The impact of Monetary Policy on the economic growth of Nigeria

Nwoko, Nnenna M.; Ihemeje, J. C.; Anumadu, E

doi:10.4314/afrrev.v10i3.13

Cited by 43 publications

(53 citation statements)

References 2 publications

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“…However, the bulk of empirical reviews have not reached a conclusion concerning the relative power of fiscal and monetary policy to affect inflation. Nwoko et al (2016) examined the extent to which the Central Bank of Nigeria monetary policies could effectively be used to promote economic growth, spanning the period of 1990-2011. The influence of money supply, average price, interest rate and labour force were tested on gross Domestic Product using multiple regression models as the main statistical tool of analysis.…”

Section: Review Of Empirical Literaturementioning

confidence: 99%

“…Like any other developing country, Nigeria has adopted three types of public policies to carry out the objectives of income distribution and allocation of resources. These management tools of public policy include: monetary policy, fiscal policy and income policy tools (Nwoko et al 2016).…”

Section: Introductionmentioning

confidence: 99%

“…This disagreement divided the economy into different schools of thought. Each of them has its view on how variation in monetary and fiscal aggregates could affect inflation and create economic stabilization (Nwoko et al 2016). In spite of the invaluable significance of economic stabilization policy in the actualization of sustainable development, there seems to be different opinions from several studies on the effect of monetary and fiscal policies on inflation in Nigeria.…”

Section: Introductionmentioning

confidence: 99%

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Untitled

2020

AJBE

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In the past, the six units of BLRD have organized more than 50 annual international conferences on accounting, finance, management, marketing, law and economics. This annual international conference offers an opportunity for cross disciplinary presentations on all aspects of business, law and economics. This annual international conference offers an opportunity for cross disciplinary presentations on all aspects of business, law and economics.

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Section: Review Of Empirical Literaturementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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2020

AJBE

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“…Literature that argued on the positive effects of monetary policy while showing support in favour of classical school of thought includes the followings: Nwoko and Ihemeje (2016) examine the impact of monetary policy as conducted by the Central Bank of Nigeria towards accelerating rapid and sustainable economic growth using the annual data covering the period of 1990 to 2011 [1]. The conventional multiple regression technique is adopted as an instrument of analysing the coefficient.…”

Section: Positive Impact Of Monetary Policymentioning

confidence: 99%

Monetary Policy and Economic Growth in Developing Countries: Evaluating the Policy Nexus in Nigeria

Idris¹

2019

IJBER

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While there are numerous studies on the relationship between monetary policy and economic growth, evaluating the policy nexus between the two phenomena remain inconclusive. Undeniably, monetary policy is believe to influence the employment level, price stability, growth of aggregate output and equilibrium in the balance of payment-for the case of developing economies. But the magnitude of its influence largely depends on how it is conducted through various channels and the independency of the apex bank to select the appropriate instruments for formulating the monetary policy. In lieu of that, this study examines the relationship between monetary policy and economic growth in Nigeria using time series data covering the period of 1980 to 2017. The study employs the Cointegration test and the Ordinary Least Square (OLS) technique with the view to estimating the model coefficients and showcase the policy nexus between the variables. Result indicates the existence of long-run relationship between monetary policy indicators and economic growth. Further empirical findings show that money supply has positive effect, while both exchange rate and interest rate have negative effect on the real GDP. As such, monetary authorities in Nigeria should adequately managed and monitored the growth level of money supply in order to realise the desired growth level. Given the socio-economic and political conditions in Nigeria, there is growing needs to formulate appropriate monetary measures which might encourage borrowing through sound and productive interest rate as well as stable exchange rate.

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“…The model follows the contention of Nwoko et al (2016), but modified by including inflation and exchange rate. Macroeconomic variables selected for the model were gotten from the literatures.…”

Section: Model Specificationmentioning

confidence: 99%

Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy

Imoisi¹

2019

Sriwijaya Int. J. of Dynamic Eco. And Buss.

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Monetary and Fiscal policies are instruments which the government of any nation can employ to effectively achieve the desired growth of their respective economies. This study investigates the extent to which monetary policies can promote economic growth in Nigeria from 1980-2017. Secondary data were used from the Statistical Bulletin of the apex bank in Nigeria (CBN) and National Bureau of Statistics. Unit root test, Johansen co-integration and the vector error correction model (VECM) were employed in analyzing the data collected for this study. The result showed that approximately 62% of GDP is explained by variables in the model while 38% is accounted for and explained by other variables not included in the model but are captured by the error term. In addition, monetary policies did not have a significant impact on Nigeria's economic growth in the short run, but significantly affected the country's growth in the long run.

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The impact of Monetary Policy on the economic growth of Nigeria

Cited by 43 publications

References 2 publications

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Monetary Policy and Economic Growth in Developing Countries: Evaluating the Policy Nexus in Nigeria

Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy

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