出版社：Economic Laboratory for Transition Research Podgorica
摘要：This study investigates the impact of financial integration on wages
and employment in Nigeria through the channels documented in the
literature. The Autoregressive Distributed Lags is used to examine
the long-run relationship. The Structural Vector Autoregressive is
used to estimate the shock impact, while the Granger Non-causality
was used to investigate the causal effects. The findings reveal the
existence of long-run relationship when employment is used as a
dependent variable and no long-run relationship when wage is used.
In the long-run, employment is negatively statistically significant with
financial integration, conforming to the proposition of Lucas Paradox.
Evidence from the forecast error shock shows that financial
integration shock shows more variations in employment more than
the wage. The causality test results revealed no causal relationship
between financial integration and wage, but unidirectional relationship
from financial integration to employment; this follows the supply-leading
view. The implication of the findings is that financial
integration leads to weaken competitiveness of Nigeria economy
and causes it to be more vulnerable to capital reversal, which may
endanger employment in the long-run. The study suggested the
development of domestic policies measures such as capital controls
to be designed to shape the composition of inflows, among others to
improve the situation.
