Impact of Private Sector Credit On Economic Growth In Nigeria
Impact of Private Sector Credit On Economic Growth In Nigeria
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私营部门信贷对尼日利亚经济增长的影响
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Anthony O. Udoji
中科院分区：
文献类型：
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作者：
E. Olowofeso;A. Adeleke;Anthony O. Udoji
出于避免与以前的工作相关的可能的参数偏差的需要，我们使用Gregory和汉森（1996）的协整检验，解释了结构性断裂和内禀问题，研究了私营部门信贷对尼日利亚经济增长的影响。该方法适用于2000年第1季度至2014年第4季度的季度数据，而完全修改的普通最小二乘法程序用于估计模型系数。我们发现产出与其选定的决定因素之间存在协整关系，尽管在2012年第一季度出现了结构性断裂。除其他外，误差校正模型的结果证实，私营部门信贷对产出产生了积极的、具有统计意义的影响，而最优惠贷款利率的提高正在抑制增长。鉴于存款货币银行的金融中介作用，本文支持尼日利亚中央银行（CBN）在促进健全和对房地产部门友好的金融体系方面的持续努力。此外，CBN对逐步降低利率的承诺对该国的增长目标具有意义。
Motivated by the need to avoid possible parameter bias associated with previous works, we examined the impacts of private sector credit on economic growth in Nigeria using the Gregory and Hansen (1996) cointegration test that accounted for structural breaks and endogeneity problems. The method was applied to quarterly data spanning 2000:Q1 to 2014:Q4, while the fully modified ordinary least squares procedure was employed to estimate the model coefficients. We found a cointegrating relationship between output and its selected determinants, albeit, with a structural break in 2012Q1. Amongst others, findings from the error correction model confirmed a positive and statistically significant effect of private sector credit on output, while increased prime lending rate was inhibiting growth. In view of the financial intermediation roles of deposit money banks, the paper supports the ongoing efforts of the Central Bank of Nigeria (CBN) in promoting a sound and realsector-friendly financial system. Also, the commitment of the CBN to the gradual reduction in interest rates is meaningful for the country’s growth objectives.