Some Tips For Fun Essay Topics

<h1>Some Tips For Fun Essay Topics</h1><p>Fun paper points can represent the moment of truth your composing venture. On the off chance that you feel lost in an ocean of expositions loaded up with not all that great points, you should consider utilizing a portion of the paper theme thoughts underneath. These will kick you off on the privilege track.</p><p></p><p>One of the themes that will consistently work is the way that you are attempting to take care of an issue. This implies you need to discover why individuals like or abhorrence a specific movement. For instance, on the off chance that you were investigating why avid supporters appreciate viewing their preferred game, a game they have not had the option to do in some time, at that point it may be a smart thought to expound on this subject. Maybe you will utilize questions like: 'What makes baseball more pleasant than b-ball?' or 'For what reason does cheerleading have such a terrible rep utation?'</p><p></p><p>Not all article themes can be utilized for a basic paper. Truth be told, there are many, numerous themes that won't be useful to your objective to demonstrate or refute a case. When composing an exploration paper, this is the sort of point that won't be utilized. In any case, in the event that you are composing an exposition that will be utilized for social reasons or for a school introduction, at that point it may be a fascinating subject to compose about.</p><p></p><p>Many individuals appreciate expounding on various purposes behind others to get amped up for something. This kind of article can incorporate things like the reasons you accept the tiger is the lord of the wilderness. The subject may incorporate requesting that the peruser take a gander at what others may see as a chance. For instance, for what reason would anyone need to be the best tracker on the planet? With this sort of article, you will be rea dy to investigate a portion of the inner reasons why individuals love or abhor certain activities.</p><p></p><p>A exceptionally normal theme among undergrads is the reasons why individuals have confidence in apparitions. You can utilize this sort of paper to investigate the various feelings that individuals have. It very well may be a provoking article to compose, however can give a new and alternate point of view on an old subject. This is an incredible theme to investigate in light of the fact that there are a wide range of conclusions on the subject.</p><p></p><p>Another intriguing point that will kick you off in good shape is the contrasts between protected innovation. On the off chance that you are attempting to build up an item, it very well may be intriguing to investigate how a few people utilize licensed innovation. You can likewise take a gander at the manners by which certain organizations attempt to take each other's though ts. This is a decent subject to investigate when you have to analyze two things that may appear to be not the same as each other.</p><p></p><p>So numerous individuals neglect to compose fascinating expositions since they don't have a decent assortment of points to expound on. One approach to shield yourself from being exhausted is to remember an assortment of themes. Try not to let a couple of themes are utilized as the principle focal point of your exposition. Keep on searching for different subjects and you will have the option to compose all the more fascinating essays.</p><p></p><p>To get thoughts for paper themes, you can generally do some conceptualizing in your extra time. Remember that these are regularly the best themes to utilize. You ought to likewise be eager to test any thoughts that you think of before you consider them as your real topic.</p>

The Effects Of Bullying On Children s Adult Life

Avery Oldfield B2 11/21/14 The Effects of Bullying All throughout the world, there are many people being bullied at this very moment. While bullying is considered as a rite of passage to some people, it is becoming more and more harmful and destructive to its many victims. Bullying is known as â€Å"unwanted, aggressive behavior among school aged children that involves a real or perceived power imbalance† (â€Å"Bullying Definition† 1). This can be seen through both boys and girls, young and old. Bullying has no age limit or quality restriction as who can be identified as a bully or as the victim. It is noted to start somewhere within the pre-school ages and middle school ages, with it occurring to get attention or to express someone’s jealousy of another, but now it has become larger than ever before, and therefore makes it more harmful than ever before. Therefore, bullying has created many side effects, many of which lead on into the victim’s or the bully’s adult life. Long ago, bullying was referred to being a normal occurrence. People had referred to bullying as â€Å"a rite of passage† that everyone went through (â€Å"Bullying at School† 2). However, this is no longer the case. Instead, people are slowly starting to notice how bullying has become out of hand and a big problem (2). Bullying is done for many reasons, and such reasons include the bully being jealous, the presence of an imbalance of power (1), or even the bully having problems with home life causing the bully to relieve hisShow MoreRelatedThe Long-Term Effects of Bullying Essay1409 Words   |  6 Pagesgrowing concerns and effects of bullying. Its epidemic is also starting to become closely related to the growing numbers of suicide rates amongst adolescents within the United States and across the globe. However, there are several adults that may take bullying lightly thinking that it is just a part of kids being kids. Whereas to an adolescent, bullying can cause lon g-term effects as they transition into adulthood. However, in order for one to examine the long-term effects of bullying one must be ableRead MoreCyber Bullying And Social Media1110 Words   |  5 Pages In today s world Social Media is playing a key role on how youth interact and mature. Just a generation ago, the average person didn’t have internet and computers were not common (Social Media Bullying, 2014). Fast forward to the present day and it has become less common for a person to not have a computerised device in their palm or pocket. With the ease of access to a social world comes upsides and downsides to the way our society has shifted and evolved. The mass use of media allows individualsRead MoreThe Effect Of Teen Bullying Essay1618 Words   |  7 Pages The Effects of Teen Bullying Bullying is defined as a superior strength or influence to intimidate someone, typically to force him or her to do what they want. Teenage bullying is a serious problem in school and it is not always physical. There are several types of bullying including physical, verbal ,emotional, covert and cyberbullying. Physical bullying can include fighting, hitting, kicking, etc. while emotional bullying can include gossiping or leaving someoneRead MoreBullying Is A Major Social Problem1678 Words   |  7 Pagesâ€Å"Bullying is unwanted, aggressive behavior among school aged children that involves a real or perceived power imbalance. The behavior is repeated, or has the potential to be repeated, over time† (Bullying Definition | StopBullying.gov). Bullying has become a major societal problem throughout America. Many children are bullied at school, home, and even online. Every school in the U.S. is grappling with bullying each day. More than 160, 000 kids across the country are abse nt because they are afraidRead MoreThe Good, The Bad, And The Ugly : Sides Of Social Media Essay1264 Words   |  6 Pagesdownside is the negative effects social media gives off. Cyber bullying is more prominent in today s world since smartphones have advanced and 73% of teens have access to them on a daily basis. At least 52% of young people are victims of cyber bullying; all of this negativity on social media leads teens to depression, loss of academic success, and also brings down their self esteem. Serious health problems, such as depression, have been linked as an effect of cyber bullying. This type of depressionRead MoreThe Negative Message Of Children s Television Show872 Words   |  4 Pages The messages television shows send help to enhance the children’s knowledge and understanding of things going on in their lives. On the children’s television show, Arthur, the show portrays many messages to children. For example, the episode â€Å"So Funny I Forgot to Laugh,† shows how bullying is mean and affects the victim. In this episode, Arthur jokes about Sue Ellen’s sweater. Although Sue Ellen and the rest of her friends think the jokes are funny at first, she doesn’t understand why Arthur continuesRead MoreBullying : A Major Unsolved Disaster1608 Words   |  7 PagesAllen - C period Bullying â€Å"Door barricade devices in schools are intended to keep dangerous individuals out of classrooms; but what if that person is already in the room?† (Jerry Heppes, Sr.). A major unsolved disaster is bullying. Children verbally and physically attack other children in many different locations, most commonly at school. Also, the internet is another typical place where children and even adults type, send, text, and post harmful words to other humans. Bullying is a world-wide problemRead MoreDiscussion On Inside The Bullied Brain1552 Words   |  7 Pagesiflscience.com/brain/price-bullying-measured Facts 2: peer bullying shows worse damage then parental bullying Facts 2: PR Dieter Wolke Facts 2: some schools say that bullying builds character (they are wrong) Facts 2: raises cases of nightmares and sleep walking Resource 3: http://www.scienceofpeople.com/2011/04/the-science-of-bullying/ Facts 3: Anterior Cingulate gyrus Facts 3: fight or flight reasons is triggered Facts 3: 40% less empathy since the 1970’s Facts 3: Researcher MartinRead MoreA Brief Note On Cyberbullying And Its Effects On Society1006 Words   |  5 Pagesand sadly valued more than they should be. The growth of technology use in young adults, mostly teenagers, has improved extensively over the past few years resulting in new problems. Nearly 43% of kids have been bullied online. 1 in 4 has had it happen more than once (www.DoSomething.org). Before internet bullying was to the extent of picking on each other, name calling or fist fights, Cyberbullying takes bullying to another level. This topic is of huge controversy in schools across the nationRead MoreBullying Is The Third Leading Death Cause For Young People1256 Words   |  6 PagesINTRODUCTION Bullying is defined as a physical or mental victimization of a person by another person or group. Bullying is a major problem among teens in the United States today. During the 2007 -2008 school year over thirty-two percent of the nation’s students had reported a case of being harassed or abused by a fellow peer. Bullying causes a rapid declination is the victim s mental health. They suffer drastic, and dangerous behavior changes, mental issues that are similar to these could result

The Hamburger Method of Essay Writing

The Hamburger Method of Essay WritingOne technique for article composing is the cheeseburger strategy. The burger technique is an exposition composing methodology used to move along a gathering of papers and gain ground on each topic.Writing on a whole article doesn't imply that you need to place every one of your contemplations into one point. For this situation, you will keep in touch with a couple or significantly more focuses and proceed onward. You may start the following point in the event that you find that you need to.This procedure of article composing causes you to think in a one of a kind way when composing your paper. By beginning with an alternate point, you will be compelled to keep your musings new. This can be useful on the off chance that you need to compose the article in such a brief timeframe. There is no set in stone manner to begin with your paper, as long as you utilize this strategy to keep you on track.One of the greatest errors that the vast majority make is composing a school exposition on a point that they have read for a couple of years. The burger technique for paper composing will assist you with avoiding such errors and to take your insight and experience to the following level. On the off chance that you are right now composing an exposition, you might need to attempt this methodology with the goal that you can make an elegantly composed paper that is pleasant to read.There are numerous styles of article, including recorded papers, business papers, innovative papers, and others. To compose an exposition that is really worth perusing, you should become familiar with the strategies of article composing. This will assist you with causing extraordinary evaluations and will to likewise assist you with getting a charge out of the way toward composing your paper and seeing how to capitalize on your essay.You can likewise improve your exposition by contemplating the methods of article composing and rehearsing them on an assortment of po ints. Be that as it may, it is increasingly powerful to have the option to do this as fast as could be expected under the circumstances. The cheeseburger strategy can help you rapidly and effectively begin with your paper writing.If you have a rundown of points to expound on, at that point the time has come to start composing your exposition. For this situation, you ought to compose on a subject that is simple for you to learn. Obviously, you might need to keep in touch with certain things about different points too. Simply recollect that you are not required to compose everything on one theme.

