This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
EFFECTIVE MONETARY POLICY AS A RECIPE FOR MACROECONOMIC STABILITY IN NIGERIApaperpublications3
Abstract: The basic objective of this paper was to investigate effective monetary policy as a recipe for macroeconomic stability in Nigeria, using annual time series data from 1981 to 2014. The paper employs OLS methodology with all the BLUE assumption. The results show that considering the magnitude, 1% increase in RGDP (proxy for economic growth) is brought about by 0.86% increase in narrow money supply (M1), 0.63% increase in broad money supply (M2), 258% decrease in inflation rate (INFLARATE), 1276.3% increase in lending rate (LEDRATE), and 143.9% increase in gross fixed capital formation. This implies that an increase in lending rate and other related variables will lead to a significant increase in real GDP, proxy for economic growth in Nigeria. The estimated value of R2 (goodness of fit) of 0.67 or 67% shows that 67% systematic variation in Real GDP is caused by variation in narrow money supply, broad money supply, inflation rate, lending rate, and gross fixed capital formation. This indicates that indeed, monetary policy has an effect on macroeconomic stability in Nigeria. The study seems to suggest that concerted efforts should be made by the government to focus on increment in narrow and broad money supplies which will aid in the financing of the country’s monetary growth, balancing the price increase, stimulating increased spending, and further enhancing the country’s macroeconomic variables.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Impact of Monetary Policy on Economic Growth and Price Stability in Kenya...iosrjce
The government of Kenya’s economic blueprint dubbed ‘Kenya Vision 2030’ acknowledges the
importance of maintaining a stable macro-economic environment. Despite Kenya implementing monetary
policy aimed at achieving stable prices and fostering economic growth, the economy has been reporting low
economic growth and high rates of inflation. These implies there is still a point of disconnect between what
Central bank of Kenya Pursues and the outcome of the objectives. In this study, structural vector autoregresion
(SVAR) model is estimatedto trace the effects of monetary policy shocks on economic growth and prices in
Kenya. Three alternative monetary policy instruments were put into use i.e. broad money supply (M3), interbank
lending rate (ILR) and the real effective exchange rate (REER). The study found evidence that monetary policy
innovations carried out on the quantity-based nominal anchor (M3) has modest effects on economic growth and
prices with a very fast speed of adjustment. Innovations on the price-based nominal anchors (ILR and REER)
have relative and fleeting effects on real GDP. The study recommended that Central Bank of Kenya should
place more emphasis on the use of the quantity-based nominal anchor rather than the price-based nominal
anchor
EFFECTIVE MONETARY POLICY AS A RECIPE FOR MACROECONOMIC STABILITY IN NIGERIApaperpublications3
Abstract: The basic objective of this paper was to investigate effective monetary policy as a recipe for macroeconomic stability in Nigeria, using annual time series data from 1981 to 2014. The paper employs OLS methodology with all the BLUE assumption. The results show that considering the magnitude, 1% increase in RGDP (proxy for economic growth) is brought about by 0.86% increase in narrow money supply (M1), 0.63% increase in broad money supply (M2), 258% decrease in inflation rate (INFLARATE), 1276.3% increase in lending rate (LEDRATE), and 143.9% increase in gross fixed capital formation. This implies that an increase in lending rate and other related variables will lead to a significant increase in real GDP, proxy for economic growth in Nigeria. The estimated value of R2 (goodness of fit) of 0.67 or 67% shows that 67% systematic variation in Real GDP is caused by variation in narrow money supply, broad money supply, inflation rate, lending rate, and gross fixed capital formation. This indicates that indeed, monetary policy has an effect on macroeconomic stability in Nigeria. The study seems to suggest that concerted efforts should be made by the government to focus on increment in narrow and broad money supplies which will aid in the financing of the country’s monetary growth, balancing the price increase, stimulating increased spending, and further enhancing the country’s macroeconomic variables.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Impact of Monetary Policy on Economic Growth and Price Stability in Kenya...iosrjce
The government of Kenya’s economic blueprint dubbed ‘Kenya Vision 2030’ acknowledges the
importance of maintaining a stable macro-economic environment. Despite Kenya implementing monetary
policy aimed at achieving stable prices and fostering economic growth, the economy has been reporting low
economic growth and high rates of inflation. These implies there is still a point of disconnect between what
Central bank of Kenya Pursues and the outcome of the objectives. In this study, structural vector autoregresion
(SVAR) model is estimatedto trace the effects of monetary policy shocks on economic growth and prices in
Kenya. Three alternative monetary policy instruments were put into use i.e. broad money supply (M3), interbank
lending rate (ILR) and the real effective exchange rate (REER). The study found evidence that monetary policy
innovations carried out on the quantity-based nominal anchor (M3) has modest effects on economic growth and
prices with a very fast speed of adjustment. Innovations on the price-based nominal anchors (ILR and REER)
have relative and fleeting effects on real GDP. The study recommended that Central Bank of Kenya should
place more emphasis on the use of the quantity-based nominal anchor rather than the price-based nominal
anchor
