Capital market development and economic growth in Nigeria
The paper examined the impact of capital market development on economic growth using time series data from Nigeria for the period 1981-2016. The co-integration and error correction model was employed for the empirical analysis and selected variables were found to be co-integrated. The empirical result revealed that capital market development has significant and positive impact on economic growth in Nigeria both in the short run and in the long run. Other significant variables in the empirical result were interest rate, money supply and investment level. The paper, thus, recommended that the government should inject much fund into the capital market and implement appropriate reform policies aimed at ensuring reliable, efficient and stable stock market in Nigeria.
Keywords: Capital market development, Economic growth, Interest rate, Money supply and Capital formation
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