Topic
Financial sector development
About: Financial sector development is a research topic. Over the lifetime, 1674 publications have been published within this topic receiving 90787 citations.
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Journal Article•
TL;DR: In this paper, the authors used real GDP to estimate the economic growth in the Sudan using OLS and found that foreign direct investment and financial sector development have been significant and carry the expected signs in both the long run and short run models.
Abstract: The study was intended to establish the possible factors that determine economic growth in the Sudan. Using OLS, the study uses real GDP to proxy for economic growth with the regressors comprising population, foreign direct investment, government consumption expenditure, household per capita consumption expenditure, physical capital (in terms of fixed capital formation), inflation, openness of the economy, and financial sector development. Having established the existence of cointegration in the model, the study proceeded to estimate the ECM. The results have revealed that foreign direct investment and financial sector development have been significant and carry the expected signs in both the long-run and the short-run models. While inflation has been significant and carries the expected sign in the long run model, it has been insignificant in the short run. Both the government consumption expenditure and household consumption expenditure have been significant in the long run and the short run models but with unexpected signs. Additionally, while infrastructure has been insignificant in the long run, it has been significant in the short run but carries unexpected sign. The openness of the economy has been a significant factor in boosting economic growth in the short run but not in the long run. Throughout the study, population has been an insignificant determinant for economic growth in the Sudan. Although the study managed to achieve the intended objectives, the study suffers from lack of data on some variables namely natural resources, human capital, political factors, taxes, and research and development. Additionally, the study has not separated the macroeconomic determinants of economic growth from the other determinants. Given the above shortcomings, the study recommends for further investigation to be conducted by incorporating the cited variables into the model. It would equally be necessary to conduct a study that separates the macroeconomic determinants of economic growth from the other determinants to be able to gauge the effects separately. Keywords: Sudan , Economic growth, Unit root, Cointegration, ECM, Determinants
DOI•
14 Oct 2016
TL;DR: In this paper, the authors investigated the relationship between financial intermediation and economic growth in Nigeria using time series data spanning from 1986 to 2014, and found that the economic implication of this is that the financial sectors outrightly rely on the growth of the economy.
Abstract: This paper set out to empirical investigate the relationship between financial intermediation and economic growth in Nigeria using time series data spanning from 1986 to 2014. The output of our empirical analysis reflect that all the data used in the process of research are stationary after first differencing in the order of 1 (1), the output of the OLS shows that M2 and IIR has a positive and significant influence on the growth of the Nigeria economy while other variable are negatively significant. Mine while, the result of the granger causality test shows that there exist a causality flow between RGDP, IIR and, PSC with causality flowing from RGDP to financial Intermediation indicators (IRR and PSC) respectively. Judging by the output of this research, it show that in the Nigeria context, economic growth determine financial sector development. This suggest that financial Intermediation activities in Nigeria is demand following while the economy is leading. The economic implication of this is that the financial sectors out-rightly rely on the growth of the economy.
DOI•
14 Oct 2016
TL;DR: In this article, the authors investigated the relationship between financial intermediation and economic growth in Nigeria using time series data spanning from 1986 to 2014, and found that the economic implication of this is that the financial sectors outrightly rely on the growth of the economy.
Abstract: This paper set out to empirical investigate the relationship between financial intermediation and economic growth in Nigeria using time series data spanning from 1986 to 2014. The output of our empirical analysis reflect that all the data used in the process of research are stationary after first differencing in the order of 1 (1), the output of the OLS shows that M2 and IIR has a positive and significant influence on the growth of the Nigeria economy while other variable are negatively significant. Mine while, the result of the granger causality test shows that there exist a causality flow between RGDP, IIR and, PSC with causality flowing from RGDP to financial Intermediation indicators (IRR and PSC) respectively. Judging by the output of this research, it show that in the Nigeria context, economic growth determine financial sector development. This suggest that financial Intermediation activities in Nigeria is demand following while the economy is leading. The economic implication of this is that the financial sectors out-rightly rely on the growth of the economy.
01 Jan 2015
TL;DR: In this article, the substance of the bank payment card market, its properties and the role and place of this market in socio-economic state development are analyzed, and the measures taken by regulators around the world to stimulate the development of bank payment cards market as well as the increasing of cashless payments are analyzed.
Abstract: The article considers the substance of the bank payment cards market, its properties and the role and place of this market in socio-economic state development. The measures taken by regulators around the world to stimulate the development of the bank payment cards market as well as the increasing of cashless payments are analyzed. Among such activities are setting limits for cash settlements, reducing the cost of POS-terminals for merchants, interchange regulation, tax rebates for merchants and vendors. According to statistical data of top-10 counties that have the highest level of cashless payments, the highest percentage of cashless payments volume in consumer payments in the world is up to 91%. As for Ukraine, according to the «Сomplex program of financial sector development in Ukraine by 2020», the level of cashless payments in the local payment system is expected to be at least 30% by 2020. The National Bank of Ukraine and the Ministry of Finance of Ukraine use such instruments as setting limits for cash payments and the development of a special complex program to increase the level of POS-terminals applying in Ukraine. In terms of international experience tax regulation measures would probably give effect to this.
18 Jul 2020
TL;DR: In this article, the authors examined the impact of oil resource dependence on the relationship between financial sector development and economic growth in Nigeria and explored whether the effect differ among key sectors of the economy.
Abstract: This study examined the impact of oil resource dependence on the relationship between financial sector development and economic growth in Nigeria and explores whether the effect differ among key sectors of the economy. Time series econometrics analysis anchored on an aggregate production function theoretical framework of the augmented Solow’s model is employed for the period 1981-2016. The study used a more robust measure of oil dependency. The effect of financial development when account is taken of oil dependence is negative in both manufacturing and agriculture sector but positive in the service sector and in the aggregate economy. This supports the hypothesis that oil resource dependency influences the finance-growth nexus in Nigeria with varied impact on the key sectors.
Keywords: Dutch Disease, financial sector, sectoral performance