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THE IMPACT OF INTERNATIONAL REMITTANCES ON FINANCIAL SECTOR DEVELOPMENT IN NIGERIA.

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TABLE OF CONTENTS
Title Page…………………………………………………………………………………………………………………………………………..i
Certification……………………………………………………………………………………………………………..ii
Approval Page……………………………………………………………….……………….iii
Dedication……………………………………………………………………………..………………………………………………………iv
Acknowledgment..………………………………………………………………………………………………………….………….…..v
Table of Contents…………………………………………………………………………………………………………………..……….vi
List of Tables………………………………………………………………………………………………………………………..………..viii
List of Figures………………………………………………………..………………………………………………………………………ix
Abstract…………………………………………………..……………………………………………………………………………………….x
Chapter One: Introduction
1.1 Background of the Study…………………………………………………………………..…….……..……….…….……..1
1.2 Statement of the Problem……………………………………………………….……………………………….…….…….4
1.3 Objectives of the Study…………………………………………………………………………………………………….……7
1.4 Hypotheses of the Study……………………………………………………………….………………………………..……7
1.5 Significance of the Study…………………………………………………………………………………………..…….……7
1.6 Scope of the Study…………………………………………………………………………………….………………………….7
Chapter Two: Literature Review
2.0 Theoretical Literature…………………. …………………………………………………..…………………….…………..8
2.1 Concept Of Remittance………………………………………………………………….…………………………………..8
2.1.1 Microeconomic Impact of Remittances…………………………..…………………….…………………….…….9
2.1.2 Macroeconomic Impact of Remittances………………………………………………………..….…………….10
2.1.3 Channels In Remittance Flows…………………………………………………………………….…………………….12
2.1.4 Impacts On Individual Alleviation………………………………………………………………….…………………13
2.1.5 Concept Of Financial Development………………………………………………………………………………….14
2.1.6 Link Between Remittances And Financial Development………………………………………………….17
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2.1.7 Measures And Indicators Of Financial Development……………………………………………………..19
2.1.8 Remittances And Development…………………………………………………………………………………..…22
2.1.9 Empirical Literature………………………………………………………………………………………………………..24
2.1.10 Financial Sector Development And Growth…………………………………………………………………..25
2.1.11 Link Between International Remittances And Financial Development…………..………….….27
2.1.12 Limitations Of Previous Studies……………………………………………………………………………..……..30
Chapter Three: Methodology
3.0 Research Methodology………………………………………………………………………………………………….31
3.1 Analytical framework of the model………………………………………………………………………………….…31
3.2 Model Specification……………………………………………………….…………………………………………..………32
3.3 Definition of variables………………………………………………………………………………………..……………35
3.4 Justification of variables…………………………………………………………………………………………….……36
3.5 Justification of the model……………………………………………………………………………………………..…37
3.6 Data source…………………………………………………………………………………………………….……………….37
Chapter Four: Presentation And Analysis Of Results
4.1 Descriptive Statistics…………………………………………………………………………………..…………………..38
4.2 Unit Root Test………………………………………………………………………………………………….………….…..39
4.3 Co-Integration Test Result……………………………………………………………………………………………….40
4.4 Interpretation Of Regression Result………………………………………………….…………………….……..42
4.5 Granger Causality…………………………………………………………………………………………………………….43
4.6 Evaluation Based On Statistical Criteria (First Order)…………………….……………………….………..44
4.7 Evaluation Based On Econometric Criteria (2nd Order Test)…………………………………………..45
4.8 Test for Multicoliinearity…………………………………………………………………………………………..45
4.9 Test for heteroscedasticity…………………………………………..…………………………………………………46
4.10 Normality Test……………………………………………………………..……………………………………….………47
Chapter Five: Summary Of Findings And Recommendations
5.1 Summary Of The Findings………………………………………………………………………………………………..49
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5.2 Policy Recommendations……………………………………………………………………………………………….…50
References
Appendixes

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