Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy
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...
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| Format: | Article |
| Language: | English |
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Fakultas Ekonomi Universitas Sriwijaya
2019-01-01
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| Series: | Sriwijaya International Journal of Dynamic Economics and Business |
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| Online Access: | https://sijdeb.unsri.ac.id/index.php/SIJDEB/article/view/101 |
| _version_ | 1827330069965570048 |
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| author | Anthony Ilegbinosa Imoisi |
| author_facet | Anthony Ilegbinosa Imoisi |
| author_sort | Anthony Ilegbinosa Imoisi |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-07T16:00:06Z |
| format | Article |
| id | doaj.art-7be34f6fb666493daf201257074f7e0d |
| institution | Directory Open Access Journal |
| issn | 2581-2904 2581-2912 |
| language | English |
| last_indexed | 2024-03-07T16:00:06Z |
| publishDate | 2019-01-01 |
| publisher | Fakultas Ekonomi Universitas Sriwijaya |
| record_format | Article |
| series | Sriwijaya International Journal of Dynamic Economics and Business |
| spelling | doaj.art-7be34f6fb666493daf201257074f7e0d2024-03-04T21:54:07ZengFakultas Ekonomi Universitas SriwijayaSriwijaya International Journal of Dynamic Economics and Business2581-29042581-29122019-01-012410.29259/sijdeb.v2i4.331-34664Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian EconomyAnthony Ilegbinosa Imoisi0Edo University IyamhoMonetary 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.https://sijdeb.unsri.ac.id/index.php/SIJDEB/article/view/101Money SupplyInterest RateInflationExchange RateGross Domestic Product |
| spellingShingle | Anthony Ilegbinosa Imoisi Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy Sriwijaya International Journal of Dynamic Economics and Business Money Supply Interest Rate Inflation Exchange Rate Gross Domestic Product |
| title | Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy |
| title_full | Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy |
| title_fullStr | Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy |
| title_full_unstemmed | Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy |
| title_short | Does Monetary Policy Induce Economic Growth? An Empirical Evaluation of the Nigerian Economy |
| title_sort | does monetary policy induce economic growth an empirical evaluation of the nigerian economy |
| topic | Money Supply Interest Rate Inflation Exchange Rate Gross Domestic Product |
| url | https://sijdeb.unsri.ac.id/index.php/SIJDEB/article/view/101 |
| work_keys_str_mv | AT anthonyilegbinosaimoisi doesmonetarypolicyinduceeconomicgrowthanempiricalevaluationofthenigerianeconomy |