Searching For Papers For Sale? Read Ahead For Some Tips

<h1>Searching For Papers For Sale? Peruse Ahead For Some Tips</h1><p>When you are searching for school papers available to be purchased you may not discover what you are searching for. The best spot to search for school papers available to be purchased is the Internet on the grounds that there are numerous destinations accessible that will sell paper products.</p><p></p><p>You can buy paper and print paper at discount costs. You will discover a wide range of papers. A portion of the papers are super and others are modest to such an extent that you can really pay more for them. You will have the option to locate the specific paper you are searching for at a discount price.</p><p></p><p>Some of the papers that you can buy for school are those that are required for all the understudies in the class to make composing assignments simpler. You will have the option to discover an assortment of paper for school that can assist understudies with finishing their work simpler. Paper is a significant piece of learning and you will find that you should buy paper for your school when the school year begins.</p><p></p><p>Papers for school are an awesome venture since they will help shield your understudies from losing all sense of direction in the coursework. Understudies need to compose the paper or step through the exam and papers are an unquestionable requirement. Paper is a significant piece of the learning process.</p><p></p><p>When you are searching for paper to buy for your understudies, you may find that you can't discover it anyplace. At the point when you scan for school papers available to be purchased on the Internet you will discover numerous destinations that sell such paper. These papers are similarly as significant as the paper you purchase in the school store. You should buy them from a source that you trust.</p><p></p><p>P aper for school is something that you will use for quite a while. It is likewise something that you will requirement for a long time after you graduate. Along these lines, you should buy paper for school from a discount source that is reputable.</p><p></p><p>Once you have bought a paper for school, you will likewise find that you can utilize the papers to get the entirety of your assignments finished quicker. Papers are extraordinary for making magnum opuses for your group ventures. At the point when you are utilizing the correct paper, you will have the option to make the pieces that you requirement for your activities quicker than if you utilize normal paper.</p><p></p><p>When you are searching for school papers available to be purchased you will find that you can buy papers that are utilized for study hall undertakings or you can buy the kind of paper that you are utilizing for your ordinary work. At the point when you buy your pape rs you can set aside cash by shopping on the web. You can buy paper at school at discount costs in light of the fact that there are numerous stores that sell it. You can buy the papers that you need at limited prices.</p>

Community College Entrance Essay Prompts - Why You Should Use One

<h1>Community College Entrance Essay Prompts - Why You Should Use One</h1><p>Community school entrance article prompts can be a genuine wellspring of motivation for understudies, yet they're by all account not the only ones. They're only one apparatus for improving your school papers, regardless of what you're composing for your school entrance exposition brief. On the off chance that you are positive about the course of your composition and might want to make your creation a stride further, consider utilizing a pre-composed exposition prompt.</p><p></p><p>But before we get into the pre-composed paper brief, how about we take a gander at why it may be a superior choice for you than your junior college entrance article brief. This decision will be the impetus for you to gain more ground on your school application papers. Before you do, it's imperative to comprehend why they're better than the junior college entrance exposition prompt.</p> ;<p></p><p>A junior college entrance paper brief will be anything but difficult to utilize and disregard. You'll simply stay there and utilize a watchword search, enter the entirety of your content boxes without a moment's delay, and get a language structure report. It won't show you any new dialect or writing, and most likely won't train you anything that merits utilizing as a contention. Then again, a pre-composed article brief will instruct you on what sort of things are going to help your school application papers, and permit you to create good thoughts and content.</p><p></p><p>If you're uncertain about what sort of prompts to compose for your school application, or on the off chance that you're experiencing difficulty choosing which ones to utilize, at that point go with a pre-composed exposition brief. They will get you out immensely. Furthermore, they are somewhat less expensive than having your school confirmations advocate to surve y your school application. That is something that you shouldn't pass up.</p><p></p><p>Even in the event that you comprehend what it is that you have to need to get a passing mark, your school confirmations advisor might not have any piece of information regarding what you're truly attempting to state. A pre-composed exposition brief permits you to have some thought regarding the matter before you even get started.</p><p></p><p>A pre-composed paper brief additionally gives you more certainty, since your school affirmations advisor has something to work with. At the point when you're composing it, however, you'll need to ensure that it won't influence how you compose your school application article. Utilize this instrument to ensure that you don't simply compose the best exposition that you can, yet that you're likewise going to leave something behind.</p><p></p><p>If you're as yet uncertain about whether to go wi th a pre-composed paper brief, you should give it a shot, regardless of whether you're somewhat reluctant. Almost certainly, you'll be very content with the outcomes. Obviously, you'll need to recollect that you'll need to invest a ton of energy for it to truly have any effect, however it will give you a feeling of fulfillment realizing that you have a pre-composed exposition brief to help you out.</p>

How to Find a Professional Dissertation Writer

<h1>How to Find a Professional Dissertation Writer</h1><p>A doctoral proposition is one of the more extraordinary and critical parts in a PhD program. This is the reason it is totally imperative to invest all the energy into making an elegantly composed proposition that will stand the trial of time and effect decidedly on the instructive establishment where the exposition is being distributed. Composing a decent proposal, notwithstanding, isn't something that should be possible alone. To compose a doctoral postulation, it is basic to have the help of an expert proposal writer.</p><p></p><p>To pick an expert theory author, first you should choose which establishment you will use to make your proposition. You can utilize your boss or the vocation consultant to assist you with this choice. Since you will compose a doctoral proposal, it is basic that you talk with the profession instructor of the master's level college you are going to as well.&l t;/p><p></p><p>Once you have chosen what organization you might want to use to help you with your exposition, the time has come to choose what sort of thesis you might want to create. You can do research to decide the particular kinds of papers that you might want to make. A portion of the more typical sorts incorporate distinct, subjective, quantitative, and theoretical.</p><p></p><p>If you are a history specialist, it is strongly suggested that you compose an enlightening kind of paper. An instructive exposition gives perusers a thought of what a thesis ought to resemble, by method of the substance, yet in addition by the manner by which it is composed. This exposition type generally comprises of a presentation and conclusion.</p><p></p><p>Another useful sort of thesis is the enlightening kind. The objective of a clear thesis is to give perusers a thought of what an exposition should seem like, without really und erstanding it. Truth be told, most undergrad and graduate understudies keep an eye on just read the synopsis of the substance of an exposition that has an engaging title.</p><p></p><p>To locate an expert theory author who will make adescriptive thesis, you should simply make an inquiry or two. Go on the web and quest for a couple of papers that have been delivered by these scholars. In the event that you locate a couple of expositions that you are keen on perusing, contact the individual or organizations who distributed them. On the off chance that they offer installment for utilizing their administrations, all things considered, they have just discovered somebody to make an exceptionally helpful dissertation.</p><p></p><p>After you have discovered a couple of exposition scholars who are eager to work with you on your thesis, you are prepared to start composing your paper. As you examine paper layouts, you might need to set aside some effort to investigate some regular thesis formats that are accessible on the web. While a considerable lot of them are fundamental, they can fill in as an incredible wellspring of motivation when you are chipping away at your own postulation. After you have finished your paper, it is essential that you keep all the data in your thesis updated.</p>

Good Topics to Write an Offer Research Paper

<h1>Good Topics to Write an Offer Research Paper</h1><p>Good subjects to compose an offer letter examine paper would be ones that are identified with your unique point. Since the sort of research papers you will do in school are not really identified with your own subject yet don't make a difference much as it will be for school affirmations, there is no motivation behind why you won't have one in any topic.</p><p></p><p>In this article, I am going to plot a couple of good points to compose an offer research paper. These points would not really be pertinent in all circumstances, as they are just proposed to give you a few thoughts regarding the matter. Be that as it may, these themes are valuable while considering your future profession path.</p><p></p><p>Life is something we do in light of the fact that it can furnish us with all that we have to proceed with our objectives. In the event that we take a gander at it alo ng these lines, it would bode well why you need to proceed with this eternity and get more encounters as you go. These encounters, particularly in the field based on your personal preference, can be great for your future.</p><p></p><p>This look into paper isn't that difficult to compose. You would should simply expound on the encounters that made you sufficiently able to get where you are presently. The vast majority center around those things that they have not done themselves, yet actually this subject is actually what they are lacking.</p><p></p><p>What are the preferences and hindrances in attending a university? There are obviously the benefits of doing whatever you might feeling like doing, such as having the option to contemplate your own timetable and making your own calendar. In any case, there are likewise a few drawbacks like the absence of work after graduation, powerlessness to find a decent line of work, and a not insigni ficant rundown of other issues.</p><p></p><p>The great theme to compose an offer research paper is one that can cover those things that an individual who heads off to college would need to know. Rather than showing your insight and abilities to the world, your examination paper would encourage them something they need to know. What's more, the subject should reveal to them a tad about yourself too, including your scholastic history and where you need to go with your life.</p><p></p><p>Writing the ideal proposition for school affirmations can be very hard. Here is an awesome theme to compose an offer research paper that will help you out.</p>

Sample Essay For Scholarship - Students Need To Know All The Facts Before They Write One

<h1>Sample Essay For Scholarship - Students Need To Know All The Facts Before They Write One</h1><p>There are a wide range of reasons why an understudy might need to compose an example paper explanation for grant. There isn't one specific explanation that is the most widely recognized. There are numerous reasons why understudies search out to compose their own article for a scholarship.</p><p></p><p>Many understudies that are needing cash that don't have a professional education. The majority of the occasions it tends to be hard to get a grant for somebody without some kind of higher education. An understudy that doesn't have a higher education yet is eager to try sincerely and procure their degree is bound to get the cash the individual needs to go to class and win that degree.</p><p></p><p>College awards are not only for the more notable schools and colleges. An understudy can get some sort of grant by essentially co mposing an example paper for a grant. These grants are given out dependent on their scholastic execution and their accomplishments as a student.</p><p></p><p>There are a wide range of grants that can be granted to an understudy. The honors can emerge out of the neighborhood junior colleges, the college and even the state. In some cases there will be a particular measure of cash that the understudy should be granted a scholarship.</p><p></p><p>There are a wide range of sorts of grants that can be given to an understudy. An understudy can get cash to go to class, another PC or vehicle, an excursion to Hawaii, a paid entry level position, a summer home and the sky is the limit from there. There are a wide range of kinds of grants that an understudy can get for being a decent student.</p><p></p><p>There are a variety of things that are required to apply for a grant. For certain grants, an understudy may need to comp ose a letter of proposal. This letter can incorporate the data about the understudy's scholastic execution, extracurricular exercises, money related circumstance and other significant data that identify with the student.</p><p></p><p>It is significant for an understudy to ensure that they are applying for a grant with the correct gathering. This will make it simpler for the understudy to get the cash that the person needs. Numerous understudies miss the point and wind up being turned down for an incredible open door since they didn't have a clue about the guidelines.</p><p></p><p>The web is an extraordinary wellspring of discovering grants for understudies. There are numerous grants accessible from a wide range of associations. With the correct gathering of individuals it is a lot simpler to apply for a scholarship.</p>

