Revisiting the Financial Development and Economic Growth Nexus in Nigeria: Issues at stake

  • Oluwatosin Juliana Oyetayo Federal University of Agriculture Abeokuta
  • Emmanuel Adesoji Olubiyi Federal University of Agriculture Abeokuta
  • Segun Daniel Owoeye Federal University of Agriculture Abeokuta
Keywords: Banks, Stock market, Substitution- effect, Complementary-effect, Absorptive-capacity

Abstract

This research work contribute to the never ending debate in the finance-growth literature by examining the complimentary and substitution effects of banks and stock market as they both affect economic growth in Nigeria. A revisit of this subject matter is necessary to check the preparedness of Nigeria’s financial system to key into the global finance goal of ‘financialization’ and also to overcome financial issues militating against her economic growth. Dwelling on the issues of sustainability and liquidity which is paramount for the gains of financial development to translate to economic growth, linear and interaction models that equate bank, stock market and growth variables to economic growth are specified and estimated.  Particularly, our findings reveal the importance and strength of the value of stock traded to economic growth when it interacts with bank variables and when on its own. Contrary to previous studies in developed countries, substitution effects are observed in the short run while complimentary effects are observed in the long run. It is believed that this could have been caused by too much of government intervention and control. We therefore recommend an institutional-centric approach for Nigeria’s financial system.

References

Abaenewe, Z.C., and Ndugbu, M.O (2012). Analysis of the effect of monetary policy development on equity prices in Nigeria. West Africa Journal of Industrial and Academic Research, 5(1), 140-158
Adefeso, H.A., Egbetunde, T., and Alley, I. (2013). Stock market development and growth in Nigeria: A causal analysis. Arabian Journal of Business and Management Review, 2(6), 79-84
Akinmade, B., Adedoyin, F., and Bekun, F. (2020). The impact of stock market manipulation on Nigeria’s economic performance. Journal of Economic Structures, 9(52),
http://doi.org/10.1186/s40008-020-00226-0
Alajekwu, B.U., and Ezeabasili, V.N (2012): Stock market liquidity and economic growth: Evidence from Nigeria. Journal of A to Z, 1(2), 11-17
Ananwude, A., and Osakwe, C. (2017). Stock market development and economic growth in Nigeria: A
camaraderie reconnaissance. Research Journal of Economics, 1(3), 1-6
Ansong, A., Marfo-Yiadom, E., and Ekow-Asmah, E. (2011). The effect of financial innovations on
financial savings: Evidence from an economy in transition. Journal of African Business, 12,
93-113
Arcandi, J.L., Berkes, E., and Panizza, U. (2015). Too much finance? Journal of Economic Growth,
(2015), 105-148
Arestis, P., Demetriades, P., &Luintel, B. (2001) Financial development and economic growth: The role
of stock markets. Journal of Money, Credit and Banking, 33(1): 16-41
Arestis, P., Nissanke, M., and Stein, H. (2005). Finance and development: Institutional policy alternative to financial liberalization. Eastern Economic Journal, 31(2), DOI: 10.2139/ssrn.402200
Ayadi, R., Arbak, E., Naceur, S., and De Groen, W. (2015). Financial development, bank efficiency and economic growth across the Mediterranean.
Available from: http://www.researchgate.net/publication/283801085
Beck, T. (2003) Stock markets, banks and economic development: Theory and evidence. EIB papers ISSN 0257-7755, European Investment Bank (EIB) Luxemburg 8(1), 37-54
Bist, J. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African
low-income countries. Cogent Economics & Finance, 6(1), 1-17
Chizea, J. (2012). Stock market development and economic growth in Nigeria: A time series study for the period
1980-2007. Unpublished Thesis, Northumbria University
Choi, W.G., and Cook, D. (2006). Stock market liquidity and the macroeconomy: Evidence from Japan, In:T.Ito and A.K Rose (eds.): Monetary Policy under Very Low Inflation in the Pacific RIM, NBER-EASE, Chicago: Chicago University Press.
Christopoulos, D., and Tsionas, M. (2004). Financial development and economic growth: Evidence from panel unit root and co-integration tests. Journal of Development Economics, 73(1), 55-74
DeGregorio, J. and Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448
Demetriades, P., and Hussein, K. (1996) Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 51, 387-441
Demetriades, P., and Rousseau, P. (2015). The changing face of financial development. Working Paper no 15/20.
Available from:
https://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp15-20.pdf?uol_r=d307e306
Dyan, K., and Sheiner, L. (2018). GDP as a measure of economic well-being. Hutchins Center Working paper no 43, Hutchins Center on Fiscal and Monetary Policy
Ezeibekwe, O.F. (2019). Stock market development and economic growth: Empirical evidence from Nigeria.
