Remittances-finance-growth trilogy: Do remittance and financial development complement or substitute each other to affect growth in Nigeria?

Q3 Economics, Econometrics and Finance Economic Annals Pub Date : 2023-01-01 DOI:10.2298/eka2336105d

J. Dada, T. Akinlo

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引用次数: 1

Abstract

The study examines the absorptive role of financial development in the remittance-growth nexus in Nigeria between 1986-2017. In particular, the shortrun, long-run, and causal links between remittances, financial development, and economic growth in Nigeria are investigated using an autoregressive distributed lag bounds test and vector error correction Granger causality. The result shows that financial development and remittances contribute positively to economic growth. Furthermore, findings from the moderating role suggest that financial development and remittances serve as substitutes to affect growth in the short run; however, financial development and remittances perform a complementary role in influencing economic growth in the long run. In addition, the causality tests indicate a one-way relationship from economic growth to financial development as well as bidirectional causality between remittances and financial development in the short run, while financial development and remittances Granger cause economic growth in the long run. The outcome of this study suggests there are time lags in the relationship between remittances, financial development, and economic growth in Nigeria. The implications of the findings are discussed.

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汇款-金融-增长三部曲:汇款和金融发展是相互补充还是相互替代来影响尼日利亚的增长?

该研究考察了1986-2017年间尼日利亚金融发展在汇款-增长关系中的吸收作用。特别是，汇款、金融发展和尼日利亚经济增长之间的短期、长期和因果关系使用自回归分布滞后界检验和向量误差校正格兰杰因果关系进行了调查。结果表明，金融发展和汇款对经济增长有积极的促进作用。此外，关于调节作用的研究结果表明，金融发展和汇款在短期内是影响增长的替代品;然而，从长远来看，金融发展和汇款在影响经济增长方面发挥着互补作用。此外，因果检验表明，经济增长与金融发展之间存在单向关系，短期内汇款与金融发展之间存在双向因果关系，而长期内金融发展与汇款之间存在格兰杰关系。本研究的结果表明，汇款、金融发展和尼日利亚经济增长之间的关系存在时间滞后。讨论了研究结果的含义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Annals Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

18 weeks

期刊介绍： Economic Annals is an academic journal that has been published on a quarterly basis since 1955, initially under its Serbian name of Ekonomski anali (EconLit). Since 2006 it has been published exclusively in English. It is published by the Faculty of Economics, University of Belgrade, Serbia. The journal publishes research in all areas of economics. The Editorial Board welcomes contributions that explore economic issues in a comparative perspective with a focus on transition and emerging economies in Europe and around the world. The journal encourages the submission of original unpublished works, not under consideration by other journals or publications. All submitted papers undergo a double blind refereeing process. Authors are expected to follow standard publication procedures [Instructions to Authors], to recognise the values of the international academic community and to respect the journal’s Policy.