Stock Market-Based Financial Development and Economic Growth with Reference To Nigeria: A Review of Literature

Adefeso, H. A., Egbetunde, T., & Alley, I. Stock Market Development and Growth in Nigeria: A Causal Analysis. Arabian Journal of Business and Management Review 2 (6), 79-94
Adenuga, A. O. (2010). Stock Market Development Indicators and Economic Growth in Nigeria (1990-2009): Empirical Investigations. Central Bank of Nigeria, 48 (1), 33.
Ahmed, A. D., & Wahid, A. N. (2011). Financial structure and economic growth link in African countries: a panel co-integration analysis. Journal of Economic Studies, 38 (3), 331-357.
Alajekwu, U. B., & Achugbu, A. A. (2012). The Role of Stock Market Development on Economic Growth in Nigeria: A Time Series Analysis. African Research Review, 6 (1), 51-70.
Alile H.I 1984. The Nigerian Stock Exchange: Historical Perspectives, Operations and Contributions to Economic Development. Central Bank of Nigerian Bullion, 2: 65-69.
Aliyu, S. U. R. (2011). Reactions of Stock Market to Monetary Policy Shocks during the Global Financial Crisis: The Nigerian Case. CBN Journal of Applied Statistics. 3 (1), 1-23
Anigbogu, U. E., & Nduka, E. K. (2014). Stock Market Performance and Economic Growth: Evidence from Nigeria Employing Vector Error Correction Model Framework. The Economics and Finance Letters, 1(9):90-103
Anyanwu, J. C. (1998). Stock Market Development and Economic Growth in Nigeria. Vision: The Journal of Business Perspective, 2(1), 33-38.
Aye G. C. (2013). Causality between Financial Deepening, Economic Growth and Poverty in Nigeria. The
Business & Management Review 3 (3)
Asiegbu, B. C., & Akujuobi, C. (2010). Performance Indicators of Capital Market and the Economic Growth of
Nigeria. Interdisciplinary Journal of Contemporary Research in Business, 2(2), 399-417.
Babatunde, O. A. (2013). Stock Market Volatility and Economic Growth in Nigeria (1980-2010).
International Review of Management and Business Research, 2 (1), 201-209.
Bashorun & Bakare-Aremu (2013). Capital Market Development and Economic Growth: Evidence from Nigeria. International Journal of Humanities and Social Science Invention. www.ijhssi.org. 2 (12), I-13.
Capasso, S. (2008). Endogenous Information Frictions, Stock Market Development and Economic Growth. The Manchester School, 76(2), 204-222.
Central Bank of Nigeria (2008) CBN Annual Report and Statement of Accounts for the year ended 31st December 2007, Abuja: Central Bank of Nigeria Publication.
Central Bank of Nigeria (2009) Regulatory Framework for Mobile Payments Services in Nigeria, Abuja: Central Bank of Nigeria Publication.

Central Bank of Nigeria (2010) CBN Statistical Bulletin for the year ended 31st December 2009, Abuja: Central Bank of Nigeria Publication.
Chizea, J. (2012). Stock Market Development and Economic Growth in Nigeria: A Time Series Study for the period 1980-2007 (Doctoral dissertation, north Umbria University).
Demirgüç-Kunt, A., & Levine, R. (1996). Stock Markets, Corporate Finance, and Economic Growth: an overview. The World Bank Economic Review, 223-239.
Enisan, A. A., & Olufisayo, A. O. (2009). Stock Market Development and Economic Growth: Evidence from Seven Sub-Sahara African Countries. Journal of Economics and Business, 61 (2), 162-171.
Ewah, S. O., Esang, A. E., & Bassey, J. U. (2009). Appraisal of Capital Market Efficiency on Economic Growth in Nigeria. International Journal of Business and Management, 4(12), p219.
Ezeoha, A., Ebele, O., & Ndi Okereke, O. (2009). Stock market development and private investment growth in Nigeria. Journal of Sustainable Development in Africa, 11 (2), 20-35.
Greenwood, J., & Smith, B. D. (1997). Financial Markets in Development, and the Development of Financial Markets. Journal of Economic Dynamics and Control, 21(1), 145-181.
Haruna R. B., Farouk A. Z. & Hamidu A. C. Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Nigerian Economy. Current Trends in Technology and Sciences 3(5), PP. 343-347
Ihendinihu, J. U., & Onwuchekwa, J. C. (2012). Stock Market Performance and Economic Growth in Nigeria (1984-2011). Journal of Emerging Trends in Economics and Management Sciences, 3(6), 971-977.
Ishioro, B. O. (2013). Stock Market Development and Economic Growth: Evidence from Zimbabwe. Ekonomska misao i praksa, (2), 343-360.
