Interests in the study of economic growth and development have been on the increase especially since the middle of the present century. Economic growth results in the expansion of a country’s production possibility curve such that the potential output of the country is increased beyond the previous levels. Thus growth is often defined in terms of a sustained increase in the real per capita income of a country. Simon Kuznets in (Todaro‚ 1885)‚ defined a country’s economic growth as “a long term rise in
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iiste.org The Role of Capital Market on Economic Growth in Nigeria (19802008) Usman Owolabi Akeem‚ Phd Faculty of ManagementScience‚PMB4000‚ LAUTECH‚Ogbomoso‚Nigeria e-mail-labisky@yahoo.com‚ Tel:+2348036675099 Abstract The capital markets play important roles in the economy growth of the market. A well functioning market insures that both corporation and investors get or receive fair prices for their securities. It examine the impact of capital market on the Nigeria economy and also examine
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Governor Central Bank of Nigeria GROWTH PROSPECTS FOR THE NIGERIAN ECONOMY Convocation Lecture delivered at the Igbinedion University Eighth Convocation Ceremony‚ Okada‚ Edo State‚ November 26‚ 2010 GROWTH PROSPECTS FOR THE NIGERIAN ECONOMY Sanusi Lamido Sanusi‚ CON Governor Central Bank of Nigeria 1.0 INTRODUCTION Nigeria’s economic aspirations have remained that of altering the structure of production and consumption patterns‚ diversifying the economic base and reducing dependence
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STUDY Recent literatures on economic growth asserted that ex-ante development of the financial system facilitate ex-post economic growth (e.g. Rajan and Zingales). In recent time‚ the link between financial market development and economic growth has received much attention in the literatures (King and Levine 1993‚ Rajan and Zingales 1998‚ Calderon and Liu 2002‚ Sunday E. Ewah and Judey Bassey 2004‚ T.S. Osinubi 2000). This is not unexpected as the financial market provides the needed finance which
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regarded as period of globalization and trade liberalization. In this period‚ one the crucial issues in development and international economics is to know whether trade openness indeed promotes growth. With globalization‚ two major trends are noticeable: first is the emergence of multinational firms with strong presence in different‚ strategically located markets; and secondly‚ convergence of consumer tastes for the most competitive products‚ irrespective of where they are made. In this context of
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system would act as a hindrance to economic development. Thus‚ the single most significant complex of social-control tools for national development is found in the educational system; be it formal or informal. (Uwadia ‚ 2010). It is also accepted that the development of any nation depends largely on the development of the human population in that nation which can majorly be improved through education. Smith (1937) stressed the significance of education in human capital formation. Therefore it follows
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ICT based sectors‚ R & D‚ skills and human capital development becomes a central issue for policy makers and practitioners engaged in economic development both at the national and regional level (OECD‚ 1996). The study of economic growth must start with the study of the people who produce it. They work with their own hands‚ design‚ build and operate the machines of production‚ and structure and run the institutions and markets that make growth possible. Julian Simon concluded that the size
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The role of financial intermediation in the economic growth process was recognised as far back as the 17th century when Walter Bagehot‚ in his classic Lombard Street‚ argued that it was England’s efficient capital markets that made the industrial revolution possible. Centuries later‚ modern day economists hold largely the same view that access to investment capital‚ through well functioning financial markets‚ is crucial for growth and development‚ particularly in capital-scarce developing countries
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Abstract Financial intermediation is an important activity in the economy because it allows funds to be channeled from people who might otherwise not put them to productive use to people who will ultimately put the funds to productive uses. In line with the assumption that banking sector plays an important role in financing the investment projects‚ successive governments in Nigeria have carried out reforms and institutional innovations in the banking sector. The overall intention of these reforms
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IN MANAGEMENT FINANCIAL INNOVATION IN CAPITAL MARKETS Dr.C.Meera ** Mr.R.S.Mohan ***T.Ramesh Financial innovation has been a continuous and integral part of growth of the capital markets. Greater freedom and flexibility have enabled companies to reinvent and innovate financial instruments. Many factors such as increased interest rate‚ volatility‚ frequency of tax and regulatory changes etc. have stimulated the process of financial innovation. The deregulation of financial service industry
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