文章基本信息

标题：FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: THE ROLE OF STOCK MARKETS AND BANKING SECTOR IN NIGERIA
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作者：Solarin Sakiru Adebola ; Jauhari Dahalan ; Yetunde Adebunmi Aluko 等
期刊名称：The Journal of Sustainable Development in Africa (JSDA)
电子版ISSN：1520-5509
出版年度：2011
卷号：13
期号：7
出版社：Institute of Sustainable Development in Africa
摘要：The purpose of this paper is to examine the relationship between financial development-bank and stock market-and economic growth in Nigeria. Controls variables – human capital interest rate and inflation are included. Utilising Autoregressive Distributed Lag (ARDL) method of Pesaran et al. (2001) and Granger causality test, with battery of diagnostics tests, findings illustrate positive but insignificant influence of stock market and banking system on economic growth in the short run. However, in the long run the relationship turns significant with banking system more effectual in promoting economic growth, supporting the hypothesis of Stiglizt (1985) and empirical works of Arestis et al. (2001). As the interest rate appears to have long run positive impact on economic growth, we interpret this to mean that banking sector performs better than the stock markets, if the interest rate is positively related to economic growth. Results of causality tests provide evidence for supply leading hypothesis in the country. Therefore, it is concluded that financial sector is important in the process of sustainable economic development in Nigeria.
关键词：stock market; banks; economic growth; bound test; and error correction model.