Investment behaviour in the Nigerian economy: a macroeconometric investigation of the impact of stabilization policies

Authors

OBIEKEZIE, Lawrence Chinwuba
Departement of : ECONOMICS, University of Nigeria,Nsukka
DOI: https://doi.org/10.57054/codesria.pub.1050

Keywords:

Private investment, fiscal policy, monetary policy, macroeconomics, Nigeria

Synopsis

In the study the relatioilship between. priva te investment and i ts
proxima te determinan ts are analysed. Specif.ically the effects 'of
fiscal and monetary poli ci es on investment are investigated. The
distortions in the approach to the various pol.icies are
highlighted. Simple aggregative models based on the neoclassical
theory of investment are used to analys~ the effects of the various
policies/ as well as the time structures of the response of private
investment to these polic_ies. Our findings suggest . the the
impacts of macroeconom.ic policies on priva te investment spending in
Nigeria are small and wi th fair ly .long lags. Prom the findings / an
argument is provided in support· of the ·adoption of the indirect
monetary control system and the liberallzation of interest rates/
as well as increased government ca.Pi tal spending/ which provide the
necessary complementarities with privat~ investment.

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References

Abel, A. ( 1980), "Empirical Investment Equations: An Integrative Approa.ch", Carnegie-Rochester Conference Series on Public Polie.y on the state of t1acroeconomics, Carnegie tellon University Centre for the Study of Public Policy and University of Rochester.

Agu, C. C. , ( 1987) "Interest Ra.tes Po 1 icy and i ts At tendant Distortions", in Distortions in the Nigerian Economy: Proceedings of the Nigerian Economie Conference, Cala.bar, tay 12-1'3.

Ajayi, S. I. ( 1978) Money in a Developing Economy: A Portfolio Approach to Money Supply Determination in Nigeria ( Ibadan: Ibadan University Press).

Almon, S. (1962) "The Distributed Lags Between Capital Appropriations and Expernditures", EoonometricB., vol. 30.

Asimakopulos, A. ( 1913:3) ." Kalecki and Keynes on Finance, Investment

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Published

December 5, 1993

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Dissertations
Copyright (c) 1993 CODESRIA Books Publication System

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