Women and community A dynamic specification of aggregate money demand function in Nigeria : 1960- 1995credit in southwestern Nigeria
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https://doi.org/10.57054/codesria.pub.2057
Mots-clés :
Women and community, dynamic specification, money demand function, Nigeria : 1960- 1995Synopsis
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
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