Extant literature revealed that international trade plays a key role to address the economic phenomena and can help to earn foreign exchange. Despite the accruable benefits from international trade and the countrys huge oil export that account for about 90 of its foreign exchange earnings, Nigerias trade balance and exchange rate remain unfavourable. The persistent rise in Nigerias exchange rate and unfavourable trade balance in recent time warrants an empirical probe. This study therefore examines the effect of exchange rate, domestic income, foreign income, consumption expenditure, money supply and interest rate on trade balance using a secondary time series data covering a period of thirty years from 1991 2020. The study employed a regression technique of the Ordinary Least Square OLS . All data used were secondary data obtained from the statistical bulletin of Central Bank of Nigeria CBN and National Bureau of Statistics NBS annual publications. After determining stationarity of the study variables using the ADF Statistic, it was discovered that the variables were all integrated at level, first and second difference, and found out to be stationary at their first difference. The study also using Johansen Cointegration Test, found that there is a long run relationship between the variables. Hence, the implication of this result is that there is a long run relationship between trade balance and other variables used in the model. From the result of the OLS, it is observed that exchange rate, domestic income, foreign income and money supply have a positive and significant impact on trade balance in Nigeria. The study recommends that the government should fixed or peg on the exchange rate through the central bank. This will enable the government to buy and sell its own currency against the currency to which it is pegged. The government should strive to reduce inflation to make exports more competitive. The government should also enhance supply side policies to increase long term competitiveness. Edokobi, Tonna David | Okpala, Ngozi Eugenia | Okoye, Nonso John "Exchange Rate and Trade Balance Nexus" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45079.pdf Paper URL: https://www.ijtsrd.com/management/public-sector-management/45079/exchange-rate-and-trade-balance-nexus/edokobi-tonna-david
Does Economic Growth Affect Capital Market Development In Nigeria? 1985 – 2016AJHSSR Journal
The goal of this paper is to assess the impact of economic growth affects capital market
development in Nigeria using annualised data from 1986-2016. We employed that Johansen cointegration
technique to determine if our variables are cointegrated. The error correction model (ECM) was employed to
estimate our dynamic short and long-run model. Various diagnostic tests were also conducted to confirm the
validity of our results. The results indicate that there is a long-run relationship between economic growth and
capital market development. The baseline estimator further showed that economic growth has significant
positive influence on capital market development. We also found that inflation has significant negative impact
on the capital market while money supply was found to have insignificant effect on the dependent variable. The
error correction term showed evidence of slow speed of adjustment toward long-run equilibrium, with deviation
from equilibrium corrected at the speed of 2.3 percent on annual basis. We conclude that economic growth
indeed drives capital market development in Nigeria. And were recommend that policies aimed at facilitating
economic activities should be pursued by the monetary authorities, the government and policymakers to further
enhance the development of Nigerian capital market
Long Run Impact of Exchange Rate on Nigeria’s Industrial Outputiosrjce
While many scholars have carried out a lot of research on the impact of exchange rate volatility and
price shocks on economic growth, this study departs from previous studies and seeks to provide suggestions for
Nigerian policy makers on the attainment of an ideal exchange rate necessary to boost industrialization and
industrial output. The economies of all the countries of the world are linked directly or indirectly through asset
and goods markets. This linkage is made possible through trade and foreign exchange. The price of foreign
currencies in terms of a local currency (i.e. foreign exchange) is therefore important to the understanding of the
growth trajectory of all countries of the world. The consequences of substantial misalignments of exchange rates
can lead to output contraction and extensive economic hardship. These therefore, bring up the issue of an ideal
exchange rate necessary for the achievement of a set of diverse objectives - economic growth, containment of
inflation and maintenance of external competiveness. This study employed the use of the ordinary least square
technique to examine the impact of exchange rate stability on industry output in Nigeria using annual time
series data from 1980 to 2013. The result of the study showed that domestic capital, foreign direct investment,
population growth rate, and real exchange rate were significant determinants of industrial output. The changes
in external balance and inflation were of little or no consequences to industrial output. Based on the findings,
the researcher recommended that conscious efforts should be made by government to fine-tune the various
macroeconomic variables in order to provide an enabling environment that stimulates industrial output and
eventual economic growth.
Using a series of econometric techniques, the study analysed interaction between monetary policy and private sector credit in Ghana. This study made use of monthly dataset spanning January 1999 to December 2019 of credit to the private sector (PSC) and broad money supply (M2). The results reveal that there exists cointegration, a long run stationary relation between monetary policy and private sector credit. This implies, increases in credit should prompt long-term increases in monetary policy. It is not surprising that growth in the private sector might have a stronger effect on monetary policy. The Error Correction Test is statistically significant and that all the variables demonstrate similar adjustment speeds. This implies that in the short run, both money supply and credit are somewhat equally responsive to their last period’s equilibrium error. There is unidirectional causation from private sector credit to monetary policy. It can be said that, there is an interaction between money supply and private sector credit. Thus, credit to private sector holds great potential in promoting economic growth. It can be recommended to the government to increase the credit flow to the private sector because of its strategic importance in creating and generating growth of the economy.
