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All Journal Quantitative Economics and Management Studies Daengku: Journal of Humanities and Social Sciences Innovation
Raji, Rahman Olanrewaju
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Other

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The Financial Stability in Developing Economy: Role of Financial Inclusion and Financial Efficiency Raji, Rahman Olanrewaju
Quantitative Economics and Management Studies Vol. 2 No. 1 (2021)
Publisher : Yayasan Ahmar Cendekia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (513.738 KB) | DOI: 10.35877/454RI.qems269

Abstract

This paper explores the asymmetric nexus between financial inclusion, financial efficiency and financial stability, within asymmetric and symmetric Autoregressive Distributed Lag (NARDL) framework, covering the period from 2003 to 2018, using quarterly data in Nigeria. The findings showed that symmetric technique of econometric test detects, that financial stability is augmented by better improvement in financial inclusion in short-run, while asymmetric technique observed that short-run positive effect, and negative effect likewise long-run decrease in this index heightened the level of financial stability in this economy. This study further found trade-off existence, between financial efficiency and financial stability in both symmetric and asymmetric techniques of econometric tests, which is consistent with some empirical findings. The results based on the model and empirical data indicate that, the monetary authority needs to follow prudent and adequate supervisory standard in pursuing financial inclusion, financial intermediaries should be accompanied with good institutional quality, including financial awareness that should be enhanced through financial teachings in all sectors both in the urban and rural areas of the economy.
Testing the Relationship between Financial Inclusion, Institutional Quality and Inclusive Growth for Nigeria Raji, Rahman Olanrewaju
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 1 No. 1 (2021)
Publisher : Lembaga Penelitian dan Pengembangan Teknologi dan Rekayasa, Yayasan Ahmar Cendekia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (468.222 KB) | DOI: 10.35877/454RI.daengku393

Abstract

This paper examines the causal relationship between financial inclusion, institutional quality and inclusive growth within a four-variate ARDL-EC framework and forecast error variance decomposition technique for the period of 2003-2018 using quarterly data in Nigeria. The paper incorporates two variables to capture institutional quality (government effectiveness and regulatory quality) in order to eliminate variable omission bias in which most existing studies are characterised. Those adopted techniques confirm the long-run and bi-causal relationships mainly between financial inclusion and inclusive growth in Nigeria. In addition, bi-directional causal relationships of the outcome of the study are also established between financial inclusion and government effectiveness, likewise between inclusive growth and regulatory quality mainly in the short-run. The results based on the model and empirical outputs suggest that for the authorities of this economy to achieve and sustain equitable growth, fully disciplined policies that can promote and enhance financial inclusion and inclusive growth of the greater proportion of the population should not be managed and handled by loosed hands This paper examines the causal relationship between financial inclusion, institutional quality and inclusive growth within a four-variate ARDL-EC framework and forecast error variance decomposition technique for the period of 2003-2018 using quarterly data in Nigeria. The paper incorporates two variables to capture institutional quality (government effectiveness and regulatory quality) in order to eliminate variable omission bias in which most existing studies are characterised. Those adopted techniques confirm the long-run and bi-causal relationships mainly between financial inclusion and inclusive growth in Nigeria. In addition, bi-directional causal relationships of the outcome of the study are also established between financial inclusion and government effectiveness, likewise between inclusive growth and regulatory quality mainly in the short-run. The results based on the model and empirical outputs suggest that for the authorities of this economy to achieve and sustain equitable growth, fully disciplined policies that can promote and enhance financial inclusion and inclusive growth of the greater proportion of the population should not be managed and handled by loosed hands
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