Globalization and Financial Development in Nigeria

Joseph Ayoola Omojolaibi (), Ekundayo Mesagan and Nsofor Chinedu Stanley ()
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Joseph Ayoola Omojolaibi: Department of Economics, University of Lagos, Lagos, Nigeria.
Nsofor Chinedu Stanley: Department of Economics, University of Lagos, Lagos, Nigeria.

Iranian Economic Review (IER), 2016, vol. 20, issue 4, 461-478

Abstract: Globalization is a worldwide phenomenon. The concept globalization is a very recent term only establishing its current meaning in the 1970s, which emerged from the intersection of four inter related sets of communities of practice, academics, journalists, publishers. This paper models the channels through which globalization affects financial sector development in Nigeria. To this end this study examines the data for these variables used in this study for the period (1987-2014). The results obtained in this study have established that globalization has a significant effect on financial sector development in Nigeria. Higher pace of globalization is found to be associated with a good financial system in Nigeria and it also serves as a stimulant for the economy. The study calls for an enabling environment for the financial system as well as interest rate targeting to encourage more financial in-flow.

Keywords: Globalization; Financial Development; Error Correction; Nigeria. (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eut:journl:v:20:y:2016:i:4:p:461

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