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Financial Sector Reforms and the Performance of the Nigerian Economy

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  • T.P.Ogun
  • A.E.Akinlo

Abstract

Using descriptive statistics and Vector Autoregressive Model, we investigated the impact of financial sector reforms on the performance of the Nigerian economy. The paper is justified given the need to provide empirical evidence on the effectiveness of financial reform in promoting saving, investment and growth. The paper found that the means of performance indicators - saving rate, investment ratio and growth of real GDP, were very low relative to pre-reform period and their correlation with financial indicators were mostly low or negative under reform. Evidence from the VAR analysis also showed that shocks to financial indicators either had negative or insignificant positive effect on the saving rate investment and growth during reform. Complementing financial reforms with structural reforms, therefore, is necessary to promote growth in Nigeria .

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Article provided by Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante in its journal The Review of Finance and Banking.

Volume (Year): 03 (2011)
Issue (Month): 1 (June)
Pages: 047-060

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Handle: RePEc:rfb:journl:v:03:y:2011:i:1:p:047-060

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  1. Sylvanus I. Ikhide & Abayomi A. Alawode, 2001. "Financial Sector Reforms, Macroeconomic Instability and the Order of Economic Liberalization: The Evidence from Nigeria," Research Papers RP_112, African Economic Research Consortium.
  2. Smith, R Todd, 1998. "Banking Competition and Macroeconomic Performance," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 793-815, November.
  3. Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
  4. Luintel, Kul B. & Khan, Mosahid, 1999. "A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR," Journal of Development Economics, Elsevier, vol. 60(2), pages 381-405, December.
  5. Fry, Maxwell J, 1978. "Money and Capital or Financial Deepening in Economic Development?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 464-75, November.
  6. Kapur, Basant K, 1976. "Alternative Stabilization Policies for Less-developed Economies," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 777-95, August.
  7. David A. Dickey & Dennis W. Jansen & Daniel L. Thornton, 1991. "A primer on cointegration with an application to money and income," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 58-78.
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Cited by:
  1. Samson E. Edo, 2012. "Performance of Liabilities Accruing from Liberalization of the Banking Sector in Nigeria," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 4(2), pages 135-146, December.

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