Available from: https://thekeep.eiu.edu/lib_awards_2019_docs/4
Ewah, S.O.E., Esang, A., and Bassey, J.U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, December, 219-225
Focus Economics (2021) Nigeria economic news, Focus Economics newsletter, March
Foster, J.B., Jonna, J.R., and Clark, B. (2021). The contagion of capital: Financialized capitalism, COVID-19 and the ‘Great Divide’. Monthy Review, 72(8), January
Gamolya, A. (2006). Stock market and economic growth in Ukraine. A Master’s Thesis in Economics, National University Kyiv-Mobyla Academy, Economics Education and Research Consortium
Greenspan, A. (1999). Do effciecient financial markets mitigate financial crises? speech to the Financial
Markets Conference of the Federal Reserve Bank of Atlanta, 19 October
Hewartz, H., and Walle, Y.M. (2014). Determinants of the link between financial and economic development: Evidence from a functional coefficient model. Economic Modelling, 37 (C), 417-427. DOI: 10.1016/jeconmod.2013.11.029
Hoshi, T., Kashyap, A., and Scharfstein, D. (1990). The role of banks in reducing costs of financial distress in Japan. Journal of Financial Economics, 27(1), 67-88
Ivanovski, Z., Stojanovski, T., and Narasanov, Z. (2015). Volatility and kurtosis of daily stock returns at MSE. UTMS Journal of Economics, 6(2), 209-221
Kadenge, P.G., and Tafirei, F. (2014). Impact of bank and stock market development on economic growth in
Zimbabwe: 1988-2012. The Botswana Journal of Economics-Gabarone,
ISSN 1810-0163, ZDB-ID 2149125-2, 12(2), 74-94
Kim, E.H and Singal, V. (20002). Stock market openings: Experience of emerging economies. Journal

of Business, 73(1), 25-66
Kline, R.B. (2009). Becoming a behavioural science researcher: A guide to producing research that matters. New York: Guilford Press
Kolapo, F.T., and Adaramola, A.O. (2012). The impact of the Nigerian capital market on economic growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19
KPMG (2019). Doing deals in Nigeria: Key insights from dealmakers. Available from:
https://assets.kpmg/advisory
Law, S., and Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking and
Finance , 41(2014), 36-44
Lazarov, D., Miteva-Kacarski, E., and Nikoloski, K. (2016). An empirical analysis of stock market
development and economic growth: The case of Macedonia. South East European Journal
of Economics and Business, 11(2), 71-81
Levine, R. (1991). Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445-1465
Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30, 596-613
Levine, R., and Zervos, S. (1998). Stock markets, banks and economic growth. American Economic
Review, 88(3), 537-558
Lynch D. (1996) Measuring financial sectors’ development: A study of selected Asia-Pacific countries.
Developing Economies, 34(1), 3-33
Maduka, A.C., and Onwuka, K.O. (2013). Financial market structure and economic growth:
Evidence from Nigeria data. Arabian Economic and Financial Review, 3(1), 75-98
Mhadhbi, K. (2014). New proxy of financial development and economic growth in medium-income countries: A bootstrap panel granger causality analysis. American Journal of Applied Mathematics and Statistics, 2(4), 185-192
Narayan P., and Narayan, S. (2013). The short run relationship between the financial system and
economic growth: New evidence from regional panels. International Review of Financial
Analysis, 29, 70-78
Ndebbio, J.E.U. (2006). The structural economic analysis dimensions of underdevelopment, associated
vicissitudes and imperatives: Agenda for positive change. 33rd inaugural lecture.
Calabar: Saesprint
Nwanma, V (2021) Will a brutal decline in the Naira force the country to finally end its multiple-exchange rate system? Global Finance, April 23
Mader, P. (2017) Contesting financial inclusion. Development and Change, 49(2), 461-483. DOI:10.111/dech.12368
Menyah, K., Nazlioglu, S., and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37(C), 386-394. DOI:10.1016/j.econmod.2013.11.044
Ogunmuyiwa, M.S (2010). Investor’s sentiments, stock market liquidity and economic growth in Nigeria. Journal of Social Sciences, 23(1), 63-67
Oji, H. (2020). Over-subscription of N150b Sukuk confirms NSE’s absorptive capacity. Guardian Business News 26 June. Available from: http//n-guardian.ng-oversubscription
Olofin, S.O., and Afangideh, U.J. (2008). Financial structure and economic growth in Nigeria: A macroeconometric approach. Nigerian Journal of Securities and Finance, 13(1), 1-27
Oluwatosin, E.O., Adekanye, T., and Yusuf, S.A (2013). Empirical analysis of the impact of capital market efficiency on economic growth and development in Nigeria. International Journal of Academic Research in Economics and Management Sciences, 2(6), 44-53
Otobo, D. 92016) Essentials of labour relations in Nigeria, 1st edition, Lagos: Multi-house Press Limited
Osamwonyi, I.O., and Evbayiro-Osagie, E.I. (2012). The relationship between macroeconomic variables and stock market index in Nigeria. Journal of Economics, 3(1), 55-63
Osho, A.E. (2014). The role of stock market on Nigeria’s economic development. International Journal of Scientific and Research Publications, 4(4), 45-60
Osinubi, T.S., and Amaghionyeodiwe, L. (2003). Stock market development and long run growth in Nigeria. Journal of African Business, 4(3), 103-129
Osuala, A.E., Okereke, O.E., and Nwansi, G.V. (2013). Does stock market development promote economic growth in emerging markets? A causality evidence from Nigeria. World Review of Business Research, 3(4), 1-13
Ovat, O. (2012). Stock market development and economic growth in Nigeria: market size versus liquidity. Canadian Social Science, 8(5), 40-56
Pollin, R. (1998). Financial structures and egalitarian economic policy. Working paper 182, Political Economy Research Institute, University of Massachusetts at Amherst
Prats, M., and Sandoval, B. (2006). Stock market and economic growth in Eastern Europe. Economics Discussion paper no 2016-35, Kiel Institute for World Economy
http://www.economics_ejournal.org/economics/discussionpapers/2016-35
Qamruzzaman, M., and Wei, J. (2016). Financial innovation and economic growth: Evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2),
65-75. DOI:10.21511/imfi.13(2).2016.07
Rousseau, P.L. and Watchtel, P. (2000a) Inflation, financial development and growth. Economic Theory,
Dynamics and Markets, 5, 309-324
Rousseau, P.L and Watchtel, P. (2000b). Equity markets and growth: Cross country evidence on timing
and outcomes, 1980-1995. Journal of Banking and Finance, 24, 1933-1957
Samargandi, N., Fidmuc, J.,and Ghosh, S. (2015). Is the relationship between financial development and
economic growth monotonic? Evidence from a sample of middle-income countries.
