2013
DOI: 10.1080/17487870.2013.787803
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Financial liberalisation and economic growth in Nigeria: an ARDL-bounds testing approach

Abstract: Employing the Autoregressive Distributed Lag (ARDL)-Bounds testing approach, and using GDP -excluding the contributions from oil and gas, as well as the financial services sector -as the growth indicator between 1969 and 2008, the paper establishes a long-run relationship between economic growth and financial liberalisation, which is represented by an index. This index is calculated by using Principal Component Analysis (PCA). The paper finds that financial liberalisation policies have a positive and significa… Show more

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Cited by 34 publications
(22 citation statements)
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“…The one percent increases in trade openness causes to decline economic growth by 0.024 percent. This result against the theoretical statement of Lucas (1988) and Romer (1990) and earlier empirical findings of Chuang (2000); Dutta and Ahmed (2004); Okuyan et al (2012). Equal to empirical studies of Kind (2002) and Kim et al (2011) that conclude the negative impact of trade openness on economic growth in the case of developing countries.…”
Section: Impact Of Liberalization Of Financial and Trade Sector On Eccontrasting
confidence: 70%
See 1 more Smart Citation
“…The one percent increases in trade openness causes to decline economic growth by 0.024 percent. This result against the theoretical statement of Lucas (1988) and Romer (1990) and earlier empirical findings of Chuang (2000); Dutta and Ahmed (2004); Okuyan et al (2012). Equal to empirical studies of Kind (2002) and Kim et al (2011) that conclude the negative impact of trade openness on economic growth in the case of developing countries.…”
Section: Impact Of Liberalization Of Financial and Trade Sector On Eccontrasting
confidence: 70%
“…In the case of 17 developing countries Okuyan et al (2012) explore the connection between trade openness and economic growth by using bounds testing co-integration approach and Toda and Yamamoto causality test.…”
Section: Literature Review: Trade and Economic Growthmentioning
confidence: 99%
“…Over the period, researchers explored the impacts of financial development on economic growth considering either market-based financial development or bank-based financial development. A group of researchers argue and emphasize that market-based financial development requires an efficient stock market, this allows for the diversification of risk in investments with an efficient mobilization of capital among economic agents [see for example, (Antonios 2010;Nazir et al 2010;Owusu and Odhiambo 2014)].…”
Section: Literature Reviewmentioning
confidence: 99%
“…Remittances generate a multiplier effect that directly impacts the local economy, social infrastructure, and social services. Owusu and Odhiambo (2014) this empirical study focused on the Nigerian economy from 1968-2008 adopted McKinnon-Shaw hypothesis, ARDL bound testing approach and unrestricted error correction mechanism. The findings in the study titled "financial liberalization and economic growth" showed a positive and significant relationship.…”
Section: Competitiveness and Global Financementioning
confidence: 99%