EFFECT OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA: AN EMPIRICAL INVESTIGATION

Annals of Spiru Haret University Economic Series Pub Date : 2018-03-30 DOI:10.26458/1815

Lawrence Olisaemeka Ufoeze, J. C. Odimgbe, V. N. Ezeabalisi, Udoka Bernard Alajekwu

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引用次数: 30

Abstract

The study investigated the effect of monetary policy on economic growth in Nigeria. The natural log of the GDP was used as the dependent variables against the explanatory monetary policy variables: monetary policy rate, money supply, exchange rate, lending rate and investment. The time series data is the market-controlled period covering 1986 to 2016. The study adopted an Ordinary Least Squared technique and also conducted the unit root and co-integration tests. The study showed that long run relationship exists among the variables. In addition, the core finding of this study showed that monetary policy rate, interest rate, and investment have insignificant positive effect on economic growth in Nigeria. Money supply however has significant positive effect on growth in Nigeria. Exchange rate has significant negative effect on GDP in Nigeria. Money supply and investment granger cause economic growth, while economic growth causes interest rate in Nigeria. On the overall, monetary policy explains 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

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货币政策对尼日利亚经济增长影响的实证研究

该研究调查了货币政策对尼日利亚经济增长的影响。使用GDP的自然对数作为因变量，相对于货币政策解释性变量:货币政策利率、货币供应量、汇率、贷款利率和投资。时间序列数据为1986年至2016年的市场控制期。本研究采用普通最小二乘法，并进行单位根检验和协整检验。研究表明，各变量之间存在着长期的关系。此外，本研究的核心发现表明，货币政策利率、利率和投资对尼日利亚经济增长的正向影响不显著。然而，货币供应对尼日利亚的经济增长有显著的积极影响。汇率对尼日利亚的GDP有显著的负面影响。在尼日利亚，货币供给和投资是经济增长的granger原因，而经济增长是利率的granger原因。总的来说，货币政策解释了尼日利亚98%的经济增长变化。因此，研究得出结论，货币政策可以有效地用于控制尼日利亚经济，从而成为稳定物价和提高产出的名副其实的工具

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Annals of Spiru Haret University Economic Series

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