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All-Share Index in the Nigerian Capital Market Responses to External Financial Flows Shocks

Olawale Folorunsho Thomas et al.

International Journal of Management, Economics and Social Sciences2023https://doi.org/10.32327/ijmess/12.3.2023.9article
AJG 1
Weight
0.42

What the paper says

Capital market remains an effective channel of financial intermediation.However, it has been underperforming in developing economies and thus resulting in the attendant illiquidity and other inefficiencies.This study examined the response of All-Share Index (ASI) to external financial flows shock since accessing capital from the capital market to augment the savinginvestment gap has necessitated the high demand for external financial flows in Nigeria.The study employed data from 1981 to 2021 and the framework of impulse-response function and short-run pairwise Granger-causality approach were used.The finding showed that the impulse-responses of ASI for one-unit shocks to remittance from personal transfers, remittance from compensation of employees (RECE), trade openness and official development assistance (ODA) had noticeable positive impacts on ASI from the short to long-run.While shocks to FDI and FPI had negative impacts on ASI in the long-run.Also, the causal relationships were mixedrevealing across the time periods.The implication is that policymakers must develop policy directions to suit the time horizon of capital flows because the policy measures aimed at directing long-run capital inflows should not be the same as those aimed at changing the short-run patterns of flow in enhancing capital market performance.

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https://doi.org/https://doi.org/10.32327/ijmess/12.3.2023.9

Or copy a formatted citation

@article{olawale2023,
  title        = {{All-Share Index in the Nigerian Capital Market Responses to External Financial Flows Shocks}},
  author       = {Olawale Folorunsho Thomas et al.},
  journal      = {International Journal of Management, Economics and Social Sciences},
  year         = {2023},
  doi          = {https://doi.org/https://doi.org/10.32327/ijmess/12.3.2023.9},
}

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All-Share Index in the Nigerian Capital Market Responses to External Financial Flows Shocks

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Evidence weight

0.42

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.19 × 0.4 = 0.08
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.