Do Ice Cubes Melt Faster in Water or Air

If you took the time to watch ice cubes melt, it might be hard to tell whether they melted faster in water or air, however, if the water and air are at the same temperature, ice melts more quickly in one than in the other. Why Ice Melts at Different Rates in Air and Water Assuming the air and water are both the same temperature, ice usually melts more quickly in water. This is because the molecules in water are more tightly packed than the molecules in the air, allowing more contact with the ice and a greater rate of heat transfer. Theres increased active surface area when ice is in a liquid as opposed when its surrounded by a gas. Water has a higher heat capacity than air, which means the different chemical compositions of the two materials also matter. Complicating Factors The melting of ice is complicated by several things. Initially, the surface area of ice melting in air and ice melting in water is the same, but as the ice melts in air, a thin layer of water results. This layer absorbs some of the heat from the air and has a slight insulating effect on the remaining ice. When you melt an ice cube in a cup of water, its exposed to both air and water. The part of the ice cube in the water melts faster than the ice in the air, but as the ice cube melts, it sinks further down. If you supported the ice to prevent it from sinking, you could see the portion of the ice in the water would melt more quickly than the part in the air. Other factors come can into play as well: If the air is blowing across the ice cube, the increased circulation may allow the ice to melt faster in air than in water. If the air and water are different temperatures, the ice may melt more quickly in the medium with the higher temperature. Ice-Melting Experiment The best way to answer a scientific question is to perform your own experiment, which can yield surprising results. For example, hot water can sometimes freeze faster than cold water. To conduct your own ice-melting experiment, follow these steps: Freeze two ice cubes. Ensure that the cubes are the same size and shape and made from the same water source. The size, shape, and purity of water affect how quickly ice melts, so you dont want to complicate the experiment with these variables.Fill a container of water and give it time to reach room temperature. Do you think the size of the container (the volume of water) will affect your experiment?Place one ice cube in the water and the other on a room-temperature surface. See which ice cube melts first. The surface on which you place the ice cube will also affect the results. If you were in microgravity—like on a space station—you might be able to get better data because the ice cube would be floating in the air.

Types of Statement For Research Papers

<h1>Types of Statement For Research Papers</h1><p>The sorts of proposition explanations for inquire about papers change as per the idea of the paper and the subject of study. In this article, we will give a few insights concerning these sorts of articulation for look into papers. This is expected to be a general diagram of the kinds of explanations that will show up in the postulation. To guarantee that you get all the important data before distributing your paper, you ought to talk with a professional.</p><p></p><p>Firstly, the proposal proclamation for examine papers is partitioned into two fundamental segments: the presentation and the end. On the off chance that you intend to utilize your paper as a proof in your doctoral level college application, at that point the presentation ought to be isolated from the end. For instance, in the event that you are intending to apply for a PhD in business organization, at that point the acquaintance s egment will have with contain statistical data points; this segment is like what a doctoral competitor would expect in their thesis.</p><p></p><p>In the end, the primary piece of the postulation is the book index, which is a rundown of the references that the essayist utilized in the record. A few sorts of papers are shorter than others. The length of a proposition relies upon the sort of the record. By and large, a theory is somewhere in the range of 200 and 400 pages in length. The primary concern of the proposal is generally expressed in the first paragraph.</p><p></p><p>If your theory is an examination paper, at that point the determination can either be a dense rendition of the presentation or only a rundown of the central matters referenced in the proposition. For instance, an exploration paper with a long book index would incorporate a short synopsis that sums up the primary concerns of the document.</p><p></p> <p>With the creative cycle of the theory, it is critical to make a record on your point. You can do this by putting away the thoughts and realities that you have gathered all through the examination procedure in the notes you make while doing your exploration. This can likewise be alluded to as the examination diary. This makes the material simple to access as you make your thesis.</p><p></p><p>The second sort of proposal articulation for inquire about papers is known as a rundown of the focal thought of the paper. An outline is for the most part as a section. Sections are typically recorded by the subject of the paper.</p><p></p><p>For model, on the off chance that you are composing an exposition on the financial matters of instructive subsidizing, at that point you can separate this section into two sections. The initial segment is the financial matters of instruction, trailed constantly part covering the impacts of the money r elated emergency. These two segments can be joined into one, or you can isolate them into discrete chapters.</p><p></p><p>These are the fundamental kinds of proposition articulations for explore papers. Before you present your proposal, ensure that you have set aside the effort to acquaint yourself with these sorts of articulations for investigate papers.</p>

Kids, Work and Writing to Solve a Problem Essay Topics

<h1> Kids, Work and Writing to Solve a Problem Essay Topics </h1> <p>Otherwise, at that point the absolute first point to know is that you should start by review a scope of themes before picking one that is reasonable. Scribble down all you think about the subject in a short rundown. Your absolute first activity is choosing a point. </p> <p>Writing a report isn't straightforward, especially on the off chance that you are composing it for the absolute first time or composing on another and testing theme. Commonly, you'll have to incorporate at any rate a short review of the thoughts in the article you're talking about. The subject of your article ought to be moderately easy to expound on, however furthermore it needs to coordinate the interests of the general open. Composing an issue and arrangement article may seem testing in the first place, yet when you have your subject, you're brilliant. </p> <p>You will locate that some of the subjects can be adjusted to suit practically any sort of composing task. The perfect critical thinking article points are things which you can basically change and they're things which you can expound powerfully on. The ideal method to sum up an article is to begin with perusing it through an absolute first time rapidly. License the arrangement steer you on how you ought to make your exposition. </p> <h2> The 30-Second Trick for Writing to Solve a Problem Essay Topics </h2> <p>Additionally, when composing an article, it is similarly required to take a gander at choosing a subject that has a reasonable or commonsense arrangement. Plotting your paper is an astounding way to compose your thoughts and substance out your article point. Issue arrangement papers are a most loved sort of influence. </p> <p>The postulation is a vital zone of the presentation of your difficult arrangement article, yet it doesn't imply that you have to form your paper, for instance, proposal, in an exacting buy. The issue and arrangement exposition models on the page will guide you on the perfect methodology which you should take for composing your paper. Recollect your article is tied in with taking care of issues, consequently an answer should be a feature of the paper. In case you will make a fascinating, one of a kind paper, you should do look into. </p> <p>The progressively explicit you're, the less difficult it will be to demonstrate it in your article. Set forth plainly, the article should state how you mean to prepare for class. Your paper is everything except prepared! Since you may see, the issue arrangement article is extremely basic after you know its essential components. </p> <p>It's doable for you to discover issue arrangement papers help on the off chance that you make a request for your paper from us. An exploratory paper isn't unprecedented in organizations when they're attempting to go over a solution for an issue and should get the entirety of the potential points of view and information accessible. To address an issue through composing isn't as straightforward as it sounds. From the previously mentioned model, you might be clear concerning the issue settling article. </p> <p>It's feasible for you to examine more than three in the occasion the issue is unpredictable. In some cases you have the issue and you must express the issues. When you get your concern, you should talk about it a minor piece and convince the peruser's supposition that the issue ought to be settled. Issue is an inquiry that needs arrangement. </p> <p>You essentially need two or three issues as recollect you don't have a ton of time and you should illuminate the issues. Or then again, perhaps you're not confronted with a specific issue right now, however you realize you will later on. The main issue is that the 2 individuals who had the first discussion never implied for any other person to think about doing it. Another critical issue is the advancement of web extortion and hacking. </p>

Business Argument Essay Topics - What Is It?

<h1> Business Argument Essay Topics - What Is It? </h1> <p>The previously mentioned point choice may give you a completely clear comprehension of what things to expound on. In picking your point, it's habitually a decent idea to begin with a subject which you as of now have some commonality with. Subsequently, in case you're very energetic about this issue and can't survey it impartially, consider exchanging it. It is essential to pick an incredible point to have the option to create a decent paper. </p> <p>Argumentative article thoughts can be related with the ethical features of human life. On the off chance that when you are setting up a report you simply dissect explicit writing, the article requests a great infiltration into the issue. In this sort of circumstance, it's increasingly helpful to find instant expositions and use them for instance. To lay it out plainly, a proposition paper recognizes an issue and recommends a solution for that issue. </p> <p>Researching and choosing an interesting subject is the most significant purpose of composing a paper. The more you relish your theme the most effortless it will be to expound on. Along these lines, the point should be far from being obviously true! On occasion the points are just not easy to create. </p> <p>You don't have to get too specialized with lawful pugnacious papers, yet ensure you get your work done on what the current laws about your preferred point really state. In case you're in a school and need to form a contentious article, you should pick a subject of high significance. You will be allocated a subject, or your teacher will allow you to choose your own. Frequently, the perfect theme is one which you genuinely care about, however you likewise should get solid and steady to look into it.</p> <p>The absolute initial step is the place a critical number of understudies become stuck. Instruction researchers are constantly developing the way that they consider how we realize and what's educated. Factious papers are a couple of as well as can be expected compose as an understudy. Composing a proposition exposition isn't as troublesome as it would sound, it isn't significant the manner in which your educator or instructor portrays it. </p> <p>As yo u may believe that to have the option to make a fantastic unique contentious paper, you must give the entire evening contemplating, it isn't accurate. Subsequently, to find a significant private venture subject, you'll have to limit the field down. There are numerous subjects to pick from in the territory of business. You may see that the strategy is for all intents and purposes consistently precisely the same. </p> <p>An factious exposition is a specific sort of scholarly composition. Contentious compositions is a specific sort of a paper. The proposal furnishes you with a rule on the most ideal approach to with composing the paper. Your postulation should be significant so the short article can utilize a structure that is adaptable so as to fit in the shoes of the perusers. </p> <p>The perfect thing about a contentious exposition which contains social issues is that you may portray your private experience on the occasion of the genuine case. Seeing how to c reate a solid factious paper will assist you with propelling your own one of a kind pugnacious reasoning. Your layout can assist you with keeping everything together in an easy manner. </p> <h2> The Bizarre Secret of Business Argument Essay Topics </h2> <p>The more research you can improve at your up and coming calling, the better. You may look for grouped family points to create your factious paper on in the occasion you think that its intense to manage some family duties. In the event that you wish to share in light of the fact that numerous models from your private life and experience as could be expected under the circumstances, most likely you will review your relatives and companions. 1 significant and proper subject is innovation. </p> <h2>But What About Business Argument Essay Topics? </h2> <p>Winning a contention isn't basic. On the off chance that it's important to compose your entire paper in 1 day, do your absolute best to give yourself breaks so you don't wear out. Getting in a situation to form a solid contention will permit you to prevail in the public eye. Pugnacious exposition subjects are so significant since they are debatableand it's essential to consistently be fundamentally thinking about our general surroundings. </p> <p>There are a few stages which you should take as an approach to form an exceptional exposition. The end gives the complete decision of the contention. Before composing your proposition you need to do the following things. Simply after you settle on your choice concerning the subject, you can move to the five-section exposition structure.</p>

