Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Nigeria (69)
- Monetary policy (25)
- Economic development (20)
- Nigerian economy (18)
- Banking (17)
-
- Fiscal policy (14)
- Housing (13)
- Housing Finance (13)
- Mortgage Finance (13)
- Central Bank of Nigeria (11)
- Economic growth (10)
- Financial sector (10)
- Government finance (10)
- CBN (9)
- Economic downturn (9)
- Monetary Policy (9)
- Banking reforms (8)
- Budget (8)
- External sector (8)
- Financial system (8)
- Exchange rate stability (7)
- Financial inclusion (7)
- Financial stability (7)
- Inflation (7)
- Monetary operations (7)
- Nigeria's Financial Sector (7)
- Nigerian Economy (7)
- Banking sector performance (6)
- Economy (6)
- Exchange rate (6)
- Publication Year
- Publication
- Publication Type
- File Type
Articles 1 - 30 of 292
Full-Text Articles in Economics
Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu
Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu
Bullion
The drastic digitization brought about by evolution of technology in the world has changed almost every sphere of human life with the most recent effect being moved to cashless economy, while the role of digitization in the banking sector is altering customer demand and preferences, banks are becoming digitally oriented to meet the forces of demand and supply. This has led to the birth of digital-only also called challenger bankers or branches banks as they operate without a physical location, only have a location for admin purposes or hosting their servers. This growing wave of consumer oriented banking institutions focuses …
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Economic and Financial Review
This study examines the effect of public debt on private investment in Nigeria. The linear and non-linear ARDL models are employed to analyse the series spanning the period 1981 to 2018. The estimation results show that an increase in total debt, external debt, and debt service payment adversely affects private investment, with the effects being symmetric. On the other hand, the effect of domestic debt on private investment is found to be asymmetric. Although a negative shock in domestic debt greatly improves private investment, a positive shock leads to a meagre positive effect on private investment. This finding indicates that …
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Bullion
The imperative of public borrowing to finance development, combat natural or artificial disasters, and for other reasons is incontrovertible. The diverse traumatic experience of debt-victim nations: Spain, Mexico, Egypt, Venezuela, et cetera, which narrowly escaped total loss of national sovereignty to foreign lenders, due to debt-induced bankruptcy, have been xr-ayed by literature: Magaji (2000) and Bature (2015), among others. The objectives of this paper are to examine the situation of Nigeria, vis-à-vis the nations which travelled the path of Nigeria's current adventure; and to proffer policy antidotes for averting the highly probable cataclysm which unsustainable external debt might precipitate, particularly …
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Economic and Financial Review
This paper examines the relationship between budget deficit and economic growth in Nigeria, from a linear and non-linear perspective, using annual time series data from 1981 to 2019. The linear model, which involves the use of an autoregressive distributed lag (ARDL) approach, was compared with a non-linear analysis, using a threshold autoregressive (TAR) model. The ARDL analysis reveals that the growth of national output is positively driven by the persistent budget deficit in Nigeria. This was substantiated by the TAR model which indicates that though budget deficit drives economic growth in Nigeria, the positive relationship holds only if the deficit …
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Economic and Financial Review
The study measures the impact of loan to deposit ratio (LDR) on Banks' liquidity in Nigeria between 2000Q1 and 2019Q3. The paper applied the Factor-Augmented Vector Autoregressive (FAVAR-X) methodology for estimation and forecasting. The result suggests that an LDR of 70.0 per cent, which reduces Banks' liquidity from N187.95 billion in 2019Q4, through N153.09 billion in 2020Q2 to close at N135.15 billion in 2020Q4, may require cautious acceptance. Thus, increasing LDR beyond 70.0 per cent may impact Banks' liquidity negatively. Furthermore, a direct relationship is established between LDR and inflation. The findings conform to a priori expectations as higher LDRs …
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Economic and Financial Review
This study empirically examines the vulnerability of the Nigerian banking industry to extreme, but plausible, adverse oil price shocks. A structural vector autoregressive (SVAR-X) is adopted to achieve this objective. The study period covers 2007Q1 – 2020Q4. The simulations assess the asset quality performance of DMBs, using the NPLs, under three scenarios (baseline, adverse and severely adverse). The findings suggest that the entire banking industry, as well as individual DMBs, are vulnerable to adverse oil price shocks. Accordingly, the study recommends, strict compliance with the single obligor limit, by commercial banks, to mitigate adverse effects of volatilities in crude oil …
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Economic and Financial Review
This paper re-examines the relationship between finance and industrial growth in Nigeria by including aggregate credit to the industrial sector and financial development index as additional variables into the industrial growth model. Using data spanning the last four decades, we apply the Autoregressive Distributed Lag (ARDL) bounds testing approach to estimate an industrial growth model that accounts for the role of finance-related variables, while also controlling for the impact of electricity consumption and structural breaks. The key findings in the study are threefold. First, our results confirm that finance is a significant driver of industrial growth in Nigeria. Second, the …
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Bullion
Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and …
Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili
Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili
Bullion
This study investigates the relationship between financial deepening and socioeconomic development in Nigeria. The specific objectives examined the impacts of broad money supply, private sector credit and financial openness on human development index in Nigeria from 1991 to 2018. Time series data on each of the variables were analyzed using Fully Modified Least Squares and Granger Causality test. The unit root test results revealed that all the variables in the model became stationary after first difference and are all I (1). The cointegration test result revealed that the variables had long run relationships. The cointegrating regression result indicated that broad …
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Bullion
The main objective of this research is to assess empirically the impact of tax revenue on economic growth in Nigeria, spanning from 1981 to 2017. It employs, time series data obtained from the CBN statistical bulletins, FIRS annual publications and National Bureau of Statistics (NBS) portal. To achieve the objectives of the study, OLS and ARDL techniques were employed to estimate the relationships and the dynamics and longrun effects of independent variables on dependent variable. ARDL bound test revealed that the variables are cointegrated while ARDL long-run estimation indicated that petroleum profit, value added tax and government domestic debt are …
An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu
An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu
Bullion
This paper examines an interest-free macroeconomic models by adjusting the classical model into an interest-free macroeconomic model as a basis for developing a comparative analysis. The study adopted a descriptive approach by describing the mechanics for obtaining an interest-free macroeconomic model from a prototype western model. It was observed that most Muslims in Nigeria are interested in adopting interest free financing under the western system. This is a reason for converting a western model into an interest-free model.This conversion allows policy-makers to gain useful insight in the process in transition from the western system to the Islamic system. The Islamic …
The Role Of The Central Bank Of Nigeria Analytical Balance Sheet In Monetary Policy Implementation, Salihu Audu
The Role Of The Central Bank Of Nigeria Analytical Balance Sheet In Monetary Policy Implementation, Salihu Audu
Bullion
This paper examines the role of the Central Bank of Nigeria (CBN) analytical balance sheet in the implementation of monetary policy. The Bank currently uses a mix of both quantity-based (monetary base) and price-based (short-term interest rate) nominal anchors. However, irrespective of the targeting regime adopted, both depends on the central bank's ability to manage its balance sheet given the huge fiscal influence on banking system liquidity in Nigeria. Therefore, the paper analyses the various liquidity management operations of the CBN and their implications for the size and structure of the analytical balance sheet.
Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau
Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau
Bullion
The firm's survival is regarded as an essential element usually used by the capital market participants in making vital decisions. This study examines the combined roles of bankruptcy, earnings management, and profitability in explaining a firm's survival in the listed Nigerian financial institutions. To achieve this, a descriptive research design is adopted and data were generated from databases of the listed companies in the Nigerian Stock Exchange for the period 2006 to 2015. Panel data analysis was employed in analysing collected data of the sampled 29 financial institutions in the Nigerian financial sector. The study found that most of the …
Microfinance Credit And Micro Enterprise Development In The Agricultural Sub-Sector Of The Nigerian Economy, Ademola A. Adebisi
Microfinance Credit And Micro Enterprise Development In The Agricultural Sub-Sector Of The Nigerian Economy, Ademola A. Adebisi
Bullion
This study seeks to examine the relevance of micro financing credit loans to Agri-business in Lagos State, Nigeria - the development of Agricultural sub-sector centering the attention to the contribution of the institutions involved in the provision of these credits.It makes a critical review of the performance of microfinance institutions in Nigeria, based on a survey of the Agricultural Credit Guarantee Scheme Fund (a microfinance scheme established to boost the agricultural sub-sector of Nigeria). The study examines the scheme – the institutions involved and analyses the performance using the outreach paradigm via the mixed approach research techniques – qualitative and …
Is Central Bank Of Nigeria Pursuing Preferential Development Finance? Some Parametric And Non-Parametric Evidence, Xavier-Itam A. Okon
Is Central Bank Of Nigeria Pursuing Preferential Development Finance? Some Parametric And Non-Parametric Evidence, Xavier-Itam A. Okon
Bullion
As encompassing as the development finance interventions of the Central Bank of Nigeria are, there appears to be a preference for the agricultural sector and the manufacturing sub-sector. The study applied the parametric ANOVA and the non-parametric Kruskal-Wallis Tests, to inferentially determine whether this is, indeed, the case. Findings, however, indicate that the intervention intensity is equal for all sectors, implying the Bank adopts a holistic, rather than preferential, approach to its development finance practice. This strategically engenders, among others, uniform development, inclusive growth and economic diversification. The interventions should be sustained and their coverage extended to other crucial sub-sectors …
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Bullion
This paper investigated efficiency gain argument of fiscal federalism and economic growth with evidence from five selected developing federal economies. The curiosity is to ascertain whether the efficiency gain –the fundamental argument why countries adopt fiscal federalism is justified in these economies. The paper uses stochastic frontier model to achieve this objective. The evidence from the selected developing federal economies revealed diverging results. While in Nigeria, Ethiopia and India there is more expenditure decentralization than revenue decentralization suggesting that efficiency gains from fiscal federalism may remain elusive, in Brazil and South Africa there is more revenue decentralization than expenditure decentralization …
The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir
The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir
Bullion
The study analyzed the impact of external debt on Nigeria's agricultural production from 1980 to 2016 using secondary data obtained from Central Bank of Nigeria (CBN) statistical bulletin and the World Development Indicators (WDI). Augmented DickeyFuller unit root test and the autoregressive distributed lag (ARDL) bound testing approach to co-integration were utilized, to achieve the objectives of the study. Empirical results revealed that the variables were cointegrated, indicating that they exhibited long run relationship, both in the short and the long run. External debt stock (EDS) had a significant positive impact on agricultural production (AGP), indicating that EDS positively impacted …
Capital Adequacy Requirement And Bank Behaviour In Nigeria, Baba Nmadu Yaaba, Lailah G. Sanusi
Capital Adequacy Requirement And Bank Behaviour In Nigeria, Baba Nmadu Yaaba, Lailah G. Sanusi
Bullion
The divergent views on the usefulness of capital adequacy ratio (CAR) in controlling the risk appetite of banks necessitates further research on its efficiency and effectiveness. Whereas proponents of CAR believe that it enhances the soundness and stability of the banking system, opponents contend that it can impedes on the intermediating capabilities of banks and possibly ignites credit crunch that could induce fall in the level of output. This study empirical verifies the infuence of CAR on the behavior of banks in Nigeria. The study adopts a system of simultaneous equation, in the tradition of Maraghni (2017) using Generalized Method …
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Bullion
The objective of the paper is to assess the effects of foreign portfolio capital surge on the banking sector in Nigeria from 2005 - 2018. Using a simple trend analysing a static general equilibrium framework, the paper reveals that portfolio capital inflows, in the wake of monetary policy independence in Nigeria, led to portfolio capital surge which resulted to credit boom and speculative transactions in the Nigerian Stock Exchange (NSE) leading to assets price bubble. When the bubble burst during the global financial crisis (GFC) in 2007, and thereafter in 2014, portfolio capital inflows reversed and banking stocks prices declined …
Bank Loan Loss Provisioning During Election Years In Nigeria, Peterson Kitakogelu Ozili
Bank Loan Loss Provisioning During Election Years In Nigeria, Peterson Kitakogelu Ozili
Bullion
The paper investigates the behavior of loan loss provisions during election years in Nigeria. Election events create uncertainties in the business environment. Election and post-election events may amplify credit risks for banks, requiring banks to keep higher loan loss provisions. Using country-level data, it was revealed that the election year did not have a significant effect on the level of loan loss provisions in the Nigerian banking sector. However, the banking sector had high provisions when it is undercapitalized during election years.
