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Does Financial Sector Reforms Affect Agricultural Investments In Nigeria? A Cointegration And Var Approach

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  • Akpaeti, Aniekan Jim
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    Abstract

    The paper evaluates the effect of financial sector reforms on agricultural investments in Nigeria from 1970-2009 using a cointegration and vector error correction model (VECM) in a long time series analysis. The descriptive analysis shows that the mean agricultural investments of ₦88,101.83 million during financial sector reforms period was higher than ₦538.78 million of the pre-financial sector reforms period and was significantly different at 5 percent (tcal>ttab at P=0.5) while the mean growth rate of 36.36 percent for the pre-financial sector reforms period was higher than 34.25 percent of the financial sector reforms period and was not significantly different at 5 percent in the two periods. The result also reveals that financial sector reforms significantly affect agricultural investments in Nigeria both in the long and short-run. It is recommended that the Nigerian government should adopt strong macroeconomic policies, thereby encouraging investments in the agricultural sector of the country.

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    Bibliographic Info

    Article provided by Niğde University, Faculty of Economics and Administrative Sciences in its journal International Journal of Food and Agricultural Economics (IJFAEC).

    Volume (Year): 1 (2)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:ags:ijfaec:160091

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    Related research

    Keywords: Agricultural Investments; Cointegration; Financial Sector Reforms; Vector Autoregressive Approach; Agricultural and Food Policy; Financial Economics;

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    1. Carmen M. Reinhart & Ioannis Tokatlidis, 2003. "Financial Liberalisation: The African Experience," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 12(Supplemen), pages 53-88, September.
    2. Lutz Kilian, 2009. "Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market," American Economic Review, American Economic Association, vol. 99(3), pages 1053-69, June.
    3. Das, Abhiman & Ghosh, Saibal, 2006. "Financial deregulation and efficiency: An empirical analysis of Indian banks during the post reform period," Review of Financial Economics, Elsevier, vol. 15(3), pages 193-221.
    4. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Financial intermediation and growth: Causality and causes," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
    5. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
    6. Oecd, 2007. "Update on Financial Market Developments," Financial Market Trends, OECD Publishing, vol. 2007(1), pages 23-33.
    7. Panicos Demetriades & Kul B. Luintel, 1995. "The Direct Costs of Financial Repression: Evidence from India," Keele Department of Economics Discussion Papers (1995-2001) 95/12, Department of Economics, Keele University.
    8. Özlale, Ümit & Pekkurnaz, Didem, 2010. "Oil prices and current account: A structural analysis for the Turkish economy," Energy Policy, Elsevier, vol. 38(8), pages 4489-4496, August.
    9. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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