World Development, 68(C), 66-81
Sawyer, M. (2013). What is financialization? International Journal of Political Economy, 42(4), Available from: https://doi.org/10.2753/ijp0891-1916420401
Shaw, E. (1973) Financial Deepening in Economic Development. New York: Oxford University Press
Singh, A. (1997). Financial liberalization, stock markets and economic development. The Economic
Journal, May, 771-782
Soultanaeva, A. (2010).Financial intermediation and economic growth: Evidence from the Baltic countries, Department of Economics, Umea University, Sweden
Stiglitz, J. (1985) Credit markets and the control of capital. Journal of Money, Credit and Banking, 17(2), 133-152
Yadichukwu, E., and Chigbu, E.E. (2014). The impact of capital market on economic growth: The Nigerian perspective. International Journal of Development and Sustainability, 3(4), 838-864
Yanakkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57-89. DOI.org/10.1016/S0304-3878(03)00068-3
Yartey, C.A. (2008). The determinants of stock market development in emerging economies: Is South
Africa different? IMF Working paper WP/08/32
Abaenewe, Z.C., and Ndugbu, M.O (2012). Analysis of the effect of monetary policy development on equity prices in Nigeria. West Africa Journal of Industrial and Academic Research, 5(1), 140-158
Adefeso, H.A., Egbetunde, T., and Alley, I. (2013). Stock market development and growth in Nigeria: A causal analysis. Arabian Journal of Business and Management Review, 2(6), 79-84
Akinmade, B., Adedoyin, F., and Bekun, F. (2020). The impact of stock market manipulation on Nigeria’s economic performance. Journal of Economic Structures, 9(52),
http://doi.org/10.1186/s40008-020-00226-0
Alajekwu, B.U., and Ezeabasili, V.N (2012): Stock market liquidity and economic growth: Evidence from Nigeria. Journal of A to Z, 1(2), 11-17
Ananwude, A., and Osakwe, C. (2017). Stock market development and economic growth in Nigeria: A
camaraderie reconnaissance. Research Journal of Economics, 1(3), 1-6
Ansong, A., Marfo-Yiadom, E., and Ekow-Asmah, E. (2011). The effect of financial innovations on
financial savings: Evidence from an economy in transition. Journal of African Business, 12,
93-113
Arcandi, J.L., Berkes, E., and Panizza, U. (2015). Too much finance? Journal of Economic Growth,
(2015), 105-148
Arestis, P., Demetriades, P., &Luintel, B. (2001) Financial development and economic growth: The role
of stock markets. Journal of Money, Credit and Banking, 33(1): 16-41
Arestis, P., Nissanke, M., and Stein, H. (2005). Finance and development: Institutional policy alternative to financial liberalization. Eastern Economic Journal, 31(2), DOI: 10.2139/ssrn.402200
Ayadi, R., Arbak, E., Naceur, S., and De Groen, W. (2015). Financial development, bank efficiency and economic growth across the Mediterranean.
Available from: http://www.researchgate.net/publication/283801085
Beck, T. (2003) Stock markets, banks and economic development: Theory and evidence. EIB papers ISSN 0257-7755, European Investment Bank (EIB) Luxemburg 8(1), 37-54
Bist, J. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African
low-income countries. Cogent Economics & Finance, 6(1), 1-17
Chizea, J. (2012). Stock market development and economic growth in Nigeria: A time series study for the period
1980-2007. Unpublished Thesis, Northumbria University
Choi, W.G., and Cook, D. (2006). Stock market liquidity and the macroeconomy: Evidence from Japan, In:T.Ito and A.K Rose (eds.): Monetary Policy under Very Low Inflation in the Pacific RIM, NBER-EASE, Chicago: Chicago University Press.
Christopoulos, D., and Tsionas, M. (2004). Financial development and economic growth: Evidence from panel unit root and co-integration tests. Journal of Development Economics, 73(1), 55-74
DeGregorio, J. and Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448
Demetriades, P., and Hussein, K. (1996) Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 51, 387-441
Demetriades, P., and Rousseau, P. (2015). The changing face of financial development. Working Paper no 15/20.
Available from:
https://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp15-20.pdf?uol_r=d307e306
Dyan, K., and Sheiner, L. (2018). GDP as a measure of economic well-being. Hutchins Center Working paper no 43, Hutchins Center on Fiscal and Monetary Policy
Ezeibekwe, O.F. (2019). Stock market development and economic growth: Empirical evidence from Nigeria.
Available from: https://thekeep.eiu.edu/lib_awards_2019_docs/4
Ewah, S.O.E., Esang, A., and Bassey, J.U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, December, 219-225
Focus Economics (2021) Nigeria economic news, Focus Economics newsletter, March
Foster, J.B., Jonna, J.R., and Clark, B. (2021). The contagion of capital: Financialized capitalism, COVID-19 and the ‘Great Divide’. Monthy Review, 72(8), January
Gamolya, A. (2006). Stock market and economic growth in Ukraine. A Master’s Thesis in Economics, National University Kyiv-Mobyla Academy, Economics Education and Research Consortium
Greenspan, A. (1999). Do effciecient financial markets mitigate financial crises? speech to the Financial
Markets Conference of the Federal Reserve Bank of Atlanta, 19 October
Hewartz, H., and Walle, Y.M. (2014). Determinants of the link between financial and economic development: Evidence from a functional coefficient model. Economic Modelling, 37 (C), 417-427. DOI: 10.1016/jeconmod.2013.11.029
Hoshi, T., Kashyap, A., and Scharfstein, D. (1990). The role of banks in reducing costs of financial distress in Japan. Journal of Financial Economics, 27(1), 67-88
Ivanovski, Z., Stojanovski, T., and Narasanov, Z. (2015). Volatility and kurtosis of daily stock returns at MSE. UTMS Journal of Economics, 6(2), 209-221
Kadenge, P.G., and Tafirei, F. (2014). Impact of bank and stock market development on economic growth in
Zimbabwe: 1988-2012. The Botswana Journal of Economics-Gabarone,
ISSN 1810-0163, ZDB-ID 2149125-2, 12(2), 74-94
Kim, E.H and Singal, V. (20002). Stock market openings: Experience of emerging economies. Journal

of Business, 73(1), 25-66
Kline, R.B. (2009). Becoming a behavioural science researcher: A guide to producing research that matters. New York: Guilford Press
Kolapo, F.T., and Adaramola, A.O. (2012). The impact of the Nigerian capital market on economic growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19
KPMG (2019). Doing deals in Nigeria: Key insights from dealmakers. Available from:
https://assets.kpmg/advisory
Law, S., and Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking and
Finance , 41(2014), 36-44
Lazarov, D., Miteva-Kacarski, E., and Nikoloski, K. (2016). An empirical analysis of stock market
development and economic growth: The case of Macedonia. South East European Journal
of Economics and Business, 11(2), 71-81
Levine, R. (1991). Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445-1465
Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30, 596-613
Levine, R., and Zervos, S. (1998). Stock markets, banks and economic growth. American Economic
Review, 88(3), 537-558
Lynch D. (1996) Measuring financial sectors’ development: A study of selected Asia-Pacific countries.
