999
[4]. Adekanye, J. B. (2001). From Violence to Politics: Key Issues Internationally, Being the Text of Invited Keynote Address Presented at the Ethnic Studies Network (ESN) International Conference hosted by INCORE, University of Ulster at


Paper Type : Research Paper
Title : Interrogating Concession, Trust and Forgiveness in Saare/Tsaragi, Peace Building, Nigeria: Implication for Conflict Management in Africa.
Country : Nigeria
Authors : Alao, David Oladimeji Ph.D.
: 10.9790/5933-0550815     logo

Abstract: Violent conflicts remain problematic globally. Saare/ Tsaragi communities, Kwara State, Nigeria cohabited peacefully from about 1808 till 2000 and by 2008 had witnessed three violent conflicts due to boundary issues. The study examined the relevance of forgiveness, concession and trust in peace building. A descriptive that adopted qualitative methods combining primary and secondary data sources while purposive sampling method was used to select 400 respondents from the two communities. It found that 77% suffered injury, 74.5 percent of the respondents were willing to forgive, 83.3 percent were ready for concession, while 32 percent agreed to trusting the opposing party. The study in addition found that government lacked the political will to transform the conflict and concluded that the issues of the conflicts were not beyond resolution but trust building constituted the greatest challenge. The study recommended depoliticization strategy combined with integrative negotiation by the two communities in areas of granting concession. In addition, the government must develop strong political will to monitor early warning signals, remain neutral and support the community initiatives through peace education, economic and social supports in order to enhance trusting relations. The implication for other conflicting societies is that attention by peace agents should equally be focused on social and structural peace building than concentration on political peace building. Key words: Conflict, forgiveness, concession, trust, negotiation, Peace, social and structural peace building . 213 words

Key words: Conflict, forgiveness, concession, trust, negotiation and Peace. 230 words

[1]. Adekanye, J. B (2006). The Art and Science of Negotiation. A paper presented a Seminar on ECOWAS and Economic Partnership Agreement Negotiation with EU, Organized by the Policy Analysis and Strategic Planning Unit, ECOWAS Executive Secretariat, Abuja, July 20.
[2]. Alao, D. (2012). An Assessment of Ethno-Communal conflicts in Saare/Tsaragi Communities of Kwara State, Nigeria. An Unpublished Ph.D. Thesis. Ilishan, Babcock University.
[3]. Akpuru-aja, A. (2007). Basic Cocncepts. Issues and Strategies of Peace and Conflict Resolution. Enugu: Keny &Brothers Ent. (NIG).
[4]. Albert, I. O. (2005). eds. Perspectives on Peace and Conflict in Africa. Ibadan :Archers Press.
[5]. Anifowose, R. (2006).Challenges of Sustainable Democracy in Nigeria, Ibadan: JohnArchers Publishers.
[6]. Augsburger, D (1981). Caring Enough Not to Forgive. Scottsdale, AZ: Herald. Bawer, B. (2007) "The Peace Racket". City Journal, Summer. Retrieved From http://www.cityjournal.org/html/17_3_peace-racket_html.


Paper Type : Research Paper
Title : A review of the Management Accountant's Role in the effective utilization of organization's resources: Implication for developing countries.
Country : Nigeria
Authors : Alao, Esther Monisola
: 10.9790/5933-0551622     logo

Abstract: Good management accounting involves a responsibility to manage mind-provoking information and issues that influence decision making in the organization. The competitive world of business requires proactive management accountants whose roles conform to the current shifts in the field. Where this function is wholeheartedly executed to secure and utilise resources, the organization's interest is duly protected such that the business life is prolonged. The study is descriptive using secondary data to reveal the important role of the management accountant as germane to effective utilization of firm's resources in order to enhance the business-life of the organization. Findings of the study revealed the lumping of the job description of the management accountant with that of the financial accountant, a contrast to current shift in management accounting functions. The study recommends that management accountants should be current with new approaches to executing the salient function that is now premised on resourceful management which enhances decision making, value creation and overall attainment of organization goal. Consideration should be given to specifying the job-schedule and requirements for the management accounting profession different from current practice wherein financial accountant and management accountants' duties are lumped. In the light of this, developing countries require a proactive and result-oriented management of the meagre resources by the firms' management accountants.

