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Stock Market Development And Economic Growth In Nigeria 1986 2006
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Book Synopsis Stock Market Development and Economic Growth in Nigeria (1986-2006) by : Oluwanishola Abiodun Okogun
Download or read book Stock Market Development and Economic Growth in Nigeria (1986-2006) written by Oluwanishola Abiodun Okogun and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Nigeria Stock Market Development and Economic Growth by : Victor Okonkwo
Download or read book Nigeria Stock Market Development and Economic Growth written by Victor Okonkwo and published by . This book was released on 2017 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Stock Market Development and Economic Growth in Nigeria by : John J. Chizea
Download or read book Stock Market Development and Economic Growth in Nigeria written by John J. Chizea and published by LAP Lambert Academic Publishing. This book was released on 2014-11-25 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Stock Market Development and Economic Growth by : Charity Ifunanya Osakwe
Download or read book Stock Market Development and Economic Growth written by Charity Ifunanya Osakwe and published by . This book was released on 2017 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Can Stock Market Development Predict Economic Growth? by : Ejibola Folashade Fajimi
Download or read book Can Stock Market Development Predict Economic Growth? written by Ejibola Folashade Fajimi and published by . This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :D. A. Omole Publisher :Nigerian Institute of Social and Economic Research (NISER), University of Ibadan ISBN 13 : Total Pages :78 pages Book Rating :4.3/5 ( download)
Book Synopsis Financial Deepening and Stock Market Development in Nigeria by : D. A. Omole
Download or read book Financial Deepening and Stock Market Development in Nigeria written by D. A. Omole and published by Nigerian Institute of Social and Economic Research (NISER), University of Ibadan. This book was released on 1999 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Market Development and Economic Growth in Nigeria by : John Chizea
Download or read book Stock Market Development and Economic Growth in Nigeria written by John Chizea and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Stock Market and Economic Growth by : Uju Akpunonu
Download or read book Stock Market and Economic Growth written by Uju Akpunonu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines the effect of stock market on economic growth in Nigeria from 1986-2013. The objective of the study is to evaluate the extent to which some selected stock market indicators affect economic growth in Nigeria using secondary data obtained from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Fact-book. Preliminary study was done using unit root test, Co-integration tests and granger causality test. Ordinary Least Square (OLS) technique was used for the analyses to test the hypothesis. The findings revealed strong positive correlation with market capitalization, all share index and economic growth while turnover ratio has weak correlation with economic growth. The study recommends that this sends signal to government and decision makers who will look for growth opportunities. Also more stock liberalization are required such that would boost investors confidence by enable them have access to well regulated financial market which would provide surest path to economic development.
Book Synopsis The Nigerian Capital Market and Economic Development in Nigeria by : Nayuni Charles Sabe
Download or read book The Nigerian Capital Market and Economic Development in Nigeria written by Nayuni Charles Sabe and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work sets out to examine the relationship between the Nigerian Capital Market and economic development of Nigeria from 1987 to 2006. Thus, the performance of the Nigerian Capital Market indicators as they affect the GDP growth rate and human development index in Nigeria was examined. Multiple linear regression model was adopted as the method of analysis. The evaluation technique includes t-statistics, R squared, adjusted R squared, Durbin Watson test, standard error test and the f-statistics. The specific findings of this study show that there is no significant relationship between the capital market indicators and economic development in Nigeria during the period 1987 to 2006. There is a positive but insignificant relationship among the Nigerian Stock Exchange market capitalization, turnover ratio and economic development, while the relationship between the Nigerian Stock Exchange number of listed securities and economic development is negative and insignificant. Therefore, the Nigerian capital Market has fallen short of expectation vis-a-vis its role in fostering investment for economic growth and development."
Book Synopsis Stock Market Development and Economic Growth in Nigeria by : Patrick Adigwe
Download or read book Stock Market Development and Economic Growth in Nigeria written by Patrick Adigwe and published by . This book was released on 2017 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Impact of Monetary Policy on Stock Market Development by : Ebele Nwokoye
Download or read book Impact of Monetary Policy on Stock Market Development written by Ebele Nwokoye and published by . This book was released on 2019 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Stock Market Performance and Economic Growth in Nigeria by : Timothy Ali
Download or read book Stock Market Performance and Economic Growth in Nigeria written by Timothy Ali and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis stock market development and long run growth by : Ross Levine
Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stock Market; An Imperative for Economic Growth Case Study of Nigeria Stock Exchange by : Solomon oriaregbete
Download or read book The Stock Market; An Imperative for Economic Growth Case Study of Nigeria Stock Exchange written by Solomon oriaregbete and published by . This book was released on 2019 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examined the role of the stock market in Nigeria's economic growth. It aimed at finding out the relationship between stock market activities proxied by market capitalization (MCP), all share index (ASI) and value of new shares (VNS) on Nigeria's economic growth proxied by GDP. Data were collected from CBN Statistical Bulletin from 1985-2016. The regression analysis, ADF test, Cointegration Error correction model and granger causality were used to analysed the data. The regression analysis shows that ASI has positive but insignificant relationship with GDP. MCP has positive and significant relationship with GDP. VNS has negative and significant relationship with GDP. The ADF result shows that all the variables are stationary in order one. The co-integration result suggests that there were two cointegrating equations while the error correction model indicates a negative sign with F-cal having prob.value of 0.0006 hence there is long run relationship between capital market activities and Nigeria's GDP. The granger causality test shows that there is no granger causality relationship between GDP and ASI while VNS and MCP have unidirectional causality relationship with GDP. It concluded that the establishment of the stock market is one the best thing that has happened to the Nigerian economy. From the findings, it recommends the need for more reform to be carried out at the market to enhance its activities and financial intermediation functions. Furthermore, information on new shares should be promoted through the mass media to encourage buying by the public.
Book Synopsis Financial Development, Economic Growth and Stock Market Volatility by : Umar Bida Ndako
Download or read book Financial Development, Economic Growth and Stock Market Volatility written by Umar Bida Ndako and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Market Development and Economic Growth by : Obianuju Nnadozie
Download or read book Stock Market Development and Economic Growth written by Obianuju Nnadozie and published by . This book was released on 2018 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arising from the mixed results in existing literature on the relationship between stock market development indicators and economic growth for both developed and developing countries, this study sets out to reexamine the relationship between stock market development and economic growth with reference to Africa. Employing various panel estimation techniques and estimating models of stock market size and liquidity plus an aggregate stock market model, our results indicate that stock market development indicators positively and significantly affect economic growth. We also test for cross-sectional dependence for the countries considered using the cross-section independence test of Pesaran. The results reveal that the null hypothesis of no cross-sectional dependence is rejected implying the existence of cross sectional dependence. In the light of our empirical findings, we make important policy recommendations: policy makers in Africa should encourage greater stock market development via sound macroeconomic policies coordination that will ensure further integration of African stock markets. Also, there should be a proper regulation of these stock markets to reduce all forms of distortions that will impede the efficiency of the stock markets.
Book Synopsis Stock Market Development and Economic Growth by : Rahim Lakha
Download or read book Stock Market Development and Economic Growth written by Rahim Lakha and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
