The Impact of Privatization on Capital Market Development and Individual Share Ownership

2004 ◽  
Author(s):  
Dr. Muhammad Tanko
Keyword(s):  
Capital Market ◽  
Market Development ◽  
Share Ownership ◽  
The Impact

IMPACT OF MONETARY POLICY TARGETS ON CAPITAL MARKET DEVELOPMENT IN NIGERIA

2021 ◽  
Vol 8 (1) ◽  
pp. 85-95
Author(s):  
Abdulkarim Musa ◽  
◽  
Uwaleke Uche ◽  
Nwala Nneka ◽  
◽  
...  
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Capital Market ◽  
Time Series Data ◽  
Market Development ◽  
Series Data ◽  
Distributed Lag ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study empirically examines the impact of monetary policy targetson capital market development in Nigeria from 1986-2018. Time series data and econometric tools were used to test for the stationarity and causality effect. The Auto-Regressive Distributed Lag Model (ARDL) and Error Correction Model (ECM) techniques were used to examine the short-run and long-run impact and relationship between Monetary Policy and Capital Market Development in Nigeria. The study revealed that both in the long run and short run Exchange Rate (EXCHR), Inflation Rate (INFR), and Interest Rate in Nigeria (INTR)were negatively related to Capital Market Development (CAMKTD) in Nigeria and they were statistically insignificant in explaining changes in Capital Market Development (CAMKTD) in Nigeria. On the other hand, inthe long run, Money Supply was positively related to Capital Market Development (CAMKTD) in Nigeria and was statistically significant at a 5% level significant while Money Supply (M2) was positively related to Capital Market Development (CAMKTD) in Nigeria both in the long run and short-run and was statistically significant at 5% level of significance. Therefore, the study recommends that government should improve the efficiency and effectiveness of the money supply in Nigeria since it was statistically significant in determining the improvement of Capital Market Development (CAMKTD) in Nigeria.

scholarly journals Impact of Capital Market Development on the Nigerian Economy: A Post-SAP Analysis

2013 ◽  
Vol 5 (1) ◽  
pp. 1-7
Author(s):  
Adeusi S.O. ◽  
Azeez B.A. .
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Growth And Development ◽  
Least Square ◽  
Market Development ◽  
Foreign Investors ◽  
Economic Growth And Development ◽  
Ordinary Least Square ◽  
Liberalization Policy ◽  
The Impact

This paper addresses the impact of capital market development on economic growth and development since the liberalization policy in 1986 to 2010 in Nigeria. It employs Ordinary Least Square (OLS) and Johansen CO-integration estimation techniques. Gross Domestic Product (GDP) was used as measure for economic growth while the capital market development are represented with Market Capitalization (MCAP), Total Value of Transaction (TVT), Total New Issues (TNI), All-Share Index (ALSI) and Total Listing on the NSE (TLT). The result of the study shows that capital market development has not impacted positively on Nigeria economic growth and development due to the relative small size of the market despite its development as a result of the liberalization policy. Thus, it recommends that policies that would encourage domestic as well as foreign investors to participate in the market should be formulated.

scholarly journals ESTIMATION OF ASSET ACCUMULATION OF THE PROPOSED SLOVENIAN, MANDATORY-FUNDED PENSION PILLAR

2001 ◽  
Vol 51 (4) ◽  
pp. 513-539
Author(s):  
T. KERLJ ◽  
G. DOLINAR ◽  
D. MRAMOR
Keyword(s):  
Capital Market ◽  
Pension Funds ◽  
Market Development ◽  
Pension Scheme ◽  
Asset Accumulation ◽  
Independent Variables ◽  
Time Period ◽  
Future Time Period ◽  
Dynamic Simulation Model ◽  
The Impact

This paper analyses the impact of the introduction of a proposed mandatory earnings-related fully-funded pension scheme, named as the second pillar, on the accumulation of pension-funds assets and possibly on the capital market development in Slovenia. First, the dynamic simulation model is developed to estimate the accumulated pension-funds assets as a percentage of GDP in each future time period under the assumption of certainty. It is followed by the assumptions and estimates of the data used for independent variables and the results obtained by implementing the model for the period of 25 years. Relaxing the assumption of certainty, the paper proceeds with estimations of accuracy of the results with three methods. It is concluded, that the estimated level of accumulated pension-funds assets in GDP 25 years after the introduction of the reform will be approximately 40% and comparable to the level in countries with developed capital markets. Also, the accuracy of the estimate is surprisingly good. It is therefore expected that besides other effects, the introduction of this pension scheme would have an important impact on the development of the Slovenian capital market.

