The Asymmetric Influence of Exchange Rate and Inflation on Financial Development in Nigeria: Evidence from NARDL

  • سال انتشار: 1401
  • محل انتشار: Iranian Economic Review Journal، دوره: 26، شماره: 4
  • کد COI اختصاصی: JR_IER-26-4_009
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 80
دانلود فایل این مقاله

نویسندگان

Umar Dabachi

Faculty of Business and Management, Universiti Sultan Zainal Abidin Malaysia, Terengganu, Malaysia

Suraya Mahmood

Faculty of Business and Management, Universiti Sultan Zainal Abidin Malaysia, Terengganu, Malaysia

Ali Ahmad

Faculty of Maritime Study, Universiti Malaysia Terengganu, Terengganu, Malaysia

Aminu Jakada

Department of Economics and Development Studies, Faculty of Arts and Social Sciences, Federal University Dutse Nigeria, Dutse, Nigeria

Ahmad Abdullahi

Department of Economics, Faculty of Social and Management Sciences, Bayero University, Kano, Nigeria

Mohammed Abubakar

Faculty of Business and Management, Universiti Sultan Zainal Abidin Malaysia, Terengganu, Malaysia

Kabiru Kamalu

Faculty of Business and Management, Universiti Sultan Zainal Abidin Malaysia, Terengganu, Malaysia

چکیده

This paper examined the asymmetric effects of exchange rate, and inflation on financial development growth using a model enhanced with oil prices asymmetry to apprise model specification. The research question that has been used implies, do the changes in their asymmetry significantly influence financial development? We employed nonlinear auto-regressive distributive lag (NARDL). In addition, we used the monthly data from ۱۹۸۰M۰۱ to ۲۰۱۸M۱۲. We found a long-term negative shock in exchange rate, both short run positive shock and negative shocks, respectively, declining the financial development. Additionally, the long run negative oil price shock and its long-term positive shocks stimulate and decline financial development, respectively. Regarding inflation, its positive and negative shocks in long run, respectively, reduce financial development. While in the short run the negative and positive shock in inflation increase and decline the financial development respectively. Accordingly, the results demonstrate a stable and sustainable inflation and exchange rate environment that would negatively cause financial development to stabilize the oil price and enhance the robust financial system. Therefore, successful policies that promote low inflation and exchange rates, overhaul of reliably improved financial institutions, capital accumulation, and efficient resources mobilization should be put in place for positive financial development to occur.

کلیدواژه ها

Asymmetries, Exchange rate, Financial Development, Inflation, NARDL, oil prices

اطلاعات بیشتر در مورد COI

COI مخفف عبارت CIVILICA Object Identifier به معنی شناسه سیویلیکا برای اسناد است. COI کدی است که مطابق محل انتشار، به مقالات کنفرانسها و ژورنالهای داخل کشور به هنگام نمایه سازی بر روی پایگاه استنادی سیویلیکا اختصاص می یابد.

کد COI به مفهوم کد ملی اسناد نمایه شده در سیویلیکا است و کدی یکتا و ثابت است و به همین دلیل همواره قابلیت استناد و پیگیری دارد.