Key Words: Management Accounting, Decision Making, Resourceful-result-oriented management, Value Creator.

[1]. ACCA (2010). Driving SME growth through an evolving finance function. http://www.accaglobal.com/accountants_business
[2]. Alao, E. M. (2013). Appraisal of resources management in National poverty eradication programme (NAPEP). A PhD thesis. Burns & Scapens (2010).Conceptualizing management accounting change: An Institutional framework. Management accounting research, 11(1), 58-69
[3]. Burns J.& Vaivio J. (2001).Management Accounting change. Management Accounting Research Journal 12(4), 389-402
[4]. Caralli R., Allen J., Curtis P., White D. & Young L. (2010), Financial resource management. Http://www.cert.org.resilience
[5]. Diamond J. & Khemani P. (2005). Introducing Financial Management Information Systems in Developing Countries. An IMF working Paper on Financial Management
[6]. Giglia M & Pray, J. (2008). Modern project management. Lagos: PMI


Paper Type : Research Paper
Title : Foreign Direct Investment as Alternative Financial Measure for Africa Development: A Case of Nigeria
Country : Nigeria
Authors : Osundina, Sunkanmi , Osundina, Olawumi , Osundina, Kemisolai , Osah, Goodnews
: 10.9790/5933-0552329     logo

Abstract: The growing recognition of Foreign Direct Investment (FDI) as an instrument of economic development has reached a high pitch. This is because many countries and especially developing countries see FDI as an alternative financial measure to fill revenue-generation gap of government in achieving economic development. This paper provides a content review analysis of the foreign direct investment development in Africa with particular reference to Nigeria. The findings of this review suggested that the degree to which foreign direct investment helps or hurts a developing country will be heavily influenced by the policy choice of the host country. Therefore, it is recommended that for Nigeria to attract the desired level of FDI, it must have strong based institutions that promote justice, adherence to regulatory framework, and safe haven for congenial business environment. There must be political stability to encourage inflow of capital flight in diaspora and concerted effort to develop infrastructure.

Key words: Foreign Direct Investment, Economic Development, Policy-based, Nigeria

[1]. Adegbite E. and Ayadi F. (2010) "The Role of FDI in Economic Development: A Study of Nigeria." World Journal of Entrepreneurship, Management and Sustainable Development. Vol.6 No 1/2[Internet] Available from www.worldsustainable.org
[2]. Akinlo, A.E. (2004) "Foreign direct investment and growth in Nigeria: An empirical investigation". Journal of Policy Modeling, 26: 627-39.
[3]. Alfaro, L., C. Areadam, K. O, Sebrem, S. Sellin (2006) "How Does Foreign Direct Investment Promote Economic Growth?" Exploring the Effects of Financial Markets on Linkages. NBER working paper No 12522.
[4]. Aluko, S. A. (1961) "Financing economic development in Nigeria" The Nigerian Journal of Economic and Social Studies, 3(1): 39-67.
[5]. Ayanwale, A.B and Bamire A.S (2001) "The Influence of FDI on Firm Level Productivity of Nigeria's Agro/Agro-Allied Sector. Final Report Presented to the African Economic Research Consortium, Nairobi


Paper Type : Research Paper
Title : Contribution of Rainwater Harvesting in Agriculture of Gujarat: A Case Study of Ahmadabad District
Country : India
Authors : Nilu Khan
: 10.9790/5933-0553036     logo

