Fiscal and Monetary Policy and Economic Growth in Nigeria. A Comparative Analysis PDF Download
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Author: Emmanuel Elakhe
Publisher: GRIN Verlag
ISBN: 366857491X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Master's Thesis from the year 2016 in the subject Economics - Other, grade: 3.67, , course: Development Economics, language: English, abstract: The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years (1981-2014). Time series data were derived from the Central Bank of Nigeria statistical bulletin, while the method of analysis was the Johansen Cointegration test, vector error correction method and the Wald test of coefficient. The result of the findings showed that there is a significant relationship between explanatory variables (government expenditure, interest rate and money supply) taken jointly and the dependent variable (real gross domestic product) in the long run. The coefficient of error correction term is -0.02 showing a 2% yearly adjustment towards the long run equilibrium. This proves that there is a relationship between the dependent variable- real gross domestic product and the independent variables - government expenditure, money supply and interest rate in the long run. The estimated coefficients of the short run model indicate no significant relationship between the dependent variable real gross domestic product and independent variables government expenditure, money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. The policy implication of these findings is that more strategies needs to be put in place in order to ensure that monetary and fiscal policies taken jointly positively impacts on economic growth the in the shortrun.
Author: Emmanuel Elakhe
Publisher: GRIN Verlag
ISBN: 366857491X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Master's Thesis from the year 2016 in the subject Economics - Other, grade: 3.67, , course: Development Economics, language: English, abstract: The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years (1981-2014). Time series data were derived from the Central Bank of Nigeria statistical bulletin, while the method of analysis was the Johansen Cointegration test, vector error correction method and the Wald test of coefficient. The result of the findings showed that there is a significant relationship between explanatory variables (government expenditure, interest rate and money supply) taken jointly and the dependent variable (real gross domestic product) in the long run. The coefficient of error correction term is -0.02 showing a 2% yearly adjustment towards the long run equilibrium. This proves that there is a relationship between the dependent variable- real gross domestic product and the independent variables - government expenditure, money supply and interest rate in the long run. The estimated coefficients of the short run model indicate no significant relationship between the dependent variable real gross domestic product and independent variables government expenditure, money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. The policy implication of these findings is that more strategies needs to be put in place in order to ensure that monetary and fiscal policies taken jointly positively impacts on economic growth the in the shortrun.
Author: Abdul-Ganiyu Garba
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 476
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Author: Micah Effiong
Publisher: GRIN Verlag
ISBN: 3346137627
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
Research Paper (undergraduate) from the year 2016 in the subject Economics - Economic Cycle and Growth, grade: A, , language: English, abstract: The study was conducted to evaluate the impact of inflation on economic growth in the context of an emerging market using empirical evidence from Nigeria. Using time series data spanning forty one years (1970-2011) which was obtained from the Central Bank of Nigeria (CBN) statistical bulletin volume 22, and Central Bank of Nigeria official website, the nature of the relationship existing between the focus variables - economic growth (proxied by real Gross Domestic Product, GDP) and inflation rate was explored. The Augmented Dickey Fuller (ADF) and Philip-Perron (PP) tests were used to test for the stationary of the variables while the granger causality test was employed to ascertain the direction of influence between inflation and economic growth in Nigeria. The follow research questions guided this study: What is the trend of inflation in Nigeria? Why have all the policies used unable to reduce inflation rate to an acceptable level? What is the impact of inflation of Nigerian economic growth? Inflation growth has been the macro-economic problem in Nigeria that seems to be intractable over the years; Nigeria government has adopted various measures (both monetary and fiscal policies) to curb or reduce inflation growth to an acceptable level but all these policies seem to have no effects. This gave rise to the following research questions.
