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Financial Development and Globalization in Nigeria

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  • Mobolaji H I
  • Ndako U B

Abstract

This is a time-series paper that investigates the impact of globalization on the financial sector in Nigeria for the period 1960-2005. The paper uses four financial development indicators and two measures of globalization. The paper finds minimal empirical support that globalization has an impact on the financial sector of the country. This may largely be due to the long history of financial repression and heavy regulatory policy regimes in the country. Though globalization offers numerous benefits, these benefits are not automatically conferred on any country. A minimum threshold of development of necessary institutions, infrastructures and enabling environment is required before an economy can optimally reap these benefits. The paper, however, cautions that reform efforts in the country must be gradual and sequential, in line with McKinnon (1991), to avoid a total financial crash and disruption in the economic process in the country.

Suggested Citation

  • Mobolaji H I & Ndako U B, 2008. "Financial Development and Globalization in Nigeria," The IUP Journal of Financial Economics, IUP Publications, vol. 0(1), pages 29-45, March.
    • Handle: RePEc:icf:icfjfe:v:06:y:2008:i:1:p:29-45
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    Cited by:

    1. Yusuf D. Bulus & Nnaemeka E. Ohaegbu & Olufunmilayo S. Tajudeen & Chinecherem D. Okoronkwo & Danjuma S. Yusuf, 2023. "Fiscal Deficit Expansion and External Sector Imbalance in Nigeria: Implications for Monetary Policy," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(5), pages 1687-1703, May.
    2. Joseph Ayoola Omojolaibi & Ekundayo Peter Mesagan & Nsofor Chinedu Stanley, 2016. "Globalization and Financial Development in Nigeria," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 20(4), pages 461-478, Autumn.
    3. Christian Lambert Nguena & Roger Tsafack Nanfosso, 2013. "What Drives and Limits Financial Deepening Dynamics? Fresh Empirical-based Policy Lessons for African Sub-Regions," AAYE Policy Research Working Paper Series 13_003, Association of African Young Economists, revised Nov 2013.
    4. Christian Lambert Nguena & Roger Tsafack Nanfosso, 2013. "Financial Deepening Dynamics and Implication for Financial Policy Coordination in a Monetary Union: the case of WAEMU," AAYE Policy Research Working Paper Series 13_005, Association of African Young Economists, revised Nov 2013.

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