Economic growth in oil-exporting countries: Do stock market and banking sector development matter? Evidence from Nigeria

Chinazaekpere Nwani · Jacob Bassey Orie

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Monetary Policy and Economic Impact Natural Resources and Economic Development Economic Growth and Development

Abstract

This study empirically examines the independent effects of stock market and banking sector development on economic growth in Nigeria over the period 1981–2014 using the autoregressive distributed lag (ARDL) approach to co-integration analysis. Controlling for the possible effects of crude oil price and trade openness on economic activities in Nigeria, this study found both stock market and banking sector development insignificant in influencing economic growth in Nigeria. In general, the results highlight the weakness of the Nigerian financial sector in stimulating economic growth through resource mobilisation and allocation and the dominant role of the oil sector in economic activities in Nigeria.

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References

2001Bounds testing approaches to the analysis of level relationships 2004Finance and Growth: Theory and Evidence 2005The saving and investment nexus for China: evidence from cointegration tests 2002Forecasting Using Principal Components From a Large Number of Predictors 2019Finance and Development 2006Stock markets, banks, and economic growth: Empirical evidence from the MENA region 2014Financial development and economic growth in an oil-rich economy: The case of Saudi Arabia 2015Financial development and economic growth in Nigeria: Evidence from threshold modelling

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