Impact of Visual Merchandising on Impulsive Buying Behavior of Sri Lankan Mod...YogeshIJTSRD
The focus of the research was to see how different visual marketing approaches affected the impulsive purchase behavior of Sri Lankan modern trade clients. Modern retailers utilize visual merchandising as one of their primary tactics for differentiating their offers and attracting and persuading customers to buy. In store marketing and visual merchandising have attracted a lot of attention recently, and the amount of money spent on visual merchandising has also skyrocketed. As a result, determining the efficiency of the money that is spent on these diverse visual merchandising strategies is critical for all supermarkets. A well structured questionnaire was used to obtain primary data for the study. A total of 392 Sri Lankan modern trade clients were chosen as the sample for the study. The sampling method was snowball sampling, and the data was analyzed using SPSS 25 software. The multiple regression analysis was used to analyze the data. Charts and graphs are used to display the research findings. The studys findings demonstrated that product display and promotional signs have a strong favorable impact on impulsive purchase behavior among Sri Lankan modern trade clients. Based on these findings, businesses may determine which visual merchandising methods are the most effective and devote time and resources to improving them, resulting in increased foot traffic and revenue. K. K. P. D. Kahaduwa | R. M. K. S. Rasanjalee "Impact of Visual Merchandising on Impulsive Buying Behavior of Sri Lankan Modern Trade Customers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45046.pdf Paper URL: https://www.ijtsrd.com/management/consumer-behaviour/45046/impact-of-visual-merchandising-on-impulsive-buying-behavior-of-sri-lankan-modern-trade-customers/k-k-p-d-kahaduwa
Extant literature revealed that international trade plays a key role to address the economic phenomena and can help to earn foreign exchange. Despite the accruable benefits from international trade and the countrys huge oil export that account for about 90 of its foreign exchange earnings, Nigerias trade balance and exchange rate remain unfavourable. The persistent rise in Nigerias exchange rate and unfavourable trade balance in recent time warrants an empirical probe. This study therefore examines the effect of exchange rate, domestic income, foreign income, consumption expenditure, money supply and interest rate on trade balance using a secondary time series data covering a period of thirty years from 1991 2020. The study employed a regression technique of the Ordinary Least Square OLS . All data used were secondary data obtained from the statistical bulletin of Central Bank of Nigeria CBN and National Bureau of Statistics NBS annual publications. After determining stationarity of the study variables using the ADF Statistic, it was discovered that the variables were all integrated at level, first and second difference, and found out to be stationary at their first difference. The study also using Johansen Cointegration Test, found that there is a long run relationship between the variables. Hence, the implication of this result is that there is a long run relationship between trade balance and other variables used in the model. From the result of the OLS, it is observed that exchange rate, domestic income, foreign income and money supply have a positive and significant impact on trade balance in Nigeria. The study recommends that the government should fixed or peg on the exchange rate through the central bank. This will enable the government to buy and sell its own currency against the currency to which it is pegged. The government should strive to reduce inflation to make exports more competitive. The government should also enhance supply side policies to increase long term competitiveness. Edokobi, Tonna David | Okpala, Ngozi Eugenia | Okoye, Nonso John "Exchange Rate and Trade Balance Nexus" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45079.pdf Paper URL: https://www.ijtsrd.com/management/public-sector-management/45079/exchange-rate-and-trade-balance-nexus/edokobi-tonna-david
Does Economic Growth Affect Capital Market Development In Nigeria? 1985 – 2016AJHSSR Journal
The goal of this paper is to assess the impact of economic growth affects capital market
development in Nigeria using annualised data from 1986-2016. We employed that Johansen cointegration
technique to determine if our variables are cointegrated. The error correction model (ECM) was employed to
estimate our dynamic short and long-run model. Various diagnostic tests were also conducted to confirm the
validity of our results. The results indicate that there is a long-run relationship between economic growth and
capital market development. The baseline estimator further showed that economic growth has significant
positive influence on capital market development. We also found that inflation has significant negative impact
on the capital market while money supply was found to have insignificant effect on the dependent variable. The
error correction term showed evidence of slow speed of adjustment toward long-run equilibrium, with deviation
from equilibrium corrected at the speed of 2.3 percent on annual basis. We conclude that economic growth
indeed drives capital market development in Nigeria. And were recommend that policies aimed at facilitating
economic activities should be pursued by the monetary authorities, the government and policymakers to further
enhance the development of Nigerian capital market
Long Run Impact of Exchange Rate on Nigeria’s Industrial Outputiosrjce
While many scholars have carried out a lot of research on the impact of exchange rate volatility and
price shocks on economic growth, this study departs from previous studies and seeks to provide suggestions for
Nigerian policy makers on the attainment of an ideal exchange rate necessary to boost industrialization and
industrial output. The economies of all the countries of the world are linked directly or indirectly through asset
and goods markets. This linkage is made possible through trade and foreign exchange. The price of foreign
currencies in terms of a local currency (i.e. foreign exchange) is therefore important to the understanding of the
growth trajectory of all countries of the world. The consequences of substantial misalignments of exchange rates
can lead to output contraction and extensive economic hardship. These therefore, bring up the issue of an ideal
exchange rate necessary for the achievement of a set of diverse objectives - economic growth, containment of
inflation and maintenance of external competiveness. This study employed the use of the ordinary least square
technique to examine the impact of exchange rate stability on industry output in Nigeria using annual time
series data from 1980 to 2013. The result of the study showed that domestic capital, foreign direct investment,
population growth rate, and real exchange rate were significant determinants of industrial output. The changes
in external balance and inflation were of little or no consequences to industrial output. Based on the findings,
the researcher recommended that conscious efforts should be made by government to fine-tune the various
macroeconomic variables in order to provide an enabling environment that stimulates industrial output and
eventual economic growth.
