Financial liberalization and long-run stability of money demand in Nigeria

被引：17

作者：

Folarin, Oludele E. ^{[1
]}

Asongu, Simplice A. ^{[2
]}

机构：

[1] Univ Ibadan, Dept Econ, Ibadan, Nigeria

[2] Univ South Africa, Dept Econ, POB 392, ZA-0003 Pretoria, South Africa

来源：

JOURNAL OF POLICY MODELING | 2019年 / 41卷 / 05期

关键词：

Stable; Demand for money; Bounds test; MONETARY-POLICY; EMPIRICS;

D O I：

10.1016/j.jpolmod.2019.04.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM of square) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregates and their determinants. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria. (C) 2019 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.

引用

页码：963 / 980

页数：18

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