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A STUDY OF THE RELATIONSHIP BETWEEN MONEY SUPPLY AND LEVEL OF
NATIONAL INCOME IN NIGERIA
ABSTRACT
This research work is intended to evaluate the relationship
between money supply and national income in Nigeria during the period over
view. View about the important of money in the working of the economic varies
greatly. In particular, the means by which money affects income and output and
the extent of the changes in money supply affect the economy is the issue of
such controversy.
Monetary policy deals with discretional control of the money
supply by the monetary authorities in order to achieve desired economic good
(of price stability, full employment equilibrium and/increased production
output). The policy aims at achieving some specific objectives by influencing
the quantity of money or the financial system liquidity.
Such objectives include the following\ to find out in
quantitative terms, the actual relationship between money supply and national
income in Nigeria during the year overview.
The broad aim of these specific objectives is to make appropriate
policy recommendations.
From works consulted and data gathered the searcher found out
that issues of monetary policy have tended to divided economist into monetarism
and Keynesians. The researcher further discovered that there are expansionary
and contra dictionary monetary measures, for controlling depression and
inflation respectively.
Further, it was also observed that money supply was a
determinant factor in economic activity in Nigeria. The research work was
conducted using multiple regression and statistical of variance procedure.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
Views about the important of money in the working of the
economy vary greatly. In particular, the
means by which money affects income and output and the extent to which changes
in money supply (that is money stock ) affect the economy are two issues that
have given Nise to a major debate between two group of economists distinguished
by their adherence to two conflicting bodies of economic theory called
Keynesians and Monetarism.
The debate has been long and complicated and has progressed
through several stages over the years.
This debate is important implications for the effectiveness of monetary
policy and the importance of monetary policy relative to fiscal policy, in
affecting income, output, employment and the rate of inflation.
The relationship between the stock of money and the level of
income and output is fundamental to the monetarism and Keynesians debate.
1.2STATEMENT OF PROBLEM
There have been a thousand and one views on the relationship
between money supply and certain macroeconomic variables such as national
income, price, and levels.
The controversy on the on the rule of money vis-à-vis
national income and price level has been going on for quite a long time before
the great depression of 1930s, economists believed that increases in the
quantity of money would lead to increases in the price level (inflation).
However, during he great depression group of economists
emerged. They held that the important factor caused income and employment to
fluctuate is investment.
Thos group of economists believed hat money is not an
important determinant of the level of economic activity while a separate group
with a contrary view believed that money is an important determinant of level
of economic activity. They also believed that once there is unemployment in the
economy, increase in money supply. Leads to increases in the level of income.
This group of economist supported their assertion with a lot of empirical
evidence, base on the above analysis, a lot of question arose.
These question include, is money supply an important
determinant of economic activity in Nigeria?
Furthermore, is there any relationship between money supply
and level of national income in Nigeria? The above research questions form the
problem of this research therefore; an attempt would be made to ascertain the
effects of money supply on the Nigerian economy.
1.3OBJECTIVE OF THE STUDY
The specific objectives of this research include the
following: To find out whether or not there was a relationship between money
supply and the level of national income in Nigeria during the period under
review. The study also intended to investigation and discover which of the
views about the monetary theory holds in the Nigerian context. It also
ascertains to find out which of the monetary aggregates affects economic more
than the others in Nigeria.
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