Empirical Analysis of Demand for Real Money Balances in Africa: Panel Evidence from Nigeria and Ghana.
This study investigates demand for real money balances in Africa using panel time-series data from Nigeria and Ghana between 1970 and 2014. The study employs Levin, Lin, Chu common unit root process and Pedroni Residual Cointegration Test which the results reveal that all the variables in the model...
| Publicado en: | African & Asian Studies Vol. 19; no. 4; pp. 363 - 377 |
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| Formato: | Artículo |
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Brill Academic Publishers
2020
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=147771833&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 147771833 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 15692094 KHJ jtl: African & Asian Studies issn: 15692094 maglogo: Y pubinfo: dt: 2020 vid: 19 iid: 4 pid: 639 pub: Brill Academic Publishers artinfo: ui: 147771833 10.1163/15692108-12341461 ppf: 363 ppct: 14 formats: fmt: – @attributes: type: T db: hlh ui: 147771833 – @attributes: type: P db: hlh ui: 147771833 tig: atl: Empirical Analysis of Demand for Real Money Balances in Africa: Panel Evidence from Nigeria and Ghana. aug: au: Nkalu, Chigozie Nelson affil: Lecturer, Department of Economics, University of Nigeria, Nsukka Enugu State, Nigeria PhD Candidate, Department of Economics, Aberdeen Business School, University of Aberdeen, Scotland, UK su: Cointegration Regression (Civilization) Least squares Monetary policy Inflation forecasting sug: subj: Cointegration Regression (Civilization) Least squares Monetary policy Inflation forecasting keyword: Africa Ghana inflation interest rates JEL: E12, E41, E51, E60 Nigeria Panel EGLS real income Real Money Balances Africa Ghana inflation interest rates JEL: E12, E41, E51, E60 Nigeria Panel EGLS real income Real Money Balances ab: This study investigates demand for real money balances in Africa using panel time-series data from Nigeria and Ghana between 1970 and 2014. The study employs Levin, Lin, Chu common unit root process and Pedroni Residual Cointegration Test which the results reveal that all the variables in the model are stationary and cointegrated respectively. Data sourced from the World Development Indicators (WDI) were analyzed using Panel Two-Stage Estimated Generalized Least Squares (cross-section Seemingly Unrelated Regression model (SURE)) with Instrumental Variables (IV). The results conform to the liquidity preference theory, with all the variables – inflation, real interest rates, and official exchange rates are statistically significant except real income. It is recommended that the monetary authorities in Africa especially the economies of Nigeria and Ghana should adopt appropriate monetary policies by placing interest rates, inflation and official exchange rates at acceptable levels to boost income through private sector investments. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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