The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balan...The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balance of payment,covers the period of 1986-2017.This study adopts econometrics techniques of analysis by using Panel Unit Root Tests and Co-integration analysis which is used to determine the long run relationship among economic variables.To test the co-integration relationship this study followed the system proposed by Pedroni(1991)who expands the Engle and Granger[9]two stage technique to heterogeneous board information structure.The study adopts annual time series secondary data for the period of 1986 to 2017.Balance of payment,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness,Real Gross Domestic Product growth,and Term of Trade,all data used were obtained from the World Development Indicators.The findings of this study revealed that an increase in exchange rate,interest rate,inflation rate,and trade openness have negatively affect economic growth.Hence,changes or movements in these variables do not necessarily prompt the liberalization decision in the real sector.Therefore,the need to address balance of payment is important,in accordance with the low rate of development in Nigeria.We therefore,recommend that government should monitor both Fiscal and Monetary policies’variables that can significantly influence economic growth in Nigeria.That is,adequate balance of payment that can encourage appropriate financial liberalization should be put in place with,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness.展开更多
Using a panel of India’s registered manufacturing firms and both economy-wide and firm-level financial data,we investigate the effects of India’s financial liberalization on the productivity of its manufacturing sec...Using a panel of India’s registered manufacturing firms and both economy-wide and firm-level financial data,we investigate the effects of India’s financial liberalization on the productivity of its manufacturing sector in the 1990s and 2000s.Our dynamic panel analysis shows that the series of financial liberalization policies/measures,at both the macro and micro levels,significantly enhanced the productivity of the manufacturing sector.Total factor productivity increased for all firms,including those owned by the state government,with greater gains for the firms in the private and foreign sectors.Our results suggest that policies favoring financial liberalization should be pursued further in order for India to foster higher economic growth.展开更多
文摘The objectives of this paper are to examine the nexus between financial liberalization,balance of payment and economic growth in Nigeria.The scope of this study due to data availability,especially on measures of balance of payment,covers the period of 1986-2017.This study adopts econometrics techniques of analysis by using Panel Unit Root Tests and Co-integration analysis which is used to determine the long run relationship among economic variables.To test the co-integration relationship this study followed the system proposed by Pedroni(1991)who expands the Engle and Granger[9]two stage technique to heterogeneous board information structure.The study adopts annual time series secondary data for the period of 1986 to 2017.Balance of payment,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness,Real Gross Domestic Product growth,and Term of Trade,all data used were obtained from the World Development Indicators.The findings of this study revealed that an increase in exchange rate,interest rate,inflation rate,and trade openness have negatively affect economic growth.Hence,changes or movements in these variables do not necessarily prompt the liberalization decision in the real sector.Therefore,the need to address balance of payment is important,in accordance with the low rate of development in Nigeria.We therefore,recommend that government should monitor both Fiscal and Monetary policies’variables that can significantly influence economic growth in Nigeria.That is,adequate balance of payment that can encourage appropriate financial liberalization should be put in place with,Official Exchange Rate,Inflation rate(%),Balance of trade,Trade openness.
文摘Using a panel of India’s registered manufacturing firms and both economy-wide and firm-level financial data,we investigate the effects of India’s financial liberalization on the productivity of its manufacturing sector in the 1990s and 2000s.Our dynamic panel analysis shows that the series of financial liberalization policies/measures,at both the macro and micro levels,significantly enhanced the productivity of the manufacturing sector.Total factor productivity increased for all firms,including those owned by the state government,with greater gains for the firms in the private and foreign sectors.Our results suggest that policies favoring financial liberalization should be pursued further in order for India to foster higher economic growth.
