Download Impact of the Capital Market on Real Sector of the Nigerian Economy (1987-2010). Banking and Finance students who are writing their projects can get this material to aid their research work.
The issue of whether capital market development has any direct impact on economic growth has/is still been debated in academic literature.
Earlier research in this area of finance had emphasized the role of the banking sector in economic growth; however, the recent surge in capital markets activities with emerging markets like Nigeria accounting for a large amount of this boom has led to focus on the linkage between capital markets development and economic growth.
The real sector of an economy is where goods and services are produced through the combined utilization of raw materials and other production factors such as labor, land, and capital and it comprises the agricultural, industrial, building and construction, and services sector of an economy.
In Nigeria, despite the opportunities which the capital market provides through the provision of surplus funds, the growth of the real sector of the Nigerian economy has remained stunted.
Problems such as the inaccessibility of funds by real sector firms from the capital market due to stringent listing requirements and conditionalities, lack of depth and breadth of the capital market to cater to the need of real sector firms among other challenges, have been attributed as major factors inhibiting the growth of the real sector.
The issue of whether capital market development has any direct impact on economic growth has been debated in the academic literature. The early proponents of finance-led economic growth include Bagehort (1873), Schumpeter (1911), and Hicks (1969).
They support their claim by arguing that the industrial revolution in England was the result of a functioning capital market that was instrumental in mobilizing and allocating long-term capital to the productive enterprises of the country.
Their position was buttressed by Hick (1969), who argued that a well-functioning banking system provides intermediation services to productive entrepreneurial activities that spur technological, innovative, and productive activities that increase real sector growth.
On the other hand, Robinson (1952) indicates that demand-pull initiatives from the private sector growth have the propensity to spur the financial sector to respond to the financial or capital needs of the private sector.
In her view, real sector developments (growth) and financial needs create the demand for a certain financial structure (equity versus debt) to cater to the needs of the private sector.
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