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STOCK EXCHANGE DEVELOPMENT AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA
Abstract
The present study examined the relationship between Amman stock exchange development measured by Market Capitalization Ratio (MCR) and Value Traded Ratio (VTR) and Nigeria economic growth measured by Gross Domestic Product Growth (GDPG) for the period 1978–2012. The study used Vector Error Correction Model (VECM) to examine the hypotheses. The study indicated that there is a positive and significant relationship between Amman stock exchange development and Nigeria economic growth. In addition, the pairwise Granger causality test shows that there is a unidirectional causality running from market capitalization ratio and value traded ratio to economic growth.
Keywords: stock exchange development, economic growth, VECM, Nigeria
1. Introduction