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By means of a liberalization is said to be insignificant to Bound testing technique based on financial development. Sokoto Journal of the Social Sciences Vol. The debate on the estimation both the sample of developing and emerging methodology is still open on the other. It market economies. Also, financial openness is seems that scholars are ambiguous to dependent on the legal development, and that generally to assume that trade openness is capital account opening would be most beneficial for all country in the world.

While it effective after threshold level of legal and is very clear that the gain from trade is highly institutional development are attained. Also, unequal between industrial countries and the development of general laws is more poor countries. This prompt the question of important for stock market development than segregation of countries into the panel of the finance related laws.

More so, they contend wealthy and poor countries to enable re- that financial sector opening does not lead to examination of openness and growth nexus. It trade openness, but that trade openness lead became a research fallacy while empirical to financial openness and is a pre-condition evidence suggests that trade raises prosperity for financial openness.

Again, they assert that among nations, practical evidence shows banking sector development is a precondition virtually most countries in the world are busy for stock market development especially in the fine turning trade restrictive measures in the less develops countries. Finally, they state that form of tariff and quota with the thrust of banking and stock market development are protecting local industries.

To this end this complementary in the sample of less develop study will focus on Nigeria as one of the countries. Caporale, Rault, Sova and Sova, country that is battling with adversaries of investigate the relationship between outward looking policy owing to trade financial development and economic growth openness.

Moreover, statistical bulletin and National Bureau of the Granger causality test indicates that Statistics covering and periods. And causality runs from financial development to the series consist of Real Gross Domestic economic growth, but not in the opposite Product RGDP , trade openness, financial direction.

Estimation Procedure In time series econometrics, regression between two non-stationary variables produces bogus results. Most time series show the increasing or decreasing tendency over the time and so association between series depicting specific inclinations may turn out to have considerable results with high R2, but may not be authentic Granger and Newbold, This method also operator, is a constant, are permits testing of hypotheses about the the slope, k is representing the optimum equilibrium relationships between the number of lags on the dependent variable, variables Brooks, Johansen and and is white noise series.

ADF was tested Juselius procedure involved two test statistics under the null hypothesis of non-stationary of for the number of cointegrating vectors. In each meaning economic series are non-stationary. The null hypothesis is established for the relevant series. Two-way Cointegration established through Granger causality test advocated by Engle and Granger procedure. This pairwise estimation is not valid for denoted by n 1. Unlike Engle and Granger cointegrated series, instead causality can be cointegration procedure, Johansen and established in such case via Vector Error Juselius method is based on maximum Correction Mechanism Granger, However, unit root hypotheses for the differenced series were rejected.

The thumb for choice regarding the rejection or coefficient of financial openness indicated otherwise of the result. The selections of the negative relationship between real gross orders of lags in the model is very important domestic product and financial openness in and was done by selecting minimum value of Nigeria economy. The expenditures also increases. The obtained equation shows a positive relationship between real gross domestic Sokoto Journal of the Social Sciences Vol.

Bidirectional causality existed between relationship among the variables using VECM trade openness and financial openness, causality test. The VECM causality test shows population and trade openness, trade that, there is unidirectional causal relationship openness and government expenditure.

No financial openness and population. No causal causal relationship between real GDP and relationship between financial openness and financial openness. The result also indicates government expenditure and finally that population cause real GDP without a government expenditure granger cause response and there is no causal relationship population without response. Unidirectional causal Granger cause trade openness without relationship exists running from trade feedback while real GDP and financial openness to financial openness and finally openness were independent from each other Sokoto Journal of the Social Sciences Vol.

The competiveness in the economy. It also revealed accruable from openness policy, payment a negative relation between real GDP and mechanism must be strengthen so as to financial openness which means that financial have easy, reliable and safe channels of openness retarded real GDP in Nigeria possibly settling transactions made. It can be concluded that Concerted efforts must be made in form of economic openness could only enhance the capacity building in order to boost the performance of Nigerian economy if the contribution of human factor towards the country is able solve the syndrome of Dutch- development of Nigerian economy.

Stock Engel, R. Financial development, Aliero, H. Evidence from Emerging Economies. Mediterranean Economics, 4 2 : 1 — Journal of Social Science. Granger, W. Oxford Arestis, P. Bulletin of Economics and Statistics, Journal of Ibrahim, M.

Stock market development Money, Credit and Banking, 33, Bloch, H. Deep Inzinerine Ekonomika-Engineering Economics, determinants of economic growth: institution, 22 3 , Maximum Development Studies, 4 3 : — New York. Cambridge University for Money. Oxford Bulletin of Economics and Press. Statistics, vol. Law, S. Evidence from Malaysia. Asian Union Members. International Journal of Economic journal, Vol. DOI: Law, S.

