Capital Market Predictive Power on the Development of the Nigerian Economy: An Impulse Response and Variance Decomposition Approach

Uche Emmanuel; Ihezukwu, V. A

Capital Market Predictive Power on the Development of the Nigerian Economy: An Impulse Response and Variance Decomposition Approach

Uche Emmanuel * §

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Ihezukwu, V. A

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Abia State University, Uturu, Nigeria

Capital Market Predictive Power on the Development of the Nigerian Economy: An Impulse Response and Variance Decomposition Approach

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Abstract

The study investigates the contributions of Nigeria’s capital market to the development of Nigeria economy. Most researchers focused on the capital market and growth nexus, while we deviated by focusing on the role played by the capital market in ensuring the reduction of unemployment and poverty in Nigeria. Specifically, we investigated the contributions of market capitalization (MCAP), the value of share traded (VST), and all share index (ASI) to the unemployment rate (UNPR) and poverty (NPI) reductions in Nigeria within the period 1981 to 2017. The data series used was obtained from the annual statistical bulletin of the central bank of Nigeria (CBN) and Nigeria stock exchange (NSE). Preliminary analyses of stationarity and cointegration tests revealed that the series was non stationary at levels, and cointegrated, respectively.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

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Not applicable for this article.

How to Cite This Article

Uche Emmanuel, Ihezukwu, V. A. 2019. "Capital Market Predictive Power on the Development of the Nigerian Economy: An Impulse Response and Variance Decomposition Approach". Global Journal of Human-Social Science - E: Economics GJHSS-E Volume 19 (GJHSS Volume 19 Issue E9).

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GJHSS Volume 19 Issue E9

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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Classification

GJHSS-E Classification FOR Code: 349999p

Submission ReceivedDecember 14, 2018
Peer Review Double Blind
Handling Editor
Accepted January 3, 2019
Published January 15, 2019

Version of record

v1.2

Issue date

December 20, 2019

Language

English

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Article Matrices

Total Score: 103

Country: Nigeria

Subject: Global Journal of Human-Social Science

Authors: Uche Emmanuel, Ihezukwu, V. A (PhD/Dr. count: 0)

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Publish Date: 2019 01, Tue

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