Kizito, E. U. (2012). The Place of Financial Markets in the Development Process: Evidence from Nigeria. Journal of Economics & Behavioural Studies, 4 (11), 649-659.
Kolapo, F. T., & Adaramola, A. O. (2012). The Impact of the Nigerian Capital Market on Economic Growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19.
Kyereboah-Coleman, A., & Agyire-Tettey, K. F. (2008). Impact of macroeconomic indicators on stock market performance: The case of the Ghana Stock Exchange. The Journal of Risk Finance, 9(4), 365-378.
Levine R. (1998) ‘The legal environment, banks, and long-run economic growth,’ journal of money credit
and banking, Blackwell Publishing, Vol. 30(3), Pp. 596-613.
Levine, R., & Zervos, S. (1996). Stock market development and long-run growth. The World Bank Economic Review, 10 (2), 323-339.
Maduka, A. C., & Onwuka, K. O. (2013). Financial Market Structure and Economic Growth: Evidence from Nigeria data. Asian Econ. Financial Rev, 3 (1), 75-98.
Majid, M. S. A. Mahrizal, 2007," Does Financial Development Cause Economic Growth in the Asean-4 Countries?" Savings and Development, 31 (4), 369-98.
Maku, O. E., & Atanda, A. A. (2009). Does Macroeconomic Indicators exert shock on the Nigerian Capital Market? MPRA Paper no. 17917.
Mary J. & Elizabeth A. O. Capital market as a veritable source of development in Nigeria economy. Journal of Accounting and Taxation Vol. 4(1), pp. 7-18
Nathanael, E. O. (2014). Stock Prices, Capital Market Development and Nigeria’s Economic Growth. Developing Country Studies, 4 (17), 118-125.
Ndako, U. B. (2010). Financial Development, Economic Growth and Stock Market Volatility: Evidence from Nigeria and South Africa (Doctoral dissertation, University of Leicester).
Nigerian experience. Australian Journal of Business and Management Research, 2 (2), 20-30.
Nurudeen, A. (2009). Does stock market development raise economic growth? Evidence from Nigeria. The Review of Finance and Banking, 1(1), 015-026.
Nwaolisa, E. F., Kasie, E. G., & Egbunike, C. F (2013). The Impact of Capital Market on the Growth of the Nigerian Economy under Democratic Rule. Arabian Journal of Business and Management Review (OMAN Chapter) PP. 53-62 3. (2).
Nyong, M. O. (1997). Capital Market Development and Long-run Economic Growth: Theory, Evidence and Analysis. First Bank Review, 4, 13-38.
Obstfeld, M., 1994. Risk-taking, global diversification, and growth. American Economic Review 84, 10– 29.
Ogboi, C., & Oladipo, S. O. (2012). Stock Market and Economic Growth: The Nigerian Experience. Research Journal of Finance and Accounting, 3 (4), 103-110.
Ogunmuyiwa, M. S. (2010). Investor’s Sentiments, Stock Market Liquidity and Economic Growth in Nigeria. Journal of Social Sciences, 23(1), 63-67.
Oke, B and Mokuolu, J. O. (2004). Stock Market Development and Economic Growth in Nigeria: An Empirical Analysis. Nigeria Journals of Banking and Financial. 6, 55-67
Okey (2013). Capital Market Operations and Economic Growth in Nigeria (1985 -2011). International Journal of Business and Social Science. 4 (7). 166-172
Oke, M. O., & Adeusi, S. O. (2012). Impact of capital market reforms on economic growth: The Nigerian experience. Australian journal of Business and management research, 2(2), 20-30.
Okodua, H., & Ewetan, O. O. (2013). Stock Market Performance and Sustainable Economic Growth in Nigeria: A Bounds Testing Co-integration Approach. Journal of Sustainable Development, 6 (8).
Okonkwo, O. N., Ogwuru, H. O., & Ajudua, E. I. (2014). Stock Market Performance and Economic Growth in Nigeria: An Empirical Appraisal. European Journal of Business and Management, 6 (26), 33-42.
Olofin, S. O., & Afangideh, U. J. (2008). Financial Structure and Economic Growth in Nigeria: A Macroeconometric Approach. Nigeria Journal of Securities and Finance, 13 (1). 1-27
Oluwatosin E.O Adekanye Taiwo & Yusuf S.A. (2013). Empirical Analysis of the Impact of Capital Market Efficiency on Economic Growth and Development in Nigeria. International Journal of Academic Research in Economics and Management Sciences. 2(6), 44-53
Oluwatoyin, S. and Ocheja, M. (2009). The Impact of Stock Market Earnings on Nigerian Per Capita Income, African Journal of Accounting Economics Finance and Banking Research Vol. 5 (5), pp. 77-88.