Abstract: Rainwater harvesting (RH) is a new technique to conserve water and later use them in irrigation and other purposes due to growing urbanization and increasing population. Popularizing this technique in Gujarat, the credit goes to the Saurashtra Lok Manch Trust (an NGO) which works, studied the system and prepared the literature to educate farmers and other people that how to conserve water. The discharge of water from Sardar Sarovar reservoir through canals in recent years has boosted the agricultural production in a few districts of south (Bharuch, Baroda and Narmada) and north Gujarat (Ahmadabad and Gandhinagar). Now-a-days water harvesting system has been installed in most states of India because there are many benefits of adopting it such as increase in water availability, checks the declining water table, avoids flooding, improves the quality of groundwater through the dilution of fluoride and prevents soil erosion etc. Therefore, this study is focused on the contribution and role of RH in Gujarat Agricultural (by showing improvement in land productivity and increase in crop production). The data for the study is collected by conducting the primary survey through using the schedule technique and focused group discussions. On the other hand, the data is also collected from the secondary sources like official website, books, research papers, journals etc.
Keywords: Drought, Water Scarcity, Irrigation Facility, Check Dam, Agricultural Production

[1] Meghashyam. K, Rainwater Harvesting- A New Concept to Utilize Rainwater and Secure the Future (J.M. Jaina & Brothers: Delhi, 2006).
[2] Jeet. Inder, Rainwater Harvesting (Mittal Publication: New Delhi, 2009).
[3] Allan, J.A. & Mallat, C, Water in the Middle East: Legal, Political and Commercial Implications (British Academy Press; London, 1995).
[4] S, Patel. A & L, Shah. D, Water Management- Conservation, Harvesting and Artificial Recharge', New Age International Publishers: New Delhi, 2009).

[5] A Water Harvesting Manual for Urban Areas- Case Studies from Delhi (CSE Publication: New Delhi, 2012).

[6] Average annual rainfall of the states of India (2013), www.rainwaterharvesting.org/urban/rainfall.htm, Accessed on 26/7/2012.


Paper Type : Research Paper
Title : Literacy Scenerio in Andhra Pradesh in a Decade
Country : India
Authors : V. Jagannatham , Prof. P. Ramappa
: 10.9790/5933-0553739     logo

Abstract: Literacy rate is one of the important social characteristics. The diversity in literacy rate among the districts in the state is extraordinary. Further, it varies considerably changes in number of schools, enrolment and dropout rate, and numbers of teachers, etc., the number of schools enrolment ratio, number of teachers, and dropout rate are differ among districts of Andhra Pradesh over a period of time. However the present study is confines to Andhra Pradesh state only, because as there are large number of districts. Therefore analysis of trends and patterns of literacy, and related points are given in-depth knowledge, which is grater useful for planners and policy makers. Hence in this context an attempt is made in this paper to study the literacy levels by analyzing the data available in the censuses and information on DISE details. Literacy and education are reasonably good indicators of development in society. According to Human Development Report (2006) "literacy is a person's first step in learning and knowledge building.'' Literacy as a prerequisite to education is an instrument of empowerment. It is an essential quality of civilization such as modernization, urbanization industrialization, communication and commerce. It also forms an important input in the overall development of individuals enabling them to comprehend their social, political and cultural environment in a better way. Higher level of education and literacy lead to a greater awareness, communication and also contribute in improvement of economic conditions

[1]. Selected Educational Statistics 2003 and 2013 Andhra Pradesh and DISE details.
[2]. Flash Statistics 2013-14 on Primary Education 2013-14
[3]. Southern Economist (2009, May 1st)
[4]. Front line, April, 13-25, 1991


Paper Type : Research Paper
Title : Reflection of Swami Vivekananda‟s Views on Women Education in Current Scenario
Country : India
Authors : Lata Singh
: 10.9790/5933-0554044     logo

Abstract: Swami Vivekananda (1863-1902), a great philosopher, thinker and reformer of India, defines education as the manifestation of perfection already in men .To Vivekananda, education was not only collection of information, but something more meaningful; he felt education should be man-making, life giving and character-building. He states it emphatically that if society is to be reformed, education has to reach everyone-high and low, because individuals are the constituents of society. He was also emphatic that women must be educated, for he believed that it is the women who mould the next generation, and hence, the destiny of the country. In Vivekananda educational scheme for India, the upliftment of women and the masses received the highest priority.

