摘要：This paper examined the dynamic impact of external financing inflows on growth and trade in The Gambia and Nigeria. External Financing Inflow is proxy by Foreign Direct Investment Inflow (FDII), Official Development Assistance Inflow (ODAI), and Inflow loans from World Bank (IBRDI). Similarly, growth is proxy by Real Gross Domestic Product (RGDP), and trade is decomposed into trade percentage of Gross Domestic Product (TRD), multilateral trade (MLT), and trade robustness (TRB). Time series data obtained from World Development Indicators for the period covering 1970-2017 were employed for this study. We adopted a Non-Linear Autoregressive Distributed Lag framework pioneered by Shin et al (2011). The study found a mixed impact of external financing inflows on selected macroeconomic in the Gambia and Nigeria. Specifically, (i) the study found that FDII inflows positively impact RGDP in the Gambia and negatively impact RGDP in Nigeria, (ii) the sign of the impact of ODA inflow (ODAI) on RGDP in the Gambia and Nigeria are similar, (iii) FDI inflow into the Gambia and Nigeria has negative impact on TRD (iv) ODA inflow (ODAI) impact on TRD is negative in the Gambia and mixed in Nigeria, (v) dynamical nature of FDI Inflow (FDII) in The Gambia and Nigeria has a positive impact on MLT in both countries, (vi) the impact of ODAI on MLT is negative in Nigeria and mixed in Gambia (vii) on TRB in the Gambia and Nigeria, FDII negatively impact TRB in the Gambia and positively impact TRB in Nigeria. Lastly, ODA inflow into the Gambia generates a negative impact on TRB and a mixed impact on TRB in Nigeria.
关键词：External financing; Nonlinear ARDL; Growth; and Trade
