FINANCIAL LIBERALIZATION AND STOCK MARKET DEVELOPMENT: EVIDENCE FROM EMERGING EQUITY MARKET OF NIGERIA

FINANCIAL LIBERALIZATION AND STOCK MARKET DEVELOPMENT: EVIDENCE FROM EMERGING EQUITY MARKET OF NIGERIA

Author by Dr. Peter Ogbebor

Journal/Publisher: Journal Of Association Of Professional Bankers In Education (japbe)

Volume/Edition: 1

Language: English

Pages: 117 - 134

Abstract

ABSTRACT
A huge portion of theory on financial liberalization has shown that market
opening facilitates stock market development especially in the least developed
countries. Using time series data and OLS estimation techniques, this study
investigated the relationship between financial liberalization and stock market
development in Nigeria. The study finds that financial liberalization has impacted
stock market development in Nigeria. The conclusion drawn was that more efforts
should be geared towards sustaining the tempo of financial liberalization in
Nigeria and in fact, more opening of the financial markets should be encouraged.
A more liberalized financial markets in Nigeria will not only deepen the development

of the stock market but will lead to greater macro-economic
development of the country.

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