[1]. P.Nithiya (2012), ‗Swami Vivekananda's Views on Philosophy of Education', Asian Journal of Multidimensional Research, Vol.1 Issue 6, November 2012,ISSN 2278-4853.
[2]. Dr. Sudipa Dutta Roy (2001),' Education In The Vision of Swami Vivekananda'
[3]. Dr. Jitendra Kumar & Ms. Sangeeta (2013), ‗Status of Women Education in India', Educationia Confab, Vol.2, No. 4, April 2013, ISSN: 2320-009X.
[4]. R.K. Rao (2004), ‗Women and Education', Kalpaz Publication, Delhi.
[5]. G.Sandhya Rani(2010),'Women's Education in India – An Analysis', Asia-Pacific Journal of Social Sciences, ISSN 0975-5942 Vol.II(1),Jan-June 2010,pp 106-124.


Paper Type : Research Paper
Title : Financial Derivatives in India: A Case of National Stock Exchange India
Country : India
Authors : Sachita Yadav
: 10.9790/5933-0554552     logo

Abstract: Financial market is a place which provides a place for investment and helps in enhancing the income in terms of return. The main aim of financial market is to create cash flow in the market, so that individuals can take investment decision without any fear. Every investor would like to get required rate of return with minimum risk. To attain the objective of high return with minimum risk, various instruments, practices and strategies have been devised and developed in the recent past. After privatization and globalization financial market has entered into a new phase of global integration and liberalization. On the one hand integration of the Indian capital market with global market open the boundaries for investment to everyone, which also helps in increasing the cash flow, on the other hand there has increased in financial risk as the frequent changes in the interest rates, currency exchange rate and stock prices. To overcome from the increased financial risk a risk minimizing tool were launched by NSE during the year 2001, and that tool was Derivatives. This study helps in analyzing the facts behind launching of financial derivative by NSE India and how derivatives help in the growth of share market in India. The case will cover introduction, contextual note, various arguments and the results, remaining problems and new ingenuities regarding financial derivatives of NSE India.

Key Words: Financial Market, Return, Risk, Globalization, Privatization, Derivatives

[1]. R. H. Patil, "Current state of the Indian Capital Market". Economic & Political Weekly, 18 March 2006, Vol - XLI No. 11, Banking & Finance.
[2]. Peter Koslowski, The Ethics of Banking: Conclusions from the Financial Crisis, pg. 85, Springer Science & Business Media, 20-Apr-2011 - Business & Economics.
[3]. Fact Book, June 2012, India The Incredible Investment Destination, Department of Economics Affairs, Ministry of Finance, Government of India.
[4]. John C.Hull, 2009, Option, futures, and other derivatives, Seventh Edition Pearson Prentice Hall, Pg. 40. [5]. Jayanath Rama Verma, 2008, , Derivatives and Risk Management, Tata Mcgraw Hill, p.1.9).


Paper Type : Research Paper
Title : Impact of Growth on Factor Endowment and Structure of India's Trade
Country : India
Authors : Shri Prakash , Sonia Anand
: 10.9790/5933-0555366     logo

Abstract: The paper aims at empirically validating the inter relations between changing factor endowment, structure of trade and Indian economy. Heckscher-Ohlin theory of international trade envisages that a country specialises in the production and export of such goods as conform to its factor endowment. It generally imports goods, the production of which does not conform to its factor endowment. The theory, like the classical comparative cost theory, uses static analytical framework. Among others, an assumption of the theory is that the factor endowment does not change, and therefore, the pattern and composition of its trade remains stable. Classical and neo classical theories also assumed that such factors of production as land, labour and capital are immobile between countries but mobile within countries. Goods are, however, assumed to be totally mobile both within and between countries. An implication of the assumption is that the relative supply of labour and capital cannot be altered by imports and exports of these factors. This assumption also implicitly rules out the pattern of growth to alter factor endowment of the economy.

