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Economies 2016, 4(4), 25; doi:10.3390/economies4040025

Stock Market and Sustainable Economic Growth in Nigeria

Data Science, Nielsen, Oxford OX3 9RX, UK
Academic Editor: Tapas Mishra
Received: 14 August 2016 / Revised: 21 October 2016 / Accepted: 25 October 2016 / Published: 4 November 2016
View Full-Text   |   Download PDF [1146 KB, uploaded 4 November 2016]   |  

Abstract

This paper examines the relationship between stock market evolution and sustainable economic growth in Nigeria. The study employs Auto-Regressive Distributed Lag (ARDL)-bounds testing approach and a combined stock market indicators index to examine the relationship. The paper finds that, in the long run, stock markets have no positive and at best mixed effect on economic growth in Nigeria. This finding supports the numerous past studies, which have reported negative/mixed or inconclusive results on the effects of stock markets on economic growth. The paper, therefore, concludes that, there is the need for increasing financial deepening and the removal of bottlenecks in the financial sectors of the economy by providing further public and institutional education on the value of stock markets for economic development. View Full-Text
Keywords: economic growth; stock market developments; ARDL-bounds testing approach; Nigeria economic growth; stock market developments; ARDL-bounds testing approach; Nigeria
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Owusu, E.L. Stock Market and Sustainable Economic Growth in Nigeria. Economies 2016, 4, 25.

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