Currency devaluation and Non-Oil export of Nigeria: 1986-2018 (Published)
The paper examined the effect of currency devaluation on the Non-oil export of Nigeria. The study covered the period of 1986 to 2018. Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin of various issues. Independent variables include: Inflation Rate (INFR), Exchange Rate (EXR), and Money Supply (MS) while Non-Oil Export (NOE) represented the dependent indicator. Ordinary Least Square Regression Model was used to analyze the short run relationship between variables used for the study. The variables were also subjected to Augmented Dickey Fuller and Philip Perron Unit Root test, Johansen Co-integration and Granger Causality Tests was adopted to analyze the effect of currency devaluation on non-oil export in Nigeria. The result showed that EXR had a negative significant effect while MS had positive significant influence on non-oil export but INFR had negative but insignificant relationship on the dependent variable in Nigeria hence devaluation of currency influenced non-oil export in Nigeria negatively. The Nigerian Government needs to increase its competitive chances by either revaluating its currency or banning importation of some items produced locally to boost the domestic economy. The study provides the extent at which the devaluation of currency influences the non-oil export in Nigeria.
Keywords: Exchange Rate, Inflation Rate, Money Supply, Non-Oil Export
ANALYZING THE EFFECTS OF MACRO VARIABLES TOWARD THE DEMAND OF EQUITY FUNDS IN INDONESIA (Published)
The purpose of this research is to analyze how macroeconomics variables, such as interest rate (BI rate), inflation, exchange rate rupiah, GDP per capita and the money supply, influence the demands of equity funds in Indonesia. This research use time series data from 2001 through 2011quarter by using multiple linear regression model and Ordinary Least Square (OLS) method. The result of this research indicates that Net Asset Value of equity funds in Indonesia has increased in 2002 – 2004 in the period of the research. It is influenced by 4 strong macroeconomics indicators in Indonesia along with the improving economic of the country. Downward trends of interest rate happened in early 2002 until 2005 has encouraged investors to search another alternative investment instrument, so that the demands of equity funds increased.
Keywords: Exchange Rate Rupiah, GDP Per-Capita, Inflation, Influence The Demands Of Equity Funds., Interest Rate (BI Rate), Money Supply