Keywords: Heckscher-Ohlin Theorem, Factor endowment, Indian exports, Labour Capital ratio

[1]. Bhardwaj, R.N. and Bhagwati, J.N. (1969), Human Capital and The Pattern of Foreign Trade: The Indian Case", Economic Analysis in Input Output Framework, Vol.II, Gokhale Institute, Pune.
[2]. Mathur, P.N. (1962), "Two Concepts of Capital", Artha Vijnana, Gokhale Institute, Pune.
[3]. Bhardwaj, R.N. (1962), "Factor Proportion and Structure of Indo US Trade", Indian Economic Journal, Vol 10
[4]. Bhardwaj, R.N. (1962), "The Structural Basis of India‟s Foreign Trade", University of Bombay
[5]. Minhas, B.S. , Chenery H.B., Arrow K.J., Solow R.M., (1961), "Capital Labour Substitution and Economic Efficiency", The Review of Economics and Statistics, Vol. 43
[6]. Dasgupta, P, Ghosh, A, Chakraborty D , "Determinants of India‟s Foreign Trade During Reforms", presented at 19th Input output conference


Paper Type : Research Paper
Title : Input Use and Cost of Cultivation of Sugarcane – A Study in Telangana Region of Andhra Pradesh
Country : India
Authors : Dr. Ankasala Samba Siva Rao
: 10.9790/5933-0556774     logo

Abstract: Sugarcane Is An Important Commercial Crop Of The World And More Than 100 Countries Produce Sugar, At Present Brazil, Cuba, Mexico And Thailand Are The Leading Producers Of Cane Sugar, 78 Per Cent Of Which Is Made From Sugarcane, Grown Primarily In The Tropical And Sub-Tropical Zones Of The Southern Hemisphere. Currently 69 Per Cent Of The World's Sugar Is Consumed In The Country Of Region. Globally, Sugarcane Is Cultivated Over An Area Of 20.10 Million Hectares With A Production Of 1,318.10 Million Tones And Productivity Of 65.5 Tones Per Hectare. Sugarcane Area And Productivity Differ Widely From Country To Country. Brazil Has The Highest Area (5.34 Million Hectares) While Australia Has The Highest Productivity (85.1 Tones Per Hectare)1

[1]. Dutt And Kpm Sundaram Indian Economy(2005), Chand Company
[2]. K. Madhavarao Ph.D Thesis Of Kakatiya University Warangal 2006. Pp 12 – 18
[3]. R. L. Yadav And R. S. Vema "Cane Sugar Production" Yojana Septmber 2006, Pp 53
[4]. Isma (2013) Indian Sugar Industry
[5]. Sugar India Yearbook – 2013 Sisma
[6]. R. L. Yadav And R. S. Vema "Cane Sugar Production" Yojana Septmber 2006, Pp 53
[7]. R. L. Yadav And R. S. Vema Ibid., P.53.


Paper Type : Research Paper
Title : Feasibility Of FDI In Retail Trade In District Darrang, Assam
Country : India
Authors : Abdul Aziz.
: 10.9790/5933-0557589     logo

Abstract: India has now become a prestigious member of the Global Village. Restrictions are reduced from borrowing foreign capitals for the development of its small as well as large-scale industrial sectors viewing employment opportunities, rehabilitation of infrastructure and logistics corresponding with developed countries. India being a developing country, Foreign Direct Investment becomes a vital economic reliability for its future growth because of its several economic problems. The Indian people are also fighting with the poverty alleviation, improvement of living standard, increasing employment, savings and modernization of agriculture and socio economic conditions through their industrial activities. The width of this study will be confined to the retail sectors of district Darrang, a belonging agriculture based district of Assam. The people of this district are very hard working and capital deficiency is the main problem with them. They do not have projected amount to run their retailing, traditional methodologies govern their business activities. Foreign capital is magnetized for the growth of the district's total economic infrastructure; like, electrification, roadways, permanent market sheds, construction of warehouses and cold-storage for the agrarians etc. They handle businesses range between hawkers to dealers in the unorganized retail sectors. Wastages are their regular expenditures due to prevail of rule of thumb practices. On the other hand, since the liberalization of Indian economy in 1991, many foreign Companies are also waiting to invest in Indian retail markets. GoI has also undertaken many reforms and liberalized the retail sectors; thereby attracting significant foreign investments to bring the new challenges and opportunities expecting sustained growth in the retail sectors.

