文章基本信息

标题：Impact of Financial Liberalization on Private Investment: Empirical Evidence from Nigerian Data
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作者：Anthony Orji ; God'stime Osekhebhen Eigbiremolen ; Jonathan Emenike Ogbuabor 等
期刊名称：Review of Economics & Finance
印刷版ISSN：1923-7529
电子版ISSN：1923-8401
出版年度：2014
卷号：4
期号：2
语种：English
出版社：Academic Research Centre of Canada
摘要：This study examines the nature of the relationship between financial liberalization and private investment in Nigeria from 1970 to 2012. The regression analysis reveals that financial liberalization, proxied by real interest rate (RINTR) has a statistically significant positive impact on private investment. Furthermore, the Chow-test result shows that there was a structural break between financial liberalization and private investment in Nigeria within the period under review. This change in relationship can be attributed to the Structural Adjustment Programme (SAP) embarked upon by the Nigerian government in 1986 which liberated the financial sector from acute repression. In addition, the Granger causality test shows that although there was dependence between financial liberalization and private investment, none caused the other. This study therefore concludes that private investment which is enhanced by private savings, financial liberalization and other key variables, is fundamental in the achievement of sustainable economic growth and development. The study therefore recommends that government should create enabling environment for private investment to thrive.
关键词：Financial liberalization;Private investment;Granger causality;Chow test;Nigeria