Да ли финансијски развој заснован на тржишту акцијама подстиче економски раст на тржиштима у настајању? Нови докази из Нигерије

  • Solomon Prince Nathaniel University of Lagos, Department of Economics, Akoka, Nigeria
  • Joseph Ayoola Omojolaibi University of Lagos,Department of Economics, Akoka, Nigeria
  • Chikaodili Josephine Ezeh University of Lagos,Department of Economics, Akoka, Nigeria
DOI: https://doi.org/10.5937/sjm15-17704
Ključne reči: развој тржишта акцијама, економски раст, анализа временских серија, блок егзогени Валдови тестови, АРДЛ

Sažetak


Ова студија испитује утицај развоја тржишта акцијама на економски раст Нигерије. Студија обухвата период 1980-2016. Користи АРДЛ приступ коинтеграцији. Докази из студије показују да развој тржишта акција промовише економски раст на кратак рок, али дугорочно, утицај на развој тржишта акција није значајан. Утицај на раст тржишне капитализације, вредност тргованих акција и однос тржишног промета, су сви краткорочно значајни, док отвореност трговине није. У међувремену, трговинска отвореност је једина промењива која дугорочно значајно утиче на економски раст. Боунд тест за коинтеграцију открива дугорочан однос међу варијаблама. Све промењиве, осим отворености трговине, позитивно су повезане са економским растом. Резултати ове студије указују на то да развој тржишта акција игра велику улогу у економском расту Нигерије. Препоручује се да регулаторно тело донесе прописе који ће промовисати ликвидност, стабилност и одговорност на тржишту акција, што би могло да продужи економски раст Нигерије.

Biografije autora

Solomon Prince Nathaniel, University of Lagos, Department of Economics, Akoka, Nigeria

Department of Economics. A Ph.D Candidate.

Joseph Ayoola Omojolaibi, University of Lagos,Department of Economics, Akoka, Nigeria

SENIOR LECTURAL, DEPARTMENT OF ECONOMICS, UNIVERSITY OF LAGOS.

Chikaodili Josephine Ezeh, University of Lagos,Department of Economics, Akoka, Nigeria

DOCTORAL CANDIDATE

Reference

Adam, J.A., & Sanni, I. (2005). Stock Market Development and Nigeria’s Economic Growth. Journal of Economics and Allied Fields, 2 (2), 116-132.

Alajekwu, U.B., & Achugbu, A.A. (2012). The role of stock market development on economic growth in Nigeria: A time series analysis. African Research Review, 6 (1), 51-70.

Alajekwu, U.B., Ezeabasili, V.N., & Nzotta, S.M. (2013). Trade openness, stock market development and economic growth of Nigeria: Empirical evidence. Research Journal of Finance and Accounting, 4 (3), 120-127.

Anigbogu, U.E., & Nduka, E.K. (2014). Stock market performance and economic growth: Evidence from Nigeria employing vector error correction model framework. The Economics and Finance Letters, 1 (9), 90-103.

Central Bank of Nigeria. (2017). Annual Statistical Bulletin. Retrieved from https://www.cbn.gov.ng/documents/Statbulletin.asp

Donwa, P., & Odia, J. (2010). An empirical analysis of the impact of the Nigerian capital market on her socio-economic development. Journal of Social Sciences, 24 (2), 135-142.

Enekwe, C.I., Eziedo, K.N., & Agu, C.I. (2016). Effect of Capital Market on Economic Growth in Nigeria. GOUNI Journal of Management and Social Sciences, 4 (1), 33-46.

Ewah, S.O., Esang, A.E., & Bassey, J.U. (2009). Appraisal of capital market efficiency on economic growth in Nigeria. International Journal of Business and Management, 4 (12), 219-228.

Gazdar, K., & Cherif, M. (2015). Institutions and the finance‑growth nexus: Empirical evidence from MENA countries. Borsa Istanbul Review, 15 (3), 137–160.

