March 2010

Cointegrating and causal relationship between financial development and economic growth in ECOWAS countries

  The aim of this paper is to re-examine the cointegrating and causal relationship between financial development and economic growth in the ECOWAS countries. To this end, we use the Pesaran et al. (2001) approach to cointegration and the procedure for non - causality test of Toda and Yamamoto (1995). Data are from the World Bank (2007) and cover the period 1960 - 2005. We show that there is a positive long -...

Author(s): Loesse Jacques Esso

March 2010

Stock market prices and the random walk hypothesis: Further evidence from Nigeria

  The weak form hypothesis has been pointed out as dealing with whether or not security prices fully reflect historical price or return information. To carry out this investigation with the Nigerian stock market data, we employed the run test and the correlogram/partial autocorrelation function as alternate forms of the research instrument. The results of the three alternate tests revealed that the Nigerian...

Author(s): Godwin Chigozie Okpara