Revamping Legal and Institutional Framework for the Management of Inflation Targeting in Developing Economies (Published)
This paper examines the legal and institutional framework for the conduct of Inflation Targeting(IT) in developing and emerging economies using Nigeria as a test case. The main argument in favour of the efficiency of IT is that autonomy, transparency, and accountability lead to lower inflation and inflation variability. These are ingrained in the legal and institutional governance on the part of the central bank. The paper, therefore, attempts to find whether sound institutions and quality governance could make a difference in the management of IT that delivers results in developing countries. An exploratory method was employed to examine Nigeria’s legal and institutional framework for monetary policy. Evidence from the cross-country review of the legal framework that embodies provisions for monetary policy in Nigeria suggests that ambiguous legal provisions, low-quality governance, and potential coordination pitfalls threaten the IT frameworks that deliver results. It is recommended that developing and emerging economies like Ghana, Turkey, and South Africa, which are struggling with weak institutions and target overshoot, should embark on institutional revamping to optimise their legal and institutional framework to ensure efficiency in target setting, monitoring and evaluation.
Keywords: Developing Economies, Inflation, Inflation Targeting, Legal Framework, institutional framework
Perspectives On Unemployment in Nigeria: Lessons from Cuban Economy (Published)
Unemployment is a ubiquitous phenomenon in all economies. Though most empirical studies assert that unemployment is higher in less developed economies as compared to developed one; it is an established fact that no country has the capacity to provide jobs for all its citizen at same time. Hence, the attainment or maintenance of an acceptable rate of unemployment is a major concern of public policy formulators. Despite the numerous economic challenges, Cuba has the one of the lowest rate of unemployment in the world. How has it managed to achieve and maintain this? What did they do particularly different? The developing countries need this information to be able to deal with this seemingly intractable problem. Thus, the paper examined the economic strategy used by Cuba to tackle unemployment and identify some lessons for developing economies like Nigeria.
Keywords: Developing Economies, Unemployment, economic strategy, empirical studies.