May 2020, Volume 7, 5, pp 274-289
Dynamic common correlated effect, Larsson, Financial development, Financial globalization uncertainty, Economic growth, Oil price.
Ahmad, A. U., Loganathan, N., Streimikine, D., & Hassan, A. A. G. (2018). financial instability, trade openness and energy prices on leading african countries sustainable growth. Economic Computation And Economic Cybernetics Studies And Research, 52(1), 127-142.
Asadullah, M. N., & Savoia, A. (2018). Poverty reduction during 1990–2013: Did millennium development goals adoption and state capacity matter? World Development, 105, 70-82.Available at: https://doi.org/10.2139/ssrn.3082925.
Asongu, S., & De Moor, L. (2015). Financial globalisation and financial development in Africa: Assessing marginal, threshold and net effects. African Governance and Development Institute WP/15/040. African Governance and Development Institute.
Asongu, S. A., Koomson, I., & Tchamyou, V. S. (2017). Financial globalisation uncertainty/instability is good for financial development. Research in International Business and Finance, 41, 280-291.Available at: https://doi.org/10.1016/j.ribaf.2017.04.042.
Atindéhou, R. B., Gueyie, J. P., & Amenounve, E. K. (2005). Financial intermediation and economic growth: Evidence from Western Africa. Applied Financial Economics, 15(11), 777-790.Available at: https://doi.org/10.1080/09603100500108030.
Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780.Available at: https://doi.org/10.1080/23322039.2018.1449780.
Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., & Witkowski, B. (2017). Financial development and economic growth: The role of foreign-owned banks in CESEE countries. Sustainability, 9(3), 1-25.Available at: https://doi.org/10.3390/su9030335.
Chudik, A., & Pesaran, M. H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420.Available at: https://doi.org/10.1016/j.jeconom.2015.03.007.
Creti, A., Ftiti, Z., & Guesmi, K. (2014). Oil price and financial markets: Multivariate dynamic frequency analysis. Energy Policy, 73, 245-258.Available at: https://doi.org/10.1016/j.enpol.2014.05.057.
Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of development Economics, 51(2), 387-411.Available at: https://doi.org/10.1016/s0304-3878(96)00421-x.
Eberhardt, M., & Presbitero, A. F. (2015). Public debt and growth: Heterogeneity and non-linearity. Journal of International Economics, 97(1), 45-58.Available at: https://doi.org/10.1016/j.jinteco.2015.04.005.
Efobi, U., George, T., Okoye, L. U., & Modebe, N. J. (2017). Financial decision and poverty: Examining the financial behavior of the extreme poor in Nigeria. Nigerian Journal of Management Technology & Development, 8(2), 1-10.
Farouq, I. S., Sulong, Z., Ahmad, A. U., Jakada, A. H., & Sambo, N. U. (2020b). The effects of economic growth on financial development in Nigeria: Interacting role of foreign direct investment: An application of NARDL. International Journal of Scientific & Technology Research, 9(3), 6321-6328.
Fernandez-Sainz, I., Torre-Olmo, B., López-Gutiérrez, C., & Sanfilippo-Azofra, S. (2018). Development of the financial sector and growth of microfinance institutions: The moderating effect of economic growth. Sustainability, 10(11), 1-16.Available at: https://doi.org/10.3390/su10113930.
Ghirmay, T. (2004). Financial development and economic growth in Sub-Saharan African countries: evidence from time series analysis. African Development Review, 16(3), 415-432.Available at: https://doi.org/10.1111/j.1017-6772.2004.00098.x.
Hatemi-J, A., & Uddin, G. S. (2012). Is the causal nexus of energy utilization and economic growth asymmetric in the US? Economic Systems, 36(3), 461-469.Available at: https://doi.org/10.1016/j.ecosys.2011.10.005.
Iyke, N. B., & Odhiambo, N. M. (2017). Inflationary thresholds, Financial development and economic growth: New evidence from two West African countries. Global Economy Journal, 13(1), 20160042.Available at: https://doi.org/10.1515/gej-2016-0042.
