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Financial innovations and the future of monetary policy in Nigeria

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  • Moses K. Tule
  • Moses O. Oduh

Abstract

This paper examines the implications of financial innovations on Nigeria’s monetary policy, using: trend analysis, error correction mechanism, and a structural model estimated with generalized method of moments. The study found that financial innovation improves the interest rate channel of monetary policy transmission, and the efficiency of the financial system. However, it increases the output gap and adds an element of uncertainty in the monetary policy environment as it increases the cost of implementing monetary policy and impinges on the potency of the operating target through its impact on the stability of the money multiplier, money velocity, and demand for money.

Suggested Citation

  • Moses K. Tule & Moses O. Oduh, 2017. "Financial innovations and the future of monetary policy in Nigeria," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 26(5), pages 453-476, July.
    • Handle: RePEc:taf:ecinnt:v:26:y:2017:i:5:p:453-476
    DOI: 10.1080/10438599.2016.1229854
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    Cited by:

    1. Augustine Ujunwa & Emmanuel Onah & Angela Ifeanyi Ujunwa & Chinwe R Okoyeuzu & Ebere Ume Kalu, 2022. "Financial innovation and the stability of money demand in Nigeria," African Development Review, African Development Bank, vol. 34(2), pages 215-231, June.
    2. Muhammad Z. Mumtaz & Zachary A. Smith, 2020. "Empirical examination of the role of fintech in monetary policy," Pacific Economic Review, Wiley Blackwell, vol. 25(5), pages 620-640, December.

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