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首页> 外文期刊>Research Journal of Finance and Accounting >Private Sector Financing and Economic Growth in an Emerging Market Economy: Evidence from Nigeria
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Private Sector Financing and Economic Growth in an Emerging Market Economy: Evidence from Nigeria

机译：新兴市场经济中的私营部门融资与经济增长：来自尼日利亚的证据

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摘要

This study investigated the impact of private sector financing by the banking sector on economic growth in Nigeria using the augmented growth model which was estimated via the Ordinary Least Square (OLS) techniques. The annual time series data employed in the estimations covered the period from 1980 to 2013. The study employed unit root tests, co-integration analysis and Error Correction Mechanism to ascertain the short run dynamics of the explained variable visa-avis the explanatory variables. The results revealed that there exists a positive linear relationship between private sector financing by the banking sector and economic growth in both the long run and in short run. However, only the long run relationship was significant. The results further revealed that interest rates and inflation rates in Nigeria during the study period under investigation were consistently high. The study recommends the provision of long-term investment loans through the banking sector to the productive private sector. The study further recommends financial system development to ensure it plays its intermediary role effectively. Policies that will reduce the interest rate in Nigeria should be promoted to ensure that micro, small and medium scale enterprises that constitute a greater percentage of the private sector have access to bank credit.
机译：这项研究使用了通过普通最小二乘（OLS）技术估算的增长增长模型，调查了银行业私人部门融资对尼日利亚经济增长的影响。估计中使用的年度时间序列数据涵盖了1980年至2013年之间的时间。该研究采用了单位根检验，协整分析和纠错机制来确定解释变量的短期动态，而不是解释变量。结果表明，从长期和短期来看，银行部门的私人部门融资与经济增长之间存在正线性关系。但是，只有长期关系才有意义。结果进一步表明，在研究期间，尼日利亚的利率和通货膨胀率一直很高。该研究建议通过银行部门向生产性私营部门提供长期投资贷款。该研究还建议发展金融体系，以确保其有效发挥中介作用。应促进降低尼日利亚利率的政策，以确保在私营部门中占较大比例的微型，中小型企业能够获得银行信贷。

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