Onanuga Toyin - Profile on Academia.edu (original) (raw)
Papers by Onanuga Toyin
Contemporary Economics, 2021
COVID-19 poses an unprecedented threat to components of global business cycles including stock ma... more COVID-19 poses an unprecedented threat to components of global business cycles including stock markets, industrial production and employment. This study investigated its impact on stock markets of 24 oil producing COVID-19-hit economies in North America, South America, Europe, Asia, Oceania and Africa. It examined the nature of asymmetry in the business cycles of the sampled countries and the impact of COVID-19 on the asymmetry. Switching regression techniques were estimated with data covering the period from October 1, 2019 to April 14, 2020. The results confirmed the presence of negative asymmetry in stock market cycles in 54.2% of the sampled countries, out of which 38.5%, 46.2% and 15.4% are high, middle and low-middle income countries, respectively. This is significantly connected to the COVID-19 pandemic for 29.2% of the sample. The expected duration of being in the state of low stock market performance, due to COVID-19, reduces with levels of countries’ income, if regimes are...
Africa's financial system is strongly bank-based and so this paper investigate whether econom... more Africa's financial system is strongly bank-based and so this paper investigate whether economic growth, financial openness and trade openness contribute to the development of the banking sector in the presence and absence of global financial crisis. The results from PMG/ARDL suggest that banking sector develops independently of economic growth in lower-middle and high income countries while it develops as demand for finance increases in low and upper-middle income countries in Africa. Being cautious of global financial crisis, trade openness is found to be more effective in high and lower-middle income countries, financial openness is more effective in low income countries and neither is more effective in upper-middle income countries. It is also discovered that, in the long run, global financial crisis generally reduce banking sector development in Africa but not in high income countries however the banking sectors of lower-middle and low income countries suffer the most from s...
Uncertainty of stock market price behaviour and monetary policy: Evidence from Nigeria
AESTIMATIO : the IEB International Journal of Finance, 2018
espanolEste articulo trata de encontrar respuestas a la cuestion relativa a como las decisiones d... more espanolEste articulo trata de encontrar respuestas a la cuestion relativa a como las decisiones de politica monetaria se ven afectadas por la incertidumbre sobre los precios de las acciones en el caso nigeriano (1991-2015). Aunque se han llevado a cabo algunos estudios sobre como responde el precio de las acciones a las decisiones de politica monetaria, son muy escasos aquellos centrados en como los precios de los valores, y la incertidumbre sobre los mismos, afecta a las decisiones politica monetaria (especialmente en Nigeria). Para dar respuesta a la anterior cuestion, se utiliza la informacion proporcionada por el Banco Central de Nigeria para llevar a cabo la estimacion de modelos de heteroscedasticidad condicional autorregresiva, realizandose tales estimaciones con el metodo generalizado de los momentos. Los resultados obtenidos ponen de manifiesto que los precios de las acciones, asi como su comportamiento impredecible, influyen significativamente en las decisiones de politica...
Journal of Innovation in Business and Economics, Dec 12, 2019
The need to improve on the use of Fiscal Instruments and engender an improvement in Green Finance... more The need to improve on the use of Fiscal Instruments and engender an improvement in Green Finance remains a challenge in Nigeria. Using the Metcalf's Framework, this paper explains why Carbon Fiscal Instruments are enforced on emitters to check emissions and their level of effectiveness. Furthermore, a comparative analysis of Nigeria's performance with some sub-Saharan African countries using the SDGs Index and Dashboard Indicators Framework was discussed. Finally, after appraising the use of Green Finance as a means of innovative finance, the paper found a dearth of fiscal instruments in Nigeria coupled with a low level of Green Finance opportunities. The paper concludes that Nigeria needs to design and implement an optimal climate change fiscal policy and Green Finance mix for Green growth. We recommend that the government needs to encourage creative and innovative ways of generating funds for Green investments in the private sector.
AESTIMATIO, THE IEB INTERNATIONAL JOURNAL OF FINANCE, 2018
This paper attempts to answer the question of how the uncertainty of stock price behaviour affect... more This paper attempts to answer the question of how the uncertainty of stock price behaviour affected monetary policy decisions in Nigeria during the period 1991Q1-2015Q4. Although studies have been conducted on how the stock market responds to monetary policy decisions there is a paucity of analysis on how stock prices and the uncertainty of stock prices affect monetary policy, especially in Nigeria. Data was obtained from the Central Bank of Nigeria statistical database. Both Generalised Autoregressive Conditional Heteroskedasticity modelling and Generalised Method of Moments estimation were used for analysis. Findings from the regression analysis reveal that stock prices, as well as their unpredictable behaviour, significantly affect monetary policy decisions during the period under study. Another interesting finding is that the pair of the uncertainty of real output and inflation also significantly affected the monetary policy rate and that the monetary authority was more responsive to this pair than that of inflation and stock prices. The recommendation based on our findings is that the Central Bank of Nigeria should incorporate the uncertainty of stock prices into the monetary policy model when determining the policy rate.