Developing Economies, 34(1), 3-33
Maduka, A.C., and Onwuka, K.O. (2013). Financial market structure and economic growth:
Evidence from Nigeria data. Arabian Economic and Financial Review, 3(1), 75-98
Mhadhbi, K. (2014). New proxy of financial development and economic growth in medium-income countries: A bootstrap panel granger causality analysis. American Journal of Applied Mathematics and Statistics, 2(4), 185-192
Narayan P., and Narayan, S. (2013). The short run relationship between the financial system and
economic growth: New evidence from regional panels. International Review of Financial
Analysis, 29, 70-78
Ndebbio, J.E.U. (2006). The structural economic analysis dimensions of underdevelopment, associated
vicissitudes and imperatives: Agenda for positive change. 33rd inaugural lecture.
Calabar: Saesprint
Nwanma, V (2021) Will a brutal decline in the Naira force the country to finally end its multiple-exchange rate system? Global Finance, April 23
Mader, P. (2017) Contesting financial inclusion. Development and Change, 49(2), 461-483. DOI:10.111/dech.12368
Menyah, K., Nazlioglu, S., and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37(C), 386-394. DOI:10.1016/j.econmod.2013.11.044
Ogunmuyiwa, M.S (2010). Investor’s sentiments, stock market liquidity and economic growth in Nigeria. Journal of Social Sciences, 23(1), 63-67
Oji, H. (2020). Over-subscription of N150b Sukuk confirms NSE’s absorptive capacity. Guardian Business News 26 June. Available from: http//n-guardian.ng-oversubscription
Olofin, S.O., and Afangideh, U.J. (2008). Financial structure and economic growth in Nigeria: A macroeconometric approach. Nigerian Journal of Securities and Finance, 13(1), 1-27
Oluwatosin, E.O., Adekanye, T., and Yusuf, S.A (2013). Empirical analysis of the impact of capital market efficiency on economic growth and development in Nigeria. International Journal of Academic Research in Economics and Management Sciences, 2(6), 44-53
Otobo, D. 92016) Essentials of labour relations in Nigeria, 1st edition, Lagos: Multi-house Press Limited
Osamwonyi, I.O., and Evbayiro-Osagie, E.I. (2012). The relationship between macroeconomic variables and stock market index in Nigeria. Journal of Economics, 3(1), 55-63
Osho, A.E. (2014). The role of stock market on Nigeria’s economic development. International Journal of Scientific and Research Publications, 4(4), 45-60
Osinubi, T.S., and Amaghionyeodiwe, L. (2003). Stock market development and long run growth in Nigeria. Journal of African Business, 4(3), 103-129
Osuala, A.E., Okereke, O.E., and Nwansi, G.V. (2013). Does stock market development promote economic growth in emerging markets? A causality evidence from Nigeria. World Review of Business Research, 3(4), 1-13
Ovat, O. (2012). Stock market development and economic growth in Nigeria: market size versus liquidity. Canadian Social Science, 8(5), 40-56
Pollin, R. (1998). Financial structures and egalitarian economic policy. Working paper 182, Political Economy Research Institute, University of Massachusetts at Amherst
Prats, M., and Sandoval, B. (2006). Stock market and economic growth in Eastern Europe. Economics Discussion paper no 2016-35, Kiel Institute for World Economy
http://www.economics_ejournal.org/economics/discussionpapers/2016-35
Qamruzzaman, M., and Wei, J. (2016). Financial innovation and economic growth: Evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2),
65-75. DOI:10.21511/imfi.13(2).2016.07
Rousseau, P.L. and Watchtel, P. (2000a) Inflation, financial development and growth. Economic Theory,
Dynamics and Markets, 5, 309-324
Rousseau, P.L and Watchtel, P. (2000b). Equity markets and growth: Cross country evidence on timing
and outcomes, 1980-1995. Journal of Banking and Finance, 24, 1933-1957
Samargandi, N., Fidmuc, J.,and Ghosh, S. (2015). Is the relationship between financial development and
economic growth monotonic? Evidence from a sample of middle-income countries.