Using a series of econometric techniques, the study analysed interaction between monetary policy and private sector credit in Ghana. This study made use of monthly dataset spanning January 1999 to December 2019 of credit to the private sector (PSC) and broad money supply (M2). The results reveal that there exists cointegration, a long run stationary relation between monetary policy and private sector credit. This implies, increases in credit should prompt long-term increases in monetary policy. It is not surprising that growth in the private sector might have a stronger effect on monetary policy. The Error Correction Test is statistically significant and that all the variables demonstrate similar adjustment speeds. This implies that in the short run, both money supply and credit are somewhat equally responsive to their last period’s equilibrium error. There is unidirectional causation from private sector credit to monetary policy. It can be said that, there is an interaction between money supply and private sector credit. Thus, credit to private sector holds great potential in promoting economic growth. It can be recommended to the government to increase the credit flow to the private sector because of its strategic importance in creating and generating growth of the economy.
Impact of Visual Merchandising on Impulsive Buying Behavior of Sri Lankan Mod...YogeshIJTSRD
The focus of the research was to see how different visual marketing approaches affected the impulsive purchase behavior of Sri Lankan modern trade clients. Modern retailers utilize visual merchandising as one of their primary tactics for differentiating their offers and attracting and persuading customers to buy. In store marketing and visual merchandising have attracted a lot of attention recently, and the amount of money spent on visual merchandising has also skyrocketed. As a result, determining the efficiency of the money that is spent on these diverse visual merchandising strategies is critical for all supermarkets. A well structured questionnaire was used to obtain primary data for the study. A total of 392 Sri Lankan modern trade clients were chosen as the sample for the study. The sampling method was snowball sampling, and the data was analyzed using SPSS 25 software. The multiple regression analysis was used to analyze the data. Charts and graphs are used to display the research findings. The studys findings demonstrated that product display and promotional signs have a strong favorable impact on impulsive purchase behavior among Sri Lankan modern trade clients. Based on these findings, businesses may determine which visual merchandising methods are the most effective and devote time and resources to improving them, resulting in increased foot traffic and revenue. K. K. P. D. Kahaduwa | R. M. K. S. Rasanjalee "Impact of Visual Merchandising on Impulsive Buying Behavior of Sri Lankan Modern Trade Customers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45046.pdf Paper URL: https://www.ijtsrd.com/management/consumer-behaviour/45046/impact-of-visual-merchandising-on-impulsive-buying-behavior-of-sri-lankan-modern-trade-customers/k-k-p-d-kahaduwa
Capital Market and Economic Growth Nexus: Evidence from Nigeriaiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications
Transitory and Permanent Effects of Capital Market Development on Capital For...AJHSSR Journal
ABSTRACT: Recent research on the relationship between capital market development and capital formation is
inconsistent.This study investigates the effect of capital market development on capital formation, and
theempiricalmethodutilisedinthisstudy, the Mundlak method,decomposestheeffectsofcapitalmarket development
on capital formation into transitory and permanent effects. This decomposition is important in order to ascertain
whether capital market development is beneficial to short-run or long-run capital formation, which is a key
determinant of a country‟s growth level.The study investigates the capital market development-capital formation
nexus byapplyingaggregate dataset from seven countries within the Sub-Saharan African
regionnamelyGhana,Kenya,IvoryCoast,Mauritius,Nigeria,SouthAfrica,and Zimbabwe over the period from 1980
to 2021. The results indicatethat capital market development has a transitory negative impact on capital
formation,but has a permanent positive impact on capital formation. More importantly, the permanent effect
seems more robust and stronger than the transitory effect. The findings conform to conventional wisdom that
Sub-Saharan African countries with well-developed capital markets experience long-run benefits of increased
capital formation and improved economic development. Based on the research findings, we recommend that
capital market authorities of Sub-Saharan African countries should prioritise policies that will boost productivity,
liquidity, and resilience. The study further recommends that Sub-Saharan African countries must improve their
capital markets‟ infrastructures, and eliminate the tax, legal and regulatory hurdles that impede the development
of their domestic capital markets.
KEYWORDS:Capitalmarketdevelopment,capitalformation,Sub-Saharan Africa, Mundlak Methodology, Panel
data.
This study brings to an academia table the discussion on whether investment incentives are a
motivator or a gift and also explores the moderating effects of Investors‟ Perceptions on Stock market
Performance. By use of key word characters the search initially identified 93 published and unpublished research
papers and after a tentative scrutiny, 66 papers were selected in a random sampling manner in order to give the
birth to this discussion paper. Exploratory research design was used. The key objective of this article was to
investigate on the question as to whether incentives are a gift or a motivator. The study findings reveal than
investor perceptions affects stock market performance more than incentives do. The paper concludes that the
availability, adequacy, and timeliness of relevant information about marketable securities are important for both
pricing efficiency and market confidence. Investment incentives work well in an ideal world to promote
investment while investors‟ perceptions are relevant in the real world. Hence, stock market incentives were
concluded as being a gift and not a motivator for investors to make investment decisions at the stock market.
