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2011 (Vol. 3, Issue: 1)
Article Information:

Does External Debt Promote Economic Growth in Nigeria?

M.S. Ogunmuyiwa
Corresponding Author:  Michael Segun Ogunmuyiwa 

Key words:  Causality, co-integration, economic growth, error correction, external debt JEL CLASSIFICATIONS: H63, 040, ,
Vol. 3 , (1): 29-35
Submitted Accepted Published
2010 August, 31 2010 December, 25 2011 February, 28

The study examines whether external debt actually promotes economic growth in developing countries using Nigeria as a case study. Time series data from 1970-2007 were fitted into the regression equation using various econometric techniques such as Augmented Dickey Fuller (ADF) test, Granger causality test, Johansen co-integration test and Vector Error Correction Method (VECM). Empirical results reveal that causality does not exist between external debt and economic growth as causation between debt and growth was also found to be weak and insignificant in Nigeria.
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  Cite this Reference:
M.S. Ogunmuyiwa, 2011. Does External Debt Promote Economic Growth in Nigeria?.  Current Research Journal of Economic Theory, 3(1): 29-35.
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ISSN (Online):  2042-485X
ISSN (Print):   2042-4841
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