Key Words: FDI, Retail Sector, Economic Development

[1]. Economic Development Problems, Principle & Policies; Benjamin Higgins.
[2]. Darrang District Survey Report( Census 2011)
[3]. Documents on North East India, An Exhaustive Survey, Vol-5. S.K.Sharma / Usha Sharma..
[4]. International Trade, Vishal Kumar.
[5]. Decentralization Transparency Social Capital and Development; Md. Nazrul Islam.
[6]. Economic Development of Assam Problems and Prospects Dr. Prasen Daimari.


Paper Type : Research Paper
Title : Effect of Financial Management Practices On Profitability Of Matatu Transport Industry In Kenya
Country : Kenya
Authors : Joseph Kimani Mwangi , Dr Robert Otuya , David K. Kamau
: 10.9790/5933-05590100     logo

Abstract: Financial Management Practices Are Vital In Any Investment Opportunity. The Effect Of Financial Management Practices On The Profitability Of Organizations Has Not Been Clearly Understood. This Study Aimed At Assessing The Effect Of Financial Management Practices With Respect To Capital Structure And Cost Of Capital On Profitability And Find Out The Extent Of Its Utilization In The Matatu Industry. The Significance Of The Study Was To Create Awareness To Investors And Help Them In Financial Management Practices, Add To The Existing Knowledge And Help The Government In Policy Formulation. The Survey Research Design Was Employed Where The Respondents Were Selected Through A Stratified Random Sampling. Data Was Analyzed Using Descriptive Statistics, Correlation, Factor Analysis And Regression. Equity Capital Was Preferred While Debt Financing Was Used On A Smaller Scale. The Decision To Use Debt Is Largely Influenced By Its Cost And The Attendant Risk, That Is, The Potential Of Not Covering The Debt From The Cash Flows From Operations. Cost Of Capital And Capital Structure Attributed To 94.1% Of Changes In Profitability In Matatu Industry. The Study Recommends That Matatu Transport Industry Should Seek New Ways For Members To Access Loans At Lower Rates By Entering Into Funding Commitments With The Financial Institutions. Therefore Mechanisms Should Be Put In Place To Ensure Good Financial Management Practices.
Key Words: Financial Management Practices (Cost Of Capital And Capital Structure), Matatu, Equity Capital, Debt Capital And Profitability.

[1] Brigham, E.F; And Ehrhardt, M.C. (2008). Financial Management Theory And Practices; Thomson South Western.

[2] Aduwo, I.G. (1990). The Institutional And Organizational Structure Of Public Road Transport In Kenya. Thesis University Of Nairobi.

[3] Aduwo, G.O. (1994). Urban Transport System. A Case Of The Matatu Mode Of Transport In Nairobi. Thesis University Of Nairobi

[4] Pandey, I.M. (1999). Financial Management, 7th Edition; Vikas Publishing House New Delhi.

[5] Horne, J.V. And Wachowicz J. R (2001). Fundamentals Of Financial Management, Pearson Education Asia.

[6] Pandey, I.M. (2001). Financial Management, 8th Edition; Vikas Publishing House.


