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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Budget deficits, money growth and price level in Nigeria
Author:Chukwu, Jude Okechukwu
Year:2013
Periodical:African Development Review (ISSN 1467-8268)
Volume:25
Issue:4
Pages:468-477
Language:English
Geographic term:Nigeria
Subjects:budget deficits
prices
money supply
External link:https://onlinelibrary.wiley.com/doi/10.1111/1467-8268.12042/pdf
Abstract:This study investigates the long-run causal relationship between budget deficits, money growth and price level in Nigeria between 1971 and 2008. The empirical findings predict a long-term cointegrating relationship with unidirectional causality running from budget deficit to money supply growth and then from money supply growth to price level in the H.Y. Toda and T. Yamamoto (1995) sense. Thus, the T.J. Sargent and N. Wallace (1981) 'Unpleasant Monetarist Arithmetic' hypothesis holds for Nigeria, which suggests that the time path of government budget deficit be weakly exogenous in the long-run money-growth equation. Therefore, fiscal policy would have great impact on money growth. The Central Bank of Nigeria could be more effective in promoting economic stabilization and economic growth through expansionary monetary policy that would enable private sector access to credit facilities. Bibliogr., sum. in English and French. [Journal abstract, edited]
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