Wald Test Analysis of the Impact of Nigerian Stock Market on Economic Growthpaperpublications3
Abstract: The increased level of participation of the private and public investors at the floor of the stock exchange and in various public offers of quoted companies shows the trend of transformation of the Nigerian stock market over the years and this has attracted and embraced the attention and interest of international investors causing an increase in capital inflow into the country but does this enhance Nigeria’s economic growth? This paper therefore examines the impact of Nigerian stock market on the country’s economic growth between 1981 and 2013 using Wald test analysis and Linear multiple regression (OLS) techniques. The economic growth was proxied by Gross Domestic Product (GDP) while various stock market variables such as market capitalization, Total New Issues Volume of Transaction and total listed equities and government stock were considered. The result obtained in this finding shows that stock market has positive and significant impact on economic growth in Nigeria for a sustainable and improved growth. Some policy recommendation were made among which are the slacking of trading impediments, encouragement of more private limited liability companies and informal sector operators to access stock market for fresh capital among others.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Card
H375863
1. American International Journal of Business Management (AIJBM)
ISSN- 2379-106X, www.aijbm.com Volume 3, Issue 7 (July 2020), PP 58-63
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 58 | Page
Capital Market Development and Economic Growth in Nigeria
1
Dr. Preye E. G. Angaye, 2
Bingilar Paymaster Frank Phd
1
Head, Business Strategy, Century Group, Ibukun House, Block 105, No 8 Baderinwa Alabi Street,
Lekki Phase 1, Lagos State, Nigeria Tel: +2348068802248,
2
Department of Accounting Faculty of Management Sciences Niger Delta University, Wilberforce Island,
Bayelsa State. Tel: +2348036620418,
*Corresponding Author: 2
Bingilar Paymaster Frank Phd
ABSTRACT:- This study examined the effect of capital market development on economic growth in Nigeria
from 2008-2018. The stock market development was proxy by market capitalization rate; interest rate and
inflation rate while economic growth variable considered was GDP. The study utilizes the multiple regression
analysis test in establishing if a positive and significant relationship does exist between stock market
development and economic growth in Nigeria. The empirical result suggests that stock market is positively
related to economic growth in Nigeria but has insignificant effect on economic growth. It is recommended that
Capital market regulators like the Security and Exchange Commission (SEC) should be more open to
innovations and be flexible without jeopardizing the interest and protection of investors as well as the efficiency
of the market. Furthermore, government should discourage Nigerian investors' attitude of buy and hold
securities instead of trading in the capital market. Communication and information network should be upgraded.
Lastly, the government should invest more and develop the nation's infrastructure in order to create an enabling
environment for businesses to grow and for productivity and efficiency to thrive which will boost economic
activities.
Keywords: Capital market, Economic growth, Interest Rate, Market capitalization. Inflation rate, Productivity,
Business environment
I. BACKGROUND TO THE STUDY
The capital market is a network of financial institutions that interact to mobilize and allocate long term
funds in the economy. According to Al-Faki (2006), The capital market refers to a network of specialized
financial institutions , series of mechanism, processes and infrastructure that in various ways facilitate the
bringing together of suppliers and users of medium and long term capital for investment in any economy. The
sourcing of long term finance through the capital market is essential for sustainable economic growth which is
consistent with external adjustment and rapid economic growth (Iyola, 2004). Osaze and Anal (1999) asserts
that capital market is the corner Stone of any financial system since it provides the fund needed for financing not
only business and other activities but also the programs of government as a whole.
Hailstorm and Smith (1996), and Nwude and Agbo(2013) all strongly emphasized the need for nations
to maintain a dynamic and vibrant stock market in order to guarantee easy and faster investment for all
stakeholders. According to Ezeoha (2009), capital market provides liquidity which contributes to capital
formation, and investment risk reduction by offering opportunities to portfolio diversification. Nyong (1997)
emphasized that financial structure of a firm, that is, the mix of debt and equity financing changes as economies
develop. It moves towards equity financing through the capital market.
Omotor (2011) said that maintaining market liquidity highly rest on stable equity pricing which is
greatly influenced by the purchasing power of both domestic and foreign investors. Price stability helps in
determining whether the economy is stable or not. Inflation creates uncertainty in the economy and make both
domestic and foreign investors unwilling to invest (Mobolaji 2005). Inflation impacts negatively on the savings
ability of citizens and as a result, low savings which leads to a fall in demand for stock and equity as financial
wealth. This decrease in demand causes the price of equities to decline thereby reducing returns, in equity and
stocks (Joyce 2012). Olagunde, Elumilade and Asaolu (2016) mentioned that good investors always look for
investing in an efficient market. In an inefficient market, only few people are able to generate extra ordinary
profit which causes the general public to lose confidence in the market. They also mentioned that if the rate of
interest paid by banks to depositors increased, people switch from the capital market to money market. This
leads to decrease in the demand of shares and in turn decrease the price of share. On the other way, when rate of
interest paid by banks to depositors increase, the lending rate also increased which leads to decrease of
investment in the capital market.
2. Capital Market Development and Economic Growth in Nigeria
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 59 | Page
1.2 Statement of the Problem
According to L.U Okoye (2016) capital market plays an important role in the economic health of most
developed countries while developing economies rely extensively on the operations of the money market.
In recent times, the impact of capital market on economic growth has been a great concern due to the
perceived benefit it provides to the economy. Research has been carried out on this topic using different
variables to determine the relationship between capital market and economic growth and has led to controversies
in the results obtained. Therefore, this leads to further research on effect of capital market development on
economic growth using variables such as market capitalization ; inflation rate ; and interest rate.