Paper Type : Research Paper
Title : Effects of Market Fundamental Variables on Property Prices in Kenya – A Case of Nairobi Residential Property Market
Country : Kenya
Authors : Maurice Ochieng Miregi , Prof. Alamdi Obere
: 10.9790/5933-055101113     logo

Abstract: Property prices in Kenya are high leading to concerns over fundamentally unstable market, a situation with severe financial crisis consequences. The study seek to dispel this fear, using VAR model. Property pricesis the dependent variable while stock prices, interest rate, building cost and inflationare the independent variables. The results showproperty price that is reliant on its lagged values. Inflation and interest rate have insignificant lagged positive and negative effectsproperty prices while neither stock prices nor building cost can explain the prevailing property prices. The findings are consistent with the theories that property investment isa hedge against inflation, property prices are inversely related to interest ratesand inefficiency of the property market as evident in the time lapse required for adjustments.The study implies a fundamentally weak property market, an empirical facts that emulates a price bubble requiring necessary policy steps to supress.

Keywords: Property price, market fundamental variables, interest rate, inflation, stock price, building cost

[1]. Abelson, P., Joyeux, R., Milunovich, G. & Chung, D., 2005. Explaining House Prices in Australia: 1970–2003. The Economic Record, 81(255), pp. 96-103.
[2]. Abraham, J. M. & Hendershott, P. H., 1996. Bubbles in the Metropolitan Housing markets, USA: Fennie Mae Foundation, Journal of Housing Research, Vol 7, Issue 2.
[3]. Apergis, N. & Lambrinidis, L., 2011. More Evidence on the Relationship between the Stock and the Real Estate Market. Journal of Economic Literature, Issue 85.
[4]. Case, B., Wachter, S. M. & Worley, R. B., 2011. Inflation and Real Estate Investments, s.l.: s.n.
[5]. Case, K. E. & Shiller, R. J., 2004. Is there a bubble in the housing market?, Yale University, New Haven, Connecticut: Cowles Foundation.


Paper Type : Research Paper
Title : Budget Tracking As a Strategy for Sustaining the Fight against Corruption in Nigeria
Country : Nigeria
Authors : Dr. Paul Aondona Angahar
: 10.9790/5933-055114117     logo

Abstract: This paper has examined budget tracking as one of the possible strategies for fighting corruption in Nigeria to promote resource management for sustainable development and it is based on a conceptual analysis that is largely dependent on a literature review. Budget tracking, also referred to as resource flow tracking is very important in the management of public funds because the approved financial resources meant for specified programmes normally pass through many stages of government bureaucracy before getting to the ultimate service facilities that are set up to exercise spending power.

[1]. Agere, P. and Mendoza,S.(1999). Planning and Budgeting for efficient Economic Management. A National workshop report Ibadan.NCEMA.pp1-27
[2]. Akpa, A.(2007). Sustained Fight Against Corruption As a Key to Meaning Rural Development in Nigeria. Paper Delivered at a Seminar organized by the Senate Committee on Local Governments, Held at Ibro Hotel, Abuja 5th – 7th May .pp1-13
[3]. Akpa, A.(2009) . Strengthening Budget Tracking by the Legislature as a Response to Global Economic crisis: Adding Value to Good Governance through Oversight Monitoring. Paper Members of The Benue State House of Assembly in collaboration with AL-Cimage Consult Ltd on Budgeting Process, Monitoring and Oversight Functions of the Legislature at Protea Hotels, Abuja, April 1-4.. pp1-12
[4]. Boncondin, E.T.(2007). "Citizen Engagement in Budgeting and Public Accountability" paper presented at the 6th Session of the United Nations Committee of Expert on Public Administration., United Nations HQs, New York. April 10-14, pp1-21


Paper Type : Research Paper
Title : Does Output Gaps Matters for Inflation Forecast in Nigeria?
Country : Nigeria
Authors : Aliyu Alhaji Jibrilla , Haruna Muhammad Dodo
: 10.9790/5933-055118123     logo

Abstract: This paper empirically examines the role of output gaps in determining future inflation rate, and the extent real output deviations will be accounted for by changes in real interest rate in Nigeria. The study revealed that the actual behaviour of the central bank in Nigeria place little importance on deviations of real income relative to inflation changes. Generally, for the case of monetary transmission mechanism effect on the real output, our findings suggest that the behaviour of the monetary policy instruments have no significant effect on the deviations of real economy from its potentials. These findings suggest that monetary policy committee of the central bank should consider strategies that can enhance public confidence and support.

