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Can stock market development predict economic growth? A case study of the Nigerian economy (1980--2004).

机译：股市发展可以预测经济增长吗？尼日利亚经济案例研究（1980--2004）。

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This paper uses a VAR model and Granger Causality testing to examine how the growth rate of stock market development helps predict the growth rate of the economy in Nigeria. The study makes use of quarterly time series data for the period 1980 to 2004. Empirical results show that for Nigeria, stock market growth and economic development have a long-run equilibrium relationship. It reveals that economy fluctuations do help to predict the future stock market trends. The result reveals that Real GDP has a significant relationship with stock market capitalization and total value of shares traded. Overall, it is found that the effects of changes in the stock market are reflected in the Nigerian economy with a lag of four years.

机译：本文使用VAR模型和Granger因果关系检验来检验股市发展的增长率如何帮助预测尼日利亚经济的增长率。该研究利用了1980年至2004年的季度时间序列数据。经验结果表明，对于尼日利亚而言，股票市场的增长与经济发展具有长期的均衡关系。它表明经济波动确实有助于预测未来的股市趋势。结果表明，实际国内生产总值与股票市值和交易股票的总价值有显着关系。总的来说，发现股票市场变化的影响反映在尼日利亚经济中，为期四年。

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作者
Fajimi, Ejibola Folashade.;
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作者单位

Dalhousie University (Canada).;

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授予单位 Dalhousie University (Canada).;
学科 Economics General.
学位 M.D.E.
年度 2009
页码 82 p.
总页数 82
原文格式 PDF
正文语种 eng
中图分类经济学;
关键词
入库时间 2022-08-17 11:38:28

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1. Stock market development and economic growth: Empirical evidence for emerging market economies [J] . Abiy Hailemariam, Chi Guotai International Journal of Economics, Finance and Management Sciences . 2014,第2期

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2. A Sectoral Analysis of the Role of Stock Market Development on Economic Growth: Empirical Evidence from Indian Economy [J] . Madhu Sehrawat, A.K. Giri Global Business Review . 2017,第4期

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3. Economic growth in oil-exporting countries: Do stock market and banking sector development matter? Evidence from Nigeria [J] . Chinazaekpere Nwani, Jacob Bassey Orie Cogent Economics & Finance . 2016,第1期

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4. Can Stock Market Development Boost Economic Growth? Empirical Evidence from Emerging Markets in Central and Eastern Europe [C] . Lenuja Carp International Conference Emerging Markets Queries in Finance and Business . 2013

机译：股票市场发展促进经济增长吗？中欧和东欧新兴市场的经验证据
5. Economic growth, capital structures, and market interdependence: Three essays on the role of stock markets in emerging economies. [D] . Agarwal, Sumit. 1999

机译：经济增长，资本结构和市场相互依存：关于新兴市场中股票市场作用的三篇文章。
6. Relationship between suicide rate and economic growth and stock market in the People’s Republic of China: 2004–2013 [O] . Honglei Yin, Lin Xu, Yechang Shao, 2016

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Can stock market development predict economic growth? A case study of the Nigerian economy (1980--2004).

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