References
Adeleke, K. M., Olowe, S. O., & Fasesin, O. O. (2014). Impact of foreign direct investment on Nigeria economic growth. International Journal of Academic Research in Business and Social Sciences, 4(8), 234–242. Agbo, E. I., Onyema, J. I., & Odoh, L. C. (2018). Effect of foreign direct investment on economic growth: The Nigeria perspective. Research Journal of Finance and Accounting, 9(12), 79–87. Al Kharusi, S., & Ada, M. S. (2018). External debt and economic growth: The case of emerging economy. Journal of Economic Integration, 33(1), 1141–1157. Amin, S. (1976). Unequal development: An essay on the social formations of peripheral capitalism. Monthly Review Press. Audu, I. (2004). The impact of external debt on economic growth and public investment: The case of Nigeria. African Institute for Economic Development and Planning. Ayadi, F. S., & Ayadi, F. O. (2008). The impact of external debt on economic growth: A comparative study of Nigeria and South Africa. Journal of Sustainable Development in Africa, 10(3), 234–264. Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. Breusch, T. S. (1978). Testing for autocorrelation in dynamic linear models. Australian Economic Papers, 17(31), 334–355. Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149–192. Central Bank of Nigeria. (2024). Statistical bulletin. https://www.cbn.gov.ng Chenery, H. B., & Strout, A. M. (1966). Foreign assistance and economic development. American Economic Review, 56(4), 679–733. Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427– 431. Eaton, J., & Gersovitz, M. (1981). Debt with potential repudiation: Theoretical and empirical analysis. The Review of Economic Studies, 48(2), 289–309. Eberhardt, M., & Presbitero, A. F. (2015). Public debt and growth: Heterogeneity and non- linearity. Journal of International Economics, 97(1), 45–58. Godfrey, L. G. (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica, 46(6), 1293– 1301. Jarque, C. M., & Bera, A. K. (1987). A test for normality of observations and regression residuals. International Statistical Review, 55(2), 163–172. Khan, M. S., & Senhadji, A. S. (2001). Threshold effects in the relationship between inflation and growth. IMF Staff Papers, 48(1), 1–21. Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253–268. Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests. Applied Economics, 37(17), 1979–1990. Ogunmuyiwa, M. S. (2011). Does external debt promote economic growth in Nigeria? Current Research Journal of Economic Theory, 3(1), 29–35. Pesaran, M. H., & Shin, Y. (1999). An autoregressive distributed-lag modelling approach to cointegration analysis. In S. Strøm (Ed.), Econometrics and economic theory in the 20th century: The Ragnar Frisch Centennial Symposium (pp. 371–413). Cambridge University Press. P-ISSN 2695-186X Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. Prebisch, R. (1950). The economic development of Latin America and its principal problems. United Nations Economic Commission for Latin America. Sachs, J. D. (1989). The debt overhang of developing countries. In G. A. Calvo, R. Findlay, P. Kouri, & J. B. de Macedo (Eds.), Debt, stabilization and development: Essays in memory of Carlos Díaz-Alejandro (pp. 80–102). Basil Blackwell. Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. Sulaiman, L. A., & Azeez, B. A. (2012). Effect of external debt on economic growth of Nigeria. Journal of Economics and Sustainable Development, 3(8), 71–79. Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334–361. World Bank. (2024). World development indicators [Data set]. https://databank.worldbank.org/source/world-development-indicators