Browsing by Author "Sheefeni, Johannes Peyavali Sheefeni"

Now showing 1 - 7 of 7
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    Demand for money in Namibia: An ardl bounds testing approach
    (Asian Online Journals, 2013) Sheefeni, Johannes Peyavali Sheefeni
    This paper examines the demand for money in Namibia. Time series techniques such as unit root test, cointegration and Autoregressive Distributed Lag (ARDL) approach were utilized on quarterly data for the period 2000:Q1 to 2012:Q4. The results based on the unit root test shows that the variables are integrated of order one. The bound testing approach to cointegration reveal that there is no cointegration among real money aggregates (M1 and M2), real income, inflation and interest rate. Therefore, the stability of demand for money function could not be established.
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    Examining the relationship between term structure of interest rates and economic activity in Namibia
    (Academic Research Publishing Group, 2016) Sheefeni, Johannes Peyavali Sheefeni; Kaulihowa, Teresia
    This paper analysed the forecasting ability of yield-curve as a predictor of the short-run fluctuations in economic activities in Namibia. The study employed the techniques of unit root, cointegration, impulse response functions and forecast error variance decomposition on the quarterly data covering the period 1996 to 2015. The results revealed a negative relationship between the term structure of interest rates and economic activities, though statistically insignificant. This suggests that the yield-curve has no forecasting ability as a predictor of economic activity in Namibia.
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    The impact of Namibia’s currency peg on its domestic inflation
    (2009) Sheefeni, Johannes Peyavali Sheefeni; Loots, Lieb
    This study analyses the impact of Namibia’s currency peg on its domestic inflation. This is because theoretical argument suggests that currency peg (fixed exchange rate) provides nominal anchor for domestic price level, in particular when the domestic currency is pegged to a stable foreign currency. Following the method of hypothesis testing, data on Namibia and South Africa are used in this regard. Three main findings emerged from this study. Firstly, it was shown that the two inflation rates are positively correlated.Secondly, the study shows that there is no statistical significance difference between the inflation rates of the two countries. This gives an indication that the currency peg served as a nominal anchor, because as the SA inflation rate came down, so did the Namibian inflation rate. Thirdly, the study also shows that the growth of money stock in Namibia does not deviate from the growth of money stock in SA. This gives an indication that the authorities have maintained the peg through control of monetary growth.
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    Investigating the causal relationship between primary commodities exports and economic growth in Namibia
    (Global Business Research Journals, 2016) Sheefeni, Johannes Peyavali Sheefeni; Simon, Robert
    This paper analyses the causal relationship between primary commodities exports and economic growth in Namibia using quarterly data for the period 1998 to 2014. Time-series econometric techniques such as unit root, cointegration as well as Granger-causality test within the vector auto-regression framework has been used. The results of the unit root test showed that the variables are integrated of order one. Furthermore, the results of the Johansen cointegration test revealed that no cointegration exists among the variable, suggesting that there is no long-run relationship. Finally, the results of the Granger-causality test showed that primary commodities exports do Granger-cause economic growth but economic growth does not Granger-cause primary commodities exports. This suggests that there is a unidirectional causality running from primary commodities export to economic growth in the Namibian context.
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    Investigating the semi-strong efficiency in Namibia’s foreign exchange market
    (Global Business Research Journals, 2014) Sheefeni, Johannes Peyavali Sheefeni; Mabakeng, Mukela Engelbrecht Peter
    This paper analyses the semi-strong form efficiency of the foreign exchange market in Namibia using three bilateral exchange rates. The semi-strong form efficiency was examined using the cointegration test and Granger causality test. The study applied these tests on the monthly nominal spot exchange rate data for the period between the years 1993 and 2011. The results from the study indicated that semi-strong form efficiency was evident within Namibia’s foreign exchange market. This suggests that historical data cannot be used to predict current and future market prices. The semi-strong form efficiency on the Namibia stock market is attributable to its correlation with the Johannesburg Stock Exchange. Furthermore, the results should be interpreted with caution; in light of thin trading which has been identified as a problem for Namibia’s financial markets attributable to dual-listing of stocks
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    Namibian foreign exchange market: The degree of sterilisation
    (Asian Online Journals, 2013) Sheefeni, Johannes Peyavali Sheefeni
    This paper examines the size of the degree of sterilization in Namibia. The study uses the ordinary least squares method to estimate the regression based on monthly data covering the period 2000:01 to 2013:03. The variables, net foreign assets and money supply were use in the OLS estimation. The results of this study show an almost near full sterilization with the value of 0.211. This suggests that monetary authorities do intervene in the foreign exchange markets to correct for the deviations in money stock, as this is important for monetary policy actions.
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    The relationship between inflation and stock prices in Zambia
    (Asian Online Journals, 2013) Sheefeni, Johannes Peyavali Sheefeni; Chidothi, Daniel
    — This study examines a relationship between inflation and stock prices for Zambia, over the period 1999–2011, using monthly all share stock prices and inflation rates. The study employed Augmented-Dickey-Fuller and Phillip-Perron for testing the stationarity of the series, Granger-causality test is used to determine the causality relationship between the variables, VAR and Cointegration techniques are employed to determine the short run and long run relationship respectively between the two variables. The unit root test results show that the series are nonstationary at level form but after differentiating they become stationary, the causality test results show a one way causal relationship running from inflation to stock prices and not vice-versa. There was no cointegration found among the variables meaning that there exists only a short run relationship. In general the results support the economic theory which suggests a negative relationship between inflation and stock prices.