Onwumere, J. U. J., Ibe, I. G., Okafor, R. G., & Uche, U. B. (2012). Stock Market and Economic Growth in Nigeria: Evidence from the Demand-Following Hypothesis. European Journal of Business and Management, 4(19), 1-9.
Oriavwote, V. E., & Eshenake, S. J. (2014). An Empirical Assessment of Financial Sector Development and Economic Growth in Nigeria. International Review of Management and Business Research, 3(1), 139.
Osamwonyi, I. O., & Evbayiro-Osagie, E. I. (2012). The Relationship between Macroeconomic Variables and Stock Market Index in Nigeria. Journal of Economics, 3(1), 55-63.
Osamwonyi, I. O., & Kasimu, A. (2013). Stock market and economic growth in Ghana, Kenya, and Nigeria. International Journal of Financial Research, 4 (2), p83.
Osei-Assibey, E., & Baah-Boateng, W. (2012). Interest Rate Deregulation and Private Investment: Revisiting the McKinnon-Shaw Hypothesis in Ghana. The IUP Journal of Applied Economics, 11 (2), 12-30.
Osho, A. E. (2014) The Role of Stock Market on Nigeria’s Economic Development. International Journal of Scientific and Research Publications, Volume 4, Issue 4
Osinubi, T. S. (2002). ?Does Stock Market Promote Economic Growth in Nigeria? Retrieved from http://sta.uwi.edu/conferences/financeconference/
Osinubi, T.and Amaghionyeodiwe, L. (2003). ‘Stock Market Development and Long-Run Growth in Nigeria,' Journal of African Business, Vol. 4 (3), pp. 103-129.
Osuala, A. E., Okereke, J. E., & Nwansi, G. U. 2013. Does Stock Market Development Promote Economic Growth In Emerging Markets? A Causality Evidence from Nigeria. World Review of Business Research. 3 (4). 1 – 13
Ovat, O. O. (2012). Stock Market Development and Economic Growth in Nigeria: Market Size versus Liquidity. Canadian Social Science, 8 (5), 65-70.
Owolabi, A., & Ajayi, N. O. (2013). Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010). Asian Economic and Financial Review, 3 (1), 99-110.
Ozurumba, B. A., & Chigbu, E. E. (2013). An Econometric Analysis of Capital Market Performance and Economic Growth of Nigeria. Interdisciplinary Journal of Contemporary Research in Business, 4(10), 165-176.
Panizza, U. (2014). Financial Development and Economic Growth: Known Knowns, Known Unknowns, and Unknown Unknowns. Revue d'économie du développement, 2, 35-65.
Rajan, R. G., & Zingales, L. (1998). Which Capitalism? Lessons from the East Asian Crisis. Journal of Applied Corporate Finance, 11(3), 40-48.
Rasaki, K., Saffiyah, S., Kamilu, R., & Hakeem, B. (2013). The Impact of Capital Market on the Nigerian Economy. Journal of Economics and Sustainable Development, 4 (8), 99-109.
Shaw E. (1973) financial Deepening in Economic Development, New York: Oxford University Press
Tarhom, D. (2014). Causal Relationship between Stock Market Performances and Economic Growth in Nigeria. Innovare Journal of Social Sciences. Retrieved from. http://innovareacademics.in/journals/index.php/ijss/article/view/670
Ugbaje D. O & Ugbaje H. E. (2014). Empirical Study of Financial Sector Development on Economic Growth in Nigeria (1990-2010). International Journal of Public Administration and Management Research 2(3), 122-137
Ujunwa, A., & Salami, O. P. (2010). Stock Market Development and Economic Growth: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 44-53.
Usman, O. A., & Adejare, A. T. (2013). Inflation and Capital Market Performance: The Nigerian Outlook. Journal of Emerging Trends in Economics and Management Sciences (JETEMS), 5(1), 93-99.
Usman, U. A., & Alfa, A. B. (2013). Nigeria Stock Exchange Market and Economic Growth: A Johansen Co-Integration and Causality Approach. International Journal of Advanced Research in Management and Social Sciences, 2(1), 74-83.
Yadirichukwu, E., & Chigbu, E. E. (2014). The impact of capital market on economic growth: the Nigerian Perspective. International Journal of Development and Sustainability 3, (4). 838-864

(Umar et al., 2015)
Umar, M. B., Ismail, S., & Solung, Z. (2015). Stock Market-Based Financial Development and Economic Growth with Reference To Nigeria: A Review of Literature. International Journal of Academic Research in Economics and Management Sciences, 4(1), 140–157.

Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode