Main Article Content
This study employs Error Correction Model (ECM) and Co-integration analysis to study the relationship between financial sector development and savings mobilization in Nigeria 1986 to 2017. As expected from a developing country like Nigeria, a short-run positive relationship is observed between the Nigerian stock market and crude oil prices and the direction is from crude oil prices to the Nigerian stock market but not the other way round. The short run, interest rate earning has a positive and significant impact on domestic savings while the other variables have no significant impact domestic savings in Nigeria. Government should therefore consolidate on past financial sector reforms to improve domestic saving mobilization to reduce the dependence of Nigeria on foreign savings to finance domestic investment.
Malunond AT. Determinants of domestic saving performance in Egypt: An empirical study. World Bank, African Develop ant locks: Ors; 2007.
Gobna WO, Nurudeen A. Long run determinants of savings in Nigeria (1981-2007); Evidence from time series data. The Nigerian Journal of Economics and Management Studies. 2009;4(1):87-106.
Okodua H, Ewetan OO. Stock market performance and sustainable economic growth in Nigeria: A bounds testing co-integration approach. Journal of Sustainable Development. 2013;6(8).
Akinlo AE, Egbetunde T. Financial development and economic growth: The experience of 10 sub-Saharan African countries revisited. The Review of Finance and Banking. 2010;2(1).
Ewetan OO, Ike DN. Does financial sector development promote industrialization in Nigeria? International Journal of Research in Social Sciences. 2014;4(1):17-25.
Obadan M, Odusola A. Savings, investment and growth patterns in developed and developing countries (No. 267053). United Nations Development Programme (UNDP); 2001.
Ozcan KM, Gunay A, Ertac S. Determinants of private savings behaviour in Turkey. Applied Economics. 2003;35(12):1405-1416.
Kudaisi BV. Savings and its determinants in West Africa countries. Journal of Economics and Sustainable Development. 2013;4(18):107-119.
Obamuyi TM, Olorunfemi S. Financial reforms, interest rate behaviour and economic growth in Nigeria. Journal of Applied Finance and Banking. 2011;1(4):39.
Igbatayo S, Agbada AO. Inflation, savings and output in Nigeria: A VAR approach. Journal of Emerging Trends in Economics and Management Sciences. 2012;3(5):447-453.
Ozioma O. The determinants of savings in Nigeria (1985-2011). Unpublished. A Research Project Submitted to the Department of Economics, Caritas University Amorji Enugu State; 2013.
Elbadawi IA, Mwega FM. Can Africa's saving collapse be reversed? The World Bank Economic Review. 2000;14(3):415-443.
Wai UT. What have we learned about informal finance in three decades? Informal finance in low-income countries. Westview Press. 1992;337-349.
Salami GO, Oluseyi AA. Impact of financial sector development on the Nigerian economic growth. American Journal of Business and Management. 2013;2(4):347-356.
Iganiga BO. The dynamics of the Nigeria financial system: Product process and reform. Ibadan: Amfitop Books; 2006.
Ang JB. Savings mobilization, financial development and liberalization: The case of Malaysia. Review of Income and Wealth. 2011;57(3):449-470.
King RG, Levine R. Financial intermediation and economic development. Capital markets and financial intermediation. 1993;156-189.
Loayza N, Schmidt-Hebbel K, Servén L. What drives private saving across the world? Review of Economics and Statistics. 2000;82(2):165-181.
Horioka CY, Yin T. A panel analysis of the determinants of household saving in the OECD countries: The substitutability of social safety nets and credit availability. Institute of Social and Economic Research, Osaka University; 2010.
Park D, Shin K. Saving, investment, and current account surplus in developing Asia. Asian Development Bank; 2009.
Horioka CY, Terada-Hagiwara A. The determinants and long-term projections of saving rates in developing Asia. Japan and the World Economy. 2012;24(2):128-137.
Nyanzi S, Kaberuka W. The effect of financial sector liberalization on private financial savings in Uganda (1980-2007). Greener Journal of Social Sciences. 2013;3(4):187-202.
Iganiga BO. Evaluation of the Nigerian financial sector reforms using behavioral models. Journal of Economics. 2010;1(2): 65-75.
Matthew O, Olowe O. The impact of liberalized financial system on savings, investment and growth in Nigeria. Knowledge Management, Information Management, Learning Management. 2011;14:109-122.
Khan AH, Hasan L. Financial liberalization, savings, and economic development in Pakistan. Economic Development and Cultural Change. 1998;46(3):581-597.
Asamoah GN. The impact of the financial sector reforms on savings, investments and growth of gross domestic product (GDP) in Ghana. International Business & Economic Research Journal. 2008;7(10): 73-84.
Ewetan OO, Ike DN, Ese U. Financial sector development and domestic savings in Nigeria: A bounds testing co-integration approach. International Journal of Research in Humanities and Social Studies. 2015;2(2):37-44.
Ayalew HA. Determinants of domestic saving in Ethiopia: An autoregressive distributed lag (ARDL) bounds testing approach. Journal of Economics and International Finance. 2013;5(6):248-257.
Nwachukwu TE, Egwaikhide FO. An error-correction model of the determinants of private saving in Nigeria. In a Paper Presented at the African Economic Society (AES) Conference, Cape Town, South Africa; 2007.
Orji A. Bank savings and bank credits in Nigeria. International Journal of Economics and Financial Issues. 2012;2(3):357-372.
Nwachukwu T. Determinants of private savings in Nigeria. Unpublished Article, Africa Development Bank, Tunis. Tunisia; 2012.
Simon-oak OO, Jolaosho OM. Real interest rate and savings mobilization in Nigeria. International Journal of Development and Economic Sustainability. 2013;1(2):28-40.
Abu N. Saving-economic growth nexus in Nigeria, 1970-2007: Granger causality and co-integration analyses. Review of Economic and Business Studies (REBS). 2010;5:93-104.
McKinnon RI. Money and capital in economic development. Brookings Institution Press; 1973.
Shaw ES. Financial deepening in economic development. New York, Oxford University Press; 1973.
Gemech F, Struthers J. A review of recent developments of financial liberalization theory. In Annual Conference on “Globalisation and Development; 2003.
Uremadu SO. Core determinants of financial savings in Nigeria: An empirical analysis for national monetary policy formulation. International Review of Business Research Papers. 2007;3(3): 356-367.