Choosing the Best Paper and Embellishments for Your Custom Collage Paper

<h1>Choosing the Best Paper and Embellishments for Your Custom Collage Paper</h1><p>Custom Collage Papers is a splendid development for making interesting and imaginative paper ventures. The procedure is straightforward, yet exceptionally compelling. You have to pick an assortment of collection papers and embellishments that go with the style and subject of your custom undertaking. You can buy a variety of provisions from online retailers.</p><p></p><p>If you have any thoughts of undertakings that would make an incredible montage paper, you will require a portion of the accompanying supplies. As a matter of first importance, you will require an assortment of hues that go well together, contingent upon the topic or style of your topic. Choose whether you are searching for a customary look or something that can add a touch of energy to your own style. You will likewise require the wellspring of your imagination.</p><p></p>< p>You can purchase an assortment of hotspots for custom montage paper. There are various individuals who make and sell these papers available to be purchased in workmanship stores and at craftsmanship fairs. They offer a wide determination of materials, making it simple for you to choose your favored paper or adornment to print your papers with.</p><p></p><p>You can utilize various fabulous apparatuses to make the task you had always wanted. You can even buy packs that incorporate the essential supplies and headings to follow. The beneficial thing about this choice is that the paper makes it simple for you to embellish with your own creativity.</p><p></p><p>In expansion to the things that you have to pick, you have to ensure that the gracefully of montage paper you are utilizing is perfect with the topic of your topic. So as to ensure this is valid, you should verify whether your picked paper is a certified item. It ought to be prod uced using acceptable paper stock, be appropriate to the subject, and hold the shading great. For example, in the event that you need a conventional look, you might need to pick a fine orheavyweight paper.</p><p></p><p>You may likewise view the paper is as excessively thick or slight for the topic. To have the option to make your arrangement paper look appealing, you should include beautiful paper which works out in a good way for the subject. You may need to utilize a differentiating texture for the paper.</p><p></p><p>Choose the paper and embellishments that work out in a good way for the subject and the structure of your custom arrangement paper. You will be astounded how basic and fun your venture can be.</p>

Why I Fit in

Why I Fit inIf you are looking for a college sample essay that helps to explain your reasons for entering college, there is not a better candidate than 'Why I Fit in'. Written by an American author, executive, and motivational speaker Dr. Larry Burns, this essay exemplifies many of the virtues associated with being an achiever. In addition, the following points will illustrate how this college essay helps to explain why individuals who fit a college student's exact requirements have succeeded in college:The College Sample Essay 'Why I Is fit in' can help you explain your reasons for entering college. You will find that this essay helps you achieve your goals. It will assist you to set goals. It also helps you choose your classes. It teaches you about things like selecting a major and choosing a college.Entering college is exciting. Getting ready for school is sometimes overwhelming. People are busy in their lives. However, if you remember that your life is going to change as you prep are for college, you will be able to be more relaxed in your preparations.In your first few months of college, you will experience things that you have never experienced before. This can be stressful. However, you will feel so much more comfortable when you remember that you are a completely different person when you get into college because you have a whole new beginning.While you may be excited about the new situations you will face, don't take the thrill out of things. Rather, understand that college is exciting because you will be facing new experiences. As you gain skills, you will be getting better at understanding yourself.You need to make sure that you are someone who is going to be successful in college. This means that you need to develop the skills that will help you succeed. As you get better at understanding yourself, you will realize that you are worth something. You will begin to understand that you are going to have a good life.You need to make the effort to get a he ad start in college. You need to be prepared to learn in order to be prepared. In addition, you need to continue to strive for excellence in your studies.In conclusion, 'Why I Fit in' is a college sample essay that helps you explain your reasons for entering college. You will be able to achieve your goals in school. You will be able to achieve success. Finally, you will be someone who is going to have a good life.

Essay Topics on Fashion - Why Research is Important For Your Topic

Essay Topics on Fashion - Why Research is Important For Your TopicEssay topics can be very varied, and this can make selecting the right one very difficult. Fashion is an interesting subject that will allow you to focus on the one aspect of the topic that you know the most about. You should however make sure that the theme that you choose is not too predictable. This is so that the essay you are writing will contain an element of surprise in it.Many people are surprised when they come across essay topics that fall into the category of fashion. Fashion is an interesting subject that provides some broad subject matter that is possible to cover in a longer essay. The main problem is that there are so many different styles and forms of fashion that it is not easy to think of all of them. For this reason, the essay must be unique and should stand out from the crowd.Essay topics related to fashion are sometimes very broad. For example, if you write an essay about the history of Paris and i ts influence on the fashion industry, you will be able to find the right place to start. However, the best place to start is with an idea that is specific.Most students are aware that essay topics are essays and do not require creativity to come up with ideas. Essay topics such as a fashion essay are different and therefore require more creativity. The main thing to remember when you begin writing an essay on fashion is that you must know what you are talking about. If you can't do this, you can't write an essay on fashion.When you are looking for ideas, make sure that you are very specific in what you want to talk about. This means that you should have no problem defining the topic but you should also be able to create some ideas based on what you know about fashion. This is the first step to making sure that your essay is original and has something that other people will appreciate.One thing that is often overlooked is that when you are writing an essay about fashion, you need to be able to include a lot of real, actual information. This is important because the reader will be able to make a connection between what you are writing and the ideas that you are presenting. You should also be prepared to discuss theories in order to make a strong case for the ideas that you have. There is nothing wrong with doing this, as long as you do it properly.Essay topics on fashion should be written in a clear and concise manner. You should always try to get the point across and then be able to explain what you mean by that point. This will not only make your essay easier to read but also to be more interesting.It is also very helpful to look for ideas in books or research online. In fact, the Internet is probably the best place to start looking for these kinds of ideas. The Internet will allow you to go online and see what else is out there. You can also find resources to help you write your essay, as well as tips and guidelines for writing better.

The Relationship Between North American Free Trade...

Q1. Examine the various types of regional economic integration. What are the differences between the North American Free Trade Agreement (NAFTA) and the European Union’s level of integration?(2 pages maximum) Regional economic integration represents agreements between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods, services and factors of production between each other. Neighboring countries tend to ally because of their proximity to one another, somewhat similar regional tastes, the relative ease of establishing channels of distribution and a willingness to cooperate with one another for the greater benefit of all allied parties. Theoretically, the concept of regional economic†¦show more content†¦Customs Union - eliminates trade barriers between member countries and adopts a common external trade policy. Custom union provides for economic cooperation as in a free trade zone. The primary difference between customs union and free trade area involves members agreeing to treat trade with non-members countries in a similar manner. Most countries who enter a customs union often desire further integration in the future. For example, the Andean Pact (for agreements between Bolivia, Columbia, Ecuador, and Peru). Common Market - allows for the creation of economically integrated markets between member countries. Trade barriers are removed, as are any restrictions on the movement of labor and capital between member countries. Like customs union, there is a common trade policy for trade with non-member nations. The primary advantage of common markets is workers are no longer needing visa or work permit to work in another member country of a common market. For example, The Common Market for Eastern and Southern Africa or simply known as COMESA. Economic Union - occurs when countries enter into an economic agreement to remove barriers to trade and adopt common economic policies. European Union or simply known as the EU is an example of economic union. The European Union or simply known as the EU is often viewed as an emerging

