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MONETARY POLICY IMPULSE ON DOMESTIC PRIVATE INVESTMENT IN NIGERIA: AN ARDL BOUND COINTEGRATING ANALYSIS
Authors
Eche Nwachukwu Austine,Akeem Adetokun,Anaeto Chinaeme Abigail
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Keywords
Domestic Private Investment, Monetary Policy Rate, Growth Rate of National Income, minimum Reserve Ratio, Money Supply and Auto-Regressive distributed lag (ARDL)
Abstract
The study analyzed monetary policy impulse on domestic private investment in Nigeria for the period of 1981 to 2018. The Augmented Dickey-Fuller test and Autoregressive Distributed Lag model were employed in the analysis of the model. The ADF unit test result reported stationarity of the variables at order 1(1), which satisfied the conditions to adopt the ARDL Bounds testing approach. The ARDL Bounds test revealed cointegration of variables; that is, the presence of a long run relationship between the variables. Consequently, the result showed that monetary policy rate exhibits a negative and significant impulse on domestic private investment in both short and long run dynamic. However, Prime lending rate exhibit a positive and significant impulse on domestic private investment in both periods. More so, minimum reserve ratio and money supply jointly exhibits negative and insignificant impulse on domestic private investment in both short run and long run. The growth of national income (GDP) exhibits a negative and insignificant impulse on domestic private investment in the short run, but in the long run the impulse dynamics was positive and significant which conforms with the a priori expectations. Ramsey reset test revealed that the model was correctly specified since the p-value of f-statistic is more than 0.1. while the normality test revealed that, regression residual was normally distributed at 5% level of significance. The study recommends that a policy that can maintain monetary policy rate at a minimal level that�s capable of inducing private investment should be vigorously pursued. This policy can be transmitted through engaging selected micro-financed banks by the central bank of Nigeria for grass root penetration. While on the other hand, minimum rediscount ratio should be downsized to boost the volume of liquidity with the commercial banks, to service the medium and large-scale enterprise.
IJCRT's Publication Details
Unique Identification Number - IJCRT2007546
Paper ID - 197422
Author type - N
Page Number(s) - 4993-5003
Pubished in - Volume 8 | Issue 7 | July 2020
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No Of Downloads - 1334
Author Country - --, -*, -, -, -*, Science & Technology
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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Eche Nwachukwu Austine,Akeem Adetokun,Anaeto Chinaeme Abigail, "MONETARY POLICY IMPULSE ON DOMESTIC PRIVATE INVESTMENT IN NIGERIA: AN ARDL BOUND COINTEGRATING ANALYSIS", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.8, Issue 7, pp.4993-5003, July 2020, Available at :http://www.ijcrt.org/papers/IJCRT2007546.pdf
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