Did Capital Market Development and Financial Depth Contribute to Growth? Evidence from European Financial Integration

2019 ◽  
Vol 27 (4) ◽  
pp. 506-518
Author(s):  
Mazhar Mahmood ◽  
Kashif Ur Rehman
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Risk Sharing ◽  
Financial Integration ◽  
Trade Openness ◽  
Market Development ◽  
Stock Market Development ◽  
Financial Depth ◽  
Short Run ◽  
The Impact

This study investigates the impact of financial depth and capital market development on the growth of European nations. Financial depth is important if the benefits of financial integration are to be realized. In fact, financial depth is a channel that promotes growth and risk sharing and curbs macroeconomic volatility. Panel data of 17 European nations from 1970 to 2013 were taken and results were obtained through the Pool Mean Group Estimation technique. Our results show that, for European nations, financial depth and stock market development contributed to long-term growth. However, the contribution of financial depth outweighs that of stock market development. Moreover, it was observed that in the case of Hungary and Ireland, capital market development and financial depth contributed to short-term growth. Trade openness was found to be significant for growth in the cases of Austria and Finland while financial depth and trade openness were found to be significant for Germany and Switzerland. In conclusion, in the short-run, financial depth contributed more to growth than stock market development. Therefore, the role of financial depth in enhancing growth can be said to be more persistent than that of stock market development.

Impact of exchange rate and oil price on the yield of sovereign bond and sukuk: Evidence from Malaysian capital market

2017 ◽  
Vol 5 (4) ◽  
pp. 27
Author(s):  
Huda Arshad ◽  
Ruhaini Muda ◽  
Ismah Osman
Keyword(s):  
Exchange Rate ◽  
Capital Market ◽  
Time Series Data ◽  
Oil Prices ◽  
Oil Price ◽  
Series Data ◽  
Sovereign Bond ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study analyses the impact of exchange rate and oil prices on the yield of sovereign bond and sukuk for Malaysian capital market. This study aims to ascertain the effect of weakening Malaysian Ringgit and declining of crude oil price on the fixed income investors in the emerging capital market. This study utilises daily time series data of Malaysian exchange rate, oil price and the yield of Malaysian sovereign bond and sukuk from year 2006 until 2015. The findings show that the weakening of exchange rate and oil prices contribute different impacts in the short and long run. In the short run, the exchange rate and oil prices does not have a direct relation with the yield of sovereign bond and sukuk. However, in the long run, the result reveals that there is a significant relationship between exchange rate and oil prices on the yield of sovereign bond and sukuk. It is evident that only a unidirectional causality relation is present between exchange rate and oil price towards selected yield of Malaysian sovereign bond and sukuk. This study provides numerical and empirical insights on issues relating to capital market that supports public authorities and private institutions on their decision and policymaking process.

scholarly journals The Innovation of Government Bonds in the Growth of an Emergent Capital Market

2021 ◽  
Vol 7 (1) ◽  
pp. 103
Author(s):  
Cordelia Onyinyechi Omodero ◽  
Philip Olasupo Alege
Keyword(s):  
Capital Market ◽  
Research Work ◽  
Government Bonds ◽  
Market Capitalization ◽  
Market Growth ◽  
Explanatory Variables ◽  
The Government ◽  
The Impact ◽  
Total Market ◽  
The Capital Market

The growth of an emerging capital market is necessary and requires all available resources and inputs from various sources to realize this objective. Several debates on government bonds’ contribution to Nigeria’s capital market developmental growth have ensued but have not triggered comprehensive studies in this area. The present research work seeks to close the breach by probing the impact of government bonds on developing the capital market in Nigeria from 2003–2019. We employ total market capitalization as the response variable to proxy the capital market, while various government bonds serve as the independent variables. The inflation rate moderates the predictor components. The research uses multiple regression technique to assess the explanatory variables’ impact on the total market capitalization. At the same time, diagnostic tests help guarantee the normality of the regression model’s data distribution and appropriateness. The findings reveal that the Federal Government of Nigeria’s (FGN) bond is statistically significant and positive in influencing Nigeria’s capital market growth. The other predictor variables are not found significant in this study. The study suggests that the Government should improve on the government bonds’ coupon, while still upholding the none default norm in paying interest and refunding principal to investors when due.

The world economy

1998 ◽  
Vol 165 ◽  
pp. 35-42
Author(s):  
Nigel Pain
Keyword(s):  
Capital Market ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
Domestic Demand ◽  
The World ◽  
Asian Economies ◽  
Trade Growth ◽  
The Impact ◽  
The Capital Market

Developments in the Asian economies have clearly begun to be felt in the wider global economy in recent months. It has always been expected that the OECD economies would be affected by the aftermath of the capital market turmoil last year, although the timing and magnitude of the impact was difficult to predict. Domestic demand in the affected Asian economies has proved much weaker than expected, with the effects magnified by a continued downturn in Japan. GDP fell by 5¾ per cent in Korea in the first quarter of this year and by 1¼ per cent in Japan. The aggregate volume of merchandise imports in Asia is expected to decline by around 5½ per cent this year, with falls of up to 25 per cent in countries such as Korea, Thailand and Indonesia. This largely accounts for our projected decline in world trade growth to under 6 per cent this year from an estimated 9¾ per cent in 1997.

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