Banking Innovation, Financial Inclusion and Economic Growth in Nigeria

Oyadeyi, Olajide

doi:10.1007/s13132-023-01396-5

Cited by 5 publications

(1 citation statement)

References 34 publications

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“…Remittances are items or financial instruments that migrants who are living and working abroad transfer to their families in their home countries. According to some scholars, remittances are important because of their impacts on improving the balance of payment position and living standard conditions in the recipient countries (Ratha 2003;Datta and Sarkar 2014;Kannan and Hari 2020;Qutb 2022;Oyadeyi and Akinbobola 2022;Oyadeyi 2023a). For at least the past three decades, migrant remittances have been regarded as an essential tool for economic development due to their effect on the recipient countries to encourage investments, boost consumption, speed up production and job creation, and indirectly boost the income of families who do not receive remittances (Taylor 1999;Aggarwal et al 2006;Lucas 2006Lucas , 2008Qutb 2022;Oyadeyi 2023bOyadeyi , 2023c.…”

Section: Introductionmentioning

confidence: 99%

Remittance and Macroeconomic Performance in Top Migrating Countries

Oyadeyi,

Adediran,

Kabir

2024

Social Sciences

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Globalization opens up economies and encourages the free movement of persons and factors of production. Diaspora investors and workers earn income in the process and make remittances to the migrating countries. We examine the impact of the remittance inflow on the macroeconomic performance of top emigrating countries, which comprise nine emerging and two advanced economies. We conduct group and individual country analyses with distinct econometric models (Feasible Quasi Generalized Least Squares and Dynamic Common Correlated Effects) using data between 1987 and 2021. The results reveal positive impact of remittance inflows on nominal GDP and nominal GDP per capita and on real GDP and real GDP per capita, although evidence on the latter is weaker. In all, the emigrating countries can benefit from diaspora remittance in terms of improved productivity and macroeconomic performance. We therefore recommend better systems to facilitate remittance receipt and policies to channel such flows more into investment activities.

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Section: Introductionmentioning

confidence: 99%

Remittance and Macroeconomic Performance in Top Migrating Countries

Oyadeyi,

Adediran,

Kabir

2024

Social Sciences

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The Velocity of Money and Lessons for Monetary Policy in Nigeria: An Application of the Quantile ARDL Approach

Oyadeyi

2024

J Knowl Econ

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The paper investigates the determinants and stability of the income velocity of money while accounting for structural breaks in its approach from the period Q1 1981 to Q4 2023 in Nigeria. The paper extends previous works by accounting for four velocities of money functions having accounted for structural breaks in its approach. The study adopted the Bai and Perron breakpoint test, the Zivot and Andrews, and Perron and Vogelsang structural break unit root tests to determine the break dates and the variables’ stationary properties. In analyzing the main results, the study used the quantile ARDL method to establish the determinants of income velocity of money in Nigeria, while it used the CUSUM tests to establish the stability of money velocity in Nigeria. The study found that the determinants of the velocity of money are per capita income, the exchange rate, financial development, inflation, and the interest rate across the four models. Furthermore, the four velocities of money functions were unstable for Nigeria using the cumulative sum and cumulative sum of squares tests. Consequently, the study recommends effective monitoring and the provision of sound monetary policies to ensure a stable and predictable velocity of money. This can be achieved by understanding and focusing on these key determinants and crafting informed strategies to manage economic growth and stability. This holistic approach ensures that the benefits of economic policies are felt broadly across the economy, ultimately bolstering overall financial health and enhancing the velocity of money, which is crucial for sustained economic progress.

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Effect of government expenditure on real economic growth in ECOWAS: assessing the moderating role of corruption and conflict

Okunlola,

Sani,

Ayetigbo

et al. 2024

Humanit Soc Sci Commun

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This study investigated the effect of government expenditure on real growth in ECOWAS countries. This paper used panel cointegration techniques to examine the impact of government expenditure on economic growth for a sample of 15 ECOWAS countries between 1999 and 2021. The study uses the POLS, FMOLS, and DOLS techniques for estimating four models. The study supports the view that government expenditure positively affects real economic growth in ECOWAS countries. However, we also found that higher control of corruption improves the effectiveness and efficiency of government expenditure in promoting economic growth. Furthermore, a higher incidence of conflict minimizes the effectiveness and efficiency of government expenditure in promoting economic growth. The finding suggests that a well-managed government can contribute positively to economic growth. The finding that government expenditure positively affects real growth in ECOWAS countries suggests that a well-managed government can contribute positively to economic growth. This finding is helpful for policymakers in ECOWAS countries interested in improving their countries’ economic growth.

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Banking Innovation, Financial Inclusion and Economic Growth in Nigeria

Cited by 5 publications

References 34 publications

Remittance and Macroeconomic Performance in Top Migrating Countries

Remittance and Macroeconomic Performance in Top Migrating Countries

The Velocity of Money and Lessons for Monetary Policy in Nigeria: An Application of the Quantile ARDL Approach

Effect of government expenditure on real economic growth in ECOWAS: assessing the moderating role of corruption and conflict

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