Jakada, A. H., Mahmood, S., Ahmad, A. U., Farouq, I. S., & Mustapha, U. A. (2020a). Financial development and the quality of the environment in Nigeria: An application of non-linear ARLD approach. Journal of Environmental Treatment Techniques, 8(1), 403-409.
Jamel, L., & Maktouf, S. (2017). The nexus between economic growth, financial development, trade openness, and CO2 emissions in European countries. Cogent Economics & Finance, 5(1), 1341456.Available at: https://doi.org/10.1080/23322039.2017.1341456.
Kassi, D. F., Sun, G., Gnangoin, Y. T., Edjoukou, A. J. R., & Assamoi, G. R. (2019). Dynamics between Financial development, Energy consumption and Economic growth in Sub-Saharan African countries: Evidence from an asymmetrical and nonlinear analysis. Munich Personal RePEc Archive. Retrieved from https://mpra.ub.uni-muenchen.de/93462/.
Lawal, A. I., Nwanji, T. I., Asaleye, A., & Ahmed, V. (2016). Economic growth, financial development and trade openness in Nigeria: An application of the ARDL bound testing approach. Cogent Economics & Finance, 4(1), 1258810.Available at: https://doi.org/10.1080/23322039.2016.1258810.
Mehrara, M., & Oskoui, K. N. (2007). The sources of macroeconomic fluctuations in oil exporting countries: A comparative study. Economic Modelling, 24(3), 365-379.Available at: https://doi.org/10.1016/j.econmod.2006.08.005.
Musta, E. (2016). Financial development influence on economic growth in Albania. European Journal of Economics and Business Studies, 2(2), 59-65.Available at: https://doi.org/10.26417/ejes.v5i1.p59-65.
Naceur, S. B., Cherif, M., & Kandil, M. (2014). What drives the development of the MENA financial sector? Borsa Istanbul Review, 14(4), 212-223.Available at: https://doi.org/10.1016/j.bir.2014.09.002.
Naghavi, N., & Lau, W.-Y. (2016). Financial liberalization and stock market efficiency: Causality analysis of emerging markets. Global Economic Review, 45(4), 359-379.Available at: https://doi.org/10.1080/1226508x.2016.1198921.
Nwani, C., Iheanacho, E., & Okogbue, C. (2016). Oil price and the development of financial intermediation in developing oil-exporting countries: Evidence from Nigeria. Cogent Economics & Finance, 4(1), 1185237.Available at: https://doi.org/10.1080/23322039.2016.1185237.
Odhiambo, N. M. (2008). Financial depth, savings and economic growth in Kenya: A dynamic causal linkage. Economic Modelling, 25(4), 704-713.Available at: https://doi.org/10.1016/j.econmod.2007.10.009.
Pedroni, P. (2004). Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597-625.Available at: https://doi.org/10.1017/s0266466604203073.
Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and statistics, 61(S1), 653-670.Available at: https://doi.org/10.1111/1468-0084.61.s1.14.
Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.Available at: https://doi.org/10.1111/j.1468-0262.2006.00692.x.
Priestley, M. B., & Tong, H. (1973). On the analysis of bivariate non-stationary processes. Journal of the Royal Statistical Society: Series B (Methodological), 35(2), 153-166.Available at: https://doi.org/10.1111/j.2517-6161.1973.tb00949.x.
Salahuddin, M., & Gow, J. (2016). The effects of Internet usage, financial development and trade openness on economic growth in South Africa: A time series analysis. Telematics and Informatics, 33(4), 1141-1154.Available at: https://doi.org/10.1016/j.tele.2015.11.006.
Shahbaz, M., Mallick, H., Mahalik, M. K., & Hammoudeh, S. (2018). Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies. Applied Economics, 50(6), 574-595.Available at: https://doi.org/10.1080/00036846.2017.1324615.
Shahbaz, M., Van Hoang, T. H., Mahalik, M. K., & Roubaud, D. (2017). Energy consumption, financial development and economic growth in India: New evidence from a nonlinear and asymmetric analysis. Energy Economics, 63, 199-212.Available at: https://doi.org/10.1016/j.eneco.2017.01.023.