Stock Market Development And Economic Growth In Nigeria
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Stock Market Development And Economic Growth In Nigeria 1986 2006
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Author : Oluwanishola Abiodun Okogun
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2012-07
Stock Market Development And Economic Growth In Nigeria 1986 2006 written by Oluwanishola Abiodun Okogun and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07 with categories.
One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. The relationship between stock market development and economic growth has received a great deal of attention during the last decades. Many economists have underlined the importance of stock market development in the process of economic growth while others think that this importance is over-stressed. Managers and owners of businesses are often ignorant of the full range of sources of finance available to them as well as the best means of accessing these funds. As businesses expand, it is pertinent to the continuing success of such a business that it possesses the ability to identify its financing requirements and its sources. Of all the sources of funds, the stock market is by far the largest source of finance for any organization and the study is needed to extensively focus on the opportunities that bound in the Nigeria stock market with regards to the process of the capital formation. This study examine the stock market development with relationship between economic growths in Nigeria.
Stock Market Development And Economic Growth
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Author : Charity Ifunanya Osakwe
language : en
Publisher:
Release Date : 2017
Stock Market Development And Economic Growth written by Charity Ifunanya Osakwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This study empirically explored the short run and long run relationship between stock market development and economic growth by comparing two leading emerging economies in Africa: Nigeria and South Africa from 1981 to 2015. Growth rate of gross domestic product was used to measure economic growth, while stock market development was surrogated by market capitalization ratio to gross domestic product and stock value traded ratio. Data were carefully sourced from World Bank development indicators of both countries. The ARDL co-integration divulged equilibrium long run relationship between stock market development and economic growth in Nigeria but not for South Africa. In both short and long run, there was a positive but insignificant relationship between stock market development and economic growth in Nigeria and South Africa. The granger causality analysis deduced that economic growth of South Africa is significantly affected by market capitalization but not so in Nigeria. The variation in economic growth owing to fluctuation in stock market development indices were observed to be insignificant for both Nigeria and South Africa. The study concluded that stock market development is relevant to economic growth as postulated in theoretical literature. Information disclosure in the stock markets of both countries need to be improve upon in an attempt to reducing information asymmetries. The availability of vital information of listed firms to insiders in the market hinders foreign investments. The non-availability of rating agencies and of a well-defined structure of regulation handicap investors from adequate assessment of firms' risk priori to investing their funds.
Stock Market Development And Economic Growth In Nigeria
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Author : John J. Chizea
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2014-11-25
Stock Market Development And Economic Growth In Nigeria written by John J. Chizea and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-25 with categories.
This book is concerned with the role of stock market development on economic growth within the Nigerian context. The author examines the long run causal relationship between the stock market development and economic growth. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study uses one banking sector variable and three measures of stock market development over the period of 1980 - 2007 The author's findings from the study suggest that stock market development has impacted on economic growth in Nigeria. The study also finds evidence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary. The contribution of this study lies in the fact that it provides additional evidence on the ongoing debate of the impact stock markets have on the economic growth process within a specific country. This work will be of interest to people interested in stock markets, financial and economic development, time series analysis as well as African studies.
Nigeria Stock Market Development And Economic Growth
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Author : Victor Okonkwo
language : en
Publisher:
Release Date : 2017
Nigeria Stock Market Development And Economic Growth written by Victor Okonkwo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This study examined the impact of stock market development and economic growth; and also examined the direction of causality between stock market development and economic growth in Nigeria. This study applied Johansen co-integration model to evaluate the stock market development and economic growth and causal relationship using four measures of stock market development indices: market capitalization, number of deals, all share index and total value of market transaction. The study established the existence of co-integration for all the stock market development measures. Results obtained for all measures of stock market development indices point to the existence of a positive relationship between stock market development and economic growth except for market capitalization and total value of market transaction. The findings from pair-wise Granger Causality test suggest the existence of a unidirectional relationship between stock market development and economic growth. This entails that the state of development of the economy will determine the development and operations of the stock market. This study also reveals that there is correlation between stock market development and economic growth, via all share indexes, market capitalization, number of deals and total market transaction value. The Nigerian government should therefore create an enabling environment that would involve, amongst other things, putting in place key legislation to cover investment protection, friendly taxation policies and guaranteeing property rights, so as to stimulate investments. In addition, policies to enhance the trading of securities should be encouraged. In fact, the demutualisation of the Nigeria Stock Exchange needs fast-tracking measures. This has the potential of stimulating creation of financial instruments capable of deepen the operations of the Nigerian capital market and consequently improving liquidity.
