References
Acha, I. (2011). Financial intermediation by banks and economic growth in Nigeria, 1990- 2008. Journal of Economics and Sustainable Development, Vol.2(4), 129-139. Acha, I. (2011). Does bank financial intermediation cause growth in developing economies: The Nigerian experience. International Business and Management, 3(1), 156-161. Adebiyi, M.A. (2000). Financial sector development and demand for money in Nigeria: A reexamination of McKinnon financial hypotheses. First Bank of Nigeria Plc, Bi-Annual Review, 8(16). Adekunle, O.A., Salami, G.O., & Adedipe, O. A. (2013). Impact of financial sector development on the Nigerian economic growth. American Journal of Business and Management, 2(4). Agbada, A.O., & Osuji, C.C. (2013). An empirical analysis of trends in financial intermediation and output in Nigeria. Global Journal of Management and Business Research in Finance, 13(13), 18-27. Aigiobenebo, T.I. & Ezirim, C.B. (2002). Impact of financial intermediation on the profitability of insurance companies in Nigeria. First Bank of Nigeria Plc Quarterly Review, 2(1). Beck T., Demirguc-Kunt A., & Levine, R. (2005). Bank supervision and corruption in lending. NBER Working Paper No. 11498. Beck, T., Cull, R., & Jerome, A.T. (2005) Bank privatization and performance: Empirical evidence from Nigeria. World Bank policy Research working paper No. 3511. Bencivenga, V., & Smith, B. D. (1991). Financial intermediation and economic growth. Review of Economic Studies, 58(194), 195-209. Bencivenga, V.R., Smith, B.D. & Starr, R.M. (1996). Equity markets, transaction costs and capital accumulation: An illustration. World Bank Economic Review, 10: 241-265. Bert S., & Dick, V.W. (2000). A critique on the theory of financial intermediation. Journal of Banking & Finance, Elsevier, 24, 1243-1251. Boyreau-Debray, G. (2003). Financial intermediation and growth: Chinese style. Policy Research Working Paper 3027, World Bank. Boyreau-Debray, G., & Shang-Jin, W. (2005). Pitfalls of a state-dominated financial system: The case of China, NBER Working Paper, 11214. Box, G.E.P., & Jenkins, G. M. (1970). Time series analysis, forecasting and control. San Francisco: Holden-Day. Branch, S., Cooper, Y., & Moxey, M. (2014). An empirical analysis of the nexus between private sector credit, economic growth, government expenditure, interest rate and inflation: Case of the Bahamas. The Central Bank of the Bahamas, Research Department. Bundesbank (2005). Credit growth, bank capital and economic activity. Deutche Bundesbank Monthly Report, March. Calderon, C., & Liu, L. (2003). The direction of causality between financial development and economic growth. Elsevier Journal of Development Economics, 72, 321– 334. Calomiris, C., Himmelberg, C. P., & Wachtel, P. (1995). Commercial paper, corporate finance, and the business cycle: A microeconomic perspective. Carnegie-Rochester Conference Series on Public Policy, 42(1), 203-250. De La Torre, A., Gozzi, J. C., & Schmukler, S. L. (2007). Financial development: Maturing and emerging policy issues. The World Bank Research Observer, 22(1). Dewett, K.K. (2005). Modern economic journal of development economics theory. New Delhi: Shyam Lev Charitable Trust. Demetriades, O. P. & Hussein, A. K. (1996). Does financial development cause economic growth? Time series evidence from 16 countries. Journal of Development Economics, Vol. 51. Dermetriades P. & Audrianova, S. (2004). Financial and growth: What we know and what we need to know, University of Leicester. Demirgue-Kunt, A. & Levine, R. (2008). Finance sector polices and long run growth. The World Bank Development Research Group, Policy Research Working Paper. Diamond, D. W. & Dybvig, P.H. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy 91, 401-19. Ekpenyong, D. B., & Acha, I. A. (2011). Banks and economic growth in Nigeria. European Journal of Business and Management, 3(4), 155-166. Ehigiamusoe, U.K., Umar, A., Okoro, S., Jumare, F., & Ogunyomi, R. (2015). Examining finance-led growth hypothesis in Nigeria: Challenges of policy and leadership. National Legislative Studies, National Assembly, Abuja, Nigeria. Engle, R.E., & Granger, C.W.J. (1987). Co-integrated and error correction: Representation, estimation and testing. Econometrica, 55: 251-276. Essien, S.N., & Akpan, N, (2007). Credit policies and private sector investment in Nigeria. Bullion Publication of the Central Bank of Nigeria, 31(1), 1-10. Ewetan, O.O., & Ike, D.N. (2014). Does financial sector development promote industrialization in Nigeria? International Journal of Research in Social Sciences, 4(1), 17-25. Golin, J. & Delhaise, P. (2013). The bank credit analysis handbook, A Guide for Analysts, Bankers and Investors, 2 nd Ed, Singapore Pte Ltd, John Wiley & Sons. Granger, C. (1969). Investigating causal relations by econometric models and crossspectral methods, Econometrica, 37, 424–38. Granger, C.W. & Newbold, P. (1977). The time series approach to econometric model building, in Obadan, M.I. & Iyoha, M.A. eds. (1996). Macroeconomic analysis: Tools, techniques and applications. NCEMA, Ibadan: Polygraphics Venture Ltd. Granger, C.W.J. & Newbold, P. (1974): Spurious regressions in econometrics, Journal of Econometrics 2(2). Greenwood, J. & Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98. Jhingan, M.L., (2006). The economics of development and planning. (38th ed.). Delhi: Virnda Publication (P). Johansen, S., (1991). Estimation and hypothesis testing of co-integration vectors in Gaussian vector autoregressive models. Econometrica. 59: 1551-1580. Johansen, S., (1995). Likelihood-based inference in co-integrated vector autoregressive models. Oxford: Oxford University Press. Jordan S. & Qi, J. (2006). Does financial development lead economic growth? The case of China. Annals of Economics and Finance 1, 197-217. Josephine, N. O. (2009). Analysis of bank credit on the Nigerian economic growth (1992-2008). Jos Journal of Economics, 4(1). Kai, G. & Vahram, S. (2011). Determinants of bank credit in emerging market economies. IMF Working Paper WP/11/51, 1-20. Mckinnon, R. (1973). Money and capital in economic development. Washington D.C.: The Brookings Institution. Mikhail, S. (2015). Causality between credit depth and economic growth: Evidence from OECD Countries, Bank of Finland, BOFIT Discussion Papers 15, 4-37. Miller, M.H. (1998). Financial markets and economic growth. Journal of Applied Corporate Finance, 11, 8–14. Mishkin, F. (2001). Financial policies and the prevention of financial crises in emerging market countries. NBER Working Paper No. 8087. Modebe, N. J., Ugwuegbe, S.U., & Ugwuoke, R.O. (2014). The impact of bank credit on the growth of Nigerian economy: A co-integration approach. Research Journal of Finance and Accounting, 5(10), 87-95. Murtala, B. U.; Siba, D.; Ahmad, U. G.; Muhammad R. D.; & Ali, U. A. (2015). An empirical study on the relationship between financial intermediaries and economic growth in Nigeria: A co-integration and causality analysis. IOSR Journal of Economics and Finance, 6(4), 15-31. Nwaru, N.M., & Okorontah, C.F. (2014). Banks’ credit as an instrument of economic growth in Nigeria. International Journal of Business and Law Research, 2(2), 25-33. Nwite, S.C. (2014). Determinants of financial intermediation and its implications on economic growth in Nigeria. British Journal of Marketing Studies, 3(9), 49-56. Nwosa, P.I., Ajibola, M.A., & Olufemi, M.S. (2011). Causal relationships between financial development, foreign direct investment and economic growth – The case of Nigeria. International Journal of Business Administration, 2(4), 93-102. Nzotta,S.M. (2004). Money, banking and finance (theory and practice). (2nd ed.). Owerri, Nigeria: Hudson -Jude. Obademi, O. E. & Elumaro, A. (2014). Banks and economic gro
