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CHAPTER
ONE |
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INTRODUCTION BACKGROUND
OF THE STUDY Generally
monetary control includes those devices that influence the overall supply,
cost and availability of money and credit.
This is the responsibility of the monetary authority which comprises
the central bank and the federal government in Nigeria, the central bank
exercises primary responsibilities for initiating, articulating, implementing
and appraising such policies. The
banks proposal are subject to ratification by the federal government. Monetary
policy are monetary management techniques put in place by the government
through the central bank to control money stock that is supply of money in
order to influence broad macro-economic objectives which include price
stability, high level of employment, sustainable economic growth and a
balance of payment equilibrium. These broad objectives are achieved through
the use of appropriate instruments, depending on which objective the policy
formulated want to achieve and on the level of development of the economy. In
the application of monetary policy as instruments of economic growth, here
these instruments are determined by the nature of the problems to be solved
and by the environment in which these problems exist. There are broadly two categories of these
viz, quantitative or indirect controls and selective (qualitative or direct)
controls. Indirect instruments are
usually used in market based economic where the quantity of money stock can
be affected through the relationship between money supply and reserve money
as well as the ability of the monetary authority to influence the creation of
reserves. The reserves and hence, money supply can be affected
through the following ways: i.
Change in reserves deposit ratio ii.
Change in discount rate iii.
Interest rate change and iv.
Engaging in open market operation (OMO) In an
under-developed financial environment, the instruments of monetary and credit
targets at desired levels. The major
direct control is direct interest regulation.
Hence the regulatory authorities interpose explicit limitations on
dealings between borrowers and creditors. These
instruments of monetary policy are applied in the achievement of various
objectives However, all such objectives are in consonance with the broad
objectives of the 1st National Rolling plan (1990-1992) which are: The
consolidation of the achievement made so far in the implementation of the
structural adjustment programme (SAP).
The plan is also to deal with pressing problems of inflation,
unemployment, the sluggish performance of the productive sectors particularly
manufacturing and the inadequate availability of foreign exchange with the
aim of achieving of non – oil export. Other socio economic problems to be
addressed by the plan include the high growth rate of population, threats to
the environment and the menace of anti-social behaviour such as aimed
robbery, and other junile delinquency.
These objectives viz, a highly level of employment, price stability, a
sustainable level of economic growth and balance of payment equilibrium. However,
the effectiveness of monetary policies against which background of objective
were formulated has raised serious doubts as o the continuous use of these
policy. It is in the light of the above theoretical / background that the
author wishes to carry out a study on the impact of monetary policy on
economic growth. STATEMENT
OF THE PROBLEM Over the
years, so many instruments of monetary policy have been in vague not to
gear-up the level of investment, but unemployment, price level fluctuation, lack of sustainable economic
growth, balance of payment disquilibrium, inability to mobilize domestic
savings and unsatisfactory expansion of domestic output. These have consistently and persistently
done severe damage to the Nigerian economy unabated. It is
against this background that the problems of this study have been identified
and they are as follows: a.
Are monetary policies effective instruments for economic growth? b.
Are there monetary policies to achieve desired objectives and what has
been the outcome? c.
Is the implementation of monetary policies ideal? d.
What factors hinder the full attainment of the monetary policy objectives? e.
Could there be any remedy to these problems f.
Are there conflicts or relationship between monetary and fiscal policy? STATEMENT
OF OBJECTIVES The objectives of this
paper are: i.
To present and analyse the various moneatary objectives and instrument
for the period. ii.
To demonstrate the general trned in monetary policy as a tool for
achieving economic growth in Nigeria iii.
To ascertain the level of success of monetary policy against desired
objectives. iv.
To identify the factors that tend to hinder the full attainment of the
derived objectives v.
Finally to recommend the appropriate
monetary policy for the achievement of specific objectives as well as
recommend solutions to problems that hinder the full attainment of such
objectives. RESEARCH HYPOTHESIS
Hypothesis are research solutions o problems, which are
in essence queses or unches that are subjected to some verification or
test. By the above ascertain the
researcher therefore deemed it
necessary to establish the following hypothesis, that: 1.
An increase in money supply earns increase in the level of inflation 2.
A reduction in money supply will lead to a current account surplus in
the balance of payments. 3.
An increase in net domestic credit will lead to an increase in GP
growth rate. SIGNIFICANCE
OF THE STUDY This research provides an insight into impact of monetary
policy on economic growth. It will therefore be of invaluable use to the
following people. To students, it will provide a complement to the few
existing tests on money policy and economic growth. To policy makers, this study will be of immense value
because it: i.
Highlights the mechanism for the operation of monetary policy against
achieving set goals and objectives. ii.
Examines the areas of conflict between monetary and fiscal policies. iii.
Analyses the problems facing the full implementation of monetary policy
and iv.
Suggestive solutions to such identified problems, as such policy makers
will find its recommendations invaluable in formulating new and ideal for the
achievement of economic growth. Bankers will
also find this work a useful tool in analyzing the effects of government
actions on their activities and whether these actions are, on the whole
favourable in investors are not left out, this work will serve as a guide on
the effects of monetary policy on various sector of the economy, in which
their funds can be invested and lastly, the ordinary reader will find this
work as an eye opener and a valuable store of knowledge. |
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