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Financial Development And Economic Growth: Evidence From Nigeria
The aim of this study is to examine the effects of financial deepening on economic growth in Nigeria using the ARDL methodological framework. The financial deepening variables considered are market capitalization as a ratio of GDP, bank deposit as a ratio of GDP and gross fixed capital formation as a ratio of GDP. Growth rate in real GDP is used to proxy economic growth. The study is based on quarterly data for 32 years covering from 1985Q1 to 2016Q3. The results show that the relationship between financial deepening and real GDP growth has lag effects, with one lag period on both market capitalization as a ratio to GDP and gross fixed capital formation as a ratio to GDP showing negative and
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