Financial innovation and the stability of money demand in Nigeria.
Studies that explore the relationship between financial innovation and the stability of money demand in Africa use the indirect measure of financial innovation. Previous studies on Nigeria also ignored total monetary aggregates (M3), despite its importance to monetary policy formulation and liquidit...
| Publicado en: | African Development Review / Revue Africaine de Développement Vol. 34; no. 2; pp. 215 - 232 |
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| Autores principales: | , , , , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
Jun2022
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| Materias: | |
| 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=157443657&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 157443657 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10176772 BLP jtl: African Development Review / Revue Africaine de Développement issn: 10176772 maglogo: Y pubinfo: dt: Jun2022 vid: 34 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 157443657 10.1111/1467-8268.12631 ppf: 215 ppct: 17 formats: tig: atl: Financial innovation and the stability of money demand in Nigeria. aug: au: Ujunwa, Augustine Onah, Emmanuel Ujunwa, Angela Ifeanyi Okoyeuzu, Chinwe R Kalu, Ebere Ume affil: West African Monetary Institute, Accra, Ghana Department of Banking and Finance, University of Nigeria, Enugu Campus su: Nigeria Money supply Demand for money Financial security Demand function Cointegration Monetary policy Managerial economics sug: subj: Money supply Nigeria Demand for money Financial security Demand function Cointegration Monetary policy Managerial economics keyword: Business & Corporate Economics Macroeconomics Business & Corporate Economics Macroeconomics ab: Studies that explore the relationship between financial innovation and the stability of money demand in Africa use the indirect measure of financial innovation. Previous studies on Nigeria also ignored total monetary aggregates (M3), despite its importance to monetary policy formulation and liquidity management. This paper contributes to the existing literature in two ways; first, we expand the generic money demand function to include the direct measure of financial innovation. Second, we test the model on Nigeria using a broader definition of money demand—narrow money (M1), broad money (M2) and total monetary aggregates (M3). We employ the Pesaran et al. (2001) autoregressive distributed lag (ARDL) bounds test approach to cointegration in estimating the respective equations and find evidence of a long‐run relationship between money demand and financial innovation. The CUSUM and CUSUM‐of‐Squares tests reveal stable money demand across the three measures of money demand, which indicates that the inclusion of financial innovation has not altered the long‐run stability of money demand in Nigeria. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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