An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy

Abstract

Following the aftermath of the Great Economic Depression of the 1930s that culminated in the birth of the Keynesian Economics School of thought, the attention of a significant number of nations has been drawn to the relevance of government involvement in stabilizing and regulating aggregates of the general economy. That development was in contrast to the prevailing classical view about the working principles of the invisible hands of demand and supply that interplay to create necessary adjustments in relation to output determination and employment (Johnson et al. 2001; Shaikh 2009; Backhouse 2015). There are two major categories of economic policies that have been widely utilized over a vast period of time for the general purpose of economic stabilization and for the achievement of some essential macroeconomic goals and objectives in specific terms. These policies are fiscal and monetary. Although the two policies are different

Reconsidering trade and investment-led growth hypothesis: New evidence from Nigerian economy

“…A cointegration test was therefore conducted to ascertain the existence of a long-run equilibrium relationship among our variables of interest. Shrestha and Bhatta (2018) and Onifade et al, (2020b) have noted that the Johansen cointegration test cannot be applied directly in the situation where variables have mixed order of integration as in the case of our data in this study but rather; when all variables are integrated of order one, I(1). They further maintained that an autoregressive distributed lag (ARDL) model is applicable in cases where timeseries data possess a mixed order of integration.…”

Inflation, Oil Revenue, and Monetary Policy Mix in an Oil-Dependent Economy: Empirical Insights from the Case of Nigeria

“…By the end of the last quarter of 2017, inflation had risen to about 16.52% and the nominal official exchange rate of the naira to the $US average at about N305.2 to $1US (WDI, 2018). On the overall, the entire scenario serves as a timely reminder to us on how much the economy has grown to be over-dependent on oil as the government largely depends on the proceed from this sector for the finance of its various expenditure plans (Onifade, Çevik, Erdoğan, Asongu, & Bekun, 2020).…”

Governance and the capital flight trap in Africa

“…On the other hand, the lack of financing is fundamental to Africa's poverty and underdevelopment (Darley, 2012;Boyce & Ndikumana, 2012a;Tuomi, 2011;Bartels et al, 2009;Asongu & Odhiambo, 2019a;Onifade et al, 2020aOnifade et al, , 2020b. Accordingly, such lack of finance has limited socio-economic investment that is essential for the alleviation of poverty.…”