Effect of Interest Rate on Investment Determination in Nigria free essay sample

Interest rate reform, a policy under financial sector liberalization, was to achieve efficiency in the financial sector and engendering financial deepening. In Nigeria, financial sector reforms began with the deregulation of interest rate in august 1987 (Ikhide and Alawode, 2001). Prior to this period, the financial system operated under financial regulation and interest rates were said to be repressed. According to McKinnon (1973) and Shaw (1973), financial repression arises mostly when a country imposes ceiling on deposit and lending nominal interest rates at a low level relative to inflation. The resulting low or negative interest rates discourage saving mobilization and channeling of the mobilized savings through the financial system. This has a negative impact on the quantity and quality of investment. Therefore, the expectation of interest rate reform was that it would encourage domestic savings and make loanable funds available in the banking institutions. But the criticism has been that the â€Å"tunnel-like† structure of interest rate (Ojo, 1976) in Nigeria is capable of discourage savings and retarding investment. Because of the complementarily between savings and investment, positive real interest rates will encourage savings and the increased liabilities of the banking system will oblige financial institutions to lend more resources for productive investment in a more efficient way. Therefore, the purpose of this research work concentrates on examining the effect of interest rates on investment in a theoretical frame work that mimics the financial sector prevailing in Nigeria. The study further sets out to examine empirically the pattern and direction of financial repression through controlled interest rates and the ensuing credit rationing that impedes economic growth by discouraging financial savings and fostering low, inefficient investment in Nigeria. 1. 2STATEMENT OF THE PROBLEM If the cost of capital as determined by the interest rate is not made available for investment that are capable of increasing production and productivity, the rate of the country’s expansion (growth) will be retarded. Investment enhances economic growth. The major obstacle to economic growth in developing countries such as Nigeria is the shortage of financial resources. Nigeria has the potentials to attract investment but has not been successful in attracting it despite the effort of the central bank of Nigeria (CBN) through its intensified monetary policies. Although Nigeria has embarked on interest rate policies and structural reforms, liberalized her domestic financial market and removed restrictions on capital movement, investment has been mainly in the oil sector of her economy where the country derives over 90 percent of her Gross domestic product (GDP). In terms of diversification of domestic investment to other sectors of the economy, Nigeria has not benefitted commensurate to her potentials. In the 1987 budget announcement of the then president, General Ibrahim Babangida, it was observed that the pegging of interest rate contrary to expectation, has not achieved its desire goal of stipulating new investments nor did it result in an increased capacity utilization of industry and hence the resolve for deregulation. According to Keynesian investment theory, which sees low interest rate as a component of cost administered detrimental to increased savings and hence investment demand. They argue that increase in the real interest rate would have strong positive effects on savings which can be utilized in investment because those with excess liquidity will be encouraged to save because of the high interest rate, thus banks would have excess money to lend to investors for investment purposes thereby raising the volume of product investment. Most importantly successive government in Nigeria through the central bank has devised many strategies and means to control the unhealthy rise in interest rate and improve domestic investment. Despite these measures, investment continues to be the decline. It is based on these specifics that appreciated the following research problem: (a) What is the contribution of interest rate in determining investment in Nigeria following Keynesian argument that increased real interest rate could be efficiently in investment via savings. (b) What are the causes of low investment and fluctuating interest rate in Nigeria? (c) What are the measures to control interest rate and improve investment in Nigeria? 1. 3OBJECTIVES OF THE STUDY The general objective of this research work is to present an overview of Nigeria’s level of interest rate and its desired policy objective of enhancing investment and growth in the economy using time series analysis and annual data from 1970-2008. The specific objectives of the study are: (a) To critically examine the relationship between investment and interest rate in Nigeria. (b) To empirically investigate the effect of interest rate on investment determination in Nigeria. (c) To make recommendations based on the results of the research. . 4HYPOTHESIS OF THE STUDY (a) H0: Interest rate has no effect on investment in Nigeria. (b) H0: Income has no effect on investment in Nigeria. (c) H0: Exchange rate has no effect on investment in Nigeria. 1. 5SIGNIFICANCE OF THE STUDY The main thrust of this study is to investigate the effects of interest rate on investment determination in Nigeria. This is necessitated by fact that the behavior of interest rates to a large extent determin es the investment activities and economic growth of any country. The finding would guide policy makers in designing and implementing financial policies that would enhance private and public investment friendly interest rates which are crucial to economic growth in Nigeria. The research work implies that the behavior of interest rate is important for economic growth in view of the relationship between interest rates and investment and growth. Thus, the formation and implementation of financial policies that enhance investment friendly rate of interest is necessary for promoting economic growth in Nigeria; 1. 6DELIMITATIONS OF THE STUDY This study aims at discussing the various factors (macro-economic variables) that determines investment in the Nigeria economy and only few variable will be considered because of unavailability of data and also to avoid the violation of the ordinary least square (OLS) technique that would be used in analyzing the data. The study would also aim at analyzing the data collected from the CBN statistical bulletin and would be limited to cover the period of 1970-2008. Interest rate as used in this research refers to lending rate of banks, and income is being proxied by GDP. Efforts will be made to ensure that despite all the impediments mentioned above, this research work will be relevant in serving the objectives for which it is intended. 1. 7 DEFINITION OF TERMS (a) INTEREST RATE: It is seen as the reward for parting with liquidity for a specified period. It is the price which equilibrates the desire to hold wealth in the form of cash with the available quantity of cash i. e. the price of credit. It could also be seen as the inverse proportion between a sum of money and what can be obtained for parting with control over the money in exchange for a debt for a stated period of time. b) INVESTMENT: It refers to capital expenditures on consumer durables, residential construction (buildings) and plants and machinery. Thus, investment refers to the purchase of real tangible assets such as machines, factories or stocks of inventories which are used in the production of goods services for future use as oppose to present consumption. Investment can also be vie wed as the sacrifice of certain present values of consumption for future value of consumption. It is the commitment of money in order to earn a financial return of the purchase of inancial assets such as stocks or bonds with future end date in mind. (c) EXCHANGE RATE: it refers to the price of one currency (domestic currency) in terms of another (foreign currency). It plays a key role in international economic transactions. The importance of exchange rate derives from the fact that it connects the price system of two different currencies, making it possible for international trade to make direct comparison of prices of traded goods. CHAPTER TWO LITERATURE REVIEW 2. 1 THEORETICAL LITERATURE Interest rate affects decisions about how to save and invest. Investors differ in their willingness to hold risky assets such as bonds and stocks. When the returns to holding stocks and bonds are highly volatile, investors who rely on these assets to provide their consumption face a relatively large chance of having low consumption at any given time. For example, before retirement, people receive a steady stream of income that helps to buffer the change in wealth associated with changes in the returns and their investment portfolios. This steady return from working helps them maintain a relatively steady level of consumption. After retirement, people no longer have the steady stream of income from working hence a less volatile investment portfolios is called for investment returns allow retirees to maintain a relatively even of consumption overtime. Interest rate policy in Nigeria is perhaps one of the most controversial of all finance policies. The reason this may not be farfetched because interest rate policy has direct bearing on many other economic variable such as investment decision. Interest rate play a crucial role in the efficient allocation of resources aimed at facilitating growth and development of an economy and as a demand management technique for achieving both internal and external balance. Nigeria experienced severe macroeconomic problems towards the end of 1970s through the first half of the 1980s when output declined substantially. The real GDP growth rate averaged only 1. 5% per annum during the period 1973-1980 (registering negative growth rate in 6years during the period) (CBN, 1990). In response to this deteriorating economic situation, the Nigeria authorities launched policy progammes contained in the structural adjustment programme (SAP). Several forms corrective measures were undertaken including financial sector reform policies. Prior to 1986 in Nigeria, a common practice has been the support of certain economic projects considered to be essential part of development strategy. Government adopted policies aimed at accomplishing specified objectives such as interest rate ceilings and selective sectoral policies. These policies were introduced with the intension of directing credit to priority sectors and securing inexpensive funding for their own activities. The ceiling on interest rates and quantity restrictions on loanable funds for certain sectors ensure that a large share of funds is made available for favored sectors. Such a practice hinders financial intermediation since the financial market will only be accommodating the credit demand of the government plan and ignoring risks. The practice has been disfavourd as a growth policy by the repressionist school led by McKinnon (1973) and Shaw (1973). According to McKinnon (1973) and Shaw (1973) financial regression paradigm, government’s efforts to promote economic growth by such indiscriminate measures have repressed financial system. This discourages financial intermediation. Thus, the repressionist school calls for financial liberalization, the removal o ceiling on interest rates among others as a growth (investment) promoting policy. According to them, the removal of interest rate ceiling will raise savings rates because the interest elasticity of private savings is positive which in turn would increase investment. To date, Nigeria has pursued tow-interest rate regime. The 1960s to mid-1980s with the administration of low interest rates which was intended to encourage investment. However, the advent of the structural adjustment programme (SAP) in the third quarter of 1986 ushered in an era when fixed and low interest rates were gradually replaced by a dynamic interest rate regime, where rates were more influenced by market forces. Hence, the pursuit of the two interest rate regime in Nigeria provided a case study of the Keynesian interest rate-investment relationship and the McKinnon (1973) and Shaw (1973) interest and investment hypothesis. The gradual deregulation of the Nigeria economy between 1986 and 1992 affected these key economic variables: interest rate and investment. In the Nigerian context, interest rates were extensively regulated prior to the adoption of SAP in 1986. But the economic rationale behind this control of interest rates and other elements of financial markets has been motivated by a variety of factors including the desire to influence the flow of credit to preferred sectors of the economy and the concern that market determined interest rate could result in serious imperfection in the market. Moreover, the upsurge in real interest rates observed worldwide in the early 1980s has raised widespread concern about their possible detrimental economic effects. Therefore, in response to these concerns, numerous studies were carried out to measure the effect of high interest rate on the key macroeconomic variables. Nevertheless, the concurrent increase in interest rates resulting from the deregulation seems to lay credence to McKinnon (1993) and Shaw (1993) interest rate and investment hypotheses. In consonance with the Fleming-Mundell model, in an open economy with perfect capital mobility and flexible exchange rate, an increase in government expenditure (income), leads to an increase in interest rate which would in turn lead to increase in capital inflow (investment) from abroad leading to exchange rate appreciation. On the other hand, capital outflow (investment) from the domestic economy would be instigated by a depreciating exchange rate whereby foreigners would purchase imported goods because they are relatively cheap. According