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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Conduct of monetary policy in Nigeria: empirical evidence on the appropriate instruments, intermediate targets and indicators
Author:Odedokun, M.O.ISNI
Periodical:The Nigerian Journal of Economic and Social Studies
Geographic term:Nigeria
Subject:monetary policy
Abstract:Proper conduct of monetary policy requires appropriate choice of instruments and of intermediate targets and indicators. The author reports on the empirical identification of suitable instruments, targets and indicators using quarterly data over the decades of the 1970s and the 1980s for Nigeria. The monetary instruments considered are growth of monetary base, discount rate and growth of combined bank credits to the private sector, while the intermediate targets employed are growth of nominal value of narrow money stock, growth of nominal value of wide money stock, growth of commercial bank credit to the private sector, growth of nominal GDP and lending rate of commercial banks. A wide range of indicators was considered, including bank reserve growth, bank reserve/deposit ratio, growth of bank liquid assets, liquidity ratio of commercial banks, growth of real value of narrow money stock, growth of real value of wide money stock, and commercial bank credit to the preferred or 'productive' sectors of the economy. All these were considered against the ultimate goals of increased manufacturing output, expansion of real GDP, price stability and balance of payments equilibrium. Bibliogr., sum.