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Financial Structure and economic growth: empirical evidence from Nigeria

Olufemi Saibu (), K.E.I. Bowale and Anthony Akinlo

International Journal of Business and Emerging Markets, 2009, vol. 1, issue 3, 264-281

Abstract: This study investigates whether changes in the financial structure or the overall financial systems explain economic growth dynamics in Nigeria using vector error correction model. The result shows that changes in financial structure in Nigeria have no significant consequential effects on its real growth rate. The result shows further that despite the negative effect of financial market on economic growth, financial market has positive effect on stock market development hence suggesting that neither the financial market nor stock market based system is dominant factor on economic growth in Nigeria.

Keywords: stock markets; economic growth; financial markets; financial structure; Nigeria; emerging markets. (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:ids:ijbema:v:1:y:2009:i:3:p:264-281