The Social Sciences

Year: 2012
Volume: 7
Issue: 4
Page No. 635 - 646

Financial Liberalisation and Domestic Savings in Nigeria

Authors : Fidelis O. Ogwumike and Donald Ikenna Ofoegbu

References

Allen, D.S. and L. Ndikumana, 2000. Financial intermediation and economic growth in South Africa. J. Afr. Econ., 9: 132-160.
CrossRef  |  Direct Link  |  

Ashfaque, H.K. and H. Lubna, 1998. Financial liberalisation, savings and economic development in Pakistan. Econ. Dev. Cultural Change, 46: 581-597.
Direct Link  |  

Awan, R.U., R. Munir, Z. Hussain and F. Sher, 2010. Rate of interest, financial liberalisation and domestic savings behaviour in Pakistan. Int. J. Econ. Finance, 2: 75-81.
Direct Link  |  

Aziakpono, M.J., 2004. Financial development and economic growth in South Africa. Paper Presented at the CSAE Conference 2004, pp: 1-31. http://www.oecd.org/site/devsa2004/30225204.pdf.

Baliamoune-Lutz, M.N., 2006. Financial reform and the mobilisation of domestic savings: The experience of Morocco. World Institute for Development Economic Research, Research Paper No. 2006/100 (September 2006), pp: 1-16. http://www.wider.unu.edu/publications/working-papers/research-papers/2006/en_GB/rp2006-100/_files/78091810320156807/default/rp2006-100.pdf.

Bandiera, O., G. Caprio, P. Honohan and F. Schiantarelli, 2002. Does financial reform raise or reduce savings?. Rev. Econ. Stat., 82: 239-263.

Bekaert, G., C.R. Harvey and C. Lundblad, 2004. Does financial liberalisation spur growth?. NBER Working Paper, No 7763, National Bureau of Economic Research, Cambridge, MA. http://ideas.repec.org/p/nbb/reswpp/200405-9.html.

CBN, 2009. Statistical bulletin 2009. Central Bank of Nigeria, Garki, Abuja. http://www.cenbank.org/

Eichengreen, B. and D. Leblang, 2003. Capital account liberalisation and growth: Was Mr Matahthir right?. Int. J. Finance Econ., 8: 205-224.
Direct Link  |  

Elliott, G., T.J. Rothenberg and J.H. Stock, 1996. Efficient tests for an autoregressive unit root. Econometrica, 64: 813-836.
Direct Link  |  

Emmanuel, A.O., 2006. Financial liberalisation and savings mobilisation in Nigeria. CBN Bullion, 30: 52-62.

Engle, R.F. and C.W.J. Granger, 1987. Co-integration and error correction: Representation, estimation and testing. Econometrica, 55: 251-276.
CrossRef  |  Direct Link  |  

Fowowe, B., 2008. Financial liberalisation policies and economic growth: Panel data evidence from Sub-Saharan Africa. Afr. Dev. Rev., 20: 549-574.
CrossRef  |  Direct Link  |  

Fry, M.J., 1978. Money and capital or financial deepening in economic development. J. Money Credit Banking, 10: 464-475.
Direct Link  |  

Fry, M.J., 1980. Saving, investment, growth and the cost of financial repression. World Dev., 8: 317-327.
Direct Link  |  

Fry, M.J., 1995. Money, Interest Rate and Banking in Economic Development. 2nd Edn., John Hopkins University Press, Baltimore, ISBN: 0801850266.

Jappelli, T. and M. Pagano, 1994. Saving, growth and liquidity constraints. Q. J. Econ., 109: 83-109.
Direct Link  |  

Johansen, S. and K. Juselius, 1990. Maximum likelihood estimation and inference on cointegration-with applications to the demand for money. Oxford Bull. Econ. Stat., 52: 169-210.
CrossRef  |  Direct Link  |  

Johnson, J. and J. Dinardo, 1997. Econometric Methods. 4th Edn., McGraw Hill, New York, USA., pp: 86-87.

Kar, M. and E.J. Pentecost, 2001. A system test of McKinnon's complementarity hypothesis with an application to Turkey. http://www.econturk.org/muhsin.pdf.

