THE IMPACT OF MONETARY POLICY ON THE NIGERIAN ECONOMIC GROWTH
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THE IMPACT OF MONETARY POLICY ON THE NIGERIAN ECONOMIC GROWTH
THE IMPACT OF MONETARY POLICY ON THE NIGERIAN ECONOMIC GROWTH CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
Macroeconomic policy consists of the actions aimed at
inducing appropriate changes in macroeconomic aggregates such as output,
employment and the price level. The major components of macroeconomic policy
include fiscal, monetary, debt management, exchange rate and prices and incomes
policies. The objectives of macroeconomic policy include price stability,
balance of payments equilibrium, a satisfactory rate of growth and a high level
of employment of the labour force. Monetary policy being one of the available
tools of macroeconomic policy assists in the pursuit of these macroeconomic
objectives.
Monetary policy refers to the actions undertaken by a
central bank to influence the availability and cost of money and credit as a
means of helping to promote national economic goals. The policy which aims at
controlling the growth of the monetary aggregates is expected to assist the
other policy tools in achieving the pre-stated macroeconomic objectives as well
as economic growth. Monetary policy is very important because it can go further
than some of the tools in helping to attain the overall policy goals but it
must be supported by these other tools. The Central Bank of any country makes
use of monetary policy instruments to influence the level of money supply in
the economy.
The monetary policy instruments are the direct means
available to the monetary authorities for influencing the intermediate
variables to achieve the ultimate goals of policy. Monetary policy instruments
are of two types: first, quantitative, general, indirect or market-based
instruments; and second, qualitative, selective or direct control instruments.
The direct control instruments are discretionally manipulated to achieve some
set targets while the market-based instruments are employed in a well developed
financial system to influence market participants in such a way that the
desirable targets are achieved. The indirect instruments include bank rate
variations, open market operations and changing reserve requirements and they
regulate the overall level of credit in the economy through commercial banks.
The direct instruments on the other hand are aimed at controlling specific
types of credit and they include changing margin requirements and regulation of
consumer credit. While the indirect instruments have been used very extensively
in the more developed market economies, the direct instruments predominate in
less developed economies such as ours. Both techniques aim at influencing the
cost and availability of banking systems credit. The direct technique involves
fixing of credit ceilings and interest rates by the monetary authorities for
compliance by banks, while the indirect technique achieves the same objective
through the financial markets. The most potent instrument of the indirect or
market based technique is Open Market Operations (OMO).
THE IMPACT OF MONETARY POLICY ON THE NIGERIAN ECONOMIC GROWTH
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Macroeconomic policy consists of the actions aimed at inducing appropriate changes in macroeconomic aggregates such as output, employment and the price level. The major components of macroeconomic policy include fiscal, monetary, debt management, exchange rate and prices and incomes policies. The objectives of macroeconomic policy include price stability, balance of payments equilibrium, a satisfactory rate of growth and a high level of employment of the labour force. Monetary policy being one of the available tools of macroeconomic policy assists in the pursuit of these macroeconomic objectives.
Monetary policy refers to the actions undertaken by a central bank to influence the availability and cost of money and credit as a means of helping to promote national economic goals. The policy which aims at controlling the growth of the monetary aggregates is expected to assist the other policy tools in achieving the pre-stated macroeconomic objectives as well as economic growth. Monetary policy is very important because it can go further than some of the tools in helping to attain the overall policy goals but it must be supported by these other tools. The Central Bank of any country makes use of monetary policy instruments to influence the level of money supply in the economy.
The monetary policy instruments are the direct means available to the monetary authorities for influencing the intermediate variables to achieve the ultimate goals of policy. Monetary policy instrume.. accounting project topics
THE IMPACT OF MONETARY POLICY ON THE NIGERIAN ECONOMIC GROWTH