GLOBAL FINANCIAL MELTDOWN, STOCK MARKET VOLATILITY AND THE NIGERIA ECONOMY
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
This study investigated the relationship between volatility in the United States economy and capital markets, and the Nigerian capital market and economy alike. The aim being to determine if the Nigerian bourse is volatile and if it is significantly affected by the current global economic meltdown (using data from the United States as proxies). Using secondary data for the period December, 1990 to December, 2008, the study made use of multiple regression analysis and the extension of Engle (1982) ARCH model, which is the GARCH model.
The study found positive and significant relationship between volatility in the United States economy (and bourse) and volatility in the Nigerian economy (and bourse). The result also discovered that the level of volatility was higher in the Nigerian bourse and that the level of Nigeria’s economic performance is not significantly determined by the level of volatility in the Nigerian bourse though, a weak relationships exist. Because of this weak relationship and significant effects of external stocks on Nigeria’s economy and bourse in particular. It is recommended that the Nigerian economy be properly diversified in such a way that it does not depend upon only one source of revenue. Also, policy makers are advised to be careful in their use of the Nigerian bourse as a barometer to reflect performance in the general economy as our findings suggests that this could lead to misleading conclusions. Finally, we recommend an improvement in the depth and breadth of financial products currently obtained in the Nigerian bourse.
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