tailieunhanh - Legal-Based Financial Structure and Long

This paper examines specifically the impact of legal-based financial structure on long-run economic growth in Nigeria, using time serial data for 17 year period: 1992 – 2008. Time series general method of movement (GMM) regression was used to estimate the necessary models. The growth rate of gross domestic product per capita was adopted as the dependent variable, while the independent variables were the country’s legal codes. | Journal of Applied Finance Banking 2011 1-17 ISSN 1792-6580 print version 1792-6599 online International Scientific Press 2011 Legal-Based Financial Structure and Long-Run Growth Evidence from Nigeria Augustine Ujunwa 1 and Otaru Pius Salami2 Abstract This paper examines specifically the impact of legal-based financial structure on long-run economic growth in Nigeria using time serial data for 17 year period 1992 - 2008. Time series general method of movement GMM regression was used to estimate the necessary models. The growth rate of gross domestic product per capita was adopted as the dependent variable while the independent variables were the country s legal codes. The study also controlled for government expenditure as a ratio of GDP and gross capital formation as ratio of GDP. The regression result shows that the components of legal-based financial structure are negative and non-significant in promoting economic growth in Nigeria. The paper recommends for the restructuring of the legal system in enforcing contracts. JEL classification O11 F43 Keywords Financial Structure Legal System Economic Growth The earlier version of this work was presented at the 3rd International Conference on Research and Development University of Ghana Accra on the 3rd-4th November 2010. 1 Department of Banking and Finance Federal Polytechnic Nasarawa Nasarawa State Nigeria e-mail austinesilver@ 2 Department of Banking and Finance Federal Polytechnic Nasarawa State Nigeria. Article Info Revised April 18 2011. Published online September 30 2011 2 Legal-Based Financial Structure and Long-Run Growth. 1 Introduction The taxonomy established by Gerschenken 1962 which divided financial systems into two categories bank-based and market-based has generated controversy among scholars. The argument has polarised along the following lines the standard parameters or measurement for classifying a country s financial system either as bank-based or market-based which of these .

• Tài chính doanh nghiệp
• Financial structure
• Legal system
• Economic growth
• Evidence from Nigeria
• Long run growth
• Legal based financial structure
• Financial management
• Fundamentals of financial management
• Financial statement analysis
• Capital structure determination
• Financial signaling
• Financial environments
• Corporate Financial Structure
• Working Paper
• Financial Stability
• financial crisis
• Economic Cooperation and Development
• emerging market economy countries
• Financial institutions
• Financial Instruments
• Financial markets
• Financial system
• Term structure
• Risk structure of interest rates
• Interest rate determination
• Financial statement
• Quản lý tài chính
• Capital structure
• Optimal capital structure
• Market based financial systems
• Bank based financial systems
• Financial development
• Rule of law
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