Productivity growth, wages and employment nexus: Evidence from Nigeria.
Journal of Applied Economic Sciences, XII, 4(50), 1194-1209. Trade Openness and Employment: Evidence from Nigeria. Financial development and TFP growth: Cross-country and industry-level evidence (Working paper, Inter-American Development Bank, Research Department, No. 6.Arizala, F., Cavallo, E., & Galindo, A.Financial Deepening and Economic Growth Linkages: A Panel Data Analysis. Apergis, N., Filippidis, I., & Economidou, C.Journal of Development Economics, 84(1), 215-233. Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia.
African Successes: Modernization and Development. Resolving the African financial development gap: Cross-country comparisons and a within-country study of Kenya, In S. Allen, F., Carletti, E., Cull, R., Qian, Q.Studies in Business and Economics, 14(2), 5-24. Dynamics of Financial Development in Co-integrated Error Correction Mechanism (ECM): Evidence from Bangladesh. Journal of The European Economic Association, 4(1), 37-74. Distance to Frontier, Selection, and Economic Growth. Acemoglu, D., Philippe, A., & Fabrizio, Z.This study recommended credit channel for transmission of monetary policy using interest rate to improve the performance of manufacturing sector, among others. The long-run result using output in manufacturing sector as dependent variable shows a positive significant relationship with other financial sector indicators, except for broad money stock and deposit liability. The variance decomposition shows that the forecast error shock of credit to private sector and prime interest rate show more variations in manufacturing sector performance than other financial indicators. The results showed unidirectional causality, confirming the hypothesis of the ‘supply-leading view’ and ‘demand-following view’ except for market capitalization and output in the manufacturing sector, where independence was observed. The study examines the causal effects, shock effect and long-run impact using Granger Non-Causality, Vector Error Correction Model, and Dynamic Ordinary Least Square method, respectively. This study uses market capitalization, broad money stock, credit to private sector, prime interest rate and deposit liability as proxies for the financial sector, while output in the manufacturing sector and manufacturing employment are used as proxies for manufacturing performance. Nigerian economy depends on oil as the major source of revenue, failure to diversify the revenue base has raised questions about its sustainability and implication on the economy.
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