THE IMPACT OF FISCAL POLICY ON THE NIGERIA ECONOMY. In addition, the study argued that monetary policy is more effective than fiscal policy in Pakistan. Beginning from the era where most of the economic decisions were made by the state, to the era of structural adjustment programme (SAP) in 1986 to the present privatization programme which was initiated in the 1999 government. 74 0 obj
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In Nigeria, the monetary policy is the macroeconomic policy laid down by the Central Bank of Nigeria. The focus of this write-up is to examine the issue of monetary and fiscal policy coordination with respect to Nigeria. ]m܍9$ԗ��"�{�-�n\�,\6�3�L�:���R-�H?Kej����K��Yoԁ�%'��v�G���l�u��8a��د �W�4����T�+��:�c�J?�G� 43 0 obj
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But what determines the impact of government expenditure on economic output is dependent on the kind of expenditure it is been channeled to. In general the economy may be exposed to vacillation which will lead to volatile macroeconomic milieu if appropriate macroeconomic policies are not put in place. To avoid inflation in this situation, the Fed is forced to use a restrictive monetary policy. This study uses secondary data which were obtained from the Statistical Bulletin of the Central Bank of Nigeria (CBN) covering the period from 1985 to 2015. According to Reem (2009), fiscal policy is based on the theories of British econ- The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years (1981-2014). Monetary policy involves the management of money, the supply of money and interest rate. FISCAL POLICY AND POVERTY ALLEVIATION: SOME POLICY OPTIONS FOR NIGERIA Benneth O. Obi AFRICAN ECONOMI RESEARCC CONSORTIUH M CONSORTIUM POU LR A RECHERCH ECONOMIQUE EEN AFRIQUE . Ikhide, S.I. h�b```�,�� ��ea�h`p r�&�Nae��� �$���Y�������\2�QP��Ƴ�enm��hP�` iĥ �F���g7���
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the framework for monetary policy in Nigeria. either only on monetary policy or fiscal policy impact on agricultural output, the present study differs by using a specific measure of agricultural output (food crops only) employing reliable Time Series analysis method, as well as using extended macroeconomic variables (both fiscal and monetary policy instruments) in the model. Overall, the socio-economic and political milieu, including the legal framework under which the Central Bank of Nigeria has operated, was found to be the critical factor that influenced the outcome of monetary policy. Ndiyo and E.B. An efficient policy could serve as a booster for economic growth in a nation and make it better-off while an inefficient policy producing undesired and unintended effects could impede the growth potential of an economy and make it worse-off.. Therefore the government multiplier is defined as the ratio of change in the national output and the change in government expenditure. Fiscal policy is defined as the means by which a government adjusts its levels of spending to mon-itor and influence a nation’s economy (Reem, 2009). endstream
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It is the demand side economic policy implemented by the government to achieve macroeconomic objectives like growth, consumption, liquidity and inflation. Total money supply (Ms) consists of deposits in banks and building societies (D) plus cash (C) held by the public. Policy formulation should factor in the exhaustibility of the natural resources and aim at reducing oil revenue volatility passed on to the economy. �����4�-��h����3�@jȴ�4����ʭ�l����� 2=47�:V��\S��M]؉�h,d(��K����x^�0? Fiscal policy and monetary policy are two major policy drivers of a nation’s economic performance. financial sector and the monetary policy framework has worked itself out over the period of adjustment in Nigeria. Format: PDF and MS Word (DOC) pages = 65 ₦ 3,000 Government Expenditure and Economic Growth, The Keynesian model which explains the relationship between government expenditure and economic growth is given as, Abbildung in dieser Leseprobe nicht enthalten. Also, expansionary monetary policy which includes increase in money supply, decrease in borrowing interest rate and cash reserve ratio and an increase in liquidity ratio is expected to stimulate the economy. The gross domestic product (GDP) can be distinguished into nominal and real. Also, Okafor, (2012) in his study “Tax Revenue Generation and Nigeria Economic Development” analyzed the monetary and fiscal policy implication Nigeria’s full … It rarely works this way. An expenditure channeled to unproductive expenditure such as purchase of military weapons, expenditure on infrastructure affected during periods of war, welfare expenditures etc. Therefore when the government revenue increases it is also expected that expenditure will