TAILIEUCHUNG - Bank Savings and Bank Credits in Nigeria: Determinants and Impact on Economic Growth

Regulators interviewed for this study noted that the examination philosophy was to identify adherence to rules and regulations, not adherence to general principles of safety and soundness. Because most S&L assets were fixed-rate home mortgages, credit-quality problems were rare. Loan evaluations were appraisal driven, and in the past the value of collateral had consistently appreciated. Thus, losses on home mortgages were rare, even in the event of foreclosure. Nevertheless, not until 1987 did S&L examiners have the author- ity either to classify assets according to likelihood of repayment or to force institutions to reserve for losses on a timely basis. Moreover, examiner recommendations were often not followed up. | International Journal of Economics and Financial Issues Vol. 2 No. 3 2012 ISSN 2146-4138 Bank Savings and Bank Credits in Nigeria Determinants and Impact on Economic Growth Orji Anthony Department of Economics University of Nigeria Nsukka Nigeria. Tel 234 8038559299. Email tonyorjiuss@ ABSTRACT This study investigated the determinants of bank savings in Nigeria as well as examined the impact of bank savings and bank credits on Nigeria s economic growth from 19702006. We adopted two impact models Distributed Lag-Error Correction Model DL-ECM and Distributed Model. The empirical results showed a positive influence of values of GDP per capita PCY Financial Deepening FSD Interest Rate Spread IRS and negative influence of Real Interest Rate RIR and Inflation Rate INFR on the size of private domestic savings. Also a positive relationship exists between the lagged values of total private savings private sector credit public sector credit interest rate spread exchange rates and economic growth. We therefore recommend among others that government s effort should be geared towards improving per capita income by reducing the unemployment rate in the country in a bid to accelerate growth through enhanced savings. Keywords Bank Saving Credit Financial Sector Economic Growth JEL Classifications E51 G21 G24 O16 O4 1. Introduction Recent macroeconomic developments in Nigeria s financial sector reveal a strong desire by the monetary authorities to reposition Nigeria s financial system to meet the trend of globalization. However banks participation in the financial sector of developing nations like Nigeria raises many questions which remain unanswered. Key among them is the issue of how effective they have been in mobilizing private domestic savings and in channeling the savings to enhance growth through the distribution of credits. As capital formation is an important factor in economic growth countries that are able to accumulate high level

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