期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2019
卷号：8
期号：2
页码：65-71
DOI：10.5923/j.ijfa.20190802.03
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：This study examined the existence of long-run association between capital market components and economic growth in Nigeria between 1981 and 2017. Data were sourced from Central Bank of Nigeria Statistical Bulletin. GDP was used as proxy for economic growth while government securities (GS), corporate bond/preference shares (CBPS), and equities (EQT) where proxies for capital market components. The study also established the direction of causal relation between the variables. A Cointegrating regression approach was adopted for analysis. Other econometric tests such as stationarity test, Johansen test of cointegration and Granger causality test were also conducted. In the cointegration model, we placed GDP as the endogenous variable while capital market components served as the exogenous variables. The stationarity test shows that GDP, GS and CBPS were stationary at second order while EQT was stationary at first order, hence its removal from the cointegration test. Johansen test indicates three cointegrating equations using unrestricted cointegration rank test (Trace). The findings from canonical cointegrating regression technique further confirm the existence of a long-run relationship between GDP, GS and CBPS. More so, on the direction of causal relation, we found no homogeneity among the variables. GDP has a unilateral causal relationship with GS and EQT which flows GDP; while CBPS and GDB has a bilateral causal relationship. The study recommends that government should increase the amount of securities they issue in the market as its increase will positively and significantly improve the overall economic growth of the country.
