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An Empirical
Analysis Of The Impact Of Monetary Policy On Economic Development In Nigeria
ABSTRACT
One can
hardly find a country without monetary policy. As a matter of fact, monetary
policy has gained a solid ground in the Nigerian economy. However, in light of
various economic problems in Nigeria, it would seem the benefits of monetary
policy are yet to be fully harnessed. The purposed of this study is to analyse
the impact of monetary policy with Nigeria being the case study. With regards
to the data analysis, regression analysis was applied. The study covers the
effectiveness of monetary policy from the period 1985 to 2011. The study
revealed that the level of effectiveness of monetary policy is highly
influenced by the Central Bank of Nigeria (CBN).
TABLE OF
CONTENTS
Title page
Approval
page
Dedication
Acknowledgement
Abstract
CHAPTER ONE:
INTRODUCTION
1.1 Background of the study
1.2 Statement of the problem
1.3 Objectives of the study
1.4 Research questions
1.5 Research hypothesis
1.6 Significance of the study
1.7 Scope and limitation of the study
CHAPTER TWO:
LITERATURE REVIEW
2.1 Literature review
2.2 Theoretical literature
2.3 Empirical literature
2.4 Limitation of the previous studies
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Method of data analysis
3.3 Model specification
3.4 sources of data collection
3.5 justification of data collection
3.6 Evaluation technique
CHAPTER
FOUR: PRESENTATION AND ANALYSIS OF RESULTS
4.1 Presentation and interpretation of results
4.2 economic a priori criteria
4.3 Statistical criteria (First-order test)
4.4 Econometrics criteria
CHAPTER FIVE:
SUMMARY, RECOMMENDATIONS, AND
CONCLUSION
5.1 Summary
5.2 Recommendations
5.3 Conclusion
Bibliography
Appendices
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
One of the
major issues which have occupied the mind of government for years is the impact
of monetary policy as a tool for price stability in Nigeria. Despite the lack
consensus amongst the economy, there is remarkable strong agreement that
monetary policy as an economy-stabilizing measure in Nigeria refers to the
persistence rise in the general price level.
Monetary
policy is one of the macroeconomic policies available for managing the economy.
It is however important today because its effects on economic aggregates such
as price, output, interest rates and exchange rates. In most countries, the
central bank is saddled with the responsibility of conducting monetary policy.
In the case of Nigeria, the responsibility entirely lies with the Central Bank
of Nigeria (CBN). The discretionary control of the money stock by the monetary
authority involves the expansion and contraction of money, influencing interest
rate to make
money cheaper or more expensive depending on the prevailing economic situation.
1.2 STATEMENT OF THE PROBLEM
The monetary
policy implemented in the economy over the past years has been detrimental and
inconsistent with developmental needs of the economy (Apata J.T, 2007). This
concern has exerted pressures on the monetary authorities in Nigeria to
re-examine and re-evaluate their monetary policies with the view of finding
possible solutions. As a result of this, the Structural Adjustment Programme
(SAP) as introduced in Nigeria in 1986 in order to correct the structural
imbalances in the economy and to liberalize the financial system.
Despite
various actions used by the monetary authorities in administering monetary
policy in Nigeria, there are still limits to the effectiveness of monetary
policy. There has been a wide discrepancy between target and outcome due to the
fact that the central bank has not been able to achieve the various objectives
it set out for itself. For instance, there has been a problem hitting inflation
target. The inflation target in 2008 was 7% but the performance was about 19%.
Nigeria needs
an effective, efficient, sound and consistent monetary policy that has a
positive effect on interest rate, employment and real output, so as to minimize
the economic problems disturbing Nigeria as a developing country
1.3 RESEARCH QUESTIONS
What is the effect of monetary policy on price
stability in Nigeria?
To what extent do the instruments of monetary
policy control inflation in Nigeria?
What are the contributions of monetary policy
towards developing Nigeria?
1.4 OBJECTIVES OF THE STUDY
This study
seeks to achieve the following objectives;
I. To determine the impact of monetary
policy on inflation in Nigeria.
II. To empirically examine the
effectiveness of monetary policy on economic stability in Nigeria.
III. To analyze the contributions of monetary
policy towards promoting growth and development of the Nigerian economy.
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