World Development, 68(C), 66-81
Sawyer, M. (2013). What is financialization? International Journal of Political Economy, 42(4), Available from: https://doi.org/10.2753/ijp0891-1916420401
Shaw, E. (1973) Financial Deepening in Economic Development. New York: Oxford University Press
Singh, A. (1997). Financial liberalization, stock markets and economic development. The Economic
Journal, May, 771-782
Soultanaeva, A. (2010).Financial intermediation and economic growth: Evidence from the Baltic countries, Department of Economics, Umea University, Sweden
Stiglitz, J. (1985) Credit markets and the control of capital. Journal of Money, Credit and Banking, 17(2), 133-152
Yadichukwu, E., and Chigbu, E.E. (2014). The impact of capital market on economic growth: The Nigerian perspective. International Journal of Development and Sustainability, 3(4), 838-864
Yanakkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57-89. DOI.org/10.1016/S0304-3878(03)00068-3
Yartey, C.A. (2008). The determinants of stock market development in emerging economies: Is South
Africa different? IMF Working paper WP/08/32

Abaenewe, Z.C., and Ndugbu, M.O (2012). Analysis of the effect of monetary policy development on equity prices in Nigeria. West Africa Journal of Industrial and Academic Research, 5(1), 140-158
Adefeso, H.A., Egbetunde, T., and Alley, I. (2013). Stock market development and growth in Nigeria: A causal analysis. Arabian Journal of Business and Management Review, 2(6), 79-84
Akinmade, B., Adedoyin, F., and Bekun, F. (2020). The impact of stock market manipulation on Nigeria’s economic performance. Journal of Economic Structures, 9(52),
http://doi.org/10.1186/s40008-020-00226-0
Alajekwu, B.U., and Ezeabasili, V.N (2012): Stock market liquidity and economic growth: Evidence from Nigeria. Journal of A to Z, 1(2), 11-17
Ananwude, A., and Osakwe, C. (2017). Stock market development and economic growth in Nigeria: A
camaraderie reconnaissance. Research Journal of Economics, 1(3), 1-6
Ansong, A., Marfo-Yiadom, E., and Ekow-Asmah, E. (2011). The effect of financial innovations on
financial savings: Evidence from an economy in transition. Journal of African Business, 12,
93-113
Arcandi, J.L., Berkes, E., and Panizza, U. (2015). Too much finance? Journal of Economic Growth,
(2015), 105-148
Arestis, P., Demetriades, P., &Luintel, B. (2001) Financial development and economic growth: The role
of stock markets. Journal of Money, Credit and Banking, 33(1): 16-41
Arestis, P., Nissanke, M., and Stein, H. (2005). Finance and development: Institutional policy alternative to financial liberalization. Eastern Economic Journal, 31(2), DOI: 10.2139/ssrn.402200
Ayadi, R., Arbak, E., Naceur, S., and De Groen, W. (2015). Financial development, bank efficiency and economic growth across the Mediterranean.
Available from: http://www.researchgate.net/publication/283801085
Beck, T. (2003) Stock markets, banks and economic development: Theory and evidence. EIB papers ISSN 0257-7755, European Investment Bank (EIB) Luxemburg 8(1), 37-54
Bist, J. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African
low-income countries. Cogent Economics & Finance, 6(1), 1-17
Chizea, J. (2012). Stock market development and economic growth in Nigeria: A time series study for the period
1980-2007. Unpublished Thesis, Northumbria University
Choi, W.G., and Cook, D. (2006). Stock market liquidity and the macroeconomy: Evidence from Japan, In:T.Ito and A.K Rose (eds.): Monetary Policy under Very Low Inflation in the Pacific RIM, NBER-EASE, Chicago: Chicago University Press.
Christopoulos, D., and Tsionas, M. (2004). Financial development and economic growth: Evidence from panel unit root and co-integration tests. Journal of Development Economics, 73(1), 55-74
DeGregorio, J. and Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448
Demetriades, P., and Hussein, K. (1996) Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 51, 387-441
Demetriades, P., and Rousseau, P. (2015). The changing face of financial development. Working Paper no 15/20.
Available from:
https://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp15-20.pdf?uol_r=d307e306
Dyan, K., and Sheiner, L. (2018). GDP as a measure of economic well-being. Hutchins Center Working paper no 43, Hutchins Center on Fiscal and Monetary Policy
Ezeibekwe, O.F. (2019). Stock market development and economic growth: Empirical evidence from Nigeria.
Available from: https://thekeep.eiu.edu/lib_awards_2019_docs/4
Ewah, S.O.E., Esang, A., and Bassey, J.U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, December, 219-225
Focus Economics (2021) Nigeria economic news, Focus Economics newsletter, March
Foster, J.B., Jonna, J.R., and Clark, B. (2021). The contagion of capital: Financialized capitalism, COVID-19 and the ‘Great Divide’. Monthy Review, 72(8), January
Gamolya, A. (2006). Stock market and economic growth in Ukraine. A Master’s Thesis in Economics, National University Kyiv-Mobyla Academy, Economics Education and Research Consortium
Greenspan, A. (1999). Do effciecient financial markets mitigate financial crises? speech to the Financial
Markets Conference of the Federal Reserve Bank of Atlanta, 19 October
Hewartz, H., and Walle, Y.M. (2014). Determinants of the link between financial and economic development: Evidence from a functional coefficient model. Economic Modelling, 37 (C), 417-427. DOI: 10.1016/jeconmod.2013.11.029
Hoshi, T., Kashyap, A., and Scharfstein, D. (1990). The role of banks in reducing costs of financial distress in Japan. Journal of Financial Economics, 27(1), 67-88
Ivanovski, Z., Stojanovski, T., and Narasanov, Z. (2015). Volatility and kurtosis of daily stock returns at MSE. UTMS Journal of Economics, 6(2), 209-221
Kadenge, P.G., and Tafirei, F. (2014). Impact of bank and stock market development on economic growth in
Zimbabwe: 1988-2012. The Botswana Journal of Economics-Gabarone,
ISSN 1810-0163, ZDB-ID 2149125-2, 12(2), 74-94
Kim, E.H and Singal, V. (20002). Stock market openings: Experience of emerging economies. Journal

of Business, 73(1), 25-66
Kline, R.B. (2009). Becoming a behavioural science researcher: A guide to producing research that matters. New York: Guilford Press
Kolapo, F.T., and Adaramola, A.O. (2012). The impact of the Nigerian capital market on economic growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19
KPMG (2019). Doing deals in Nigeria: Key insights from dealmakers. Available from:
https://assets.kpmg/advisory
Law, S., and Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking and
Finance , 41(2014), 36-44
Lazarov, D., Miteva-Kacarski, E., and Nikoloski, K. (2016). An empirical analysis of stock market
development and economic growth: The case of Macedonia. South East European Journal
of Economics and Business, 11(2), 71-81
Levine, R. (1991). Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445-1465
Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30, 596-613
Levine, R., and Zervos, S. (1998). Stock markets, banks and economic growth. American Economic
Review, 88(3), 537-558
Lynch D. (1996) Measuring financial sectors’ development: A study of selected Asia-Pacific countries.
