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Linkage of Economic Melt Down

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Linkage of Economic Melt Down
THE LINKAGES BETWEEN ECONOMIC MELTDOWN CAPITAL
MARKET AND SUSTAINABLE DEVELOPMENT IN NIGERIA
BY

EGBULONU K.G Ph.D
FORMER HEAD, DEPARTMENT OF ECONOMICS
IMO STATE UNIVERSITY, OWERRI
08034083159

DURU ERASMUS .E.
DEPARTMENT OF ECONOMICS
PAUL UNIVERSITY, AWKA
ANAMBRA STATE NIGERIA
EMAIL:duruerasmuse@yahoo.com
TEL:08030762153

ECHETA DESMOND .O.
HEAD OF DEPARTMENT OF BANKING AND FINANCE
IMO STATE POLYTECHNIC UMUAGUO
IMO STATE,
Tel:+2348037248832
ABSTRACT
Capital market is the arm of the financial market that provides facilities for mobilizing medium and long term revenue for funding economic project. Sustainable development on the other hand is a structural change in the economy in terms of social, political, economical and cultural transformation. However these developmental changes has never been a smooth process. It has ups and down when it is up is called boom while when it is down for some period is called recession otherwise known as economic meltdown. This paper therefore seeks to investigate how the economic meltdown has affected the capital market on one and how the capital market affects the development of the Nigerian economy. The study made use of secondary data and analysed the data using regression in order to ascertain the relationship between economic meltdown, capital market and sustainable development in Nigeria. We found out empirically that the economic meltdown impacted negatively on the capital market and sustainable development in Nigeria.

INTRODUCTION
.Giving by the recent global economic meltdown that began in America, there is no gainsaying that it is a chain reaction that moves speedly cutting across all economies of the world, affecting their various economic variables negating boundaries between industrialized and non industrialized economics of the world. According to zenith Economic quarterly review (2008:68), in 2008 alone, it was estimated that about and US$ 30 trillion was wiped out in the global equity market to the
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