尼日利亚养老基金投资与资本市场发展:通货膨胀的调节作用

Q2 Economics, Econometrics and Finance

Global Journal of Emerging Market Economies Pub Date : 2023-10-05 DOI:10.1177/09749101231194194

Hyeladi Stanley Dibal, Habila Abel Haruna, Chinyere C. Onyejiaku, Ogbole Friday Ogbole, Josaphat Uchechukwu J. O nwumere

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引用次数: 0

摘要

养老基金投资是尼日利亚资本市场的重要资金来源。它增加了公司为扩大收购而获得的资金，刺激了经济增长和发展。然而，高通货膨胀率会对尼日利亚资本市场养老基金投资的有效性产生负面影响。本研究探讨通货膨胀是否增强或减少养老基金投资对尼日利亚资本市场发展的影响。2013年1月至2020年2月的月度时间序列数据使用ARDL模型。研究结果表明，养老基金投资对尼日利亚资本市场的发展具有长期和短期的影响。研究还发现通货膨胀在长期和短期内都降低了国内债务证券总量对总市值的负面影响，这是本研究的新颖之处。该研究为现代投资组合理论做出了贡献，从而确立了通货膨胀在确定尼日利亚养老基金投资对资本市场发展的影响中的作用。JEL分类G10, G23

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Pension Fund Investments and Capital Market Development in Nigeria: The Moderating Role of Inflation

Pension fund investment is a significant source of finance for the capital market in Nigeria. It increases the availability of funds for firms to acquire for expansion, stimulating economic growth and development. However, high inflation rates can have a negative impact on the effectiveness of pension fund investment in the capital market in Nigeria. This study investigates whether inflation enhances or reduces the effect of pension fund investment on capital market development in Nigeria. Monthly time series data from January 2013 to February 2020 were utilized using the ARDL model. The findings revealed that pension fund investments have a long- and short-run effect on capital market development in Nigeria. Our study also established that inflation reduces the negative impact of total domestic debt securities on total market capitalization both in the long- and short-run, which is the novelty of this study. The study contributes to the Modern Portfolio Theory, thereby establishing the role of inflation in determining the effect of pension fund investment on capital market development in Nigeria. JEL Classification G10, G23

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来源期刊

Global Journal of Emerging Market Economies Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Global Journal of Emerging Market Economies is a peer-reviewed journal. The aim of the journal is to provide an international platform for knowledge sharing, discussion and networking on the various aspects related to emerging market economies through publications of original research. It aims to make available basic reference material for policy-makers, business executives and researchers interested in issues of fundamental importance to the economic prospects and performance of emerging market economies. The topics for discussion are related to the following general categories: D. Microeconomics E. Macroeconomics and Monetary Economics F. International Economics G. Financial Economics H. Public Economics I. Health, Education, and Welfare J. Labor and Demographic Economics L. Industrial Organization O. Economic Development, Innovation, Technological Change, and Growth Q. Agricultural and Natural Resource Economics • Environmental and Ecological Economics R. Urban, Rural, Regional, Real Estate, and Transportation Economics Additionally, the journal would be most interested to publish topics related to Global Financial Crisis and the Impact on Emerging Market Economies Economic Development and Inclusive Growth Climate Change and Energy Infrastructure Development and Public Private Partnerships Capital Flows to and from Emerging Market Economies Regional Cooperation Trade and Investment and Development of National and Regional Financial Markets The Belt and Road Initiative.