Keywords: monetary policy, output gaps, inflation rate, real interest rate, inflation targeting, central bank

[1] Adeyemi, B. (2011). Bank failure in Nigeria: a consequence of capital inadequacy, lack of transparency and non-performing loans?. Banks and Bank Systems, 6(1), 99-109.

[2] Bernanke, B. S., & Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy. The Journal of Economic Perspectives, 9(4), 27-48.

[3] Bernanke, B. S., & Mishkin, F. S. (1997). Inflation Targeting: A New Framework for Monetary Policy?. The Journal of Economic Perspectives, 11(2), 97-116.

[4] CBN (2008). Statistical Bulletin: Golden jubilee Edition. Central Bank, Abuja, Nigeria.

[5] CBN (2011a). Understanding monetary policy Series No. 1. Central Bank, Abuja, Nigeria.


Paper Type : Research Paper
Title : A Causal Linkage between FDI Inflows with Select Macroeconomic Variables in India – An Econometric Analysis
Country : India
Authors : Gholam Syedain Khan , Papia Mitra
: 10.9790/5933-055124133     logo

Abstract: The paper endeavour to explore the short run and long run causal relationship between select macroeconomic variables (GDP, Exchange Rate & Inflation Rate) and FDI inflows in Indian context by applying Cointegration test followed by Vector autoregression (restricted/unrestricted) model and Granger-causality test. Further, by employing simple regression model, it tries to calculate the exponential growth rate of FDI inflows in India. Eventually, Chow test has been employed to detect the presence of significant structural break in the data series of FDI inflows. However, the results show that there prevails long run equilibrium among the concerned variables. The Granger-causality test results conclude that exchange rate and GDP statistically significantly influence FDI, whereas, inflation rate is insignificant variable to predict FDI inflows. Further, the growth analysis result claims that the total FDI inflows grow exponentially at a rate of 23% per annum. However, as stated by the results of Chow test, 1991-92 (the year of initiation of New Economic Policy in India) is a statistically significant structural break year in the context of FDI inflows in India.

Keywords: FDI, New economic policy, Unit root test, Cointegration test, Vector error correction model, Granger-causality test, Structural break, Chow test.

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Paper Type : Research Paper
Title : Working Capital Management in Government Technical Training Institutions in Kenya
Country : Kenya
Authors : Kung‟u , J. N., Njui , N. W. , Kimani, L. W.
: 10.9790/5933-055134142     logo

Abstract: Technical training in a country plays a strategic role in providing highly skilled artisans, craftsmen, technicians and technologists with the expectation of bringing about economic growth. The study looked at the working capital approaches used by the government technical training institutions in managing their current assets and current liabilities. All the 42 government technical training institutions were taken and the Principals were the respondents. Data was collected by use of questionnaires and were received. The data was analysed using descriptive statistics; graphs charts, percentages, means and standard deviations. The findings of this study suggest that the management of working capital components in government technical training institutions is moderate. The study has identified the factors that influence working capital management, and has also established the extent of application of finance techniques and models in these institutions. The management of working capital in these institutions must not be left to intuition or the rule of the thumb. It should be improved, by having written policies on each of the working capital components, by application of techniques and models which include planning, controlling and monitoring of current assets and current liabilities in order to achieve liquidity. Computerization of key departments will enhance operating and financial efficiencies considering that working capital management depends on quantitative data which must be accurate and timely for proper decision making. The government should continue assisting these public institutions, whose products will be instrumental in achieving the Kenya Vision 2030.
Key Words: (Technical Training Institutions, TVET, Working Capital)

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