Author: Joseph Oladele Sanusi
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 46
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Book Description
Author: Akpan Hogan Ekpo
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 200
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Book Description
Author: Timothy Titiloye
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper aims to study the effect of fiscal and monetary policy on economic growth in Nigeria. The major objective of this research work is to examine how monetary policy influences economic growth in Nigeria. In the process of carrying out this research work, various variables such as government total expenditure, government total revenue, inflation, gross domestic product, interest rate, unemployment rate, and broad money supply were adopted. The data used in this research were secondary data obtained from the World Development Indicators (WDI) and Central Bank of Nigeria Statistical Bulletin. Findings were drawn from the research that money supply and government total expenditure and revenue has a significant impact on economic growth in Nigeria. Therefore, recommendation is suggested that to maintain a stable economic growth in Nigeria, the central bank need to inject more money into the economy and the government should use her revenue and expenditure at full optimization. The Autoregressive Distributed Lag Model (ARDL) was adopted as the estimation technique.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344658
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author: Jane Victor
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Monetary policy is an economic management technique used to bring sustainable economic growth and development in a given economy which has been a pursuit of nations. This has been mainly on how the money affects economic aggregates dates back the time of Adam Smith and later championed by the monetary economists. One of the major objectives of the monetary policy in Nigeria is economic growth using money supply and inflation control (price stability) as a measure; but despite the various monetary regimes that have been adopted by the Central Bank of Nigeria over the years, inflation still remains a major threat to Nigeria's economic growth. And it is on this premise that we want to analyze the impact of monetary policy on the Nigeria's economic growth from 1981 to 2021. This study used secondary data sourced from Central Bank of Nigeria Statistical Bulletin (2021) in its analysis. The study employed Autoregressive Distributed Lag (ARDL) bound co-integration to estimate the short run and long run impact of the monetary policy on economic growth in Nigeria which showed a long run relationship. Further estimation result showed that monetary policy impacted on the Nigeria's economic growth. The study acclaims that central bank should place more emphases on the quality-based nominal anchor (M2) for managing instruments like liquidity ratio, reserve ratio, transaction on treasury bills which directly affect the monetary aggregate. Direct manipulation of interest rates other than the money supply should be a better monetary policy tool to impact on the real variables of the Economy and less emphasis should be placed on the use of interest rate because it had negative but insignificant impact on the economic growth.
Author: Babatunde Adesanya
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This study examined the impact of monetary policy on economic growth in Nigeria. The secondary data used include the Money supply, economic growth, Credit to the private sector, Interest rate and Exchange rate. The Vector Error Correction model (VECM) was adopted as the estimation technique of the study. Findings show that there is no bidirectional granger causality among any of the variables. Also, one standard deviation shock to M2 initially has positive perceptible effect on Gross Domestic Product (GDP) in the short and also for a long period it still has positive perceptible effect on GDP and causes output to decrease. One standard deviation shock to Bank Credit to the private sector (BCP) has a huge and negative effect on GDP in the short run and a one standard deviation shock to Interest rate (INT) and Exchange rate (EXC) has positive but low effect on GDP. Therefore, the study recommended that monetary authority- The Central Bank Nigeria (CBN) should manage the money supply properly and work towards eliminating the rigidities associated with credit to the private sector. Monetary policies should be used to create a favorable investment climate by facilitating the emergency of market-based interest rate and exchange rate regimes that attract investments to the Nigerian economy.
Author: Gediyon Bekele Moliso
Publisher: GRIN Verlag
ISBN: 3346521524
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
Academic Paper from the year 2021 in the subject Economics - Monetary theory and policy, grade: A, , language: English, abstract: This study examined the effect of monetary policies on Total Trade (proxy of international trade) in Ethiopia between 1989 to 2019.International trade was captured using Total Trade (proxy of international trade) while the independent variables that described the various macroeconomic policies in Ethiopia were money supply, exchange rate, real lending rate and inflation rate. Time series data on the variables of the study was gotten from Annual reports of the National Bank of Ethiopia (NBE) from 1989-2019. The secondary data was analyzed using E-views 9.0 software. A model was formulated for the study. The Augmented Dickey Fuller (ADF) stationary test showed that the variables in the study were stable at both levels and at first difference. The regression of the independent variables with Total Trade (proxy of international trade) showed the existence of a long run relationship. Using the Autoregressive Distribute Model (ARDL), the empirical results money supply exerts a significant positive effect on Total Trade (proxy of international trade) in the long run while real lending rate and inflation rate exerts a significant negative effect on Total Trade (proxy of international trade) in the long run and Total Trade (proxy of international trade) one period lag of the variable significantly affects the Total Trade (proxy of international trade) in the short run. LagTT or D(LTT(-1)), a one percent increase in expectation push Total Trade (proxy of international trade) by 51% in short run. This result is similar to the theory of adaptive expectations, they states that individuals will form future expectations based on past events. The study thus concluded that the monetary policy channels through which Total Trade (proxy of international trade) in Ethiopia can be influenced are money supply, lending rate and inflation rate. The study testes all the diagnostic test like serial correlation, Normality, heteroschedasticity and stability. The estimate of the speed of adjustment coefficient found in this study indicates that about a 75% of the variation in the Total Trade (proxy of international trade) from its equilibrium level is corrected within a year.