1.3 Research Objectives
The primary objective of this study is to analyze the effect of capital market development on economic growth
in Nigeria.
To actualize this, the main objective is broken down into the following specific objectives:
1. To evaluate the effect of market capitalization on gross domestic product.
2. To examine the effect of interest rate on gross domestic product.
3. To determine the effect of Inflation rate on gross domestic product.
1.4 Research Questions
1. How does market capitalization affects gross domestic product in Nigeria?
2. To what extent does interest rate affect gross domestic product in Nigeria?
3. How does Inflation rate affects gross domestic product in Nigeria?
1.5 Research Hypotheses
Ho1: Market capitalization has no significant effect on gross domestic product in Nigeria
Ho2: Interest rate has no significant effect on gross domestic product in Nigeria.
Ho3: Inflation rate has no significant effect on gross domestic product in Nigeria.
1.6 Significance of the Study
The result of this study will provide a working tool for regulatory bodies and policy makers to enable them take
decisions that will contribute to capital market development and economic growth. The outcome of this study
will also be of benefit to investors, financial analysts, stock brokers, etc. It will also add to the available
literature and provide a platform for further research by other researchers.
1.7 Scope and Limitation of the Study
The scope and limitation of this study is to examine the relationship between capital market and economic
growth. This study adopts a time series design and will cover the period between 2008 and 2018, which is 11
years.
II. REVIEW OF RELATED LITERATURE
2.1 Theoretical Review
Kumar (1984) stated that the capital market contributes to economic growth through mobilization of
savings, creation of liquidity, risk diversification, improved dissemination and acquisition information and
enhanced incentive for corporate control. Improving the efficiency and effectiveness of these functions through
prompt delivery of their services can spur economic growth.
Obstfeld (1994) also stated that capital market may also have an effect on economic growth activities
through the creation of liquidity. Liquid equity market makes available savings for profitable investment that
requires long term commitment of capital. Illiquid stock market makes it difficult for investors to invest in large,
long term projects. He also said that it can affect economic growth through the function of risk diversification.
When stock markets are internationally integrated, it enables greater economic risk sharing. Because high return
projects are tend to be comparatively risky.
Filler et el (1999) mentioned that the relationship between capital market development and economic
growth varies according at the country's level of economic development with a large impact on less developed
economies.
Bencivenga, Smith and Stan (1996) and Levine (1991) argues that stock market (the ability to trade
equity easily) is important for growth. In the contrary, Conte and Dairat (1988) argue that stock market liquidity
no matter how large is an unimportant source of corporate finance.
According to Spears (1991) and Kiviet (1995), stock market can spur economic growth through
acquisition of information. Levine and Zenlos (1996) noted that larger and more liquid stock market will make
it easier for investors who have gotten information to trade at posted prices. The investors are able to make
money before the information become widespread and prices change.
evine and Zenlos also stated that stock market affect economic growth through savings mobilization.
They opined that large, liquid and efficient stock markets can cause savings mobilization.
3. Capital Market Development and Economic Growth in Nigeria
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 60 | Page
2.2 EMPIRICAL REVIEW
F.T Kolapo and A.O Adaramola (2012) studied the impact of the Nigerian Capital Market on economic
growth from the period of 1990-2010. Using Gross Domestic Product (GDP) as variable for economic growth
and market capitalization, total new issues, value of transactions, and total listed equity and government stocks.
Applying Johansen co-integration and granger casualty tests, the result shows that a long run relationship exist
between capital market and economic growth in Nigeria.
Ologunwa O.P and O.D Sadibo (2016) also examined the effect of capital on economic growth. Market
capitalization and turnover ratios were used as indicators for capital market; and GDP for economic growth. The
result from this study showed that capital ratio and turnover ratio are both significant and postive drivers of
economic growth in Nigeria and that the stock markets affects economic growth through savings mobilization.
Okoye Lawrence, ModeleNwanneka, Taiwo and OkorieUchnna (2016) investigated the relationship between
capital market development and economic growth using data on GDP (indicators for economic growth), market
capitalization ratio, value traded ratio and stock market turnover ratio (indicators for capital market
development) over the period (1981-2014). Using the econometric methodology of the vector and correction
model, they came to a conclusion that stock market constitutes a significant determinant of economic growth in
Nigeria. That is, there is positive effect of value traded ratio as well as negative effect on inflation rate on GDP
though not significant. And there is also a negative effect of market capitalization ratio and turnover ratio on
GDP.
To examine the relationship between stock market development and economic growth, Osakure C.I and
Ananwud A.C (2017) used a time series data from 1981 to 2015, market capitalization ratio and turnover ratio
as stock market indicators while GDP was used to measure economic growth. The methodology used to analyze
data was Autoregressive Distributive Lag (ARDL) and Granger Casualty Analysis model. The result showed
that stock market development has positive but insignificant relationship with economic growth both in short
and long run.
Okonkwo Ikeoturunye V., Ananwud A.C., Echekoba F.N (2015) examined the impact of stock market
development and economic growth in Nigeria using a time series data from 1993-2013. They applied the
Johansen Co-integration Model to evaluate the stock market development and economic growth and casual
relationship using four (4) stock market development indices which are; share indices, market capitalization,
number of deals and total value of market transaction.
The results suggest that there is an existence of unidirectional relationship between stock market
development and economic growth which means that the state of development of the economy will determine
the development and operations of the stock market. And that there is also a correlation between stock market
development and economic growth, via all share indices, market capitalization, number of deals and total value
of market transaction.