to uchendu (1993), interest rate policy is among the emerging issues in current economic policy in Nigeria in view of the role it is expected to play in the deregulated economy in inducing savings which can be channeled to investment and thereby increasing employment, output and efficient financial resources utilization. Also, interest rates can have a substantial influence on the rate and pattern of economic growth by influencing the volume and disposition of savings as well as the volume and productivity of investment (Leahy, 1993). Nwankwo (1989), however, believes that interest rate deregulations will definitely lead to more efficient allocation of financial market resources because interest rate will now reflect scarcity and relative efficiency in different use. That is, only efficient investors will have access to scare financial resources. Abiodun (1988), on the other hand believed that deregulation of interest rate is like a double-edged sword, which will stimulated the economy or mar it He asserted that the deregulation of interest rate will lead to an increase in interest rate, which will have a positive effect on savings as savings will be increased. However, he stated that high interest rate might not bring about cost-push inflation because borrower will pass high cost of borrowing to the customers by including it in their cost of production. He further stressed that high cost of borrowing will slow down investment, as borrowing will be greatly reduced. Hence investment in new business will reduce while existing ones may not be able to compete favourably for scarce finance due to high cost of borrowing. He opined that free market should serve as checks and balance and that some measure of control of interest will be beneficial if only to deliberately channel investment into the sectors. Interest rate policy in Nigeria is discussed along the dividing period of pre-reform (1970-1986) and post reform (1987-2006) periods. In order to compare the structure of interest rates between the sub-periods, deposit rate, lending rate and minimum rediscount rates are being combined as the interest rate reform process sets in. The pre-reform period (1970-1986) is considered as a period of financial repression and was characterized by a highly regulated monetary policy environment in which policies of directed credits, interest rate ceiling and restrictive. Monetary expansion were the rule rather than the exception (Sajibo and Olayiwola, 2000). Although, the interest rate policy instruments remained fixed, there were marginal increases. For instance, the deposit rate was increased from 3% in 1975 to 9. 5% in 1986, while the lending rate rose from 9 to 12% within the same period. For the reform period (1987-2006), deposit and lending rates were allowed to be determined by market forces and the interest rates actually increased as envisaged. For instance, the nominal deposit and lending rates rose from 9. 5% and 12% in 1986, to 14% and 19. % respectively in 1987, as a result of the interest rate reform in Nigeria. By 1990, the deposit and lending rates have risen to 18. 8% and 27. 7% respectively. The government intervened in 1991 and pegged the deposit and lending rates at 14% and 21% respectively. Unfortunately, between 1997 and 2006, the lending rate did not show a significant trend in reduction with an average of 22% The implications of the â€Å"tunnel-like† structure of interest rates and the low deposit rates are that savings will likely be discouraged and this will negatively affect funds mobilization by the banks. This will in turn affect the amount of funds available for investment with retarded influence on economic growth. On the other hand, the high lending rate is detrimental to productive investment and hence economic growth. As Soyibo and Olayiwola (2000) observe, borrowers with worthwhile investment may be discourage from seeking loans and the quality of the mix of applicants could change adversely. Again, high lending interest rates could create moral hazard where loan seekers borrowed to escape bankruptcy rather than invest or finance working capital. Generally, the behavior of the interest rate structure is such that there is a wide spread margin between deposit and lending rates which may encourage speculative financial transactions. As a result of the interest of the interest rate structure in Nigeria, the real GDP growth rate which was 5. 7% in 1970 increased to 11% in 1974, but became mostly negative during the pre-reform period until 1985, when a positive real GDP growth rate of 9. 4% was achieved. With a real GDP growth rate of 4. % in 2006, Nigeria requires an average annual GDP growth rate of 7% in order to meet the united nations Millennium Development Goals (MDGS) of reducing poverty by 2015 (AIAE, 2005). Keynes (1936) emphasized the need for careful financial management to ensure the smooth running of economic activity. Keynes introduced the concept of a â€Å"liquidity trap† that sets a ceiling to the nominal interest rate. When a trap is binding, the real interest rate exceeds the equilibrium level consistent with full employment and planned savings exceed planned investments. A decrease in income would therefore reflect a drop in savings to equal investments. Shaw (1973) stressed that a well functioning financial market needed to facilitate intermediation between creditors and debtors. He argued that higher interest rates would create higher savings and a more effective functioning of the financial sector thereby ensuring a real return to creditors and the real cost to borrowers. The development of the financial market thus increases; incentive to save raises the volume and efficiency of investment and accelerates economic growth. Post-Keynesians placed substantial emphasis on both effective demand and the demand for bank credit, arguing that investment decisions determines savings. They claim that the higher interest rates following liberalization increase the cost of capital and stifle investment especially if the economy is near full capacity. Dutt (1991), who suggested that higher deposit rate will increase not only the volume of deposit and the supply of bank credit but also the marginal propensity to save as well as reducing aggregate demand. If the reduction in aggregate demand outweighs the expansion in bank credit, there will be no incentive to invest. Reduction of interest rates was one of the key recommendations of the G-20 (group of 20 leading economics) at its meeting on the global financial crisis in Washington DC in 20008. Even without the prompting, various countries had set interest rates ion the decline to revitalize declining economics. For example, the Bank of England recently cut interest rates to the lowest level in its 315 year history. The half percentage point reduction brought interest rates to 1. 5 percent the first time it would be below two percent since the bank was founded in 1694. In the United States, the Federal Reserve slashed interest rate to 0. 25% the lowest level in the nation’s 232 year history. The bleak outlook for jobs, investment justified cutting interest from 4% in some developing economics like Kenya, Egypt and South African, interest rates range between 9 and 15 percent. In Nigeria, the official lending rate is 17 percent, but real rates at banking halls could be as high as between 25 to 30 percent. And there is growing concern in various sectors of the economy about the strangulating effects of such rates. Also worrisome is the fact that the rising rates of interest, as other macro-economic indicators that used to enjoy some relative stability, signify a downturn on investment. The reality of the current situation is that not only are interest rates headed for the ceiling, but many bank have stopped lending out of the fear of the unknown. Some of the banks complain about high rate of default in the repayment of facilities already given out. A potential danger to this situation is that high interest rates and a general scarcity of money and credit so severely restrict borrowing for consumer spending, construction and business investment as to cause, or worsen, a bad economy. Ani (1988) opined that, the Central Bank is too eager in its objective to accelerate the attainment of the objectives of the on-going structure adjustment which among other recommended the deregulation of the economy. He believes that the central bank is trying to deregulate the interest rate aim at strangulating a lot of industries particularly the small and medium scale industries because interest rate deregulation will lead to a very high lending rate which in his own opinion, the medium scale industries could not afford because of their limited capital and production base. The Central Bank in its policy increase its lending rates from 11 to 15% in situation where Naira is under valued. In view of these increase, the commercial banks increased their own lending rate to between 17 to 22%. Also, the liquidity ratio was to be increased from 25% and their credit expansion reduced from 8 to 7. 54%. Ani (1988) thus maintained that the central bank of Nigeria measures would reduced the lending capacity of the banks and with a reduction in quantity of money in circulation there would be no money to save. Ani (1988) was also of the view that money which would have been saved are already in the vault of the central bank in the form of draw back money awaiting remittance to the second tier foreign exchange market, profit and petroleum subsidies. He thus, concluded that, fixing of interest rates at such a high level does not give Nigerian businesses any chance of competition with their foreign counterpart, particularly those from countries where interest rates are low compared to our own. Ojo (1988) share a similar view with Ani. He also believes that since domestic financial markets are to some extent structurally oligopolistic, if interest rate is left uncontrolled, it mighty led to a sharp increase in lending rate leading to increase in cost capital and discouraging investment. . 2 EMPIRICAL LITERATURE The results of investigation on the relationship existing between interest rate and investment hold divergent views: Rame (1990) investigated the theoretical and empirical determinant of private investment in developing countries and identified macroeconomic and institutional factors such as financial repression, foreign exchange shortage, lack of infrastructure and economic instability as important variable that explained p rivate investment. Chetty (2004) showed that the investment demand curve is always a backward-bending function of the interest rate in a model with non-convex adjustment costs. At low interest rate, an increase in the rate of return raises the cost of learning and increases aggregate investment by enlarging the set of firms for whom the interest rate exceeds the rate of return to delay. An increase in interest rate in more likely to stimulate investment when the potential to earn is larger in the short run rather than the long run. Akintoye and Olowolaju (2008) examined optimizing macroeconomic investment decision in Nigeria. The study employed both the ordinary least square and vector Auto-regression frameworks to stimulate and project inter temporally private investment response to its principal shocks namely public investment, domestic credit and output shocks. The study found low interest rate to have constrained investment growth. The study then resolved that only government policies produce sustainable output, steady public investment and encourage domestic credit to the private sector which would promote private investment. Obamuyi (2009) studied the relationship between interest rate and economic growth in Nigeria. The study employed co integration and error correction modeling techniques and revealed that lending rate has significant effect on economic growth. The study then postulated that investment friendly interest rate policies necessary for promoting economic growth needs to be formulated and properly implemented. Albu (2006) studied trends in the interest rate, investment, GDP growth relationship. The study used two partial model to examine the impact of investment on GDP growth and the relationship between interest rate and investment in the case of the Romanian economy. The study found that the behavior of the national economy system and interest rate-investment relationship tend to converge to those demonstrated in the normal marked economy. Ologu (1992) in a study of the impact of CBN monetary policy on Aggregate Investment behavior found that contrary to expectation and to Chenery’s stock adjustment hypothesis, the existing stock of capital goods was not a major determinant of investment behavior of firms in Nigeria and that interest rate was significant in influencing investment decisions noting that this is not surprising since in a situation of limited residual funds as in Nigeria , the cost of capital should exert significant influence on both the frequency and volume of demand for investible funds by investors. Evans (1998) estimated that net investment in the US would rise by anything between 5% and 10% for a25% fall in interest rate. These percentage changes were calculated to occur over a two year period after a one year lag. Iyoha (2004) postulated based on the combination of all the theories of investment ranging from the classical to Keynesian and a study on sub-Sahara African countries, identified macroeconomic factor such as income, interest rate, exchange rate and debt overhang provide by bebt-income ratio variable as his investment determination model. De Gregori and Guidotti (1995) cited Oostergaan et al (2000) studied the effect of a rising real interest rate on growth and claimed that growth is maximized when the real rate of interest lies within the normal range of -5 to +15% Green and Villanueva (1991) find a negative relationship between real interest rates and investment. World bank report cited in Ooterbaan et al (2000) show a positive and significant cross section relationship between average investmen and real interest rates over the period1965 to 1985 the empirical works by Mackinnon (1994) and Fry (1995) have shown evidence to support the hypothesis that interest rate determine investment. Thus, there are two transmission channels through which interest rate affects investment. They relate to investment as cost of capital. They also opined that interest rates encourages loans (external finance). May studies have investigated these transmission mechanisms, which tallies with interest rate policy regimes articulated in Nigeria prior to and after the 1986 deregulation. Khat and Bathia (1993) used non-parametric method in his study of the relationship between interest rates and other macro-economic variable, including savings and investment. In his study he grouped (64) Sixty-Four developing countries including Nigeria into three bases on the level of their real interest rate. He then computed economic rate among which were gross savings, income and investment for countries applying mann-Whitny test, he found that the impact of real interest was not significant for the three groups. However, his method of study was criticized by Balassa (1989) that a relationship has been established by the use of regression analysis. Agu (1988) reviewed the determinants and structure of real inetrest rates in Nigeria between 1970-1985. He demonstrated the negative effect of low real interest rate on savings and investment using the usual Mackinnon financial repression diagram. His main conclusion was that the relationship between real interest rate savings and investment is inconclusive. CHAPTER THREE RESEARCH METHODOLOGY 3. 