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Considerable debate exists on how stock exchanges affect economic growth. One line of research argues that stock market development is a positive and significant contributor to growth. On the other hand, other studies show that stock markets negatively affect growth or that it is not a significant contributor to economic growth. This paper seeks to identify the empirical relationship between stock market development and long-run economic growth in Nigeria. Empirical results suggest that stock market development, as proxied by market capitalization to GDP ratio, does not contribute significantly to long-run economic growth in Nigeria.
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Stock market development, Financial institution, Financial intermediation, Economic growth, Time series econometrics
Ezeibekwe, Obinna Franklin, "Stock Market Development and Economic Growth: Empirical Evidence from Nigeria" (2019). 2019 Awards for Excellence in Student Research and Creative Activity – Documents. 4.