Stock Market Development And Economic Growth In Nigeria
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Author : Patrick Adigwe
language : en
Publisher:
Release Date : 2017
Stock Market Development And Economic Growth In Nigeria written by Patrick Adigwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This study examined the effect of stock market development on Nigeria's economic growth. The objective of the study was to determine if stock market development significantly impact on the country's economic growth. Secondary data were employed for the study covering 1985 to 2014. Ordinary Least Square (OLS) econometric technique was used for the time series analysis in which variations in economic growth was regressed on market capitalisation ratio to GDP, value of stock traded ratio to GDP, trade openness and inflation rate. The analysis revealed that stock market has the potentials of growth inducing, but has not contributed meaningfully to Nigerian economic growth, since only 26.5% of variations in economic growth were explained by the stock market development variables. Based on this, the study suggests for an encouragement of more investors in the market, improvement in the settlement system and ensuring investors' confidence in the market.
Stock Market Development And Economic Growth In Nigeria
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Author : John Chizea
language : en
Publisher:
Release Date : 2012
Stock Market Development And Economic Growth In Nigeria written by John Chizea and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This research empirically examines the relationship between stock market development and economic growth in the context of Nigeria. The question guiding this study is focused on whether the development of the stock market has had an impact on economic growth in Nigeria. The thesis examines the long run causal relationship between the stock market and economic growth. It uses one bank and three measures of stock market development: the loans to deposit ratio of banks, Market capitalisation ratio, value traded to market capitalisation ratio as well as value traded to GDP ratio. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study exploits time series analysis techniques to test for the existence of a relationship and, where one is found to exist, the casual nature of that relationship. The study particularly applies Multivariate vector autoregressive models (VAR) and Vector Error Correction Models (VECM) in testing for the existence of a relationship. The evidence obtained from the study shows the existence of co-integration between the stock market development and economic growth in the short as well as the long run. This suggests that stock market development has impacted on economic growth in Nigeria. The Granger causality test findings indicate the presence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary and any improvements in the stock market would have a positive impact on economic growth in Nigeria. The findings also support the hypothesis of endogenous growth models that financial development causes higher economic growth. The contribution of this study lies in the fact that it provides additional evidence on the ongoing debate of the impact stock markets on the economic growth process within a specific country.
Financial Deepening And Stock Market Development In Nigeria
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Author : D. A. Omole
language : en
Publisher: Nigerian Institute of Social and Economic Research (NISER), University of Ibadan
Release Date : 1999
Financial Deepening And Stock Market Development In Nigeria written by D. A. Omole and has been published by Nigerian Institute of Social and Economic Research (NISER), University of Ibadan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Capital market categories.
Impact Of Monetary Policy On Stock Market Development
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Author : Ebele Nwokoye
language : en
Publisher:
Release Date : 2019
Impact Of Monetary Policy On Stock Market Development written by Ebele Nwokoye and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The unsustainable and decreasing contribution of the Nigeria stock market to economic growth and development is the rationale for this study. Previous studies were unable to fully address the core developmental problems of the stock market in terms of its contribution to economic growth. These studies focused on how the monetary authorities can stabilize the stock market and reduce its volatility but ignored issues bordering on the contribution of the stock market to economic growth, which of course is the essence of any stock market and as such characterize its development. Consequently, the objective of this study is to investigate the impact of monetary policy on the development of the stock market in Nigeria. The study period covered from 1981 to 2015. Cointegration and vector error correction modelling (VECM) were employed for the analysis. The cointegration test indicates that there exist long run equilibrium relationship among the variables of the model. VECM result indicated that monetary policy, through the growth rate of money supply has impacted positively and significantly on the development of the stock market in Nigeria. Also, findings further indicated that prime lending rate has had a negative impact on the development of the stock market in Nigeria. The study recommended among others, that the Central Bank of Nigeria (CBN) should use its growth rate of money supply to further boost the development of the stock market but must however be mindful of the channeling of the increase in money supply in order to curtail the possible negative impact of inflation.
Financial Development Economic Growth And Stock Market Volatility
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Author : Umar Bida Ndako
language : en
Publisher:
Release Date : 2010
Financial Development Economic Growth And Stock Market Volatility written by Umar Bida Ndako and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Can Stock Market Development Predict Economic Growth
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Author : Ejibola Folashade Fajimi
language : en
Publisher:
Release Date : 2009
Can Stock Market Development Predict Economic Growth written by Ejibola Folashade Fajimi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Nigeria categories.