[1] Agenor P and P.J. Montiel (1996); Development Macroeconomics, Princeton University Press, pp. 151 — 190.
[2] Aigbokhan B.E. (1995); Financial Development and Economic Growth: A Test of Hypothesis on Supplyleading and Demand-following Finance, With Evidence on Nigeria, The Nigerian Economic and Financial Review, vol. 1, no. 2, pp. 1-10.
[3] Ayadi O.F, E.O Adegbite and F.S Ayadi (2008); Structural Adjustment, Financial Sector Development and Economic Prosperity in Nigeria, International Research Journal of Finance, Issue 15, pp. 315-331.
[4] Akinlo A.E and O.T. Ajilore (2011); A Macroeconometric Analysis of the Effects of Financial Liberalization on Capital Flight in Nigeria, International Journal of Business and Emerging Markets, Vol. 3, No. 3, pp. 217-250.
[5] Akinlo A.E and T. Egbetunde (2010); Financial Development and Economic Growth: The Experience of 10 Sub-Saharan African Countries Revisited, The Review of Finance and Banking, Vol. 2, No. 1, pp. 17-28.
[6] Anyanwu J.C (1995); Structural Adjustment Programme, Financial Deregulation and Financial Deepening in Sub-Saharan Economies, The Nigerian Economic and Financial Review, vol. 1, no. 1, pp. 1-25.
[7] Ariyo, A. and O. Adelegan (2005) ‘Assessing the impact of capital market reforms in Nigeria', Proceedings of the 2005 Annual Conference, Nigerian Economic Society, pp. 86 — 102.
[8] Athukorala P and S. Rajapatirana (1993); Liberalization of Domestic Financial Market: Theoretical Issues With Evidence from Sri Lanka, International Economic Journal, vol. 7, no. 4., pp 17-34.
[9] Bai Y. and C.J. Green (2009) ‘International Diversification Strategies: Revisited from the Risk Perspective', Journal of Banking and Finance Vol. 30, August.
[10] Bakare A.S (2011); Financial Sector Liberalization and Economic Growth in Nigeria: An Empirical Study, Economics and Financial Review, Vol. 1, No. 4, pp. 8-16.
[11] Bekaert, G., C.R Harvey, C.T Lundbad, and S. Siegel (2008); What Segments Equity Markets?, Working paper, Department of Finance, University of North Carolina.
[12] Central Bank of Nigeria (2009a); Statistical Bulletin, Lagos.
[13] Central Bank of Nigeria (2009b); Annual Report and Statement of Accounts, Lagos.
[14] Chandar, N., D.K Patro, and A. Yezegel. (2009) ‘Crises, Contagion and Cross-listing', Journal of Banking and Finance, Vol. 33, pp. 1709 — 1729.
[15] Chung, K.H., W.T Smith and T.L Wu (2009) ‘Time diversification: Definitions and Some Closed-form Solutions', Journal of Banking and Finance, Vol. 33, pp. 1101 — 1111.
[16] Corbo V and J. De Melo (1987); Lessons from the South Cone Policy Reforms, World Bank Research Observer, vol. 2, pp. 111-142.
[17] De Melo J and J. Tybout (1986); The Effects of Financial Liberalization on Savings and Investment in Uruguay, Economic Development and Cultural Change, vol 34., no. 3, pp. 31- 32.
[18] Diaz-Alejandro (1985); Good-bye Financial Repression, Hello Financial Crash, Journal of Development Economics, vol. 19, no. 1, pp. 1-24.
[19] Dickey D.A and W. A Fuller (1981); Likelihood Ratios for Autoregressive Time Series, Econometrica, vol. 49, pp. 1057-72.
[20] Edo S.E (2004); Financial Sector Performance in Facilitating World Economic Integration: New Evidence from a Developing Country, RISEC: International Review of Economics and Business, Vol. LI, No. 4, 571 — 588.
[21] Engle R. F. and C.W. Granger (1987); Cointegration and Error Correction: Representation, Estimation and Testing, Econometrica, vol. 55, no. 2, pp. 251-76.
[22] Graham F and J. Horner (1985); Bank Failure: An Evaluation of Factors Contributing to Failure of National Banks, Issues in Bank Regulation, vol. 12, no. 2, pp. 8 — 12.
[23] Harris, L. (2008) ‘Regional integrations and capital markets in Africa', in Ncube M. (Ed.): Financial Systems and Monetary Policy in Africa, African Economic Research Consortium, Nairobi, pp. 98 — 132.
[24] Iganiga B.O (2010); Evaluation of the Nigerian Financial Sector Reforms Using Behavioural Models, Journal of Economics, Vol. 1, No. 2, pp. 65-75.