Adam and Sanni (2005) studied the roles of stock market on economic growth in Nigeria using the
Granger Casualty test and regression analysis. The result showed a one-way casual relationship between GDP
growth and market turnover. They also discussed a positive and significant relationship between GDP growth
and turnover ratios. Therefore, government was advised to encourage the development of capital market since it
has positive effect on economic growth.
III. RESEARCH METHODOLOGY
3.1.1 Research Design
Descriptive Research Design has been adopted for the purpose of this study. Descriptive Research
Design is used because it deals with the collection and analysis of data for the purposes of describing and
interpreting existing conditions and also make discovery and explanation of past events. It enables exploring
relationship between two or more variables.
3.1.2 Sources of Data Collection
The study adopts a time series research design with reliance on secondary data from the CBN statistical
bulletin and the NSE annual reports. This study will cover the period 2008-2018.
3.1.3 Methods/Techniques of Data Analysis
The data analysis method that will be used in this study is multiple regression analysis in which the
multivariate co-integration and error correction model will be used in order to undertake a thorough examination
of the characteristics of the time series economic data. Four (4) analytical procedures are involved in the co-
integration and error correction model. First, the unit root test will be carried out for each of the variables so as
to ascertain the time series properties of the data set and obtain the stationary status. This is necessary in order to
ensure that the variables are stationary and that stocks are only temporary and will dissipate and revert to their
long-term mean. Next, the test of co-integration is performed in order to discover the long-run rational
4. Capital Market Development and Economic Growth in Nigeria
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 61 | Page
properties of data. The third step is to obtain the error correction representation for the model which helps to
analyze the dynamic short run and long run behavior of the model.
3.1.4 Model Specification
A multivariate econometric model will be specified and estimated for the purpose of this study. The
model examines the relationship between the capital market and economic growth using some selected capital
market variables such as market capitalization rate (MCG), interest rate (INT) and inflation rate (INF). The
functional specification is shown thus;
GDP= β0 + β1 MCG + β2 INT + β3 INF + µ
Where;
GDP= Gross Domestic Product
MCG= Market Capitalization rate
INT= interest Rate
INF= Inflation Rate
U= Error Term
Appropriate Expectation;β1, β2, β3≥ 0
IV. DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation
This chapter deals with the presentation and analysis of data collected. Multiple regression model is
used to test the hypotheses. The findings and policy implication are discussed. The table that follows contains
the data extracted from the Nigerian stock exchange bulletin and the Central Bank statistical bulletin which was
used in running the regression and obtaining the results of this study.
Multiple regression has been used to estimate the relationship between the independent variables of
capital market development (market capitalization, growth rate, interest rate and inflation rate) and the
dependent variable (Gross domestic product).
TABLE 1
YEAR MCG INT INF GDP
2008 -0.43 3.27 11.60 7.2
2009 -0.33 6.03 12.50 8.4
2010 0.57 11.06 13.7 11.3
2011 -0.23 10.33 10.8 4.9
2012 0.44 8.39 12.2 4.3
2013 0.43 8.78 8.5 5.4
2014 -0.22 7.21 8.0 6.3
2015 -0.20 7.70 9.0 2.7
2016 -0.40 9.37 15.7 -1.6
2017 0.25 8.00 16.5 0.8
2018 -0.15 7.20 12.1 1.9
MCG = Market Capitalization Growth rate
INT = Interest Rate
INF = Inflation Rate
GDP = Growth Domestic Product
4.2 Descriptive Statistics
This shows the mean, standard deviation, minimum, maximum and skewness values of the variables used in the
study.
TABLE 2
5. Capital Market Development and Economic Growth in Nigeria
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 62 | Page
The independent variables MGS, INT and INF have minimum values of -0.43, 3.27 and 8.00
respectively, with maximum values of 0.57, 11.06 and 18.50 respectively while the dependent variable (GDP)
has a minimum value of -1.60 and maximum value of 11.30.
MCG has a mean of 0.0245 and a standard deviation of 0.37106, INT has a mean of 7.9400 and a standard
deviation of 2.12128, while INF has a mean of 11.8727 and standard deviation of 2.75321. However, GDP has a
mean of 4.6909 and a standard deviation of 3.65362.
This shows that they have low variability but the dependent variable (GDP) has the highest risk of variability
while MCG has the lowest risk of variability.
MCG has a skewness of 0.606 which is close to +1 so is positively skewed. INT has a skewness of -0.794 which
is closer to -1 so is negatively skewed. INF is skewed with 0.235 which is closer to zero with a normal
distribution implication. Whereas, GDP was skewed with 0.056 which is also a normal distribution.
4.3 MODEL SUMMARY
TABLE THREE Model Summary
Model R R Square Adjusted R
Square
Std. Error of
the Estimate
Durbin-Watson
1 .476a
.227 -.105 3.83993 .579
a. Predictors: (Constant), INF, MCG, INT
b. Dependent Variable: GDP
From table 3, R represents correlation coefficient of 0.476 which indicates a positive but not significant
relationship between the variables.
R square is 0.227 which shows that a change in the dependent variable is a result of 0.227 changes in the
independent variable (MCG, INT and INF).
