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Monetary aspects of business cycles in an open developing economy. - Aspetti monetari del ciclo economico in un’economia aperta in via di sviluppo

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Abstract

This paper investigated the influence of selected m onetary actions on the real economy of Nigeria. A Monetarist framework and a causality app roach were employed in the analysis. The analysis covered nominal and real specifications an d, level and order of integration. Whereas, the outcome of the experiments involving nominal sp ecifications was mixed, real expressions firmly upheld monetary actions as the key driver of economic activities. The influences of both the price level and exogenous variables were palpab le. - Questo studio analizza l’influenza di alcuni specif ici interventi monetari sull’economia reale della Nigeria. Nell’analisi sono utilizzati un mode llo monetarista e un approccio causale. Si adottano specificazioni sia nominali sia reali a di versi ordini di integrazione. I risultati delle specificazioni nominali e reali risultano different i fra loro, mentre le formulazioni in termini reali danno risultati positivi per quanto riguarda gli effetti delle politiche monetarie. Sono rilevanti sia gli effetti del livello dei prezzi si a di altre variabili esogene.

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  • Ogun, Oluremi, 2016. "Monetary aspects of business cycles in an open developing economy. - Aspetti monetari del ciclo economico in un’economia aperta in via di sviluppo," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(1), pages 69-92.
    • Handle: RePEc:ris:ecoint:0770
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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Mishkin, Frederic S, 1992. "Anatomy of a Financial Crisis," Journal of Evolutionary Economics, Springer, vol. 2(2), pages 115-130, August.
    4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    5. Ogun, Oluremi, 2014. "Financial Sector Development and Economic Growth in Africa - Sviluppo finanziario e crescita economica in Africa," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 67(1), pages 127-149.
    6. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
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    More about this item

    Keywords

    Business Fluctuations and Cycles; Central Banks and their Policies; Causality; Open Economy Macroeconomics;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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