Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Kothari, C.R (2008), Research methodology: Methods and Techniques, New Age International publishers, Delhi, India Liu, W (2000), An Empirical Study of Asian Financial Crisis by Debt Service Capacity Comparison, Managerial finance Journal, Vol. 26, Pg 16-27, Department of Economics and Finance, Pitts-burg State University, Pittsburg Lin, Z. J (2000), Asian Financial Crisis and Accounting Reforms in China, Managerial finance journal, Volume 26 Number 5, Pg 63 - 78 McCulloch, N (2008), The impact of the global financial crisis on developing countries, Policy options, Institute of Development Studies, Sussex, November 2008, Portes, R (1998), “An Analysis of Financial Crisis: Lessons for the International Financial System”, London Business School. Paper presented at FRB Chicago / IMF Conference Chicago, 8-10 October 1998 Saunders, A. (2008), ”What Have We Learned from the Sub Prime Crisis?”, A paper presented at New York University, Stern School of Business, May 2008 58
Challenges in the Era of Globalization Edited by Emmanuel Obuah An Econometric Investigation into the Impact of Inflation on Financial Development in Nigeria Babatunde O. Oke, okebabatunde@yahoo.co.uk Department of Finance, Faculty of Business Administration, University of Lagos, Nigeria. Obaji R. N, ritaobaji@yahoo.co.uk Department of Business Administration, Faculty of Business Administration, University of Lagos, Nigeria. Abstract In this paper, we examine the link between financial development and inflation in Nigeria. We set out to fill the lacuna existing in the literature since only very few studies have examined this nexus globally and none in Nigeria, to the best of our knowledge. We employ cointegration and error correction methodology using annual macroeconomic data from the Central Bank of Nigeria (CBN) for the period 1972 to 2007. We confirm that the relevant variables are cointegrated, meaning that there exists a long run relationship among the variables in question. Further analyses show that inflation negatively and significantly affects financial development in Nigeria at 5 percent level during the period under consideration. In other words, inflation is detrimental to financial development in the country. This result is in agreement with a recent study by Bittencourt (2008) for Brazil and an earlier study by Boyd, Levine and Smith (2001) for 100 countries over the period 1960–1995. The main policy implication of this study is that, in order to achieve a growth enhancing financial development in Nigeria, appropriate policies must be put in place to curtail inflation. This in part explains why inflation targeting has been adopted today by many nations. INTRODUCTION Among the many controversies in economic and financial literature are the finance-growth argument and inflation-growth debate. In the main, most theoretical and empirical literature favour a finance driven growth and an inflation hindering growth propositions. In other words, it is generally believe that financial development promotes economic growth while inflation is detrimental to economic growth. In Nigeria, policy makers tend to favour a “finance-led growth” hypothesis by constantly tinkering with the financial system with the aim of developing the sector for optimal performance. Notably, the Structural Adjustment Programme (SAP) of 1986 included the financial sector reform, which brought about a phenomenal increase in the number of financial institutions. The recapitalization and consolidation exercise carried out by the monetary authorities in 2005 (necessitated by wanton distress in the banking sector in the early 1990s and low capitalization, among others) has seen the number of institutions in the sector getting thinner and fitter. Financial indicators have also improved since 2005. According to the Central Bank of Nigeria (CBN 2006), by 2006 ending, financial institutions in the Nigerian financial system comprised of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Deposit Insurance Corporation (NDIC), the National Insurance Commission (NAICOM), the Nigerian Pension Commission, 25 deposit money banks, 750 community banks (CBs), 7 microfinance banks (MFBs), 112 finance companies (FCs), 322 bureaux-de-change (BDCs), 1 stock exchange, 1 community exchange, 5 discount houses, 91 mortgage institutions, 5 development finance institutions, 103 insurance companies, and 581 brokers. Moreover, at the end of 2007, broad money (M2) grew by 106.40 percent from N 2814846.1million in 2005 to N 5809826.5 59
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