The These groups imported multi-kilo quantities of cocaine and multi-thousand doses of ecstasy into the United States. They had drug connections through Amsterdam and some financial backing of an Israeli national. While most members of these groups were convicted and imprisoned in the U. SBU Other investigations in the U. C Since the fall of Communism in and the turbulent s, Bulgaria's organized crime scene has undergone major changes, much like the rest of Bulgaria's economic, political, and social landscape.

MG has actively tried to transform some activities into a legitimate business group focused on managing the vast assets it acquired during its heyday. The group hired a U. Both have since disbanded, but their remnants are still actively involved in organized criminal activity. The up-and-coming star of Bulgarian organized crime, the Varna-based TIM group, is increasingly resembling MULTIGRUP in its successful efforts to permeate as many legal and illegal sectors as possible; currently, TIM and its subsidiary business empire is one of the largest and most serious economic concerns in Bulgaria.

It is believed that 12 people control all of TIM's companies -- which in were estimated to number over and include over 10, employees -- with each of the 12 holding fixed shares in the assets and running separate sectors of the group's business empire. Despite trying to portray itself as a purely legitimate business grouping, TIM remains very secretive about its corporate structure and ownership, and its companies and divisions are entangled in a complex set of relationships.

As an organized crime group, TIM is involved in a wide range of criminal activities, including extortion and racketeering, intimidation, prostitution, gambling, narcotics trafficking, car theft, and trafficking in stolen automobiles. Tihomir Mitev oversees TIM's industrial operations. TIM's initial activities involved collecting bad debts -- a line of business that has contributed to the group's negative public image but which still remains one of its main activities -- and providing security services in the Varna region.

In Varna, TIM's presence is seen and felt everywhere. Its media interests include M-SAT television a Varna-based broadcaster available nationally by cable and satellite , five other cable television stations, two cable television operators, Alpha Radio also available nationally , "Cherno More" newspaper the largest circulation newspaper in Varna and its surrounding region , and the advertising agency servicing these media interests.

TIM also owns a chain of restaurants, cinemas, video rental shops, sports clubs, Internet gaming clubs, and bingo halls. TIM has used its substantial financial sector presence to offer one-stop shopping of combined banking, insurance, and pension services. After the group's license to carry out security services was revoked, the group was renamed VIS 2.

Georgi Iliev, a relative of Dimitrov's, was also his best man. As the largest player in the drugs market, VAI controls trafficking routes, production facilities, and distribution networks. The group is also involved in trafficking stolen automobiles from Western Europe to the former Soviet Union.

Its other criminal activities include extortion and racketeering, illegal arms trading, gambling, prostitution, and smuggling. VAI has extensive business interests in tourism, finance, entertainment, and manufacturing. Intergroup's illegal activities include narcotics especially heroin , financial fraud through its ties with the AMIGOS financial guarantee company , car thefts and trafficking in stolen automobiles, smuggling, extortion and racketeering, and prostitution.

Kirov, who is also involved in human trafficking and alien smuggling, barely survived a second assassination attempt in April Ventsislav is the manager of the Slavia soccer team in Sofia. One area where the group's legal and illegal activities coalesced is in car theft and automobile insurance. Automobiles insured by Bul Ins display special identity stickers meant to protect them from being stolen; cars not insured by Bul Ins are considered fair game.

Once the largest organized crime group in Bulgaria, Pavlov started to move MG into legitimate businesses, comprised of hundreds of subsidiary companies with interests in natural resources and mining, finance, tourism, manufacturing, and food commodities. In , Popova announced that MG would start selling a large number of its assets in order to focus primarily on investment projects and tourism.

There were also reports that Popova preferred to re-direct the group's efforts from the Balkans to U. Overgas is also involved in constructing and managing gas pipelines and other infrastructure. Ivanov oversees the group's smuggling, extortion, and racketeering activities, among other illegal activities. The group is thought to have the largest share in Sofia's escort and intimate services businesses, which are used as fronts for prostitution and trafficking in women for sexual exploitation.

Bozhkov has used his influence to block the transfer of the approximately 49 percent of the Rila Hotel, subject of long-running property restitution case, claimed by Bulgaria's Jewish community. Bozhkov's illegal activities include money laundering, privatization fraud, intimidation, and extortion and racketeering. Rosexim Bank's largest client is the Bulgarian government, which channels all tax, customs, and excise payments through the bank.

Kyulev's criminal activities include fraud and money laundering. Kyulev has recently employed a U. As part of his campaign to gain credibility and legitimacy, he has also recently established the DZI Foundation to combat human trafficking; Kyulev is suspected of using the foundation as a channel to launder money. Ganchev was one of the first organized crime leaders to use a sports team to launder money, through the LITEX soccer team in Lovech. Litex also owns the Lovech-based VINAL winery, which produces wine for domestic consumption and export to Europe, as well as vodka for export.

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