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In this paper, we started by asking an important question, does state fragility matters in the link between financial integration and financial development? We endeavor to unmasked this question by carefully specifying regression equations for estimation. We specifically implemented the Panel VAR, Feasible Generalized Least Square, and the Drisco-Kraay Standard Errors regression. The results showed that improvements in financial development enhances financial integration in the CEMAC region. Comparative results showed that state fragility reduces the potential for financial development and financial integration in the CEMAC sub region. The poorly developed financial architecture in the CEMAC region is accountable for by the fragility of the states. We concluded that state fragility matters in the relation between financial integration and financial development, and as such, macroeconomic fundamentals such as GDP growth, inflation rate, unemployment rate, and trade openness matter for state fragility and state fragility equally matters much more for macroeconomic fundamentals in the CEMAC region. We suggest taking a practical approach to resilience, such as fostering social cohesion and state formation, and enhancing security in the CEMAC region and throughout Africa. This will enhance competition in the financial markets and hence improve of financial integration and financial development in the CEMAC region as it gives the leeway for more robust domestic financial institutions to be developed.

Keywords: Financial Integration, Financial Development, State Fragility

The study seeks to examine the effect of pension contributory fund on the economic growth of Nigeria. Both the exploratory and ex-post facto designs were adopted in this study. The study population consist of 12 (2010 – 2021) years period given the number of years the data was collected. Using a consensus sampling method, the 12 years are used as sample size. The study used the ordinary least square regression technique, specifically the Vector Autoregressive model for testing the hypotheses stated. The first findings revealed that, employer pension fund has a negative insignificant effect on gross domestic product in Nigeria. While, the second hypotheses tested revealed that, employee pension fund has a negative insignificant effect on gross domestic product in Nigeria. Lastly, the final hypothesis tested revealed that, combined employee pension fund has a positive insignificant effect on gross domestic product in Nigeria. As a result, it is recommended that, government and other private employers must upscale their respective contribution to pension fund of their respective employees/staff to enable pension houses access enough fund for investment. This investment will drive development in the form of bursting manufacturing activities and production to upscale contribution to the gross domestic product of Nigeria. Employees on their path must adequately remit their pension contribution to pension houses. This will increase the amount of pension fund accessible for investors to contribute to economic growth and development. It is recommended that pension house should direct the combined pension fund available into investment. This is the only viable means to contribute to economic growth.

Keywords: Pension, Pencom, RSA, Scheme, Retirement, Employers, Employees
Jel Code: G30

This paper examines the influence of foreign direct investment and some key monetary variables on industrial performance in Nigeria using an annual time series dataset from 1980 to 2021. Autoregressive Distributed Lag (ARDL) model was used in analyzing the dataset and the findings revealed that foreign direct investment and exchange rate have a significant negative influence on industrial performance. Furthermore, the results indicated that inflation rate and economic openness have significant positive effect on industrial performance while interest rate has no significant influence on industrial performance. The policy implication of significant negative effect of foreign direct investment on industrial performance is that, more inflow of foreign direct investment into Nigeria will reduce the performance of domestic industries. In line with above findings this paper therefore, recommends that government should device other ways of improving the local industries such as manufacturing, textile and others rather than depending on foreign direct investment to drive the improvement

of industrial sector. The study however, proposes that the government should enhance measures to maintain target inflation and foster economic openness.

Keywords : foreign direct investment, industrial performance, exchange rate, inflation rate, ARDL.

JEL codes: F02, C55, F31, L16, E31

The study focuses on the causal relationship between stock market development and economic growth in Asian countries. Generalized Method of Moment (GMM) Dynamic Panel analysis along with panel unit root and cointegration tests were employed to accomplish the objectives of the study. One of the key significances of the study is the study have constructed a composite index to measure stock market development rather than rely on conventional measures. The cointegration test emphasizes the existence of long-term relationship between stock market development and economic growth while the GMM dynamic panel analysis confirms the positive relationship between stock market development and economic growth of top 10 stock exchanges in Asian Region. Moreover, reverse causality which runs from economic growth to stock market development has also been confirmed by the GMM dynamic panel analysis. Consequently, bi-directional causality between stock market development and economic growth exists in top 10 Asian stock exchanges confirming both Finance-Led Growth Hypothesis and Growth-Led Finance Hypothesis. Hence, stock market and growth oriented policies are recommended to be implemented to optimize the mutual benefits.