Levine, R., 2001. International financial liberalisation and economic growth. Rev. Int. Econ., 9: 688-702.
Direct Link  |  

Matsheka, T.C., 1998. Interest rates and the savings-investment process in Botswana. Afr. Rev. Money Finance Banking, 1: 5-22.
Direct Link  |  

Mckinnon, R.I., 1973. Money and Capital in Economic Development. Brookings Institute Press, Washington, DC, USA.

Mishkin, F.S., 2001. Financial policies and the prevention of financial crises in emerging market countries. NBER Working Paper No. 8087. http://www.nber.org/papers/w8087.

Moore, T., 2009. A critical appraisal of McKinnon's complementary hypothesis: Does the real rate of return on money matter for investment in developing countries? Economic and Finance Working Paper Series, pp: 1-29

Narayan, P.K., 2005. The saving and investment nexus for China: Evidence from cointegration tests. Applied Econ., 37: 1979-1990.
Direct Link  |  

Ng, S. and P. Perron, 2001. Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69: 1519-1554.
Direct Link  |  

Nzotta, S.M. and E.J. Okereke, 2009. Financial deepening and economic development of Nigeria: An empirical investigation. Afr. J. Account. Econ. Fin. Banks Res., 5: 52-65.

Odhiambo, M.N., 2006. Financial liberalisation and savings in South Africa: An empirical analysis. African Review of Money, Finance and Banking, 2006. pp: 61-74. http://www.africabib.org/rec.php?RID=P00042928&DB=p.

Ogun, O.D., 1998. A note on financial deepening and economic growth: Evidence from Africa. Niger. J. Econ. Social Sci., 28: 275-283.

Ogwuma, P.A., 1993. Recent Developments in the Nigerian Financial Services Industry: Problems and Challenges. An Address at Annual Dinner of the Chartered Institute of Bankers of Nigeria. Lagos, November.

Ojo, M.O., 1993. A Review and Appraisal of the Nigerian Experience with Financial Sector Reform. Occasional Paper/Central Bank of Nigeria, Nigeria.

Okpara, G.C., 2010. The effect of financial liberalisation on selected macroeconomic variables: Lesson from Nigeria. Int. J. Applied Econ. Finance, 4: 53-61.
Direct Link  |  

Oshikoya, T.W., 1992. Interest rate liberalisation, savings, investment and growth: A case of Kenya. Afr. Savings Dev., 16: 305-320.
Direct Link  |  

Ouattara, B., 2004. Foreign aid and fiscal policy in senegal. Mimeo University of Manchester.

Pentecost, E.J. and T. Moore, 2006. Financial libralization in india and a new test of the complementarity hypothesis. Econ. Dev. Cultural Change, 54: 487-502.
Direct Link  |  

Pesaran, H.M. and B. Pesaran, 1997. Working with Microfit 4.0: Interactive Economteric Analysis. Oxford University Press, Oxford, London, ISBN: 9780192685308.

Pesaran, H.M. and Y. Shin, 1995. An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis. In: Chapter 11 in Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Strom, S. (Ed.). Cambridge University Press, Cambridge, UK.

Pesaran, H.M., Y. Shin and R.J. Smith, 2001. Bounds testing approaches to the analysis of level relationships. J. Applied Econ., 16: 289-326.
CrossRef  |  Direct Link  |  

Seck, D. and Y.H. El-Nil, 1993. Financial liberalisation in Africa. World Dev., 21: 1867-1881.
Direct Link  |  

Shaw, E.S., 1973. Financial Deepening in Economic Development. Vol. 39, Oxford University Press, New York, USA.

Soyibo, A., 1996. Financial linkage and development in Sub-Saharan Africa: The role of formal finance institutions in Nigeria. Working Paper 88, Overseas Development Institute, London.

Stulz, R.M., 1999. Globalisation, corporate finance and cost of capital. J. Applied Corporate Financel, 12: 8-25.

Zakir, H., U.A. Rehmat and M. Rahila, 2010. Investment, savings, interest rate and bank credit to private sector nexus in Pakistan. Int. J. Marketing Stud., 2: 140-146.
Direct Link  |  

Design and power by Medwell Web Development Team. © Medwell Publishing 2024 All Rights Reserved