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Stability of the Nigerian M2 Money Demand Function in the SAP Period

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  • Emmanuel Anoruo

    ()
    (Coppin State College)

Abstract

This paper explores the stability of the M2 money demand function in Nigeria in the Structural Adjustment Program (SAP) period. The results from the Johansen and Juselius cointegration test suggest that real discount rate, economic activity and real M2, are cointegrated. The Hansen (1992), CUSUM and CUSUMQ stability test results indicate that the M2 money demand function in Nigeria is stable for the study period. The results of the study show that M2 is a viable monetary policy tool that could be used to stimulate economic activity in Nigeria.

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File URL: http://www.accessecon.com/pubs/EB/2002/Volume14/EB-02N10001A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 14 (2002)
Issue (Month): 3 ()
Pages: 1-9

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Handle: RePEc:ebl:ecbull:eb-02n10001

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Keywords: Money demand Nigeria Cointegration Stability Tests CUSUM CUSUMQ;

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  1. Bahmani-Oskooee, Mohsen, 2001. "How stable is M2 money demand function in Japan?," Japan and the World Economy, Elsevier, Elsevier, vol. 13(4), pages 455-461, December.
  2. Godwin Nwaobi, 2001. "A Vector Error Correction And Nonnested Modelling Of Money Demand Function In Nigeria," Econometrics, EconWPA 0111004, EconWPA.
  3. repec:ebl:ecbull:v:3:y:2002:i:4:p:1-8 is not listed on IDEAS
  4. David Fielding, 1994. "Money Demand in Four African Countries," Journal of Economic Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 21(2), pages 3-37, May.
  5. Mohsen Bahmani-Oskooee & Michael P. Barry, 2000. "Stability of the Demand for Money in an Unstable Country: Russia," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 22(4), pages 619-629, July.
  6. Hansen, Bruce E, 2002. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 20(1), pages 45-59, January.
  7. Bahmani-Oskooee, Mohsen & Bohl, Martin T., 2000. "German monetary unification and the stability of the German M3 money demand function," Economics Letters, Elsevier, Elsevier, vol. 66(2), pages 203-208, February.
  8. Naoko Hamori & Shigeyuki Hamori, 1999. "Stability of the money demand function in Germany," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(5), pages 329-332.
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Cited by:
  1. Kumar, Saten & Webber, Don J. & Fargher, Scott, 2010. "Money demand stability: A case study of Nigeria," MPRA Paper 26074, University Library of Munich, Germany.
  2. Wehnam Peter Dabale & Nelson Jagero, 2013. "Causes of Interest Rate Volatility and its Economic Implications in Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(4), pages 27-32, October.

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