AR square represents Adjusted R square which indicates less than 0% of influence of the independent variables
(MCG, INT and INF) on the dependent variable (GDP).
Durbin Watson is 0.579 which show that the dependent and independent variables are positively auto correlated
and can be used for predictions and further studies.
4.4 Test of Hypotheses
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig. 95.0% Confidence Interval for B
B Std. Error Beta Lower Bound Upper Bound
1 (Constant) 13.027 7.173 1.816 .112 -3.935 29.989
MCG 4.092 3.865 .416 1.059 .325 -5.048 13.232
INT -.404 .683 -.235 -.592 .572 -2.019 1.210
INF -.423 .447 -.319 -.947 .375 -1.481 .634
a. Dependent Variable: GDP
TABLE FOUR
The result of data analysis used for test of hypotheses:
1. There is no significant relationship between market capitalization and GDP.
2. Interest rate has no significant relationship with GDP.
3. Inflation rate is not significantly related to GDP.
DECISION RULE: Accept the null hypothesis if the P value of the t statistics is higher than 0.05 and reject the
null hypothesis if the P value of the t statistics is lower than 0.05.
From table 4, MCG has t value of 1.059 with a probability of 0.325 which is higher than 0.05. We therefore
accept the null hypothesis and conclude that there is no significant relationship between market capitalization
and GDP.
The t value and probability of INT are -0.592 and 0.572 respectively which is higher than 0.05. We
therefore draw conclusion that there is a positive but not significant relationship between Interest rate and GDP.
INF has a t value of -0.947 and probability of 0.375 which is less than 0.05. It is therefore concluded that INF is
not significantly related to GDP.
4.5 DISCUSSION OF FINDINGS
This study investigated empirically the effect of capital market development on economic growth in
Nigeria using annual time series of a period of 2008-2018. The multiple regression analysis was used to achieve
6. Capital Market Development and Economic Growth in Nigeria
*Corresponding Author: Bingilar Paymaster Frank1
www.aijbm.com 63 | Page
this objective. It was revealed that market capitalization rate, interest rate and inflation rate have positive but
significant relationship with GDP. This indicates that the stock market is not developed and thus, does not
contribute to the growth of the Nigerian economy.
V. CONCLUSION AND RECOMMENDATIONS
5.1 CONCLUSION
This study examined the effect of capital market development on economic growth and it is found
positive. This suggests that for a significant growth to be achieved, the focus of policy makers should be on
measures to provide growth in the stock market.
5.2 RECOMMENDATIONS
The findings from this study raise the following recommendations:
1. Capital market regulators like the Security and Exchange Commission (SEC) should be more open to
innovations and be flexible without jeopardizing the interest and protection of investors as well as the
efficiency of the market.
2. Furthermore, government should discourage Nigerian investors' attitude of buy and hold securities
instead of trading in the capital market. Communication and information network should be upgraded.
3. Lastly, the government should invest more and develop the nation's infrastructure in order to create an
enabling environment for businesses to grow and for productivity and efficiency to thrive which will
boost economic activities.
REFERENCES
[1]. Adam, J. A., & Sanni, I. (2005).Stock Market Development and Nigeria’s Economic Growth. Journal
of Economics and Allied Fields, Vol. 2 No. 2, pp. 116-132.
[2]. Al-faki, M. (2006), The Nigerian capital market and socio-economic development, Public Lectures,
University of Benin, Nigeria.
[3]. Conte, Michael, and Ali Darrat. (1988). “Economic Growth and the Expanding Public Sector: A Re-
examination,” Review of Economics and Statistics. 70(2): 322-30.
[4]. Ezeoha, A., Ebele, O., &NdiOkereke, O. (2009).Stock Market Development and Private Investment
Growth in Nigeria.Journal of Sustainable Development in Africa, Vol.11, No.2.
[5]. Grossman, S.J., & Miller, M.H. (1988).Liquidity and Market Structure.Journal of Finance.Vol.43.
[6]. Gugler, K., Mueller, D.C. &Yurtoglu, B.B. (2003). The Impact of Corporate Governance on
Investment Returns in Developed and Developing Countries. The Economic Journal, 113 (November),
pp. F511 – F539.
[7]. Guiso, L., Sapienza, P. & Zingales, L. (2002). Does Local Financial Development Matter? National
Bureau of Economic Research Working Paper.
[8]. Harris, R.F. (1997).Stock Markets and Development: A Re-assessment. European Economic Review,
Vol. 1, pp136-139.
[9]. Harrod, R.F. &Domar, E.C. (1957).“An Essay in Dynamic Theory, Capital Expansion Rate of Growth
and Employment.New York: Prentice Hall.
[10]. Holmstrom, B. &Tirole, J. (1993). Market liquidity and performance monitoring; Journal of Political
Economy, 101 (4): 678-709.
[11]. Kiviet, Jan F. (1995). “On Bias, Inconsistency, and Efficiency of Various Estimators in Dynamic Panel
Data Models,” Journal of Econometrics. 68: 53-78.
[12]. Levine, Ross, and Sara Zervos.(1996). “Stock Market Development and Long-run Growth,” World
Bank Economic Review. 10(2): 323-339.
*Corresponding Author: 2
Bingilar Paymaster Frank Phd
2
Department of Accounting Faculty of Management Sciences Niger Delta University,
Wilberforce Island, Bayelsa State. Tel: +2348036620418,