This study examines the relationship among exchange rate fluctuations, foreign direct investment, and financial development in Nigeria over the period 1970 to 2020. The study utilizes the Autoregressive distribution lag estimation technique to examine the relationship among the variables of interest. The results of the study show that foreign direct investment has a positive relationship with the level of exchange rate fluctuations, however, trade openness and inflation have a negative effect on the flow of foreign direct investment into Nigeria. The study observed that the interactive effect of exchange rate fluctuations and foreign direct investment has a negative effect on the level of financial development in Nigeria. Therefore, this study recommends that there is a need for the Nigerian government to implement policies aimed at improving the interaction between the level of exchange rate and foreign direct investment which in turn would have a positive impact on the development of the financial sector.
The purpose of this paper is to study the determinants of trade openness in ECOWAS countries and fills the gap of gender-specific indicators. The sample is composed of the 15 ECOWAS countries and covers the period from 2004 to 2018. For this purpose, we used three panel data estimation techniques, such as pooled regression, fixed effects model and Generalized Moment Method (GMM). The results of this study reveal that among the significant variables for all three techniques used, FDI represent the variable that positively influences trade openness of ECOWAS countries while variables such as population growth rate and GDP per capita negatively influence the degree of trade openness. Variables such as GDP per capita, population growth rate, labor force participation rate, political stability index, cost of starting a business, and population density were used as determinants for determinants of trade openness estimation. Result discovered that identification of policies to promote FDI and the implementation of measures to increase production is essential to cover the consumption needs of the population of ECOWAS countries. In addition, it would be beneficial for these countries to put in place an export policy for manufactured products other than primary materials in order to promote the expansion of intra-ECOWAS trade.
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