MONEY SUPPLY VARIABILITY AND INTEREST RATE SPREAD IN DEVELOPING ECONOMIES: THE CASE OF NIGERIA

Autor:	Amon O. Okpala, Pender Gbenedio, O. Felix Ayadi
Rok vydání:	1999
Předmět:	Cointegration Structural adjustment Strategy and Management media_common.quotation_subject Money supply Developing country Monetary economics International economics Interest rate Granger causality Economics Pairwise comparison Yield curve Business and International Management media_common
Zdroj:	International Journal of Commerce and Management. 9:35-44
ISSN:	1056-9219
DOI:	10.1108/eb047381
Popis:	This paper applies cointegration technique to investigate the long‐run equilibrium relationship between money supply variability and interest rate spread in Nigeria subsequent to the introduction of a structural adjustment program. The results imply no long‐run equilibrium relationship between money growth variability and interest rate spread between 1985 and 1992. Furthermore, we found evidence from the Pairwise Granger Causality test that supports Friedman's hypothesis that money growth variability impacts the term structure of interest rates. These results have implications for developing economies, especially those that share characteristics similar to Nigeria's.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::226fe53912c5fef0cc41e6ddb2a0371e https://doi.org/10.1108/eb047381 Zobrazit plný text záznamu