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This study empirically investigates the effectiveness of monetary policy with the aim of examinin... more This study empirically investigates the effectiveness of monetary policy with the aim of examining the effects of money supply and exchange rate on economic growth in Nigeria. The study utilises annual time series data on four germane variables; Gross Domestic Product, broad money supply, exchange rate and foreign reserve from 1980 to 2018. To obtain a robust and reliable results from the data employed in the empirical investigation, various economic techniques like Augmented Dickey Fuller Unit Root Test, Johansen Cointegration Test and Vector Error Correction Model (VECM) were employed and the following information surfaced: None of the variables was stationary at level meaning they all have unit roots. But all the variables became stationary after first difference. The study found that except exchange rate, all the other monetary instruments reflect direct impacts on economic growth in the long run. Broad money supply has positive and significant impact on economic growth in the l...
This study empirically investigates the effectiveness of monetary policy with the aim of examinin... more This study empirically investigates the effectiveness of monetary policy with the aim of examining the effects of money supply and exchange rate on economic growth in Nigeria. The study utilises annual time series data on four germane variables; Gross Domestic Product, broad money supply, exchange rate and foreign reserve from 1980 to 2018. To obtain a robust and reliable results from the data employed in the empirical investigation, various economic techniques like Augmented Dickey Fuller Unit Root Test, Johansen Cointegration Test and Vector Error Correction Model (VECM) were employed and the following information surfaced: None of the variables was stationary at level meaning they all have unit roots. But all the variables became stationary after first difference. The study found that except exchange rate, all the other monetary instruments reflect direct impacts on economic growth in the long run. Broad money supply has positive and significant impact on economic growth in the l...