Keywords: Stock Market Development, Economic Growth, Generalized Method of Moment, Causality, Asian Stock Markets

JEL Classification: C220, C230, E010

The study examined the impact of economic recovery on market capitalization in Nigeria. The specific objectives of the study include: to examine the effect of Gross Domestic Product (GDP) growth rate on market capitalization, to determine the influence of Inflation rate on market capitalization and to assess the impact of Exchange rate on market capitalization. To achieve the objective of the study, ex-post facto research design was adopted. The researcher used secondary data in collating the required data. The data were collected from CBN statistical bulletin. In testing the hypotheses, multiple regression analysis was used. The findings revealed that GDP growth rate has positive impact on market capitalization while inflation rate and exchange rate have negative impact on market capitalization. The study recommends that Nigeria government should devise a means of increasing gross domestic product growth rate through effective utilization of their revenue allocation and expending. The study also recommends that during economic recovery, Nigeria government should ensure that their inflation rate is reduced. Inflation being the major economic factor that can be hampered by economic recession can reduce market capitalization in Nigeria.

Keywords: Economic recovery, GDP growth rate, inflation rate, exchange rate and market capitalization.

The study examined the implication of deficit financing on Economic recovery in Nigeria. The study used secondary data from CBN statistical bulletin on various issues as relevant for the period under study (1981-2019). Augmented Dickey Fuller (ADF) unit root test, Johanson Co-integration test and normality test were employed for the analysis. The research findings revealed that deficit financing through External debt borrowing has a significant positive effect on economic recovery in Nigeria. Also Domestic debt has a positive significant effect on economic recovery in Nigeria. The study therefore, recommends that Government should set up monitoring teams that will make sure that the budget is well and carefully implemented and as well as loan borrowed in other to reduce corruption, linkages and wastages, the team will do this by holding everyone accountable for every government money spent. We recommended that government should strive to diversify its revenue base and also demonstrate a high level of transparency in both its monetary and fiscal operations among others. Government should maintain optimum level of external debt as it is one of the mechanisms for economic growth but to an optimum level and that all external debts hould be effectively utilized for the purpose for which it was obtained so as to promote economic growth.

Keywords: Deficit financing, Domestic debt, External debt, Real gross domestic product, Economic recovery.

The paper examined accounting information asymmetry and stock return volatility in the Nigeria Stock Exchange (NSE). It contributed to this discourse by testing the hypothetical proposition that accounting information asymmetry (contained in earnings per share (EPS) and operating cash flow per share(OPS) has no significant influence on stock return volatility. The study used a sample of 43 quoted firms on the NSE from 2006 to 2017. To capture the heteroscedacticity component of financial series, the study adopted asymmetric non-linear models of EGARCH (11) and GJR-GARCH (11). The results of the EGARCH (11) and model showed that EPS and OPS significantly reduced stock return volatility. In the GJRGARCH (11) model, the two variables were also found to reduce volatility due to the negative sign of the parameter estimates, but only EPS was significant. Furthermore, the results indicated that significant negative shocks and presence of volatility clustering, but leverage effect was not established in both models.The persistence of shock in volatility

measured by the impulse response function was found to be shortterm. Therefore the paper concluded that asymmetric accounting information significantly influenced the stock return volatility in the Nigerian capital market. It is recommended that the regulatory authorities of the Nigerian capital market should strengthen measures that would enable free flow of information and encourage firms to disclose and make financial information public in order to guarantee relevant information to market participants for their investment decisions.

Keywords: Accounting information asymmetry, leverage effect, volatility, stock returns