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The paper analysed the Nigerian manufacturing sector performance under trade globalization. In line with the objectives of the study, secondary data covering the period 1986 - 2018 were obtained from the Central Bank of Nigeria Statistical Bulletin and was used to analysed the relationship between Manufacturing Sector Output as the dependent variable and Degree of Openness, Foreign Exchange Rate, Gross Capital Formation and Interest Rate as the independent variables. The Unit Root Test was employed to ascertain the level of stationarity of the variables. The Auto Regressive Distributed Lag Bound Test for Cointegration was also employed while the Short-run Dynamic ARDL Model was conducted to check the speed of adjustment. Based on our findings, the study recommends that for an improvement in the output of manufacturing sector in Nigeria, there is a need to match the embracement of innovation and modern manufacturing processes with action so as to improve the capacity to produce and make the sector producers of goods and services for both local and international use. There is also the need to encourage investment in the sector through the promotion of positive trade openness of the economy so as install/restore confidence of investors in the activities of the manufacturing output while policies to control the continuous fluctuation of the exchange rate should be enacted as a volatile exchange rate will discourage investment in the sector thereby leading to a fall in the sector's output. [ABSTRACT FROM AUTHOR]

Purpose -- This paper aims to examine the effect of both inflation rate and interest rate on stock prices using quarterly data on non-financial firms listed in DJIA30 and NASDAQ100 for the period 1999-2016. The stock duration model is used to measure the sensitivity in variations in inflation rates and interest rates on stock prices. Design/methodology/approach -- The authors use standard statistical tools that include Johansen cointegration test, linearity, normality tests, cointegration regression, Granger causality and vector error correction model. Findings -- The results of panel Johansen cointegration analysis show that cointegration exists between the stock prices, the changes in stock prices due to inflation rates and the changes in stock prices due to real interest rates. The results of cointegration regression show that inflation rates are negatively associated with stock prices, the real interest rates and stock prices are positively associated, changes in real interest rates and inflation rates Granger cause significant changes in stock prices, significant speed of adjustment to long run equilibrium between observed stock prices and real interest rates and significant speed of adjustment to long run equilibrium between changes in stock prices due to real interest rates and changes in inflation rates. Originality/value -- This paper contributes to the empirical literature in three ways. The paper examines the effects of inflation and interest rates on stock prices differently from other related studies by separating inflation from real interest rates. The paper examines the causality between stock prices, interest and inflation rates. This paper offers significant updated validity to extended literature that a negative association exists between stock prices and inflation rates. This validity can be considered as an existence a theory of stock prices, inflation rates and interest rates. [ABSTRACT FROM AUTHOR]

This paper investigates Marx's monetary analysis of the role of the interest rate in the distribution of surplus-value. It is argued that Marx allowed the interest rate to directly influence the distribution of surplus-value between enterprise profit and interest. Moreover, he thought the interest rate to be subject to the conflict between industrial and money capitalists. Recent developments in Sraffian and neo-Marxian literature provide the foundations for a Marxian analytical framework that allows intra-capitalist conflict, monetary policy and the interest rate to affect the intra-capitalist and the inter-class income distribution. [ABSTRACT FROM AUTHOR]