Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD represents the financial market variables and represent individual country effects Empirical Results and Discussion In this section, we present and discuss the results from the empirical estimations. Empirical Results We now present and discuss the output from the empirical estimations. The results are presented in Table 1. Table 1 – Arellano and Bond Results – Dependent Variable Log GDP (1) (2)-Mktcap (3) (4)-Stmkturn (5)-Privcr (6)-M2 1 st Lag of loggdp 0.3111 0.3319 0.2127 0.2048 0.3585 0.3016 (1.79) ( 1.82) ( 1.22) (1.11) (2.16)** (1.67) FPI 0.0021 0.0005 0.0031 0.0036 -0.0060 -0.0002 (0.71) (0.11) (1.15) (0.96) (-1.10) (-0.04) Inflation 0.3266 0.3335 0.4813 0.4876 0.3518 0.3308 (3.20)*** (3.17)*** (3.62)*** (3.47)*** (3.61)*** (3.13)*** Popsize 0.1529 0.1573 -0.3936 -0.4464 0.2462 0.1791 (0.30) (0.30) (-0.61) (-0.62) (0.51) (0.34) Govexp 0.0834 0.0802 0.0816 0.0856 0.0715 0.0809 (2.82)*** (2.59)*** ( 2.44)** ( 2.14)** (2.48)*** (2.59)*** Prieduc -0.0007 -0.0006 -0.0010 -0.0010 -0.0005 -0.0007 (-0.58) (-0.43) (-0.78) (-0.76) (-0.43) (-0.54) Gfcf -0.0765 -0.0534 -0.0309 -0.0331 -0.0243 -0.0743 (-1.17) (-0.67) (-0.47) (-0.48) (-0.35) (-1.09) Gdsgdp 0.2795 0.2575 0.3807 0.3830 0.2438 0.2697 (2.11)** (1.82) (2.72)*** (2.65)*** (1.93) (1.95) Goveff -0.0020 -0.0018 -0.0020 -0.0021 -0.0020 -0.0019 (-1.60) (-1.34) (-1.38) (-1.35) (-1.74) (-1.49) Infras 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 (2.31)** (2.28)** (3.07)*** (2.98) (1.70) (2.27)** Open 0.0096 -0.0001 -0.0753 -0.0690 -0.0300 0.0088 (0.16) (-0.00) (-0.69) (-0.59) (-0.50) (0.14) Kaopen -0.0241 -0.0217 -0.0255 -0.0257 -0.0100 -0.0219 (-1.31) (-1.12) (-1.42) (-1.38) (-0.52) (-1.11) 802
Challenges in the Era of Globalization Edited by Emmanuel Obuah M2 0.0868 0.0993 0.1854 0.1833 0.0602 -0.0255 (0.46) (0.51) (0.95) (0.92) (0.33) (-0.08) Privcr 0.1117 0.0611 0.0651 0.0782 -0.3602 0.1384 (0.96) (0.40) (0.96) (0.81) (-1.22) (1.01) Mktcapgdp -0.0177 -0.1148 -0.0955 -0.0296 (-0.39) (-0.61) (-1.53) (-0.54) Stmkturn -0.0003 0.0005 (-0.44) (0.12) FPI * Finance 0.0041 -0.00004 0.0237 0.0049 (0.53) (-0.20) (1.72) (0.41) Obs 34 34 30 30 34 34 No. of Countries 12 12 12 12 12 12 Wald chi2 1009*** 962*** 801*** 755*** 1137*** 948*** Sargan Test 14.69 13.73 10.66 10.01 13.56 13.65 Sargan p value 0.7419 0.7465 0.7765 0.7612 0.7571 0.7518 Notes: Z values are in parenthesis. ***, **, * indicate significant at 1%, 5%, and 10% respectively. FPI stands for portfolio investment, Popsize stands for population size, Govexp stands for government expenditure, Prieduc stands for primary education, Gfcf stands for gross fixed capital formation, Gdsgdp stands for the gross domestic savings ratio to GDP, Goveff stands for government effectiveness, infras stands for infrastructure proxied by the number of telephone lines per 1000 of the population, Open stands for trade openness, Kaopen is Chinn and Ito’s measure of capital account openness, Privcr stands for private credit, Mktcapgdp is the market capitalization ratio, and Stmkturn represents stock market turnover. Some interesting results emerge from the empirical estimations. We do not find evidence that FPIs contribute to economic growth on the African continent. This result still holds regardless of the information conditioning set that we use as controls for economic growth. Therefore, we find that FPI on its own does not autonomously influence economic growth. These results may be due to the fact that FPI and good financial markets are needed for the growth impact of FPI to be felt. We therefore interacted FPI with financial markets to confirm this hypothesis. Our results suggest that even when interacted with financial markets, FPI does not significantly drive economic growth. One possible explanation for these results is that even though FPI flows have increased, they are not sufficient to independently drive economic growth. Further it seems that African financial markets have not been able to intermediate FPI flows effectively and efficiently. This may account for the joint insignificance of FPI and financial market indicators. The results also suggest that the link between financial markets especially the stock market and the real economy may be weak. This may explain why financial markets are not able to transform the insignificant effect of FPI into growth. We performed several other experiments to explore whether other absorptive capacities are needed for the positive growth impact of FPI to materialize. We do not report these results but they are available upon request. We therefore follow the idea in Durham (2004) and interact FPI with capital account openness and trade openness. We interact FPI with capital account openness since it is reasonable to expect that countries with more open capital accounts will benefit more from FPI flows. However, like Durham (2004) we admit that these concepts are less germane to FPI. Our findings from the empirical estimations 803
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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⎧κ ( ω) − ( 1− p) β ( ω)
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Abstract Marketing Nigerian medicin
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Conclusion Dissatisfied 6 3.4 3.6 7
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Abstract Customer satisfaction with
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Average daily Internet hours z P-va
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Conclusion Challenges in the Era of
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GOVERNMENT MoFED SECTORS Structure
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