Financial Development and Economic Growth: Evidence from Nigeria
The IUP Journal of Financial Economics, 2010, vol. VIII, issue 4, 37-58
This paper examines the long-run relationship between financial development and economic growth in Nigeria using annual time series for the period 1960-2005. Multivariate Vector Autoregressive (VAR) technique is applied to examine the long-run relationship between financial development, growth and other determinants of growth through tests of exact and overidentifying restrictions in cointegrating vectors. The empirical results suggest the existence of unidirectional causality from financial development to economic growth when bank credit to the private sector (LBCP) is used as a measure of financial development. However, the other two measures of financial development, domestic credit to the private sector (LDCP) and bank deposit liabilities (LBDL), indicate bidirectional relationship between financial development and economic growth.
References: Add references at CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:icf:icfjfe:v:08:y:2010:i:3:p:37-58
Access Statistics for this article
More articles in The IUP Journal of Financial Economics from IUP Publications
Bibliographic data for series maintained by G R K Murty ().