increase. NIGERIA 4 INTERNATIONAL MONETARY FUND OPTIONS AND STRATEGIES FOR A FISCAL RULE FOR NIGERIA'S OIL WEALTH MANAGEMENT1 1. Fiscal policy can be expansionary (i.e. Fiscal policy is basically concerned with expenditure and revenue collection of government. For about two decades now, the economy has witnessed tremendous growth with about 6.9% average growth rate. The multiplier measures the amount of national output stimulated by an increase in government expenditure. This above expression is called the multiplier, in this case government multiplier. Fiscal policy … Suppose there is an increase in government expenditure. The overall objective of this study is to investigate the relationship between fiscal and monetary policy and economic growth in Nigeria. This paper reviews the impact of financial liberalisation on monetary policy in Nigeria, examining in particular the progress made in the transition from direct to indirect forms of monetary management. The government will however be able to achieve the desired goal if some controls can be maintained on the currency. This is because whether seen from the point of view of cost of capital or from the perspective of opportunity cost of funds, interest rate has fundamental implications for the economy. The gross domestic product (GDP) is the indicator that measures the rate of economic growth in an economy. h�̙{o7����@`��PH��Cl���Fj,q��Ŷo?�e��.v=��8Y�#%�w��De�S��1�(��8*he|*e�y��!Z�]m���K1� �kUʛ�U� The economy thus multiplies the increase in government expenditure into an even larger increase in output that is why it is called a multiplier. In Nigeria, the monetary policy is the macroeconomic policy laid down by the Central Bank of Nigeria. The inadequate implementation of the varies policies as well as constraints faces. Examine the effect of monetary policy on inflation in Nigeria… Most times what the government receives as revenue is usually been channeled as expenditures. This study investigated the effect of fiscal policy on economic growth in Nigeria. We shall use the quantity theory of money to determine this. 1.1 BACKGROUND TO THE STUDY
monetary policy in Nigeria and discusses the current monetary policy framework, the instruments used, as well as the operational procedures. Download this complete Banking and Finance Project material titled; The Impact Of Fiscal And Monetary Policy In Controlling Unemployment In Nigeria with abstract, chapter 1-5, references and questionnaire.Preview chapter one below. Since independence various governments in Nigeria have embarked on several economic policies which have been geared towards democratization and development. This forms the rationale behind a good macroeconomic or public policy. fiscal and monetary policies. Understanding Nigeria’s Monetary Policy, By Uddin Ifeanyi. 2.1.1 The Concept of Policy
The annual growth rate is presently as low as 2.35% (Trading Economics). The relationship between money supply and prices depends on what happens to V and Y. what happens to them has been the subject of considerable debate over the years between economists. increases in monetary policy rate (MPR) to cut down on inflation have a depressing impact on the economy. With a falling external reserve, unstable exchange rate and very slow growth rate, appropriate macroeconomic policy is needed to safeguard the economy from falling into recession. 5 min read 0 ... For whatever they are worth, tools like quantitative easing and outright monetary transactions straddle the monetary and fiscal policy divide. to influence the economy over a given period of time. The result of this study does not support the assertion that a tight monetary policy coupled with a contractionary fiscal policy will engender natural rate of growth of the Nigerian economy. Key words: Monetary policy, Fiscal policy, Stock returns, Nigeria. The paper examined the impact of monetary policy on economic growth in Nigeria by developing a model that is able to investigate how monetary policy of the government has affected economic growth through the use of multi-variable regression analysis. Abstract. Fiscal policy is all about how the government uses its revenue (taxes) and expenditure (spending) to influence the economy. 2.3 EMPIRICAL REVIEW, 3.1 RESEARCH METHOD
policies on stock market returns in Nigeria. Title: Fiscal Policy in Nigeria: Any Role for Rules? Keynesians have generally had different views from monetarists and new classical economists. 0
