Artikel
On the stability of the money multiplier in Nigeria: Co-integration analyses with regime shifts in banking system liquidity
The study hypothesized the existence of regime shifts in the conduct of monetary policy, occasioned by changing liquidity conditions in the domestic banking system in Nigeria. Within the context of this prognosis, the study tests the stability of the money multiplier, utilizing methodological procedures that allow for the explicit consideration of regime shift bias in the specification of the model and the empirical estimation. The study found the existence of a stable long run relationship between broad money and the monetary base, confirming that the necessary condition for monetary control within a multiplier frame work is satisfied for Nigeria. Also, the spate of quantitative easing by the Central Bank of Nigeria to ameliorate adverse liquidity conditions and the lingering effects of the global financial crises occasioned a structural break in monetary policy, determined endogenously to have occurred in November 2009.
- Language
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Englisch
- Bibliographic citation
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Journal: Cogent Economics & Finance ; ISSN: 2332-2039 ; Volume: 4 ; Year: 2016 ; Issue: 1 ; Pages: 1-16 ; Abingdon: Taylor & Francis
- Classification
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Wirtschaft
Monetary Policy
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Existence and Stability Conditions of Equilibrium
- Subject
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money multiplier
banks liquidity
regime shifts
- Event
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Geistige Schöpfung
- (who)
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Tule, K. Moses
Ajilore, O. Taiwo
- Event
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Veröffentlichung
- (who)
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Taylor & Francis
- (where)
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Abingdon
- (when)
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2016
- DOI
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doi:10.1080/23322039.2016.1187780
- Handle
- Last update
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10.03.2025, 11:47 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Tule, K. Moses
- Ajilore, O. Taiwo
- Taylor & Francis
Time of origin
- 2016
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The Keynesian multiplier effect reconsidered
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residual-Based Tests for Cointegration in Models with Regime Shifts
The economics of the super-multiplier
The Keynesian multiplier effect reconsidered
Shadow banks and the collateral multiplier
The fiscal multiplier: positive or negative?
Parameter Uncertainty and the Fiscal Multiplier
Financial Fragility and the Fiscal Multiplier
Excess Liquidity and the Usefulness of the Money Multiplier
The effects of ignoring level shifts on systems cointegration tests
The Effects of Ignoring Level Shifts on Systems Cointegration Tests
The Conservation Multiplier
The multiplier problem
residual-Based Tests for Cointegration in Models with Regime Shifts
The economics of the super-multiplier
The Keynesian multiplier effect reconsidered
Shadow banks and the collateral multiplier
The fiscal multiplier: positive or negative?
Parameter Uncertainty and the Fiscal Multiplier