1INTRODUCTION Several factor determine the flow of investment in Nigeria. These factors could be economical, political and social in nature. For the purpose of this study we adopt the Econometric method, owing to the fat that it would facilitate parameter estimation, method specification, the conduct of the appropriate statistical and Econometric tests that will aid and contribute to policy formulations. This research would employ the ordinary least square (OLS) estimation method for the econometric analysis. The choice of this techniques is justified by the need to test economic theory and explanatory ability of the independent variable chosen. Other reasons that warranted the adopted of OLS method in this research work are that it has a very high forecasting ability, its parameter estimates are stable, its mechanisms are simple to comprehend and parameters estimated by OLS have same optimal properties. They are Best Linear Unbiased Estimates (BLUE). Koutsotyiannis (1997) states that despite the improvement of computational equipment and statistical information which facilitated the use of more elaborate econometric techniques, OLS is still one of the most commonly used methods in estimating relationship in econometric models. Studdenmund (1998) stipulated that OLS method is best suited for testing specific hypothesis about the nature of economic relationship. 3. 2 MODEL SPECIFICATION In specifying econometric model, it has to be based on economic theory and on the available information relating to the phenomenon being studied Koutsoyiannis (1973:12). Specification of a model involves expressing the relationship between variables in a mathematical form which will be sued in exploring the economic phenomenon empirically. The adoption of this approach of model building in this research is justified by the following: (a) There is need to find out the effect of interest rate on investment determination based on economic theory. This is as seen from the subject matter of the research. (b) The effect of the independent variable may not be automatic or direct on the dependent variable. According to Koutsoyiannis (1997), the first and most important step a researcher has to take in attempting the study of any relationship between variables is to express this relationship in mathematical form. The foregoing discussion of the determinants of investment results in the following. INVMT = F(INT, GDP, EXCHR)- (1) The choice of the variable used in model (1) is justified by the subject matter of the research and the knowledge of apriori expectations and other literatures reviewed on the subject matter. The mathematical equation of model (1) is given as: INVMT =B0 + B1 INT + B2 GDP + B3 EXCH - (2) Econometric form of model (2) can be written as: INVMT =B0 + B1 INT + B2 GDP + B3 EXCHR +  µ Where: Bo =intercept B1 – B3=Regression coefficient (slope) INVMT =Investment INT=Interest rate RY =Real income proxied by GDP EXCHR =Exchange Rate  µ=Stochastic Error term 3. 2. 1 DEFINITION OF MODEL VARIABLES 1. Investment (INVMT): It is the commitment of money in order to earn a financial return of the purchase of financial assets such as stocks or bonds with future end date in mind. It also refers to capital expenditures on consumer durables, residential construction and plants and machinery. 2. INTEREST RATE (INT): This is the cost of borrowing capital in the financial market. It is also the amount paid on capital that is used on production. 3. EXCHANGE RATE (EXCHR): Exchange rates play a key role in international economic transactions. It refers to the price of country’s currency (foreign currency) of the world. 4. REAL INCOME (RY): Real income is being peroxide by Real Gross Domestic Product (RGDP) in this research. This is the monetary value of goods and services produced in an economy in a year after accounting for inflation. 3. 2. 2 ESTIMATION PROCEDURE The estimation period is from 1970-2008. The ordinary least square (OLS) technique will be used in estimating the parameters because of its simplicity in economic modeling and also to determine whether the variable are statistically significant or not. Therefore, the signs and sizes of the parameter estimates will be compared to their apriori economic expectation. Also, the statistical test of parameter estimates is carried out using the estimates of their standard error, t-test, f-Test, R2 and Durbin Watson (DW) test, in order to enhance the robustness of the empirical analysis. 3. 3. TECHNIQUES OF EVALUATION 3. 3. 1ECONOMIC TESTS (EVALUATION OF APRIORI SIGN) Parameters | Explanation | Apriori sign | | Intercept The Higher the interest rate, the lower the level of investment. Hence, interest rate is expected to be negative in relation to investment. With regards to the investment function, the quantity of investment depends on the real interest rate because the interest rate is the cost of borrowing. The investment function slopes downward when the interest rate rises because fewer investment project are profitable. | | ? | Increase in income, leads to an increase in investment. With regards to the Keynesian cross, an increase in government expenditure increases its purchase of goods and services, the economy’s planned expenditure rises, the increase in planned expenditure stimulate investment which causes total income to rise. | ? | Increase in exchange rate (depreciation) of the Naira in relation to the Us dollar, leads to capital outflow which in turn results to chapter exports (current account surplus) leading to lower investment. On the other hand, decrease in exchange rate (appreciation of the naira in relation to the US dollar, result in capital inflow (higher investment) exports becomes expensive and there is a ca pital account surplus and current account deficit. | | 3. 3. 2 ECONOMIC CRITERIA It involves examining economic meaningfulness of the equation with regards to meeting the apriori or expected signs of parameters to ensure that the model conforms to empirical expectation. Investment being the dependent variable has no sign interest rate and exchange rate are expected to be negative while real income proxied by Real GDP is expected to be positive. 3. 3. 3STATISTICAL (FIRST ORDER) TESTS (a) R2: Adjusted to the degrees of freedom, this statistic will be used to measure the goodness of fit of the estimated regression models. b)Student t-test: This will be used to test the significance of the individual parameters estimate of the regression model. (c)The F-test: This will be used to test the overall significance of all the parameters in the regression model. 3. 3. 4 ECONOMIC (SECOND ORDER) TESTS (a) Test for Muticollinearity: This is used in testing for linear collinearity among the explanatory variables and the values of the R2 and the F-test would be employed in this test i. e pair wise correlation coefficient matrix. b)Test for Sationarity: This is used to test whether the means value, variance and co-variance of the stochastic process are constant overtime. The augmented dickey-fuller (ADF) test would be adopted for this test (c)Test for Autocorrelation: This is applied to test whether the errors corresponding to the different observations are uncorrelated. This means testing for the randomness of the error term. The Durbin Watson (d-Statistic) will be used to test the randomness of the residuals involved. d) Test for co integration: This is used to find out whether there is a long run relationship among variables in the model using Augmented Dickey-Fuller (ADF) test. (e)Test for Heteroscodosticity: This is used to find out if the error term of the explanatory variables of the estimated model has equal variance. White Heteroscedasticity test will be carried out for this test. 3. 4 BATTERY TEST This is a test being carried out before the model is being estimated. The essence of this test is to determine if the variables being estimated in the model are stationary either in its level form, order I or 2 using Augmented Dickey-Fuller (ADF) test. Likewise, we test of there exists long run relationship among the variable being estimated. Thus, we carry out unit root and co integration test before estimating our model to determine for stationarity and long run relationship in the variables being estimated. STATIONARITY TEST VARIABLES | LEVEL FORM | FIRST DIFFERENCE | ORDER INTEGRATION | INVMT| 1. 054138| -3. 750202| I (I) | INTEREST | -1. 699283| -6. 516255| I (I)| GDP| -1. 736970| -3. 630594| I (I)| EXCHR| -0. 144931| -3. 725515| I (I)| From the stationarity result obtained above, it could be deduced that the variables being estimated in the model were not stationary (in absolute term) in its level form but turned out stationary when estimated in its First difference form (Order 1) COINTEGRATION TEST ADF TEST statistic | Critical value10% | Critical value5% | Critical value 1%| -2. 679841| -2. 6092| -2. 9422| -3. 6171| The co integration result obtained above signifies that there exists no long run relationship among the variable estimated in the model. This is because the absolute value of the ADF test statistic (-2. 679841) is less than the critical value at 5% level of significance (-2. 9422). 3. 5 NATURE AND SOURCE OF DATA The data derived for this research work are basically secondary data. They are being sourced from recognized publications of the Central Bank of Nigeria (CBN) annual report and statistical bulletins of 2008. CHAPTER FOUR PRESENTATION AND ANALYSIS DATA 4. 1 PRESENTATION AND ANALYSIS OF RESULTS The purpose of this chapter is presentation and analysis of the estimated models. The parameter estimates are subjected to various economic, statistical and econometric tests and as a result, the hypothesis to be tested will be evaluated based on this analysis. 4. 1 MODELING INVMT By OLS, is presented in the table below Table 4. 1 Variable | Coefficient | Std. Error | t. Statistic | Prob| CONSTANT | 83449. 70| 73626. 25| 1. 133423| 0. 2647| INTEREST | -1174. 030| 3677. 818| -0. 319219| 0. 7515| GDP| -0. 469400| 0. 085127| -5. 514081| 0. 0000| EXCHR| 23245. 43| 4205. 570| 5. 527296| 0. 0000| Dependent Variable: INVMT R2=0. 780977 R-2 =0. 762203 F-Statistic =41. 60011 (0. 00000) DW=1. 858878 Where R2=Coefficient of Multiple determination R-2 =Adjust Coefficient of Multiple determination DW=Durbin Watson Statistic 4. 1. 1INTERPRETATION OF RESULTS The table above has shown the coefficients of the various regressors. The value of the intercept which is 83449. 70 shows that investment growth in Nigeria would increase by 83449. 70 when all other variables are kept constant. Also, the positive value of investment shows that commercial bank’s lending rate in Nigeria is low which in turn encourages investment in the Nigeria economy. The regressors coefficient i. e 1174. 030 (interest), 0. 469400 (GDP), 23245. 3 ( EXCHR) shows that a unit change in interest rate would bring about 1174. 030 increase in investment, a unit change in GDP and Exchange rate (EXCHR) would result to 0. 469400 and 23245. 43 increase respectively in investment holding other variables constant. 4. 1. 2EVALUATION OF REGRESSION ESTIMATE Table 4. 1. 2 ‘A priori† Criteria Expectation Variable | Sign expected | Estimated sign | Interpretation | INTEREST | blt;0| blt;0| Conform to apriori expectation | GDP| blt;0| blt;0| Did not conform to apriori expectation | EXCHR| blt;0| blt;0| Did not conform to apriori expectation| 4. 2EVALUATION BASED ON ECONOMIC (CRITERIA) Apriori Expectation On the apriori ground, the signs of all parameter estimates are specified above. We observed that some of the variable did not conform to its apriori expectation (i. e GDP and EXCHR), while interest rate (INTEREST) did conform to it’s apriori expectation. GDP did not conform to it’s aprior expectation. This implies that there exists a negative relationship between GDP (income) and investment, although it was statistically significant. The negative GDP also implies that there is a decrease in government expenditure which in turn reduces planned expenditure and investment respectively. The coefficient of exchange rate was expected to be negative. This support the idea of Fleming and Mundel, 1963) which states that exchange rate increase (depreciation) result to capital outflow that results to cheap domestic export that encourage domestic investment (current account surplus) and reduces capital account. Interest rate conformed to its apriori expectation. The negative interest rate shows its inverse relationship with investment although it is statistically from the estimation model. 