Revisiting the nexus between remittances and financial sector development in Nigeria

IF 0.7 Q3 ECONOMICS
Yusuf Shamsuddeen Nadabo
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引用次数: 0

Abstract

Purpose ― The study aims to investigate the impact of remittances on financial sector development in Nigeria using data from 1990 to 2021.Method ― The study examines the variables' relationship using the Autoregressive Distributed Lag (ARDL) and Toda Yamamoto (TY) Causality.Findings ― The study finds that remittances have a positive and significant long-run impact on financial sector development. Total reserves and imports of goods and services have a negative and significant long-run impact. In the short run, remittances and deposit interest rates positively and significantly impact financial sector development, while total reserves and total population have negative and significant impacts. The Toda-Yamamoto causality result indicates a two-way causal relationship between financial sector development and remittances.Implication ― The study recommends that the government employs policies encouraging channeling remittances through a formal banking system, as well as ensuring that such remittances received are channeled to finance productive investment, hence financial development.Originality ― The novelty of this research relates to the use of the three main indicators of remittances in an economy, which are the import of goods and services, total reserves, and deposit interest rates, to examine its impact on financial sector development in Nigeria
重新审视尼日利亚汇款与金融部门发展之间的关系
目的-本研究旨在利用1990年至2021年的数据调查汇款对尼日利亚金融部门发展的影响。方法:本研究使用自回归分布滞后(ARDL)和Toda Yamamoto (TY)因果关系来检验变量之间的关系。研究结果-研究发现,汇款对金融部门的发展具有积极和重大的长期影响。货物和服务的总储备和进口具有消极和重大的长期影响。在短期内,汇款和存款利率对金融部门的发展有积极和显著的影响,而总储备和总人口则有消极和显著的影响。Toda-Yamamoto因果关系结果表明,金融部门发展与汇款之间存在双向因果关系。启示:该研究建议政府采取政策,鼓励通过正规银行系统引导汇款,并确保收到的此类汇款用于生产性投资,从而促进金融发展。原创性-本研究的新颖之处在于使用汇款在一个经济体中的三个主要指标,即商品和服务的进口、总储备和存款利率,来研究其对尼日利亚金融部门发展的影响
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来源期刊
自引率
20.00%
发文量
21
审稿时长
12 weeks
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