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STUDIA
Universitatis Babes Bolyai
OECONOMICA

Editorial Board

Volumes

Journal Code: 10615 Cover Date (month and year): December 2020 No. 65, 2020, Issue 3
CONTENTS

Title:	INSTITUTIONAL QUALITY. HUMAN CAPITAL AND INDUSTRIAL SECTOR GROWTH IN ECOWAS
Author(s):	P. OLOGBENLA
Affiliation(s):	Obafemi Awolwo University, Nigeria
Abstract:	The industrial sector has been identified as a tool for effective economic diversification among developing countries but major challenges of the sector have been the institutional and human capital in these economies. Consequently, the need to re-assess the relationship among the three is pertinent. The study investigates empirically, the impacts of institutional quality and human capital on the industrial sector growth of the ECOWAS. The methodology adopted is quantitative with the use of panel data analysis. Findings from the analysis show that both human capital and institutional quality in the ECOWAS have not supported industrial growth significantly. However, the result shows that macroeconomic variables such as inflation rate and exchange rate have the largest effect on the growth of the industrial sector of ECOWAS. The study used ECOWAS that has not been used by any of the previous authors and the economic bloc is in dire need of economic diversification. It is recommended that ECOWAS countries should improve on their institutional quality and human capital development for them to be effective in promoting the growth of their industrial sector.
Pages:	1-13 FULL PAPER (PDF)
JEL Classification	J24, J38, L60

Title:	MICROECONOMIC FOUNDATION OF THE PHILLIPS CURVE
Author(s):	Y. TANAKA
Affiliation(s):	Doshisha University, Japan
Abstract:	It is an important problem to derive negative relation between the unemployment rate and the inflation rate, that is, the Phillips curve without market imperfection. We derive the Phillips curve using an overlapping generations model under monopolistic competition. We consider the effects of exogenous changes in labor productivity. An increase (decrease) in the labor productivity in a period induces a decrease (increase) in the employment, an increase (decrease) in the unemployment rate and a falling (rising) in the price of the goods in the same period. Then, given the price in the previous period the inflation rate falls (rises). This conclusion is based on the premise of utility maximization of consumers and profit maximization of firms. Therefore, we have presented a microeconomic foundation of the Phillips curve.
Pages:	14-26 FULL PAPER (PDF)
JEL Classification	E12, E24, E31;

Title:	INTERNAL BRANDING: ANTECEDENTS OF EMPLOYEE ATTITUDES, SATISFACTION, AND ORGANIZATIONAL LOYALTY
Author(s):	M.A. SCRIDON
Affiliation(s):	Babe?-Bolyai University, Romania
Abstract:	As competition between employers has become more intense in recent years, employee-based differentiation has become one of the strategic solutions for many organizations. The objective of this paper is to test a nomological model between internal branding, attitude, satisfaction, and loyalty. Data were collected through a survey among employees of a leading electronics conglomerate from Romania. While the relationship between attitudes and loyalty is partially mediated by satisfaction, the relationship between internal branding and satisfaction is indirect, with full mediation by attitudes being detected. The results of the study agree with previous studies, which suggested that internal branding influenced certain employee behaviors, such as positive attitudes, satisfaction, or loyalty.
Pages:	27-38 FULL PAPER (PDF)
JEL Classification	M31, M52;

Title:	DETERMINANTS OF FINANCIAL INCLUSION IN SOUTHERN AFRICA
Author(s):	D. MHLANGA, V. DENHERE
Affiliation(s):	University of Johannesburg, South Africa
Abstract:	The study sought to establish the drivers of financial inclusion in Southern Africa with a specific focus on South Africa. Financial inclusion has been a topic of global interest due to the negative impact of financial exclusion in addressing socio-economic issues like poverty. Using the logit model, the study discovered that financial inclusion is driven by age, education level, the total salary proxy of income, race, gender, and marital status. The variable gender was the only factor with a negative influence on financial inclusion all other significant variables had a positive influence on financial inclusion. As a result, governments in Africa should encourage the use of financial services and products among women, Black Africans, Coloureds and the youths. Products and services tailor-made to satisfy the needs of these groups should be designed to improve financial inclusion among them. This initiative will go a long way in addressing poverty, inequality, and unemployment in the country.
Pages:	39-52 FULL PAPER (PDF)
JEL Classification	G1, O12, G23, G38;

Title:	INVESTIGATING EXTERNAL DEBT AND EXCHANGE RATE FLUCTUATIONS IN NIGERIA: ANY DIFFERENCE WITH ARDL MODEL?
Author(s):	T. A. ADEREMI, L. O. FAGBOLA, G. M. SOKUNBI, C. E. EBERE.
Affiliation(s):	Bells University of Technology, Nigeria; Osun State University, Nigeria; Michael Otedaola College of Primary Education, Nigeria; Babcock University, Nigeria.
Abstract:	One of the contending issues in Nigeria in the recent time is external debt and exchange rate fluctuations. In view of the above, this study examined the relationship between external debt and exchange rate fluctuations in Nigeria over the period of 1981 to 2018. Consequently, the study employed Autoregressive Distribution Lag Model to address the objective of the study. The major findings that originated in this paper are as follows: external debt, debt service payment and foreign reserve have a significant positive impact on exchange rate fluctuations in the short run in Nigeria. Furthermore, based on these findings, recommendations are made for the policy makers that external debt as a means of financing budget deficit should be minimized if not totally discouraged in Nigeria because its servicing in particular and repayment put pressure on foreign exchange market in the short run and thereby leads to exchange rate fluctuations in terms of depreciation of naira in the country. Also, country's foreign reserve should be strengthened through the implementation of aggressive export promotion policy in Nigeria.
Pages:	53-64 FULL PAPER (PDF)
JEL Classification	F3, F31;