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Does Stock Market impact on the Growth of Nigerian Economy using 3SLS Analysis?

Isiaq Oseni, Emeka Akpa () and Felix Aberu

MPRA Paper from University Library of Munich, Germany

Abstract: The paper investigated the impact of stock market on economic growth in Nigeria from 1981 to 2016 using a three-equation simultaneous-equations model in a Three Stage Least Square (3SLS) estimation technique. The paper found that stock market positively spurs economic growth in Nigeria indicating that increase in stock market participations would enhance growth in Nigerian economy. The paper therefore concluded that there is positive and significant effect between stock market and economic growth. The paper recommended that policy makers should encourage more participation in the stock market by making it easier for business owners and foreign investors have easy access business registration and float on the stock market.

Keywords: Stock Market; Economic Growth; 3SLS; Emerging Economies; Fiscal Policy (search for similar items in EconPapers)
JEL-codes: C3 C32 E22 (search for similar items in EconPapers)
Date: 2018-06-01
New Economics Papers: this item is included in nep-afr, nep-fdg and nep-mac
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Published in EKSU Journal of the Management Scientists 1.2(2018): pp. 34-43

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