Mémoires

Women and community A dynamic specification of aggregate money demand function in Nigeria : 1960- 1995credit in southwestern Nigeria

##plugins.themes.clarte.press.readBook## ##plugins.themes.clarte.press.citeBook## ##plugins.themes.clarte.press.shareBook##

Auteurs-es

FOLORUNSO, Benjamin Ayodele
stagiaire
##doi.readerDisplayName## https://doi.org/10.57054/codesria.pub.2057

Mots-clés :

Women and community dynamic specification money demand function Nigeria : 1960- 1995

Synopsis

This study has attempted to determine the nature of the demand for money relationship by presenting an alternative statistical evidence consistent with the existence of a long run money demand function and find if there existed a stable long run money demand function for more than three and a half decades in Nigeria. Data series employed were gathered from various sources such as CBN publications notably; Statistical Bulletin, Economic and Financial Review and Monthly and Annual Reports and Statement of Accounts for various years and the publication of
International Monetary Fund such as International Financial Statistic Yearbook. Models were developed through the adoption of Cointegration and ErrorCorrection Mechanism (ECM) techniques. The time series property of quarterly data employed were first of · all investigated. This was then followed by testing for cointegrated variables which appear in the aggregate money demand models using the sample period from 1960 to 1995. Based on the time series property of data used, the results clearly indicate that the tests failed to reject the null hypothesis that these variables are non-stationary except for inflation rate. It was found also that long run equilibrium relationship existed between
nominal ( or real) money stock and nominal ( or real) income. However, it is difficult to establish cointegration _ among all the variables of money demand function over the sample period. The evidence also shows that real Ml and M2 balances are cointegrated with real income. This implies that there exists a stable long run demand function for real Ml and M2 balances as a function of real income and other explanatory variables. The maintained hypothesis is that money demand in Nigeria has remained stable, but the dynamic adjustment processes are more complex than those presented in most earlier studies

##plugins.themes.clarte.stats.title##

##plugins.themes.clarte.metrics.views##
39
##plugins.themes.clarte.stats.downloads##
18