4. 3EVALUATION BASED ON STATISTICAL (FIRST ORDER) CRITERIA The utilized statistical tests are the coefficient of multiple determination t-test and F-test of the estimates. (a) The co-efficient of multiple determinations (R2). This statistic will be used to measure the goodness of fit of the estimated regression models. The model results are evaluated on the basis of the following statistical tools from the result presented above. It could be observed that the R2 value of 0. 780977 shows that that the induced variables account for about 78% of the causes of variation in investment. (b) Evaluation of working hypothesis using the relevant economic criteria i. T-Test and F-Test H0:There is no significant effect of the explanatory variables on investment. H1:There is significant effect of the explanatory variables on investment. Thus tested as: H0: ? 1 = 0 H1: ? 1 ? 0 At 5% level of degree of freedom The Student T-Test It is used to test the significance of the individual parameter estimate ? =0. 05. The hypothesis is thus stated as: H0: ? 1 = 0 H1: ? 1 ? 0 Where: ? 1 is the coefficient of the parameter estimate Decision rule: Reject Ho, if t * gt; t ? /2, otherwise accept i. e if t* lt; t ? /2 Where t* = Computed or calculated ? /2 = tabulated value of t n = number of observation k = number of parameter estimates degree of freedom (df): n – k = 40 – 3 = 37. From the t-distribution table, for a two tailed test at 5% level of significance with 37 degrees of freedom, the tabulated t37(0. 025) =  ±2. 021 Illustration of the concept of the acceptance and rejection Region i. e criteria region by Koutsoyannis (1997:89) is as follows: TABLE 4. 2 T-TEST TABLE Variable | t-computed | t-prob| t-tabulated | Decision | Constant| 1. 133423| 0. 2647| 2. 021| Insignificant | INTEREST| -0. 319212| 0. 7515| 2. 21| Insignificant | GDP| -5. 514081| 0. 0000| 2. 021| Significant | EXCHR| 5. 527296| 0. 0000| 2. 021| Significant | Conclusion: This means that Variable GDP and EXCHR are statistically with INTEREST being statisticall y insignificant. THE F-TEST The F-statistic is applied to measure the joint influence of the explanatory variables on the dependent variable i. e the overall significance of the model. In testing the overall significance of the regression result, the null hypothesis is specified as Ho: ? 1 = ? 2 = ? 3 = 0 against the alternative hypothesis: H1: ? 1 ? ?2 ? ?3 ? Decision rule: Reject Ho if the F-value computed is greater than the F-value tabulated at 5 percent level of significance with (V1 /V2) degree of freedom where V1 = K – 1 and V2 = n –k. we accept H1 if otherwise. The test is applied with the following results obtained from the regression result (Table 4. 1). The F* cal = 41. 60011. The F* value tabulated = 2. 84 where V1 = 3-1 = 2 and V2 = 40-3 = 37. F0. 05 (2, 37) = 2. 84 Since F* cal = 41. 60011 gt; F0. 05 (2, 37) = 2. 84, we reject Ho and conclude that the explanatory variables have joint explanatory power over the dependent variable. Therefore the model has good fit and is statistically significant. This means that there exist a relationship between the dependent variable and the explanatory variables. 4. 4EVALUATION BASED ON ECONOMIC CRITERIA (SECOND –ORDER TEST) (a) MULTICOLLINEARITY TEST Below is the table which shows the collinearity between the variables used in the model being estimated. TABLE 4. 3 RESULTS ON CORRELATION TEST CORRELATION MATRIX VARIABLES | INTEREST| GDP| EXCHR| INTEREST| 1. 000000| 0. 435068| 0. 400028| GDP| 0. 435068| 1. 0000000| 0. 693575| EXCHR| 0. 400028| 0. 693575| 1. 000000| TABLE 4. 4. SUMMARY OF CORRELATION MATRIX VARIABLES | CORRELATION MATRIX| CONCLUSION| INTEREST and GDP| 0. 435068| No muticollinearity| INTEREST and EXCHR| 0. 400028| No muticollinearity | GDP and EXCHR | 0. 693575| No muticollinearity| None of the cross partial is in excess of 0. 8. This implies that there is no problem of multicollinearity among the independent variables in the model also implying that the model is significant. (b) STATIONARITY TEST The unit root test was used for used for testing stationarity using Augmented Dickey Fuller (ADF) test with the assumption that: Ho: ? 1 =0 (Non-Stationarity) or (unit root problem) H1: ? 1 ? 0 (stationarity exists) Decision rule: reject the mull hypothesis (Ho) if the calculated ADF statistic (in absolute term) is greater that the critical value (in absolute term) at 5% and 10% i. e. If /tcab/gt;/ ttab) using the 5% and 10% level of significance, and accept the alternative hypothesis if otherwise. Table 4. 5 RESULTS ON STATIONARITY TEST VARIABLES | ADF TEST STATISTIC| CRITICAL VALUE 5%| CRITICAL VALUE 10%| CRITICAL VALUE 1%| INVMT (-1)| -3. 750202| -2. 9446| -2. 6105| -3. 6228| INTEREST (-1)| -6. 516255| -2. 9446| -2. 6105| -3. 6228| GDP (-1)| -3. 630594| -2. 9446 | -2. 6105| -3. 6228| EXCHR (-1)| -3. 725515| -2. 9446| -2. 6105| -3. 228| From the above table 4. 5, INVMT (investment) was not stationary at ordinary level, but it became stationary both at 5% and 10% critical value at its first difference, i. e, /-3. 750202/ gt; / -29446/ and / -3. 750202/ gt;/ -2. 6105. For interest rate (INEREST), it was not stationary at its ordinary level, but became stationary when differenced once at both 5% and 10% cricital levels, i. e \-6. 516255/ gt;/-2. 9446/ and /-6. 516255/gt;-3. 6171/. Hence, from the above result, all the variables are stationary at 5% and 10% level of significance with the absolute values greater that the tabulated values at 5% and 10%. TABLE 4. 6. COINTEGRATION TEST RESULT ADF TEST Statistic| Critical value 10%| Critical value 5%| Critical value 1%| -2. 679841 | -2. 6092| -2. 9422| -3. 6171| Since absolute value of ADF Test statistic /1-2679841/ is less that its critical value /1-2. 9422/ at 5% level of significance at order 1, we conclude that the variables are not co integrated at order 1, i. e They have no long run relationship existing among them at order 1. (c) AUTOCORRELATION TEST The test is based on the use of Durbin-Watson (d-statistics) to test the randomness of residuals. Based on this, we state our hypothesis thus: Ho: Po = o (no positive first order autocorrelation) H1: Po ? o (positive first order autocorrelation) At ? = 0. 05. Table 4. 7 SUMMARY OF DURBIN WATSON TEST NULL HYPOTHESIS| DECISION| IF| No positive | Reject | O lt; d lt; d| Autocorrelation | | | No Positive Autocorrelation | No Decision | dL ? d ? du | No Negative Autocorrelation | Reject | 4-dL lt; d lt; 4| No Negative Autocorrelation | No Decision | 4-du ? d ? 4-dL| No Autocorrelation (positive or Negative) | Do no Reject | du lt; d lt; 4-du | Where d = d calculated or computed u = upper limit of Durbin- Watson for the corresponding values. dL = lower limit of Durbin- Watson for the corresponding values From the regression result, we can see that the Durbin Watson Statistic (d) = 1. 858878. With n = 40 and k = 3, where n = number of observation. K = number of estimated independent variable. From the Durbin Watson table dL = 1. 338 while du = 1. 659. Thus we have du lt; dlt; 4 – du Where 4 – du = 2. 341 Therefore, 1. 659 lt; 1. 858878 lt; 2. 341 From the result above, we can see that 1. 659 lt; 1. 858878 lt; 2. 341, therefore, we conclude that we do not reject i. No autocorrelation (Positive or Negative). (d) HETEROSCEDASTICITY TEST The hypothesis tested were: Ho: ? 1 = ? 2 = ? 3 = ? 4 = 0 (Homescedasticty) H1: ? 1 ? ?2 ? ?3 ? ?3 ? 0 (Heteroscedatcity) at 5% level of . significance. This test was carried out using white heteroscedasticity test. We further test this to find out if the error term exhibited constant variance. It follows F* cal or X2 cal distribution. DECISION RULE: Accept null hypothesis (Ho) if F* cal lt; F tab or if X2 cal lt; X2 tab, otherwise reject Ho and conclude that the variance of the error term is heteroscedastic. The error term equation is stated as follows: Ut = ? + ? 1 (INTEREST) + ? 2 (GDP) + ? 3 (EXCHR) + ? 4 (INTEREST)2 + ? 5 (GDP)2 + ? 7 (INTEREST, GDP) + ? 8 (INTEREST) (INTEREST, EXCHR) + ? 9 (GDP, EXCHR) + Vt From our result analysis, F cal = 2. 139441. Deriving our F tab is as follows: V1 = k – 1 = 9 – 1 = 8 V2n – k 40 – 9 31 Where n = 40 k= 9 Therefore F tab 0. 05 (8, 31) = 2. 27 Conclusion: Since F cal = (2. 139441) lt; F tab = (2. 27), we accept Ho and conclude that the variance of the error term is homesedastic, that is error term is constant. (e) Test for specification errors The Ramsey’s rest test was conducted for specification errors. This test is assumed to follow an F-distribution. Hypothesis Test: Ho:  µ = o (the model is well specified) Hi:  µ ? o (the model is not well specified i. e. there is misspecification of the model). At a = 5% and 1% with degree of freedom (k-1, n-k) df, where the first k excludes intercept while the second k includes it. Decision rule: Reject Ho: if F cal (F*) gt; F tab and if otherwise accept Ho. The F calculated (F*) = 23. 19901. F tab 0. 05 = (3-1, 40-4) F tab 0. 05 (2, 36) = 3. 23 and 5. 18 at 1% level of significance. Therefore since F cal = (23. 19901) lt; F tab = (3. 23), and at 1% F cal = (23. 9901) lt; F tab (5. 18), we accept the null hypothesis of correct specification of the model and conclude that there is no specification error in the model. CHAPTER FIVE SUMMARY, POLICY RECOMMENDATION AND CONCLUSION 5. 1SUMMARY OF FINDINGS In this research, attempt is made to investigate the effect of interest rate on investment determination in Nigeria. The investigation covered th e period 1970-2008 and the OLS technique of estimated. A theoretical analysis was undertaken to explain the relationship between changes in interest rate and investment determination with other explanatory variables, income proxied by GDP and exchange rate affecting investment followed by an empirical analysis that discussed estimation results. The study revealed that interest rate played a negative role and was highly insignificant in investment decision in the economy as opposed to the expectation of interest rate being significant decisions. In other words interest rate has a negative impact on investment decisions both in the short run and long run investment decisions. The other determinant being GDP also played a negative role and is highly significant in the sort run and long run on investment determination. Also, it was inferred from the study that exchange rate played a positive and significant role in investment determination in the short and long run. 5. 2POLICY RECOMMENDATIONS: In order to achieve sustainable economic growth and development in Nigeria, there is need to improve the economic, political and social environment of the country. Empirical evidence by Guseh and Oritsejafor (2007) shows that investment has negative impact on economic growth in Nigeria indicating that investment has not promoted economic growth. Further, Guseh and Oritsejafor (2007) supported their findings with the following arguments: (1) Most public sector infrastructure investments are not worthwhile. (2) Political and military elites implemented public project that proved to be money draining projects. (3) Government contracts were awarded at inflated prices by as much as three or four times their worth and development project were shoddily executed or completely abandoned after mobilization fees had been paid. (4) There was looting of public funds necessary for savings and investment. 5) Declining government savings. (6) Frequent regime changes concomitant with policy uncertainties, leading to lower long run investment. I therefore postulate an interest rate reform that should be a component of the broad package aimed at facilitating financial intermediation and monetary management as well as enhancing investment determination and economic growth in Nigeria. However, in high inflation countries like Nigeria, a strong a nd credible stabilization programme and an equally strong set of prudential interest rate guidelines are generally the best initial policy measures. Furthermore, there is need to review on a continuous basis interest rate developments even after liberalizing with a view to ensuring that level and structure of interest rates are adequate and consistent with policy objectives and that the unfolding scenario is suited to the circumstances of the country in which the reform is taking place. However, the deregulation of interest rates in Nigeria may not optimality achieve its goals if those other factors which negatively affects investment in the country as suggested by Guseh and Oritsejafor (2007) are not tackled. This implies that the link between interest rate, investment and economic growth in Nigeria may not allow for optimal benefits from interest rate reforms in the country. 5. 3CONCLUSION Although, the empirical findings show that investment has an indirect relationship with interest rate, other variables such as debt burden, economic stability, foreign exchange, shortage and lack of infrastructure affect domestic investment. Improvement in these key macro-economic variables is a necessary condition towards facilitating investment in Nigeria. Also, government should provide sound macro-economic environment by ensuring a non-distorting but competitive tax system, low inflation rate through prudential fiscal and monetary policies as well as a stable but non-misaligned interest rate. Nothing can hurt investment more than an uncertain or highly volatile macro-economic environment. Perhaps, of great importance for the profitability of investment are the issue of efficient infrastructures and the availability of skilled labour. The financial sector should also be developed to encourage more loan availability. Moreover, strict guidelines should be made to ensure that loans are utilized for the purpose for which they are meant for. BIOGRAPHY Agu, C. C. (1988). Interest rate policy in Nigeria an attendant distortion. New York: Prentice Hall Inc. African Institute of Applied Economics (AIAE) (2005). 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