Impact of Foreign Exchange Reserves on Nigerian Stock Market

Olayinka Olufisayo Akinlo

The International Journal of Business and Finance Research, 2015, vol. 9, issue 2, 69-76

Abstract: This paper investigates the relationship between foreign exchange reserves and stock market development in Nigeria over the period 1981-2011. We use a multivariate framework incorporating an interest rate variable. The results show that a long run relationship exists among exchange rate reserves, interest rates and stock market development. Foreign reserves have a positive effect on stock market growth. Bidirectional causality exists between interest rates and stock market growth. Finally, a bidirectional relationship exists between interest rates and foreign reserves.

Keywords: Foreign Exchange Reserves; Stock Market (search for similar items in EconPapers)
JEL-codes: E62 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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