Kajurová, V., & Rozmahel, P. (2016). Stock market development and economic growth: Evidence from the European Union. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 64 (6), 1927-1936.

Magweva, R., & Mashamba, T. (2016). Stock Market Development and Economic Growth: An Empirical Analysis of Zimbabwe (1989-2014). Financial Assets and Investing, 8 (3), 20-36.

Manasseh, C.O., Ogbuabor, J.E., Anumudu, C.N., Abada, F.C., Okolie, M.A., & Okoro, O.E. (2018). The Causal Effect of Stock Market Development, Financial Sector Reforms and Economic Growth: The Application of Vector Autoregressive and Error Correction Model. International Journal of Economics and Financial Issues, 8 (2), 357-369.

Ogunmuyiwa, M.S., & Ekone, A.F. (2010). Money supply-Economic growth nexus in Nigeria. Journal of Social Sciences, 22 (3), 199-204.

Ogunrinola, I.I., & Motilewa, D.B. (2015). Stock market liquidity and economic growth in Nigeria (1980 to 2012). Journal of Economics and International Business Management, 3(6).

Okonkwo, O.N., Ogwuru, H.O., & Ajudua, E.I. (2014). Stock Market Performance and Economic Growth in Nigeria: An Empirical Appraisal. European Journal of Business and Management, 6 (26), 33-42.

Okoro, C.O. (2017). Macroeconomic Factors and Stock Market Performance: Evidence from Nigeria. International Journal of Social Sciences and Humanities Review, 7 (1), 1-9.

Osuala, A.E., Okereke, J.E., & Nwansi, G.U. (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.

Owolabi, A., & Ajayi, N.O. (2013). Econometrics analysis of impact of capital market on economic growth in Nigeria (1971-2010). Asian Economic and Financial Review, 3 (1), 99-110.

Pan, L., & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68 (C), 661-673.

Pesaran, M.H., Shin, Y., & Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16 (3), 289–326.

Pradhan, R.P., Arvin, M.B., Hall, J.H., & Bahmani, S. (2014). Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries. Review of Financial Economics, 23 (4), 155 –173.

Objavljeno
2019/12/03
Broj časopisa
Vol. 15 Br. 1 (2020): Serbian Journal of Management
Rubrika
Originalni naučni članak

The Author wishes to submit the Work to SJM for publication. To enable SJM to publish the Work and to give effect to the parties’ intention set forth herein, they have agreed to cede the first right to publication and republication in the SJM Journal.

 

Cession

 

The Author hereby cedes to SJM, who accepts the cession, to the copyright in and to the paper.

 

The purpose of the cession is to enable SJM to publish the Work, as first publisher world-wide, and for republication in the SJM Journal, and to grant the right to others to publish the Work world-wide, for so long as such copyright subsists;

 

SJM shall be entitled to edit the work before publication, as it deems fit, subject to the Authors approval

 

The Author warrants to SJM that:

 

- the Author is the owner of the copyright in the Work, whether as author or as reassigned from the Author’s employee and that the Author is entitled to cede the copyright to SJM;

 

- the paper (or any of its part) is not submitted or accepted for publication in any other Journal;

 

- the Work is an original work created by the Author;

 

- the Author has not transferred, ceded, or assigned the copyright, or any part thereof, to any third party; or granted any third party a licence or other right to the copyright, which may affect or detract from the rights granted to SJM in terms of this agreement.

 

The Author hereby indemnifies the SJM as a body and its individual members, to the fullest extent permitted in law, against all or any claims which may arise consequent to the warranties set forth.

 

No monetary consideration shall be payable by SJM to the Author for the cession, but SJM shall clearly identify the Author as having produced the Work and ensure that due recognition is given to the Author in any publication of the Work.

 

Should SJM, in its sole discretion, elect not to publish the Work within 1 year after the date of this agreement, the cession shall lapse and be of no further effect. In such event the copyright shall revert to the Author and SJM shall not publish the Work, or any part thereof, without the Author’s prior written consent.