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The Global Financial Crisis and the Performance of Capital Markets of Developing Economies: Lessons from Nigeria

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  • Edirin Jeroh

    (Delta State University, Abraka, Nigeria)

Abstract

In recent times, economies worldwide are believed to be interrelated. This led to the interdependence of financial institutions such that developments in any part of the world, affects other parts as well. Thus, this study examines the extent to which the recent global financial crisis influenced the performance of capital markets in developing economies, with emphasis on the Nigerian Capital Market. The cointegration technique with its implied Error Correction Model was adopted. The results of the parsimonious ECM revealed amongst others that the recent global financial crisis does not have a severe negative impact on the performance of the Nigerian capital market. Based on the above, it was recommended amongst others that efforts must be made by the CBN and other regulatory bodies to ensure that reforms are made to reduce the over dependence on foreign borrowing by financial institutions in Nigeria as this will help to cushion the effect of credit crunch in advanced countries on the Nigerian economy.

Suggested Citation

  • Edirin Jeroh, 2013. "The Global Financial Crisis and the Performance of Capital Markets of Developing Economies: Lessons from Nigeria," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(3), pages 70-83, June.
    • Handle: RePEc:dug:actaec:y:2013:i:3:p:70-83
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    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1711/1600
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    References listed on IDEAS

    as
    1. Edirin Jeroh, 2012. "Interest Rate Variations and Stock Market Capitalization in Nigeria: An Empirical Analysis," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 5(5), pages 5-14, October.
    2. Oecd, 2008. "Partnership for Development: Finance for Development in Africa," OECD Papers, OECD Publishing, vol. 7(12), pages 17-40.
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    Cited by:

    1. Jeroh Edirin & C. M. Ekwueme, 2015. "Interest Rate Regime And The Performance Of The Nigerian Capital Market," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 22.

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