Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Table 1: Unit Root Test ADF 5 Percent Critical Value PP 5 Percent Critical Value First Diff ADF First Diff PP Order of integration FINDEV -1.78 -3.54 -1.85 -3.54 -4.78 -4.54 I(1) DIR -2.96 -4.24 -2.93 -3.54 -5.58 -9.83 ER -1.78 -3.54 -1.78 -3.54 -5.81 -5.81 I(1) OPENNESS -2.19 -3.54 -2.19 -3.54 -7.81 -7.96 I(1) Source: Authors computation Having established that the variables are I(1), we then carry out the cointegration test using the Johansen (1992), and Johansen and Juselius (1992) framework. The results of the cointegration tests as shown in table 2 below indicate the presence of 1 (one) cointegrating equation. In other words, the variables are cointegrated. This means that there are dynamic long-run causal relationships involving indicators of financial development (FINDEV) and Inflation (DIR) as well as the control variables (OPENNESS and ER) in Nigeria during the period under consideration. Table 2: Cointegration Tests Ho Eigenval ue r = 0** r = ≤ 1** r = ≤ 2** 0.59 0.35 0.12 λmax 95% Critical Value 30.28 14.41 4.51 r = ≤ 3 0.00 0.14 Source: Authors computation. 27.07 20.97 14.07 3.76 99% Critical Value 32.24 25.52 18.63 Trace 95% Critical Value 49.33 19.05 4.64 47.21 29.68 15.41 99% Critical Value 54.46 35.65 20.04 *(**) denotes rejection of the hypothesis at the 5%(1%) level. Trace and Max-eigenvalue tests indicate 1 cointegrating equation at the 5% significance level 6.65 Finally, having ascertained that the variables are cointegrated and that there exists 1 (one) cointegrating equation at 5% level of significance, we then formulate the error correction model. From table 3 below, the equilibrium structure of the parsimonious error correction model is validated by the significance of the error correction term (ECM -1). The error correction term shows significant correction of about 14 percent from short run disequilibrium to long run equilibrium. Also, the results from the table show that DIR enters with the right sign and significantly influences financial development in Nigeria at 5 percent level during the period under consideration. This means that inflation is detrimental to financial development in the country. The result confirms similar study by Bittencourt (2008) for Brazil and that of Boyd, Levine and Smith (2001) for 100 countries over the period 1960– 0.14 3.76 6.65 I(1) 64
Challenges in the Era of Globalization Edited by Emmanuel Obuah 1995. These studies therefore confirm our results in country specific and cross country analyses respectively. In addition, the results indicate that although OPENNESS significantly affects financial development in Nigeria at 5 percent level, it is negatively signed. This implies that trade with the rest of the world hinders financial development in the country during the period under review. The result thus confirms the findings of Do and Levchenko (2004). The reason for this could be traced to the fact that Nigeria is highly exposed to the external sector such that volatility in the external sector greatly affects the Nigerian economy. The monocultural nature of the economy and inherent rigidities make policies such as devaluation or deregulation and trade liberalization hurt the Nigerian financial sector and the economy more than gains derivable from such policies. This could also account for the low influence of exchange rate (ER) on financial development in this study. Table 3: The Parsimonious Error Correction Model Dependent Variable: FINDEV Variable Coefficient Std. Error t-Statistic C 0.122207 D(FINDEV (-1)) -0.308170 D(DIR (-1))** -0.064718 0.51748 0.20664 D(ER (-1)) 0.130201 0.07198 D(OPENNESS (-1))*** -0.200620 ECM (-1)** 0.138693 R-squared: 0.362993 Adj. R-squared: 0.249242 Source: Authors computation. Note: *** significant at 1%, ** significant at 5%, * significant at 10% Table 4: Summary of Diagnostic Tests for the Model 0.23616 -1.49135 0.03077 -2.10336 0.07572 0.06444 Akaike AIC: 4.967942 1.80894 -2.64952 2.15237 Schwarz SC: 5.237300 F Test F Statistic Prob Breusch-Godfrey Serial Correlation LM Test: 0.427806 0.655986 ARCH LM Test 0.036256 0.850154 White Heteroskedasticity Test: (Cross Terms) 0.736149 0.672835 White Heteroskedasticity Test: (No Cross Terms) 0.830662 0.556006 Chow Breakpoint Test 2.027667 0.117702 Chow Forecast Test 0.739573 0.730086 Jarque-Bera Normality Tests 0.660675 0.718681 Ramsey RESET Test: 1.577323 0.218530 Source: Authors computation. Table 4 above presents the results of relevant diagnostic tests for the model. The results in general are satisfactory. The Breusch-Godfrey Serial Correlation LM Test shows that there is no evidence of 65
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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7. I see globalization as providing
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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Conclusion Dissatisfied 6 3.4 3.6 7
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Average daily Internet hours z P-va
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GOVERNMENT MoFED SECTORS Structure
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Results Challenges in the Era of Gl
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Figure1.1Inflation and Indexation R
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Football Spectatorship Challenges i
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