Economies 2016, 4(4), 26; https://doi.org/10.3390/economies4040026
The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis
Department of Economics, Abia State University, P.M.B. 2000, Uturu, Nigeria
Academic Editor: Helmi Hamdi
Received: 3 August 2016 / Revised: 1 October 2016 / Accepted: 25 October 2016 / Published: 7 November 2016
(This article belongs to the Special Issue Financial Reform and Economic Development)
Abstract
This study empirically examines the relationship between financial intermediary development and economic growth in Nigeria over the period 1981–2011 using the auto-regressive distributed lag (ARDL) approach to co-integration analysis. The results show that the relationship between financial development and economic growth in Nigeria is not significantly different from what has been observed generally in oil-dependent economies. The relationship between financial intermediary development and economic growth in Nigeria is found to be insignificantly negative in the long-run and significantly negative in the short-run. The results highlight the dominant role of the oil sector in economic activities in Nigeria. View Full-TextKeywords:
financial development; economic growth; oil price; oil-dependent economies; Nigeria; ARDL
▼
Figures
Figure 1
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
Share & Cite This Article
MDPI and ACS Style
Iheanacho, E. The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis. Economies 2016, 4, 26.
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.
Related Articles
Article Metrics
Comments
[Return to top]
Economies
EISSN 2227-7099
Published by MDPI AG, Basel, Switzerland
RSS
E-Mail Table of Contents Alert