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Financial Structure and economic growth: empirical evidence from Nigeria

Author

Listed:
  • M.O. Saibu
  • K.E.I. Bowale
  • A.E. Akinlo

Abstract

This study investigates whether changes in the financial structure or the overall financial systems explain economic growth dynamics in Nigeria using vector error correction model. The result shows that changes in financial structure in Nigeria have no significant consequential effects on its real growth rate. The result shows further that despite the negative effect of financial market on economic growth, financial market has positive effect on stock market development hence suggesting that neither the financial market nor stock market based system is dominant factor on economic growth in Nigeria.

Suggested Citation

  • M.O. Saibu & K.E.I. Bowale & A.E. Akinlo, 2009. "Financial Structure and economic growth: empirical evidence from Nigeria," International Journal of Business and Emerging Markets, Inderscience Enterprises Ltd, vol. 1(3), pages 264-281.
    • Handle: RePEc:ids:ijbema:v:1:y:2009:i:3:p:264-281
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    Citations

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    Cited by:

    1. Amar Anwar & Ichiro Iwasaki, 2023. "The finance–growth nexus in the Middle East and Africa: A comparative meta‐analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4655-4683, October.
    2. Aminu, Umaru & Ahmad Aminu, Hamidu & Salihu, Musa, 2013. "Globalization and its impact on the performance of the Nigerian Economy," MPRA Paper 75231, University Library of Munich, Germany.
    3. Samuel Antwi & Mohammed Issah & Richard Kpodo, 2021. "Stock market and economic growth nexus in Ghana," Bulletin of Applied Economics, Risk Market Journals, vol. 8(2), pages 57-73.
    4. Ichiro Iwasaki & Shigeki Ono, 2024. "Economic development and the finance–growth nexus: a meta-analytic approach," Applied Economics, Taylor & Francis Journals, vol. 56(57), pages 8021-8038, December.

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