Variable | Theoretical Basis | Expected signs | Symbols | Data Source |
Aggregate Business Investment | Dobrinsky [46] ; Verma [36] | no sign | (INVt) | World Development Indicator, 2017; CBN Statistical Bulletin, 2017 [47] [48] |
Nation savings | Dobrinsky [46] ; Verma [36] | + | (SAVt) | World Development Indicator, 2017; CBN Statistical Bulletin, 2017 [47] [48] |
Capital flow | Dobrinsky [46] | ± | (CFt) | World Development Indicator (WDI), 2017; CBN Statistical Bulletin, 2017 [47] [48] |
Level of monetization | Feldstein and Horioka [38] ; Kaya [37] | ± | (LMt) | World Development Indicator, 2017; CBN Statistical Bulletin, 2017 [47] [48] |
Financial Development Efficiency | Feldstein and Horioka [38] ; Dobrinsky [46] ; Verma [36] | + | (FEDt) | World Development Indicator, 2017; CBN Statistical Bulletin, 2017 [47] [48] |