Contemporary Economics, 2021
COVID-19 poses an unprecedented threat to components of global business cycles including stock ma... more COVID-19 poses an unprecedented threat to components of global business cycles including stock markets, industrial production and employment. This study investigated its impact on stock markets of 24 oil producing COVID-19-hit economies in North America, South America, Europe, Asia, Oceania and Africa. It examined the nature of asymmetry in the business cycles of the sampled countries and the impact of COVID-19 on the asymmetry. Switching regression techniques were estimated with data covering the period from October 1, 2019 to April 14, 2020. The results confirmed the presence of negative asymmetry in stock market cycles in 54.2% of the sampled countries, out of which 38.5%, 46.2% and 15.4% are high, middle and low-middle income countries, respectively. This is significantly connected to the COVID-19 pandemic for 29.2% of the sample. The expected duration of being in the state of low stock market performance, due to COVID-19, reduces with levels of countries’ income, if regimes are...
Africa's financial system is strongly bank-based and so this paper investigate whether econom... more Africa's financial system is strongly bank-based and so this paper investigate whether economic growth, financial openness and trade openness contribute to the development of the banking sector in the presence and absence of global financial crisis. The results from PMG/ARDL suggest that banking sector develops independently of economic growth in lower-middle and high income countries while it develops as demand for finance increases in low and upper-middle income countries in Africa. Being cautious of global financial crisis, trade openness is found to be more effective in high and lower-middle income countries, financial openness is more effective in low income countries and neither is more effective in upper-middle income countries. It is also discovered that, in the long run, global financial crisis generally reduce banking sector development in Africa but not in high income countries however the banking sectors of lower-middle and low income countries suffer the most from s...
Uncertainty of stock market price behaviour and monetary policy: Evidence from Nigeria
AESTIMATIO : the IEB International Journal of Finance, 2018
espanolEste articulo trata de encontrar respuestas a la cuestion relativa a como las decisiones d... more espanolEste articulo trata de encontrar respuestas a la cuestion relativa a como las decisiones de politica monetaria se ven afectadas por la incertidumbre sobre los precios de las acciones en el caso nigeriano (1991-2015). Aunque se han llevado a cabo algunos estudios sobre como responde el precio de las acciones a las decisiones de politica monetaria, son muy escasos aquellos centrados en como los precios de los valores, y la incertidumbre sobre los mismos, afecta a las decisiones politica monetaria (especialmente en Nigeria). Para dar respuesta a la anterior cuestion, se utiliza la informacion proporcionada por el Banco Central de Nigeria para llevar a cabo la estimacion de modelos de heteroscedasticidad condicional autorregresiva, realizandose tales estimaciones con el metodo generalizado de los momentos. Los resultados obtenidos ponen de manifiesto que los precios de las acciones, asi como su comportamiento impredecible, influyen significativamente en las decisiones de politica...
Journal of Innovation in Business and Economics, Dec 12, 2019
The need to improve on the use of Fiscal Instruments and engender an improvement in Green Finance... more The need to improve on the use of Fiscal Instruments and engender an improvement in Green Finance remains a challenge in Nigeria. Using the Metcalf's Framework, this paper explains why Carbon Fiscal Instruments are enforced on emitters to check emissions and their level of effectiveness. Furthermore, a comparative analysis of Nigeria's performance with some sub-Saharan African countries using the SDGs Index and Dashboard Indicators Framework was discussed. Finally, after appraising the use of Green Finance as a means of innovative finance, the paper found a dearth of fiscal instruments in Nigeria coupled with a low level of Green Finance opportunities. The paper concludes that Nigeria needs to design and implement an optimal climate change fiscal policy and Green Finance mix for Green growth. We recommend that the government needs to encourage creative and innovative ways of generating funds for Green investments in the private sector.
AESTIMATIO, THE IEB INTERNATIONAL JOURNAL OF FINANCE, 2018
This paper attempts to answer the question of how the uncertainty of stock price behaviour affect... more This paper attempts to answer the question of how the uncertainty of stock price behaviour affected monetary policy decisions in Nigeria during the period 1991Q1-2015Q4. Although studies have been conducted on how the stock market responds to monetary policy decisions there is a paucity of analysis on how stock prices and the uncertainty of stock prices affect monetary policy, especially in Nigeria. Data was obtained from the Central Bank of Nigeria statistical database. Both Generalised Autoregressive Conditional Heteroskedasticity modelling and Generalised Method of Moments estimation were used for analysis. Findings from the regression analysis reveal that stock prices, as well as their unpredictable behaviour, significantly affect monetary policy decisions during the period under study. Another interesting finding is that the pair of the uncertainty of real output and inflation also significantly affected the monetary policy rate and that the monetary authority was more responsive to this pair than that of inflation and stock prices. The recommendation based on our findings is that the Central Bank of Nigeria should incorporate the uncertainty of stock prices into the monetary policy model when determining the policy rate.