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Financial Deepening and Economic Growth Nexus in Nigeria: Supply-Leading or Demand-Following?

机译:尼日利亚的金融深化与经济增长点:供应领先还是需求跟随?

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This paper examined the direction of causality between financial deepening and economic growth in Nigeria for the period 1970–2013. The study adopted the Toda–Yamamoto augmented Granger causality test and results showed that the growth-financial deepening nexus in Nigeria follows the supply-leading hypothesis. This means that it is financial deepening that leads to growth and not growth leading financial deepening. Among other things, the study recommended that policy efforts should be geared towards removing obstacles that undermine the growth of credit to the private sector, and must restore investors’ confidence in the stock market operations.
机译:本文研究了1970-2013年间尼日利亚金融深化与经济增长之间因果关系的方向。该研究采用了Toda-Yamamoto增强的Granger因果关系检验,结果表明,尼日利亚的增长-金融深化联系遵循供给主导假说。这意味着导致增长的是金融深化,而不是导致金融深化的增长。该研究建议,除其他事项外,政策措施应着眼于消除破坏对私人部门信贷增长的障碍,并必须恢复投资者对股市运作的信心。

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