[25] Ikhide S.I and A.A Alawode (2002); On the Sequencing of Financial Liberalization in Nigeria, The South African Journal of Economics, Vol. 70, No. 1, pp. 95-127.
[26] Johansen S. (1991); Estimation and Hypothesis Testing of Cointegration Vectors in Guassian Vector Autoregressive Models, Econometrica, vol.59, pp. 1551—1580.
[27] Khalaf A.H (2011); Impact of Financial Liberalization on Financial Depth in Iraq, The Review of Finance and Banking, Vol. 3, No. 2, pp. 67-78.
[28] Kalev, P.S., A.H Nguyen and N.Y Oh (2008) ‘Foreign versus local investors: Who knows more? Who makes more? Journal of Banking and Finance Vol. 32, pp. 2376 — 2389.
[29] Khatkhate D (1998); Assessing the Impact of Interest Rates in Less Developed Countries, World Development, vol. 16, no 5, pp. 577-588.
[30] King R and R. Levine (1993); Finance, Entrepreneurship and Growth: Theory and Evidence, Journal of Monetary Economics, vol. 32, pp. 513-42.
[31] Kretzmer P.E (1992); Monetary Vs Fiscal Policy: New Evidence on an Old Debate, Federal Reserve Bank of Kansas City Economic Review, vol. 77, no. 2, pp. 21—30.
[32] McKinnon R. I. (1973); Money and Capital in Economic Development, Washington D.C: Brookings Institutions.
[33] McKinnon R.I (1988); Financial Liberalization and Economic Development: A Re-assessment of Interest Rate Policies in Asia and Latin America, Occasional paper No. 6, International Centre for Economic Growth, San Francisco.
[34] Mlambo K and T.W Oshikoya (1999); Investment, Macroeconomic Policies and Growth, in Kayizzi-Mugerwa (ed.); The African Economy: Policy, Institutions and the Future, Routeledge, pp. 28-49.
[35] Ncube M. and J. Leape (2008) ‘Financial Systems and Monetary Policy in South Africa', in Ncube M. (Ed.): Financial Systems and Monetary Policy in Africa, African Economic Research Consortium, Nairobi, pp. 22 — 41.
[36] Ogun T.P and A.E Akinlo (2011); Financial Sector Reforms and the Performance of the Nigerian Economy, The Review of Finance and Banking, Vol. 3, No. 1, pp. 47-60.
[37] Ojo, A.T. and W. Adewunmi (1982), Banking and Finance in Nigeria: A Study of the Role of Banking and Financial Institutions and Markets in a Developing Economy, Graham Burn Press, U.K., pp.45-83.
[38] Okpara G.C (2010); The Effect of Financial Liberalization on Selected Macroeconomic Variables: Lesson from Nigeria, The International Journal of Applied Economics and Finance, Vol. 4, No. 2, pp. 53-61.
[39] Pandey I.M (2004); Financial Management. New Delhi: Vikas Publishing House.
[40] Phylaxis, K. and L. Xia (2006) ‘The changing role of industry and country effects in global equity markets', The European Journal of Finance, Vol. 12, pp. 627 — 648.
[41] Shaw E.S (1973); Financial Deepening in Economic Development, New York: Oxford University Press.
[42] Silva, A.C.S. and G. A Chavez (2008) ‘Cross-listing and liquidity in emerging market stocks', Journal of Banking and Finance, Vol. 32, pp. 420 — 433.
[43] Sims C.A. (1989); Models and Their Uses, American Journal of Agricultural Economics, vol. 71, pp. 489—494.
[44] Stuhr D.P and Van Wicklen (1994); Rating the Financial Conditions of Banks: A Statistical Approach to Aid Bank Supervision, Federal Reserve Bank of New York Monthly Review, September, pp. 233 — 235.
[45] Taylor L (1988); Varieties of Stabilization Experience: Towards Sensible Macroeconomics in the Third World, Oxford: Clarendon Press.
[46] Todd R. (1990); Vector Autoregression Evidence on Monetarism: Another Look at the Robustness Debate, Federal Reserve Bank of Minneapolis Quarterly Review, Spring, pp. 19—37.
[47] Wijnbergen S (1982); Stagflation Effect on Monetary stabilization Policies: A Quantitative Analysis of South Korea, Journal of Development Economics, June, pp. 133-169.
[48] Woldie A and A.K Adeniji (2008); How Has Financial Liberalization Improved the Flow of External Finance for SMEs in Nigeria? Banks and Bank Systems, Vol. 3, No. 3, pp. 8-16.