Research Publications

Zelda A Efe-Omojevwe

TITLE:    A Study of the Efficiencies of Maize and Wheat Futures Markets in India


AUTHORS:           Zelda A. Efe-Omojevwe (2013)


Abstract: This paper studies the futures markets for maize and wheat in India in order to determine their efficiencies. Cointegration and error correction models are used to determine the presence of cointegration and short-run equilibrium relationship between the futures and spot prices. The convergence of the futures and spot price series suggests that futures markets play the expected roles of price discovery and risk management. Although the futures market is found to be an unbiased predictor of future spot price, it is weakly inefficient for both commodities because past futures and spot prices had significant impact on the current spot prices. Also, price volatility clustering is not found in the price series which is an indication that price movements are due to normal fundamentals of demand and supply. On the basis of price discovery and risk management, the study advocates for more participation in the futures market and the formulation of policies that would enhance greater working efficiency of the futures markets.

Key words: Futures, efficiency, maize, wheat, volatility, India and cointegration.





TITLE:     Comparison of the Economic Factors that Influence Foreign Direct Investment Growth in Nigeria and India

AUTHORS:       ZA Efe-Omojevwe, C Sekar (2012)




The study determined the compound growth rate of FDI and the factors influencing its inflow in India and Nigeria. The study showed that the time series data were non-stationary but differenced stationary and their cointegration residual and error correction model regression showed a long-term relationship and a same time period adjustment of disequilibrium between FDI and the macroeconomic variables. The growth rate and compound growth rate of FDI into India was much higher than that of Nigeria for the same time period; the results raises the question of whether the perceived notion that India is growing at a much faster pace than Nigeria is true. The determination of the relationship between FDI and the chosen economic variables suggests that Nigeria should improve on its GDP, trade openness and human capital while sustaining its inflation at the level to which it encourages FDI inflow. India attracted more FDI than Nigeria due to its large GDP, higher real interest rate and trade openness; it is suggested that a further depreciated currency would encourage more FDI inflow into India.





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