International records / OpenAlex research

Capital Market Dynamics, Macroeconomic Instability, and Economic Growth in Nigeria: A VECM–Quantile-On-Quantile Regression Approach

This study investigates the heterogeneous nexus among capital market development, macroeconomic instability, and economic growth in Nigeria over 1985–2022. Departing from prevailing ARDL-based frameworks, the study adopts a two-stage methodology: the Johansen–Juselius Multivariate Cointegration and Vector Error Correction Model (VECM) to identify long-run equilibrium dynamics, and the Quantile-on-Quantile Regression (QQR) framework (Sim and Zhou, 2015) to map the full distributional dependence between capital market variables, macroeconomic indicators, and economic growth. Using quarterly data…