The popularity of cryptocurrencies as an alternative payment method has increased due to their decentralized structure, potential for large returns, and immunity from government controls. This study aimed to examine the impact of Bitcoin prices on Nigeria’s exchange rate volatility. Data from the Central Bank of Nigeria’s statistical bulletin and the US Finance Reference, covering the period from the first quarter of 2015 to the fourth quarter of 2022. A Vector Autoregression (VAR) model was used to analyse the data. The root of the character test finding reveals that the VAR model meets the stability criterion, as all roots lie within the unit circle, ensuring reliable forecasting and analysis. The impulse response function analyses revealed that Bitcoin prices (BITP) significantly impact the exchange rate (EXCR). Electronic currency level (ELEC) reveals significant early fluctuations, with an initial negative impact on EXCR but later recovered to positive values by periods 13 to 16. The financial electronic level (FINC) displays substantial early negative values, implying that an increase in FINC appreciates EXCR. The inflation rate (INFL) shows that an increase in INFL will cause EXCR to appreciate. There is a need to establish clear regulations for the cryptocurrency market.

Keywords: Bitcoin Price, Exchange Rate Volatility, Cryptocurrencies, Vector Autoregression Model, Financial Electronic Level
JEL Classification Codes: F31, E44, C32, G23

The biggest single expansion of the European Union (EU), in terms of population and territory, occurred in 2004 when ten new members, often called the A10, joined the fifteen existing members. The first decade of the 21st century also saw unprecedented levels of growth in these countries, a ‘Golden Age’ of economic growth – which many have partly attributed to the accession process and concomitant institutional change, and partly due to the free trade strategies pursued within the largest single market in the world. This paper looks at the financial aspect of this burgeoning real economic expansion and investigates the role of financial development in economic growth. Using a panel model with data covering periods from 1997–2020, and allowing for spatial correlation, we distinguish between indicators of financial institutions and financial markets. Within each sub-category, we check for the impact effect of financial depth, access, and efficiency – the three major criteria for economic growth. We find that financial development pertaining to financial institutions is of significant importance, while financial markets have relatively lower effects. This implies that the institutional and regulatory structure, as provided by the accession to the EU, may have played the most crucial role in stimulating economic growth. The ‘Golden Age’, we contend, was catalyzed by financial development broadly, and financial deepening, in particular. However, it was predominantly spurred by the growth of financial institutions arguably facilitated by the accession to the EU.

Keywords: Transition economies; Economic growth; Financial development, Financial institutions.
JEL Codes: E 50, E58, F36, G21, G28

This study quantitatively examined the connectivity in the transmission of volatility between oil prices, and currency exchange rates whereby news-based uncertainty plays a moderating role in low income countries of Africa. The estimation of quarterly series spans the period 2019Q1 to 2024Q2. The multivariate-GARCH estimation techniques were executed. The findings indicated that there was a strong fluctuation spillover impact
between the oil market and the foreign currency rate in low-income countries. The mean variation in oil prices among the low-income nations under investigation is a noteworthy 1.24. Uncertainty scores based on news were high, at 3.43. Additionally, the average local currency exchange rate to the US dollar was 1732.8. The result uphold the empirical incidence of oil price volatility spillover on exchange rate and exchange rate volatility spillover on oil price; and the significant connectivity of news-based uncertainty with variations in foreign exchange rates in Africa. The variation scores associated with oil prices, currency exchange rates and the uncertainty in news signified surpassing volatility in the oil and exchange markets. This result demonstrates the significance of the business cycle theory, a cornerstone of economics that explains how the economy fluctuates over time. According to the model results, these cyclical swings are an inherent feature of the financial markets and are influenced by a number of variables; such as uncertainty in news. The results of this investigation are consistent with earlier findings of related researches whereby variation in the financial performance of the business enterprises have been attributed to variations in the depreciation of the local currency exchange rates within the period of our study.

Keywords: multivariate-GARCH estimation techniques, low income nations in Africa, volatility spillover, news-based uncertainty, currency exchange rate
JEL classification: A20, B34, D26

This research evaluates currency return effects of crude oil output and macroeconomic policy uncertainty in 3 oil producing countries. The DCC-GARCH model and the MS(2)-VAR(2) were estimated for the 3 different countries. According to the research findings, the dynamic effect of uncertainty on petroleum production was negative and significant in all countries for both Regime 1 (low turbulence) and Regime 2 (high turbulence). We found substantial negative returns effects of policy uncertainty in the 3 countries. Only in the case of Russia, we had negative nexus between petroleum output growth and returns on the rubble for both Regime 1 and Regime 2 respectively. In the United States; there is a long duration of stay (83.729%), in the low turbulent period as against staying in the highly turbulent period; and the probability of transiting from the low turbulent period to the tremendously turbulent period is lower (26.849%) as against 39.453%. In Saudi Arabia, the duration of stay (96.53%) in the low turbulent period exceeds the duration of stay in the highly volatile period. In Russia, we found a long duration of stay in the highly turbulent period; and there is a high probability of transition from the low turbulent period to the tremendously turbulent period is higher (29.7%). The findings of this study are significant for executing stabilization plans regarding energy prices, exchange rates and evaluating regulatory measures to rectify macroeconomic disparities.

Keywords: Crude oil production, economic policy uncertainty, currency return, regime 1 & 2, Markov-Switching VAR model, transition probability
JEL classification: A20, B34, D26

Globally rising environmental degradation is a result of increasing carbon emissions due to high population pressure on space and resources and the ever-enlarging industrialisation. The consequent pollutions have cascading effects on health and cause rising public healthcare expenditure. The growing air pollution has direct adverse effects on fertility and mortality, reducing human fertility and rising mortality. This paper analyses the causal relationship between carbon emission, air pollution, health, fertility, mortality, gross domestic product and public healthcare expenditure in India for the years 2000-2001 to 2022-2023. The vector error correction model estimates show that public health expenditure increases significantly with the increase in CO2 emission. A one percentage increase in carbon emission increases public health expenditure by 0.36%. For a one percentage increase in GDP and total fertility rate, the public health expenditure increases respectively by 0.02 and 0.98%. The VECM estimates suggest that approximately 36.4% of the long-run disequilibrium in the relationship between air pollution and public health expenditure is adjusted over the years.

Keywords: carbon emission, air pollution, environment quality, public health, public health expenditure, vector error correction mechanism

Economic inequality profoundly impacts educational outcomes, perpetuating cycles of poverty and limited economic mobility. This paper investigates how disparities in income shape access to quality education, influence academic achievement and hinder equitable opportunities for economic advancement.This research explores the complex interplay betweensocioeconomic disparities and education, with a focus on higher education in the Jammu district of Jammu & Kashmir Union Territories. Using a stratified random sampling method, a sample of 395 students across various educational streams—arts, science, commerce & management, medical & engineering—were selected to represent the statistical population of higher education enrollees. The methodology includes a questionnairebased survey, descriptive and inferential statistical analyses, and a comparative evaluation of educational streams.The study findings aim to shed light on the role educational institutions play, whether perpetuating inequality through systemic disparities in funding and resources or mitigating it through equity-focused interventions and inclusive practices. By examining the interplay of institutional factors and socioeconomic conditions, this research contributes valuable insights toward addressing educational inequities and fostering inclusive growth.

Keywords: economic inequality, education, socioeconomic disparities, educational inequities