Measuring The Risk In Risk Measures: The Case Of The Nigerian Foreign Exchange Market, K. Katata
Measuring The Risk In Risk Measures: The Case Of The Nigerian Foreign Exchange Market, K. Katata
Economic and Financial Review
As part of its mandate, the Central Bank of Nigeria (CBN) carried out a series of foreign exchange policy decisions from 2014 to 2016. This paper, therefore, evaluated model risk of two key risk measures, expected shortfall (ES) and value-at-risk (VaR), due to the CBN's policy decisions using daily data for the naira exchange rates covering 2010 to 2014, as well as, 2011 to 2015 for the respective policy resolutions. The risk measures were implemented using 6 different models, as the most common techniques used by regulators and practitioners. The implementation of Basel III recommends the switchover from VaR to …
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Economic and Financial Review
This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The article examines the concept of housing as a global need and provides an overview of the Nigerian Housing Market with a population of 183 million people and increasing rapidly, a huge housing deficit of around 17 million units. This is further compounded by a rapid rising need for housing by about 20 per cent a year in cities like Lagos, Ibadan, Kano, and Abuja. At least 700,000 housing units across different segments are needed annually to keep up with demand, whereas, production was around 100,000 …
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
Economic and Financial Review
The article discusses the Land Use Act and the and how it has affected developments in the Nigerian housing sector. Prior to the Land Use Act, all the existing tenure systems encouraged land holding without an obligation to develop them, fragmentation and uncoordinated alienation, hoarding speculatively for value appreciation and without precise documentation. Consequently, the Land Use Act was enacted to: make land easily accessible to all Nigerians; prevent speculative purchases of communal land; streamline and simplify the management and ownership of land; make land available to government at all levels for development; provide the system of government administration of …
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Economic and Financial Review
This article provides an operator’s perspective on the issues, challenges, and prospects in the housing sector in Nigeria. Topics covered include existing housing situation in Nigeria; and issues and challenges affecting affordable housing in Nigeria. The article also examines the prospects for Nigeria housing sector and made key recommendations which include: Creating enabling policies around land title documentations; Fast track the passage of foreclosure bill into law to legally resolve default issues in the sector; Advance the ongoing partnership between the Mortgage Banking Association of Nigeria (MBAN) and the Central Bank of Nigeria (CBN) with regards to the underwriting standards …
Deficit Financing, Price And Economic Stability In Nigeria: A Bound Testing Approach., Ali Danjuma Umaru
Deficit Financing, Price And Economic Stability In Nigeria: A Bound Testing Approach., Ali Danjuma Umaru
Bullion
This research work empirically examines the impact of deficits finance on price and economic stability in Nigeria using Autoregressive Distributed Lag (ARDL)/Bound testing approach from 1980-2016. Total deficit financed externally and a disaggregated domestic source which includes CBN, Deposit Money Banks and Non-Bank Public were used as proxies for deficit financing while inflation rates and GDP were captured for price and economic stability respectively. The bound testing analysis which was carried out in a two differently specified models show no cointegration between deficit finance and inflation, while that of deficit finance and economic stability nexus reveals the existence of a …
Nigeria's Experience With Monetary Sterilisation (2000-2016)., Moses K. Tule, Usman M. Okpanachi, Imam S. Z., Afiemo O. O.
