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    Effect of financial innovation on economic growth: Evidence from African countries
    (İstanbul Ticaret Üniversitesi, 2021) Yinusa, Olumuyiwa Ganiyu; Olowofela, Olusola Enitan; Yunusa, Lateef Adewale; Folami, Rahmon Abiodun
    Financial innovation is a product of technology and the question whether financial innovation spurs economic growth is subject to level of technology in the financial sector of an economy as well as other factors. On this note, this study examines the impact of pr ocess financial innovation on economic growth in some selected African countries. The study used annual panel data obtained from the World Bank Development Indicator comprising of seventeen cross section countries covering the period of fifteen years from 2004 to 2018. Generalized Method of Moment (GMM) was employed to analyze the panel data system. The result shows that financial innovation has significant impact on economic growth of selected countries. Automated Teller Machine (ATM) which is a major measure of our process financial innovation has significant impact on economic growth. Number of Bank branches on the other hand has positive but insignificant impact on the economic growth. Financial innovative products such a domestic bank credit also contributes significantly to the economic growth of African countries. It is therefore recommended that policy makers should encourage establishment of more ATM terminals, increase the number of bank branches and improve the credit to private sector of the economy.
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    Impact of fiscal policy on development financing: Evidence from Nigeria
    (İstanbul Ticaret Üniversitesi, 2021) Tonade, Mukaila Abiola; Ilo, Bamidele; Olowofela, Olusola Enitan
    This study examined the relationship between fiscal policy and development financing in Nigeria and the extent to which the former effects the latter. The study employed public choice framework and the model is estimated with time-series data from 1981 to 2014, using the Johansen estimation technique. The findings revealed that there is a strong positive relationship between fiscal policy and development financing, real GDP per capital, consumer price index and capital expenditure respectively. The results further confirmed that more expenses were incurred funding recurrent than capital and this had taken its toll on development. The study recommended that government should increase revenue base so as to fund capital expenditure in order to achieve sustainable development while it is also necessary to reduce recurrent expenditures and domestic debt.