NDLI: Impact of Capital Market on the Economic Growth in Nigeria: An Empirical Analysis

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Impact of Capital Market on the Economic Growth in Nigeria: An Empirical Analysis

Content Provider	Semantic Scholar
Author	Nwamuo, Chukwuemeka
Copyright Year	2018
Abstract	The study investigated the impact of capital market on the economic growth in Nigeria: Annual time series data were obtained from the Central Bank of Nigeria Statistical Bulletin and Securities and Exchange Commission statistical bulletin for the period 1981 to 2016 on the variables used for the study. Unit root test was conducted using Augmented Dickey-Fuller test technique and the result showed that the variables were stationary though at different levels. Co-integration test was also conducted using Johanssen co-integration test method and the result showed that the variables in the model are co-integrated meaning that the variables have a long run relationship. The error correction mechanism showed that the coefficient of multiple determination (R 2 ) in the overparameterized model was 0.722639 while it was 0.594782 in the parsimonious model The short run regression result showrd that market capitalization and number of deals have a positive impact on the economic growth in Nigeria while total listed equity and volume of transaction have a negative impact on the economic growth in Nigeria.. The result from long run dynamic analysis also revealed that total listed equity has a positive and significant impact on the economic growth in Nigeria while number of deals has a negative and non-significant impact on the economic growth in Nigeria. Based on these findings, it was recommended that regulatory agencies should introduce and implement policies that will boost investor’s confidence in the market by ensuring that there is transparency, fair trading and dealing in the market.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://www.iosrjournals.org/iosr-jef/papers/Vol9-Issue5/Version-1/F0905014859.pdf
Alternate Webpage(s)	http://www.iosrjournals.org/iosr-jef/papers/Vol9-Issue4/Version-2/G0904024051.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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