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Financial Development and Globalization in Nigeria

Mobolaji H I and Umar Ndako

The IUP Journal of Financial Economics, 2008, vol. VI, issue 1, 29-45

Abstract: This is a time-series paper that investigates the impact of globalization on the financial sector in Nigeria for the period 1960-2005. The paper uses four financial development indicators and two measures of globalization. The paper finds minimal empirical support that globalization has an impact on the financial sector of the country. This may largely be due to the long history of financial repression and heavy regulatory policy regimes in the country. Though globalization offers numerous benefits, these benefits are not automatically conferred on any country. A minimum threshold of development of necessary institutions, infrastructures and enabling environment is required before an economy can optimally reap these benefits. The paper, however, cautions that reform efforts in the country must be gradual and sequential, in line with McKinnon (1991), to avoid a total financial crash and disruption in the economic process in the country.

Date: 2008
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