Developing Economies, 34(1), 3-33
Maduka, A.C., and Onwuka, K.O. (2013). Financial market structure and economic growth: Evidence from Nigeria
data. Arabian Economic and Financial Review, 3(1), 75-98
Mhadhbi, K. (2014). New proxy of financial development and economic growth in medium-income countries: A bootstrap panel granger causality analysis. American Journal of Applied Mathematics and Statistics, 2(4), 185-192
Narayan P., and Narayan, S. (2013). The short run relationship between the financial system and economic growth:
New evidence from regional panels. International Review of Financial Analysis, 29, 70-78
Ndebbio, J.E.U. (2006). The structural economic analysis dimensions of underdevelopment, associated vicissitudes
and imperatives: Agenda for positive change. 33rd inaugural lecture. Calabar: Saesprint
Nwanma, V (2021) Will a brutal decline in the Naira force the country to finally end its multiple-exchange rate system? Global Finance, April 23
Mader, P. (2017) Contesting financial inclusion. Development and Change, 49(2), 461-483. DOI:10.111/dech.12368
Menyah, K., Nazlioglu, S., and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37(C), 386-394. DOI:10.1016/j.econmod.2013.11.044
Ogunmuyiwa, M.S (2010). Investor’s sentiments, stock market liquidity and economic growth in Nigeria. Journal of Social Sciences, 23(1), 63-67
Oji, H. (2020). Over-subscription of N150b Sukuk confirms NSE’s absorptive capacity. Guardian Business News 26 June. Available from: http//n-guardian.ng-oversubscription
Olofin, S.O., and Afangideh, U.J. (2008). Financial structure and economic growth in Nigeria: A macroeconometric approach. Nigerian Journal of Securities and Finance, 13(1), 1-27
Oluwatosin, E.O., Adekanye, T., and Yusuf, S.A (2013). Empirical analysis of the impact of capital market efficiency on economic growth and development in Nigeria. International Journal of Academic Research in Economics and Management Sciences, 2(6), 44-53
Otobo, D. 92016) Essentials of labour relations in Nigeria, 1st edition, Lagos: Multi-house Press Limited
Osamwonyi, I.O., and Evbayiro-Osagie, E.I. (2012). The relationship between macroeconomic variables and stock market index in Nigeria. Journal of Economics, 3(1), 55-63
Osho, A.E. (2014). The role of stock market on Nigeria’s economic development. International Journal of Scientific and Research Publications, 4(4), 45-60
Osinubi, T.S., and Amaghionyeodiwe, L. (2003). Stock market development and long run growth in Nigeria. Journal of African Business, 4(3), 103-129
Osuala, A.E., Okereke, O.E., and Nwansi, G.V. (2013). Does stock market development promote economic growth in emerging markets? A causality evidence from Nigeria. World Review of Business Research, 3(4), 1-13
Ovat, O. (2012). Stock market development and economic growth in Nigeria: market size versus liquidity. Canadian Social Science, 8(5), 40-56
Pollin, R. (1998). Financial structures and egalitarian economic policy. Working paper 182, Political Economy Research Institute, University of Massachusetts at Amherst
Prats, M., and Sandoval, B. (2006). Stock market and economic growth in Eastern Europe. Economics Discussion paper no 2016-35, Kiel Institute for World Economy
http://www.economics_ejournal.org/economics/discussionpapers/2016-35
Qamruzzaman, M., and Wei, J. (2016). Financial innovation and economic growth: Evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2),
65-75. DOI:10.21511/imfi.13(2).2016.07
Rousseau, P.L. and Watchtel, P. (2000a) Inflation, financial development and growth. Economic Theory,
Dynamics and Markets, 5, 309-324
Rousseau, P.L and Watchtel, P. (2000b). Equity markets and growth: Cross country evidence on timing
and outcomes, 1980-1995. Journal of Banking and Finance, 24, 1933-1957
Samargandi, N., Fidmuc, J.,and Ghosh, S. (2015). Is the relationship between financial development and
economic growth monotonic? Evidence from a sample of middle-income countries.
World Development, 68(C), 66-81
Sawyer, M. (2013). What is financialization? International Journal of Political Economy, 42(4), Available from: https://doi.org/10.2753/ijp0891-1916420401
Shaw, E. (1973) Financial Deepening in Economic Development. New York: Oxford University Press
Singh, A. (1997). Financial liberalization, stock markets and economic development. The Economic
Journal, May, 771-782
Soultanaeva, A. (2010).Financial intermediation and economic growth: Evidence from the Baltic countries, Department of Economics, Umea University, Sweden
Stiglitz, J. (1985) Credit markets and the control of capital. Journal of Money, Credit and Banking, 17(2), 133-152
Yadichukwu, E., and Chigbu, E.E. (2014). The impact of capital market on economic growth: The Nigerian perspective. International Journal of Development and Sustainability, 3(4), 838-864
Yanakkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57-89. DOI.org/10.1016/S0304-3878(03)00068-3
Yartey, C.A. (2008). The determinants of stock market development in emerging economies: Is South
Africa different? IMF Working paper WP/08/32


Abaenewe, Z.C., and Ndugbu, M.O (2012). Analysis of the effect of monetary policy development on equity prices in Nigeria. West Africa Journal of Industrial and Academic Research, 5(1), 140-158
Akinmade, B., Adedoyin, F., and Bekun, F. (2020). The impact of stock market manipulation on Nigeria’s economic performance. Journal of Economic Structures, 9(52),
http://doi.org/10.1186/s40008-020-00226-0
Alajekwu, B.U., and Ezeabasili, V.N (2012): Stock market liquidity and economic growth: Evidence from Nigeria. Journal of A to Z, 1(2), 11-17
Ananwude, A., and Osakwe, C. (2017). Stock market development and economic growth in Nigeria: A
camaraderie reconnaissance. Research Journal of Economics, 1(3), 1-6
Ansong, A., Marfo-Yiadom, E., and Ekow-Asmah, E. (2011). The effect of financial innovations on
financial savings: Evidence from an economy in transition. Journal of African Business, 12,
93-113
Arestis, P., Demetriades, P., &Luintel, B. (2001) Financial development and economic growth: The role
of stock markets. Journal of Money, Credit and Banking, 33(1): 16-41
Arestis, P., Nissanke, M., and Stein, H. (2005). Finance and development: Institutional policy alternative to financial liberalization. Eastern Economic Journal, 31(2), DOI: 10.2139/ssrn.402200
Ayadi, R., Arbak, E., Naceur, S., and De Groen, W. (2015). Financial development, bank efficiency and economic growth across the Mediterranean.
