Stock market-based financial development and economic growth with reference to Nigeria: A review of literature
The objective of this paper is to survey the theoretical as well as the empirical literature review of the stock-market based financial development and economic growth in Nigeria. To the authors’ best knowledge, this is the first comprehensive empirical literature review on the relationship betwe...
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my-unisza-ir.50082022-02-03T01:35:14Z http://eprints.unisza.edu.my/5008/ Stock market-based financial development and economic growth with reference to Nigeria: A review of literature Murtala, Bala Umar Suraya, Ismail Zunaidah, Sulong H Social Sciences (General) HB Economic Theory The objective of this paper is to survey the theoretical as well as the empirical literature review of the stock-market based financial development and economic growth in Nigeria. To the authors’ best knowledge, this is the first comprehensive empirical literature review on the relationship between stock market development and economic growth in Nigeria. The study analyzes the empirical work from 1997 to 2014. Within this time frame, the authors reviewed over 50 articles from different academic journals. Most of the empirical studies employ ordinary least square and vector error correction regression model in their methodology. However, Nigerian macroeconomic environment experiences some structural changes. Nearly all of the reviewed works did not use an econometric method that employed structural breaks or dummy variables, in considering the structural changes in the financial time series data. This omission may lead to spurious or biased results. For further study the paper, therefore, suggests the use of a structural break or dummy variables in the econometric analysis. 2015-11 Article PeerReviewed text en http://eprints.unisza.edu.my/5008/1/FH02-FESP-15-04476.pdf Murtala, Bala Umar and Suraya, Ismail and Zunaidah, Sulong (2015) Stock market-based financial development and economic growth with reference to Nigeria: A review of literature. International Journal of Academic Research in Economics and Management Sciences, 4 (1). pp. 141-159. ISSN 2226-3624 |
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H Social Sciences (General) HB Economic Theory Murtala, Bala Umar Suraya, Ismail Zunaidah, Sulong Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
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The objective of this paper is to survey the theoretical as well as the empirical literature review
of the stock-market based financial development and economic growth in Nigeria. To the
authors’ best knowledge, this is the first comprehensive empirical literature review on the
relationship between stock market development and economic growth in Nigeria. The study
analyzes the empirical work from 1997 to 2014. Within this time frame, the authors reviewed
over 50 articles from different academic journals. Most of the empirical studies employ ordinary
least square and vector error correction regression model in their methodology. However,
Nigerian macroeconomic environment experiences some structural changes. Nearly all of the
reviewed works did not use an econometric method that employed structural breaks or dummy
variables, in considering the structural changes in the financial time series data. This omission
may lead to spurious or biased results. For further study the paper, therefore, suggests the use
of a structural break or dummy variables in the econometric analysis. |
format |
Article |
author |
Murtala, Bala Umar Suraya, Ismail Zunaidah, Sulong |
author_facet |
Murtala, Bala Umar Suraya, Ismail Zunaidah, Sulong |
author_sort |
Murtala, Bala Umar |
title |
Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
title_short |
Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
title_full |
Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
title_fullStr |
Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
title_full_unstemmed |
Stock market-based financial development and economic growth with reference to Nigeria: A review of literature |
title_sort |
stock market-based financial development and economic growth with reference to nigeria: a review of literature |
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2015 |
url |
http://eprints.unisza.edu.my/5008/1/FH02-FESP-15-04476.pdf http://eprints.unisza.edu.my/5008/ |
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