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

  • Emmanuel Anoruo

    ()

    (Coppin State College)

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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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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  1. Bahmani-Oskooee, Mohsen & Bohl, Martin T., 2000. "German monetary unification and the stability of the German M3 money demand function," Economics Letters, Elsevier, vol. 66(2), pages 203-208, February.
  2. Hansen, Bruce E, 2002. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 45-59, January.
  3. Bahmani-Oskooee, Mohsen, 2001. "How stable is M2 money demand function in Japan?," Japan and the World Economy, Elsevier, vol. 13(4), pages 455-461, December.
  4. Godwin Nwaobi, 2001. "A Vector Error Correction And Nonnested Modelling Of Money Demand Function In Nigeria," Econometrics 0111004, EconWPA.
  5. Naoko Hamori & Shigeyuki Hamori, 1999. "Stability of the money demand function in Germany," Applied Economics Letters, Taylor & Francis Journals, vol. 6(5), pages 329-332.
  6. David Fielding, 1994. "Money Demand in Four African Countries," Journal of Economic Studies, Emerald Group Publishing, vol. 21(2), pages 3-37, May.
  7. 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., vol. 22(4), pages 619-629, July.
  8. repec:ebl:ecbull:v:3:y:2002:i:4:p:1-8 is not listed on IDEAS
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