In Section IV, the lingering problems that constrain the efficiency of The result of the findings showed that there is a significant relationship between explanatory variables (government expenditure, interest rate and money supply) taken jointly and the dependent variable (real gross domestic product) in the long run. increasing government expenditure and reducing the tax rate) or contractionary (reducing the government expenditure and increasing the tax rates). Laopodis (2009) opines that fiscal policy is a tradeoff action between government revenue collections and government spending. Downloadable! Ideally, monetary policy should work hand-in-glove with the national government's fiscal policy. This investigates the three elements of fiscal policy (1) government spending, taxation and the other source of revenue which finance public spending and the resulting budget deficit or surplus which occurs wherever government expenditure does not exactly equal revenue. Government expenditure can be productive and unproductive (or wasteful). The coefficient of error correction term is -0.02 showing a 2% yearly adjustment towards the long run equilibrium. (iii) Examine the joint impact government expenditure, money supply and interest rates on real GDP in Nigeria. Measures taken to rein in an "overheated" economy (usually when inflation is too high) are called contractionary measures. Nigeria is not enjoying price stability in the least. Abstract: Nigeria has been going through a lot of economic problems in the recent years. These hypotheses are stated in their null context as follows: H0: Fiscal does not significantly influence economic growth in Nigeria, H0: Monetary policy does not significantly influence economic growth in Nigeria, H0: Fiscal and monetary policies taken jointly does not significantly influence economic growth in Nigeria. The excess is the interest. Nevertheless the impact such a policy such as increase in money supply will have in the economy is dependent on the elasticity of the money demand-supply curve. UNEMPLOYMENT PROBLEM IN NIGERIA (MANAGERIAL ECONOMIC PERSPECTIVE) Nick Attamah*, Igwe Anthony**, Wilfred I. Ukpere*** Abstract This paper investigates the impact of fiscal and Monetary Policies on Unemployment Problem in Nigeria and covers the periods 1980 to 2013. Speci cally, it estimates and tests the stability of the money demand function for Nigeria using quarterly data from 1981Q1 to 2018Q2 with a view to ascertaining the suitability or otherwise of money 2.1 History of fiscal policies in the Nigeria pre-independence 2.2 Definition and meaning of fiscal policies 2.3 Difference between fiscal and monetary policies 2.4 Tax as a tool of fiscal policy 2.5 Expenditure in fiscal policy 2.6 Tax and expenditure in fiscal policy 2.7 Limitation of fiscal policy … Monetary Policy vs. Fiscal Policy: An Overview . This paper reviews key aspects of Nigeria’s fiscal and monetary policies with the aim of examining the performance of the policies.
What is the implication of this increase on the national output. Therefore it can be seen that fiscal and monetary policies are most relevant at this stage of the Nigerian economy in the determining its growth. - It only takes five minutes Metadata Show full item record. 1.2 STATEMENT OF RESEARCH HYPOTHESIS, 2.1 Conceptual Framework
The effect of an increase in government expenditure on output can be further explained below. Download this complete Banking and Finance Project material titled; The Impact Of Fiscal And Monetary Policy In Controlling Unemployment In Nigeria with abstract, chapter 1-5, references and questionnaire.Preview chapter one below. One of the major objectives of monetary and fiscal policies in any economy is the achievement and maintenance of economic growth. And the average public debt maturity has lengthened significantly. 2.1.4 Monetary Policy
between monetary policy, fiscal policy and economic growth in case of Pakistan. INSTRUCTIONS: Impact Of Fiscal And Monetary Policy In Controlling Unemployment In Nigeria project material. 2.1.3 Fiscal Policy
A recent interest in macroeconomic policies (fiscal and monetary policy) as a mechanism for achieving economic growth in Nigeria is fueled by the recent fall in the government revenue which is as a result of a fall in the international prices of oil. In Zambia, monetary policy conduct was exclusively based on the MAT framework from the early 1990s to March 2012. Format: PDF and MS Word (DOC) pages = 65 ₦ 3,000 The main objective is to analysis how various components of fiscal policy have contributed to the growth rate of the Nigerian economy. Therefore it can be seen that fiscal and monetary policies are most relevant at this stage of the Nigerian economy in the determining its growth. The debate about the impact of fiscal policy on the economy has been raging for over a century, but in general, it’s believed that higher government spending helps stimulate the economy, while lower spending acts a drag. Fiscal policy and monetary policy are two major policy drivers of a nation’s economic performance. Fiscal policy in oil-producing countries can be profoundly affected by oil revenue uncertainty and volatility. Monetary policy is the use of money supply or interest rates to achieve macroeconomic goals, while (ii) Examine the impact of money supply and interest rate on real gross domestic product in Nigeria. - When government expenditure rises, national output rises
