Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/167763 
Year of Publication: 
2017
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 5 [Issue:] 1 [Publisher:] MDPI [Place:] Basel [Year:] 2017 [Pages:] 1-18
Publisher: 
MDPI, Basel
Abstract: 
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.
Subjects: 
financial deepening
economic growth
supply-leading hypothesis
Toda-Yamamoto augmented Granger causality
JEL: 
O16
O43
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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