Impact of Workers' Remittances on Financial Development in Nigeria.

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dc.contributor.authorOke, B.O
dc.date.accessioned2017-10-19T08:59:13Z
dc.date.available2017-10-19T08:59:13Z
dc.date.issued2011-10
dc.descriptionStaff Publicationen_US
dc.description.abstractIn this study we examine the nexus between remittances and financial development (FINDEV) in Nigeria from 1977 to 2009. Towards achieving the objective of this study, we employ both the ordinary least square estimation (OLSE) technique and the Generalized Method of Moments (GMM) estimator. Moreover, key diagnostic tests are carried out in order to ascertain model adequacy. We also use two indicators of FINDEV, namely: the ratio of money supply to GDP (m2/gdp) and the ratio of private credit to GDP (cps/gdp). The results generally indicate that remittances positively and significantly influence financial development in Nigeria, with the exception of the cps/gdp measure of FINDEV in the GMM estimation where the coefficient is insignificant. This implies that remittances augment liquid liabilities more than loanable funds in Nigeria, as remittances are likely used more for consumption purposes than for productive ventures in the country. Since remittances provide foreign exchange that is vital to both the internal and the external sectors of the economy, they should be encouraged via appropriate policy formulation and implementation. Financial intermediaries and institutions operating in Nigerian should also intensify the mobilization of remittances with the aim of making them important sources of loanable funds in the country.en_US
dc.identifier.citationOke,B.O. (2011) Impact of Workers' Remittances on Financial Development in Nigeria. International Business Research. Vol. 4, (4), p. 218 - 225.en_US
dc.identifier.issn1913-9004
dc.identifier.issn1913-9012 (E)
dc.identifier.uriwww.ccsenet.org/ibr
dc.identifier.uriwww.ccsenet.org/journal/index.php/ibr/article/download/12381/8676
dc.identifier.urihttp://ir.unilag.edu.ng:8080/xmlui/handle/123456789/2378
dc.language.isoenen_US
dc.publisherCanadian Center of Science and Education.en_US
dc.relation.ispartofseriesStaff Publication;
dc.subjectFinancial Developmenten_US
dc.subjectLoanable Fundsen_US
dc.titleImpact of Workers' Remittances on Financial Development in Nigeria.en_US
dc.typeArticleen_US
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