Available from: http://www.researchgate.net/publication/283801085
Beck, T. (2003) Stock markets, banks and economic development: Theory and evidence. EIB papers ISSN 0257-7755, European Investment Bank (EIB) Luxemburg 8(1), 37-54
Bist, J. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African
low-income countries. Cogent Economics & Finance, 6(1), 1-17
Choi, W.G., and Cook, D. (2006). Stock market liquidity and the macroeconomy: Evidence from Japan, In:T.Ito and A.K Rose (eds.): Monetary Policy under Very Low Inflation in the Pacific RIM, NBER-EASE, Chicago: Chicago University Press.
Christopoulos, D., and Tsionas, M. (2004). Financial development and economic growth: Evidence from panel unit root and co-integration tests. Journal of Development Economics, 73(1), 55-74
DeGregorio, J. and Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448
Demetriades, P., and Hussein, K. (1996) Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 51, 387-441
Demetriades, P., and Rousseau, P. (2015). The changing face of financial development. Working Paper no 15/20.
Available from:
https://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp15-20.pdf?uol_r=d307e306
Dyan, K., and Sheiner, L. (2018). GDP as a measure of economic well-being. Hutchins Center Working paper no 43, Hutchins Center on Fiscal and Monetary Policy
Ezeibekwe, O.F. (2019). Stock market development and economic growth: Empirical evidence from Nigeria.
Available from: https://thekeep.eiu.edu/lib_awards_2019_docs/4
Ewah, S.O.E., Esang, A., and Bassey, J.U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, December, 219-225
Focus Economics (2021) Nigeria economic news, Focus Economics newsletter, March
Foster, J.B., Jonna, J.R., and Clark, B. (2021). The contagion of capital: Financialized capitalism, COVID-19 and the ‘Great Divide’. Monthy Review, 72(8), January
Gamolya, A. (2006). Stock market and economic growth in Ukraine. A Master’s Thesis in Economics, National University Kyiv-Mobyla Academy, Economics Education and Research Consortium
Greenspan, A. (1999). Do effciecient financial markets mitigate financial crises? speech to the Financial
Markets Conference of the Federal Reserve Bank of Atlanta, 19 October
Hewartz, H., and Walle, Y.M. (2014). Determinants of the link between financial and economic development: Evidence from a functional coefficient model. Economic Modelling, 37 (C), 417-427. DOI: 10.1016/jeconmod.2013.11.029
Hoshi, T., Kashyap, A., and Scharfstein, D. (1990). The role of banks in reducing costs of financial distress in Japan. Journal of Financial Economics, 27(1), 67-88
Ivanovski, Z., Stojanovski, T., and Narasanov, Z. (2015). Volatility and kurtosis of daily stock returns at MSE. UTMS Journal of Economics, 6(2), 209-221
Kadenge, P.G., and Tafirei, F. (2014). Impact of bank and stock market development on economic growth in
Zimbabwe: 1988-2012. The Botswana Journal of Economics-Gabarone,
ISSN 1810-0163, ZDB-ID 2149125-2, 12(2), 74-94
Kim, E.H and Singal, V. (20002). Stock market openings: Experience of emerging economies. Journal
of Business, 73(1), 25-66
Kline, R.B. (2009). Becoming a behavioural science researcher: A guide to producing research that matters. New York: Guilford Press
Kolapo, F.T., and Adaramola, A.O. (2012). The impact of the Nigerian capital market on economic growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19
KPMG (2019). Doing deals in Nigeria: Key insights from dealmakers. Available from:
https://assets.kpmg/advisory
Law, S., and Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking and
Finance , 41(2014), 36-44
Lazarov, D., Miteva-Kacarski, E., and Nikoloski, K. (2016). An empirical analysis of stock market
development and economic growth: The case of Macedonia. South East European Journal
of Economics and Business, 11(2), 71-81
Levine, R. (1991). Stock markets, growth, and tax policy. Journal of Finance, 46(4), 1445-1465
Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of Money, Credit and Banking, 30, 596-613
Levine, R., and Zervos, S. (1998). Stock markets, banks and economic growth. American Economic
Review, 88(3), 537-558
Lynch D. (1996) Measuring financial sectors’ development: A study of selected Asia-Pacific countries.
