Monetary Policy And Economic Growth In Nigeria Pdf

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Feridun, M. Full references including those not matched with items on IDEAS Most related items These are the items that most often cite the same works as this one and are cited by the same works as this one. Asuamah Yeboah, Samuel,

Monetary policy as defined by many authors is concerned with discretionary control of money supply by monetary authorities Central Bank with Central Government with a view of achieving stated or desired economic objectives. Most governments try to control the rate of growth of money supply because of the nexus that it has an effect on the rate of inflation. In sum, monetary policies consist of those actions designed to influence the behavior of the monetary sector. In short, monetary policy is the tool used in achieving monetary and price stability.

Monetary Policy and Economic Growth in Nigeria (1980-2011)

Google- Scholar Metrics. Toggle navigation. Time series data from to relevant to the study were collected from the Central Bank of Nigeria statistical bulletin, Volume 22 and the National Bureau of Statistics. The ordinary least square method of multivariate regression was utilized in analyzing the log-linearized Model. The Augmented Dickey-Fuller unit root test was employed to establish the stationarity of the variables while the General-to-Specific approach to Autoregressive Distributed Lag ARDL model was used for testing for the existence of long-run and short-run equilibrium conditions.

The findings were that, there is evidence of long run equilibrium relationship between fiscal policy and economic growth in Nigeria during the period studied. The adjusted R 2 value of 0. Specific fiscal policy variables that have significant and positive impact on economic growth in Nigeria are government recurrent and capital expenditures. Non-oil taxes and government total debts have no significant impact on real GDP. Only capital expenditure has short run equilibrium relationship with economic growth.

It is therefore recommended that government should establish a strong fiscal responsibility and transparency system in the fiscal institutions; and tax reforms should be such that would encourage increase in investment and fight corruption. Government debts should be channelled towards provision of critical infrastructure so as to provide the enabling investment environment, while fiscal policy should be complemented with the use of effective monetary policy.

This work is licensed under a Creative Commons Attribution 4. Journal Metrics Google- Scholar Metrics h5-index: 25 h5-median: Contact Michael Zhang Editorial Assistant ijef ccsenet.

Fiscal and Monetary Policy and Economic Growth in Nigeria. A Comparative Analysis

This paper seeks to examine the role of monetary policy as an instrument for growth in the Ghanaian economy. The study was conducted based on yearly data from to Economic growth was the regressand in the study, with money supply, inflation, and the lending rate as the regressors. The ARDL bounds test technique was employed to investigate cointegration among the variables. The results confirmed the presence of cointegration among the variables. The results also showed the money supply as having a significant positive effect on growth in Ghana in the long run but a significant negative effect on growth in the short run.

Google- Scholar Metrics. Toggle navigation. Time series data from to relevant to the study were collected from the Central Bank of Nigeria statistical bulletin, Volume 22 and the National Bureau of Statistics. The ordinary least square method of multivariate regression was utilized in analyzing the log-linearized Model. The Augmented Dickey-Fuller unit root test was employed to establish the stationarity of the variables while the General-to-Specific approach to Autoregressive Distributed Lag ARDL model was used for testing for the existence of long-run and short-run equilibrium conditions.


This paper examines the impact of monetary policy on the Nigerian economy. In doing this, the Ordinary Least. Squares Method (OLS) is used to analyse data.


Effect of Monetary Policy on Economic Growth in Ghana

This paper examines the impact of monetary policy on the economic development by using annual time series data from The unit root testing result suggests that all variables are stationary at first difference; therefore, the Johansen Cointegration and Error Correction Model has been employed to analyze the association between variables. The finding shows that money supply, interest rate, and inflation rate negatively effect on the real GDP per capita in the long run and only the real exchange rate has a positive sign. The error correction model result indicates the existence of short-run causality between money supply, real exchange rate and real GDP per capita. Alavinasab, S.

Nigeria slipped into recession in and there was need to implement critical measures to move the country out of recession. This has remained unchanged for three consecutive years. GDP recovered after five quarters of continuous contraction recording positive growths of 0. This work uses multi-variable regression analysis.

Monetary Policy and Economic Growth in Nigeria (1980-2011)

The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years

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4 Comments

  1. Antoine B. 11.05.2021 at 03:13

    There is a significant negative relationship between exchange rate and economic growth in the short run.

  2. Megan F. 14.05.2021 at 16:11

    PDF | The study empirically examines the impact of monetary policy on economic growth in Nigeria, in line with the objectives of this study.

  3. Cadmo R. 17.05.2021 at 12:12

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  4. Ambra R. 19.05.2021 at 05:39

    Exchange rate has significant negative effect on GDP in Nigeria. On the overall, monetary policy explain 98% of the changes in economic growth in Nigeria. Thus, the study concluded that monetary policy can be effectively used to control Nigerian economy and thus a veritable tool for price stability and improve output.