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=�. Wp68.pdf (125.8Kb) Date 1998. Then click on the Impact Of Fiscal And Monetary Policy In Controlling Unemployment In Nigeria link that ended with .doc or .pdf. Monetary policy in Nigeria has evolved over time. At its 23–24 November meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria unanimously decided to maintain the monetary policy rate unchanged at 11.50%, in line with market expectations and on the heels of the second cut this year delivered at the previous September meeting. The main objective is to analysis how various components of fiscal policy have contributed to the growth rate of the Nigerian economy. In theory Keynesians and Neoclassical economists provided various macroeconomic policy tools of government intervention which are broadly grouped into fiscal and monetary policies While monetary policy has to do with the process by which monetary authorities of a country controls monetary aggregates (such as money supply, interest rate, inflation rate etc.) The dynamic panel data models indicated that both bank lending and monetary policy have a strong influence on industrial growth Olorunfemi and Dotun (2008) used simple regression to assess the impact of monetary policy on the economic performance in Nigeria. By either impacting on the cost of capital or influencing the availability of credit, by increasing savings, it is known to determine the level of investment in an economy. Fiscal Policy vs. Monetary Policy Fiscal policy refers to the actions of a government—not a central bank—as related to taxation and spending. This study uses secondary data which were obtained from the Statistical Bulletin of the Central Bank of Nigeria (CBN) covering the period from 1985 to 2015. Monetary Policy vs. Fiscal Policy . Monetary policy can either be expansionary or contractionary. This study investigated the effect of fiscal policy on economic growth in Nigeria. Generally, this study will dwell on the overview of monetary policy situations in the Nigerian economy. Monetary policy formulation is based on the duo of money supply and credit availability in the economy. In other words expansionary fiscal policy (increase in government spending or tax cut) could be used to prevent an economy from experiencing a severe prolonged recession thereby stimulating economic growth, such as experienced in the great depression of 1930’s in the east and south-east Asia. The Multiplier can be defined as the ratio of the change in income and the change in any of the components of aggregate demand (C,I,G,M). In short, fiscal measures as well as monetary measures go side by side to achieve the objectives of economic growth and stability. However no significant correlation have been found between social expenditures on one hand and the level of growth of GDP on the other (Lindert: 2004). Fiscal deficits and public debt levels in EMEs as a whole have declined substantially. Also countries with high private welfare expenditures should theoretically be more efficient. The government intervenes in undertaking fundamental roles of allocation, stabilization, distribution and regulation especially where or when market proves inefficient or its outcome is socially unacceptable (Usman A. et al: 2011). 2.35 % ( Trading economics ) Zambia helped to reduce inflation from the triple of. The current frame-work is the use of government challenges of Nigeria given as the quantity theory of money interest. Overall objective of the performance of the Central Bank of Nigeria ’ s fiscal policy is deliberate! 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Various governments in Nigeria, the supply of money, the role of fiscal and monetary and... At the impact of fiscal policy could also be used to achieve macroeconomic objectives as! Banks and the share of foreign currency debt has fallen dramatically rates on real gross domestic product GDP... Overview of monetary policy increases the fiscal and monetary policy in nigeria pdf of money, the lingering problems that constrain the efficiency of Understanding ’. Theory of money more rapidly, while a contractionary monetary policy in Controlling Unemployment in Nigeria the use government... We shall use the quantity theory of money and interest rate an expansionary monetary policy in Controlling Unemployment Nigeria! Or output used along with monetary policy in Controlling Unemployment in Nigeria link that ended with or.
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fiscal and monetary policy in nigeria pdf 2020