Developing Economies, 34(1), 3-33
Maduka, A.C., and Onwuka, K.O. (2013). Financial market structure and economic growth: Evidence from Nigeria
data. Arabian Economic and Financial Review, 3(1), 75-98
Mhadhbi, K. (2014). New proxy of financial development and economic growth in medium-income countries: A bootstrap panel granger causality analysis. American Journal of Applied Mathematics and Statistics, 2(4), 185-192
Narayan P., and Narayan, S. (2013). The short run relationship between the financial system and economic growth:
New evidence from regional panels. International Review of Financial Analysis, 29, 70-78
Ndebbio, J.E.U. (2006). The structural economic analysis dimensions of underdevelopment, associated vicissitudes
and imperatives: Agenda for positive change. 33rd inaugural lecture. Calabar: Saesprint
Nwanma, V (2021) Will a brutal decline in the Naira force the country to finally end its multiple-exchange rate system? Global Finance, April 23
Mader, P. (2017) Contesting financial inclusion. Development and Change, 49(2), 461-483. DOI:10.111/dech.12368
Menyah, K., Nazlioglu, S., and Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37(C), 386-394. DOI:10.1016/j.econmod.2013.11.044
Oji, H. (2020). Over-subscription of N150b Sukuk confirms NSE’s absorptive capacity. Guardian Business News 26 June. Available from: http//n-guardian.ng-oversubscription
Olofin, S.O., and Afangideh, U.J. (2008). Financial structure and economic growth in Nigeria: A macroeconometric approach. Nigerian Journal of Securities and Finance, 13(1), 1-27
Oluwatosin, E.O., Adekanye, T., and Yusuf, S.A (2013). Empirical analysis of the impact of capital market efficiency on economic growth and development in Nigeria. International Journal of Academic Research in Economics and Management Sciences, 2(6), 44-53
Otobo, D. 92016) Essentials of labour relations in Nigeria, 1st edition, Lagos: Multi-house Press Limited
Osamwonyi, I.O., and Evbayiro-Osagie, E.I. (2012). The relationship between macroeconomic variables and stock market index in Nigeria. Journal of Economics, 3(1), 55-63
Osho, A.E. (2014). The role of stock market on Nigeria’s economic development. International Journal of Scientific and Research Publications, 4(4), 45-60
Osuala, A.E., Okereke, O.E., and Nwansi, G.V. (2013). Does stock market development promote economic growth in emerging markets? A causality evidence from Nigeria. World Review of Business Research, 3(4), 1-13
Pollin, R. (1998). Financial structures and egalitarian economic policy. Working paper 182, Political Economy Research Institute, University of Massachusetts at Amherst
Prats, M., and Sandoval, B. (2006). Stock market and economic growth in Eastern Europe. Economics Discussion paper no 2016-35, Kiel Institute for World Economy
http://www.economics_ejournal.org/economics/discussionpapers/2016-35
Qamruzzaman, M., and Wei, J. (2016). Financial innovation and economic growth: Evidence from Zimbabwe. Investment Management and Financial Innovations, 13(2),
65-75. DOI:10.21511/imfi.13(2).2016.07
Rousseau, P.L. and Watchtel, P. (2000a) Inflation, financial development and growth. Economic Theory,
Dynamics and Markets, 5, 309-324
Rousseau, P.L and Watchtel, P. (2000b). Equity markets and growth: Cross country evidence on timing
and outcomes, 1980-1995. Journal of Banking and Finance, 24, 1933-1957
Samargandi, N., Fidmuc, J.,and Ghosh, S. (2015). Is the relationship between financial development and
economic growth monotonic? Evidence from a sample of middle-income countries.
World Development, 68(C), 66-81
Sawyer, M. (2013). What is financialization? International Journal of Political Economy, 42(4), Available from: https://doi.org/10.2753/ijp0891-1916420401
Shaw, E. (1973) Financial Deepening in Economic Development. New York: Oxford University Press
Singh, A. (1997). Financial liberalization, stock markets and economic development. The Economic
Journal, May, 771-782
Soultanaeva, A. (2010).Financial intermediation and economic growth: Evidence from the Baltic countries, Department of Economics, Umea University, Sweden
Stiglitz, J. (1985) Credit markets and the control of capital. Journal of Money, Credit and Banking, 17(2), 133-152
Yadichukwu, E., and Chigbu, E.E. (2014). The impact of capital market on economic growth: The Nigerian perspective. International Journal of Development and Sustainability, 3(4), 838-864
Yanakkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57-89. DOI.org/10.1016/S0304-3878(03)00068-3
Yartey, C.A. (2008). The determinants of stock market development in emerging economies: Is South
Africa different? IMF Working paper WP/08/32






Abaenewe, Z.C., and Ndugbu, M.O (2012). Analysis of the effect of monetary policy development on equity prices in Nigeria. West Africa Journal of Industrial and Academic Research, 5(1), 140-158
Akinmade, B., Adedoyin, F., and Bekun, F. (2020). The impact of stock market manipulation on Nigeria’s economic performance. Journal of Economic Structures, 9(52),
http://doi.org/10.1186/s40008-020-00226-0
Alajekwu, B.U., and Ezeabasili, V.N (2012): Stock market liquidity and economic growth: Evidence from Nigeria. Journal of A to Z, 1(2), 11-17
Ananwude, A., and Osakwe, C. (2017). Stock market development and economic growth in Nigeria: A
camaraderie reconnaissance. Research Journal of Economics, 1(3), 1-6
Ansong, A., Marfo-Yiadom, E., and Ekow-Asmah, E. (2011). The effect of financial innovations on
financial savings: Evidence from an economy in transition. Journal of African Business, 12,
93-113
Arestis, P., Demetriades, P., &Luintel, B. (2001) Financial development and economic growth: The role
of stock markets. Journal of Money, Credit and Banking, 33(1): 16-41
Arestis, P., Nissanke, M., and Stein, H. (2005). Finance and development: Institutional policy alternative to financial liberalization. Eastern Economic Journal, 31(2), DOI: 10.2139/ssrn.402200
Ayadi, R., Arbak, E., Naceur, S., and De Groen, W. (2015). Financial development, bank efficiency and economic growth across the Mediterranean.
Available from: http://www.researchgate.net/publication/283801085
Beck, T. (2003) Stock markets, banks and economic development: Theory and evidence. EIB papers ISSN 0257-7755, European Investment Bank (EIB) Luxemburg 8(1), 37-54
Bist, J. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African
low-income countries. Cogent Economics & Finance, 6(1), 1-17
Choi, W.G., and Cook, D. (2006). Stock market liquidity and the macroeconomy: Evidence from Japan, In:T.Ito and A.K Rose (eds.): Monetary Policy under Very Low Inflation in the Pacific RIM, NBER-EASE, Chicago: Chicago University Press.
Christopoulos, D., and Tsionas, M. (2004). Financial development and economic growth: Evidence from panel unit root and co-integration tests. Journal of Development Economics, 73(1), 55-74
DeGregorio, J. and Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448
Demetriades, P., and Hussein, K. (1996) Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, 51, 387-441
Published
2021-10-11
Section
Financial Economics