##plugins.themes.clarte.cites.title##

Google Scholar

Références

  1. Adam, C.S. (1991) "Financial Innovation and the Demand for Sterling M3 in the UK 1975-86", Oxford
  2. Bulletin of Economies and Statistics, Vol.53, No.4, pp.401-24.
  3. (1992) "Recent Developments in Econometric Methods: An Application to the Demand for Money in
  4. Kenya", African Economie Research Consortium, AERC Special Paper 15, pp.1-52.
  5. Adejuyigbe, M.O.A. (1988) "The Demand for Money in Nigeria: Further Considerations", The
  6. Nigerian Journal of Economie and Social Studies, Vol.30, No.2, pp.215-99.
  7. Adekunle, J.O. (1968) "The Demand for Money: Evidence from Developed and Less­ Developed
  8. Economies", IMF Staff Papers, Vol.15, No.2, pp.220-66.
  9. Ajayi, S.I. (1974) "The Demand for Money in_the Nigerian Economy: Comments and Extension", NJESS,
  10. Vol.16, No.1, pp.165-73.
  11. Ajewole, J.O. (1989) "Sorne Evidence on Demand for Money in Nigeria: A Test of Mckinnon Model of
  12. Demand for Money in Developing Economies", Savings and Development, Vol.XIII, No.2, pp.183-97.
  13. Akerlof, G.A. and Milbourne, D. (1980) "The Short-Run Demand for Money", Economie Journal,
  14. Vol.90, No.360, pp.885-900.
  15. Akinnifesi, E.O. and Phillips, T. (1978) "The Determinants and Control of Money Stock in Nigeria",
  16. CBN, Economie and Financial Review, Vol.16, No.1, pp.26-38.
  17. Anyanwu, J.C. (1994) "The Behaviour and Determinants of Incarne Velocity of Money: A Study of the
  18. Nigerian Experience 1960-1992", A Final Research Report Presented at the AERC Workshop, Nairobi,
  19. Kenya.
  20. Arango, S. and Nadiri, M.I. (1981) "Demand for Money in Open Economies", Journal of Monetary
  21. Economies, Vol.7, pp.69-83.
  22. Artis, M.J. and Lewis, M.K. (1974) "The Demand for Money: Stable or Unstable?", The Banker,
  23. Vol.124, pp.239-47.
  24. ------- (1976) "The Demand for Money in the UK: 1963-73", Manchester School, Vol.44, pp.147-81.
  25. ------- (1981) "Monetary Control in the United Kingdom", Philip Alan, Oxford.
  26. - (1984) "How Unstable is the Demand for Money in the UK?",
  27. Economica, Vol.51, pp.473-6.
  28. Audu, M.M. (1988) "Stability of Demand for Money Functions in Selected West African Countries
  29. (1960-1987)", M.Sc. Thesis Submitted to the Department of Economies, University of Lagos.
  30. Boughton, J.M. (1979) "The Demand for Money in Major OECD Countries", OECD Economie Outlook:
  31. Occasional Studies, pp.35-57.
  32. (1981) "Recent Instability of the Demand for Money: An International Perspective", Southern
  33. Economie Journal, Vol.47, No.3, pp.579-97.
  34. ------- (1991a) Long-Run Money Demand in Large Industrial Countries", IMF Staff Papers, Vol.38,
  35. pp.1-32.
  36. ------- (1991b) "Money demand in Pive Major Industrialised Countries: Estimating and Interpreting
  37. Error-Correction Models", pp.109-29, in Taylor,
  38. M.P. (ed.) Money and Financial Markets, Basil Blackwell, Oxford.
  39. Bronfenbrenner, M. and Mayer, T. (1960) "Liquidity Functions in the American Economy",
  40. Econometrica, Vol.28, pp.810-34.
  41. Brown, R.L. et al. (1975) "Techniques for Testing the Constancy of Regression Relationships Over
  42. Time", Journal of the Royal Statistical Society, Series B37, pp.153-57.
  43. Brunner, K. and Meltzer, A.H. (1963) "Predicting Velocity: Implications for Theory and Policy",
  44. Journal of Finance, Vol.18, pp.319-54.
  45. ------- (1964) "Sorne Further Evidence on Supply and Demand Functions
  46. for Money", Journal of Finance, Vol.19, pp.240-83.
  47. Budd, A. and Holly, S. (1986) "Economie Viewpoint: Does Broad Money matter?", London Business
  48. School Economie Outlook 1985 -1989, Vol.10, pp.16-22.
  49. Cagan, R. (1956) "The Monetary Dynamic of Hyperinflation", pp.25-57, in Friedman,
  50. M. (ed.), Studies in the Ouantity Theory of Money, University of Chicago Press, Chicago.
  51. Charemza, W.W. and Deadman, D.F. (1992) "New Directions in Econometric Practice: General to
  52. Specific Modelling, Cointegration and Vector Autoregression", University Press, Cambridge.
  53. Chow, G.C. (1960) "Test of Equality Between Sets of Coefficients in Two Linear Regressions",
  54. Econometrica, Vol.28, pp.591-605.
  55. Coghlan, R.T. (1978) "A Transaction Demand for Money", Bank of England Quarterly Bulletin, Vol.18,
  56. pp.48-60.
  57. Cooley, T.F. and Leroy, S.F. (1981) "Identification and Estimation of Money Demand", American
  58. Economie Review, Vol.71, pp.825-44.
  59. Cooley, T.F. and Prescott, E.C. (1973) "Systematic Variation Models Varying Parameter
  60. Regression: A Theory and Sorne Applications", Annals of Economie and Social Measurement, Vol.2,
  61. No.4, pp.463-73.
  62. Courakis, A.S. (1978) "Serial Correlation and A Bank of England Study of the Demand for Money: An
  63. Exercise in measurement Without Theory", Economie Journal, Vol.88, pp.537-48.
  64. Crockett, A.D. and Evans, O.J. (1980) "Demand for Money in Middle Eastern Countries", IMF Staff
  65. Papers, Vol.27, No.3, pp.543-77.
  66. Cuthbertson, K. (1985) "The Supply and Demand for Money", Basil Blackwell, Oxford.
  67. Cuthbertson, K. and Taylor, M.P. (1988) "Alternative Scale variables in the US Demand Function for
  68. Narrow Money; Sorne Non-nested Tests", Cyprus Journal of Economies, Vol. l, pp.102-10.
  69. Darat, A.F. (1984) "The Money Demand Relationship in Saudi Arabia: An Empirical Investigation",
  70. Journal of Economie Studies, Vol.11, No.3, pp.43-50.
  71. ------- (1986) "The Demand for Money in Sorne Major OPEC Members: Regression Estimates and
  72. Stability Results", Applied Economies, Vol.18, No.2,
  73. pp.127-42.

Téléchargements

Mémoire complete

##catalog.published##

juillet 7, 2023

Langue

Anglais

Séries

Mémoires
© CODESRIA Books Publication System 2023

Renseignements à propos de cette monographie

Dimensions physiques

##plugins.themes.clarte.press.citeBook##

APA Ayodele, F. B. (2023). Women and community A dynamic specification of aggregate money demand function in Nigeria : 1960- 1995credit in southwestern Nigeria. CODESRIA. https://doi.org/10.57054/codesria.pub.2057

##plugins.themes.clarte.cite.bibtex## ##plugins.themes.clarte.cite.ris##
##plugins.themes.clarte.press.otherStyles##

Chicago Ayodele, FOLORUNSO, Benjamin. Women and community A dynamic specification of aggregate money demand function in Nigeria : 1960- 1995credit in southwestern Nigeria. Dakar: CODESRIA, 2023. https://doi.org/10.57054/codesria.pub.2057.

MLA Ayodele, FOLORUNSO, Benjamin. Women and community A dynamic specification of aggregate money demand function in Nigeria : 1960- 1995credit in southwestern Nigeria. CODESRIA, 2023. https://doi.org/10.57054/codesria.pub.2057.

##plugins.themes.clarte.press.shareBook##

##plugins.themes.clarte.shareEmail## WhatsApp LinkedIn X Facebook

##plugins.themes.clarte.press.related##

##plugins.themes.clarte.press.seeAll##