Nigeria's Experience With Monetary Sterilisation (2000-2016)., Moses K. Tule, Usman M. Okpanachi, Imam S. Z., Afiemo O. O.
Bullion
This study attempts to estimate the extent of sterilisation undertaken by the Central Bank of Nigeria (CBN) during the period from 2000 to 2016. The approach used in this study involved construction of a monetary sterilisation index by measuring the rate of change in domestic asset (net) with respect to the change in foreign asset (net). The index expands the menu of available indicators which may be considered by monetary policy makers in in evaluating policy response to changing economic conditions. The paper after its introduction reviews the literature on monetary sterilization is aimed at ensuring that the balance sheet …
Assessing Systemic Risk In The Nigerian Interbank Money Market, M. Nakorji, P. Ekeocha, C. Nwosu, P. Obikaonu
Assessing Systemic Risk In The Nigerian Interbank Money Market, M. Nakorji, P. Ekeocha, C. Nwosu, P. Obikaonu
Economic and Financial Review
The interbank market is an important platform for strengthening financial integration. It also represents a medium for risk sharing among banks through the linkages and common exposures. Exposure between banks leads to a direct asset relation through borrowing from each other at the interbank market while banks are associated indirectly through ownership and sharing of similar portfolio exposures, that connects them, through a web of transaction network. The paper analysed the systemic risk implied in the Nigerian interbank network, based on various network measures using data on individual banks' bilateral exposures. The findings showed that few banks featured prominently in …
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Economic and Financial Review
This paper examined the impact of dollarisation on monetary policy in Nigeria, using monthly data spanning 2002 to 2016. The paper adopted the conventional IMF proxy for dollarisation and traced its reactions to changing monetary policy stance. Using the vector autoregression (VAR) model and interbank rate as an indicator of monetary policy stance, the results showed that the size of dollarisation could influence the outcome of monetary policy, though the impact was small. This was evident from the output equations, that inflation did not respond in the first month and responded negatively in the second month. However, from the third …
Determination Of Optimal Foreign Exchange Reserves For Nigeria, M. Tule, E. Egbuna,, S. Abdusalam, A. Oduyemi
Determination Of Optimal Foreign Exchange Reserves For Nigeria, M. Tule, E. Egbuna,, S. Abdusalam, A. Oduyemi
Economic and Financial Review
The study examined the optimal level of international reserves for Nigeria that is capable of absorbing a shock similar to that experienced during the 2007/2009 Global economic crisis. Using, generalised autoregressive conditional heteroscedasticity (GARCH), vector autoregressive (VAR) estimation techniques and normalised Johansen cointegrated equation, and setting the maximum and minimum output losses for the entire period, the study found a positive relationship between the odds of default on sovereign debt and fiscal deficit to GDP ratio, short-term debt to reserves ratio and volatility in portfolio investments. In minimising the Bank's cost of holding reserves, the study found that the Nigerian …
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Economic and Financial Review
The declining output growth observed from the second quarter of 2014, which led to calls for a more expansionary monetary policy despite rising inflationary pressure, necessitated a reassessment of the impact of interest rate on real output growth in Nigeria. Using a Bayesian Vector Autoregressive (BVAR) model and quarterly data from 2000:Q4 to 2015:Q3, the effect of monetary policy transmission (interest rate dynamics) on real output performance was estimated. Although results of the simulation analysis were somewhat mixed, those of the impulse response functions indicated that positive shocks to monetary policy rate (MPR) produced a negative and small impact on …