financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-4-97-107finance-3066Research ArticleИНВЕСТИЦИОННАЯ ПОЛИТИКАINVESTMENT POlICYВлияние притока капитала на финансовую стабильность в НигерииEffect of Inward Capital Flows on Financial Stability in Nigeriahttps://orcid.org/0000-0001-7000-2552ЭбиреK.EbireK.

Колаволе Эбире, PhD в сфере финансов

факультет банковского дела и финансов

Абуджа

Kolawole Ebire, PhD in Finance

Department of Banking and Finance

Abuja

Kolawole.ebire@gmail.comhttps://orcid.org/0000-0002-1183-1059НвалаМ. Н.NwalaM. N.

Маури Ннека Нвала, PhD в сфере бухгалтерского учета и финансов, доцент

кафедра банковского дела и финансов

Кеффи

Maurie Nneka Nwala, PhD in Accounting and Finance, Assoc. Prof.

Department of Banking and Finance

Keffi

maurienwala@gmail.comhttps://orcid.org/0000-0002-5864-0540МусаА. А.MusaA. A.

Абдуллахи Абдуллахи Муса, доктор бухгалтерского учета

факультет налогообложения

Кеффи

Abdullahi Abdullahi Musa, PhD in Accounting

Department of Taxation

Keffi

abdullahimusa@gmail.comНильский университет НигерииНигерияNile University of NigeriaNigeriaУниверситет штата НасараваНигерияNasarawa State UniversityNigeria20242808202428497107Copyright © Эбире K., Нвала М.Н., Муса А.А., 20242024Эбире K., Нвала М.Н., Муса А.А.Ebire K., Nwala M.N., Musa A.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3066

   Притоки капитала могут помешать монетарной политике, стимулируя безрассудное кредитование и «пузыри» активов, что приводит к финансовой нестабильности. В данном исследовании рассматривается влияние внутренних потоков капитала на финансовую стабильность в Нигерии в период с 2003 по 2019 гг. Гипотезы проверены с применением механизма коррекции ошибок (ECM). Полученные результаты свидетельствуют о том, что краткосрочные отклонения будут корректироваться с учетом их долгосрочного равновесия на 10,9 % ежеквартально. Результаты исследования показывают, что внутренние прямые иностранные инвестиции (ПИИ) и внутренние портфельные инвестиции оказывают положительное влияние на финансовую стабильность Нигерии, в то время как другие потоки капитала не оказывают существенного влияния. Кроме того, анализ показывает, что контроль над макроэкономическими факторами, такими как ВВП и уровень инфляции, существенно влияет на финансовую стабильность Нигерии. На основании полученных результатов авторы исследования рекомендуют государству принимать и продвигать экономическую политику, направленную на увеличение ПИИ и привлечение портфельных инвестиций с помощью таких преференций, как повышение экономической свободы и снижение налогообложения для стимулирования экономики страны.

   Capital inflows could thwart monetary policies by stimulating reckless lending and asset bubbles, resulting in financial instability. This study examines the effect of inward capital flows on financial stability in Nigeria, spanning over 2003 to 2019. The hypotheses were tested using Error Correction Mechanism (ECM). The findings indicate that the short runs deviations will adjust to their long-run equilibrium by 10.9 % quarterly. The findings show that inward FDI and inward portfolio investment have a positive effect on Nigeria’s financial stability, while other capital flows do not have a significant effect on Nigeria’s financial stability. Also, the analysis shows that controlling for macroeconomic factors such as GDP and inflation rate significantly affects Nigeria’s financial stability. Based on the findings, the study recommends that monetary authorities need to adopt and promote economic policies to increase FDI and entice portfolio investment with rewards such as better economic freedom and lower taxation to boost the country’s economy.

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The authors declare that there are no conflicts of interest present.