West African Emerging Economies: Comparative Insights on Ghana’s and Nigeria’s Stock Market Development
The burgeoning interest on the importance of stock market inmodern economies has reinforced the growing notion that finance is paramountto economic growth and in particular the rising debate on the fledgling state ofWest African stock markets coupled with the implications for the sub-region’semerging economies which are worrisome. Hence, the paper examines the longrun and causal relationship between stock market development and WestAfrican emerging economies in a comparative context of Ghan...
West African Financial Sector Development: Empirical Evidence on the Role of Institutional Quality and Natural Resource Rents
Abstract The paper examines the effect of natural resource rents and institutional quality on financial sector development in West Africa. Using pooled OLS, fixed effect and system generalized method of moments (GMM) estimations with several robustness checks, the results indicate that natural resource rents have an adverse effect on financial development. Further evidence shows that institutional indicators, based on control of corruption, rule of law and government effectiveness, positively...
Institutional Quality and Financial Sector Development: Empirical Evidence from Nigeria
Abstract In view of the indispensable role of financial sector in both emerging and developing economies, there has been a notable spotlight on the financial sector development over the years in most African countries. Nonetheless, there are only a few studies on this topical issue, particularly for Nigeria. Hence, this study examines the long – run and short – run dynamic relationship between institutional quality and financial development in Nigeria over the period of 1984 – 2015 usin...