Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Discipline
Articles 1 - 3 of 3
Full-Text Articles in Social and Behavioral Sciences
Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie
Macro-Financial Linkages: Implications Or Monetary And Financial System Stability, Frank Chikezie
Economic and Financial Review
This paper is structured into two parts. Section I discuss the structure of the macroeconomy and the financial industry, and the interactions between monetary policy and the financial system. The section also showed how monetary policy could create the condition for financial stability. Section 2, on the other hand, discuss the implications of macro-financial linkages for monetary and financial system stability with emphasis on how the new credit risk transfer mechanism (securitisation and derivatives) had altered the nature of some macro-financial linkages, with considerable policy implications. The section concluded by referring to the new direction of macro-prudential regulation and the …
Macro-Prudential Regulation And Effective Monetary Policy, Moses K. Tule
Macro-Prudential Regulation And Effective Monetary Policy, Moses K. Tule
Economic and Financial Review
This paper makes a bold attempt to examine some of the issues within the narrow context of monetary policy. Following the introduction, Section 2 examines some conceptual issues including the institutional framework for monetary and macro-prudential policy. Section 3 discusses the objectives and instruments of monetary and macro-prudential policy including indicators of systemic risk, while Section 4 examines at the interaction of macro-prudential with monetary policy and how this could be enhanced. In Section 5, the experiences of other countries with macro-prudential regulation are presented and lessons drawn for Nigeria. Section 6 concludes the paper and provides insights for an …
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Economic and Financial Review
This paper contributes to the debate on the monetary policy transmission mechanism in Nigeria. The paper explores the impact of monetary policy on credit growth, and whether these credit developments are capable of influencing asset prices (stock prices) in the Nigerian economy. Using the VAR model spanning annual data from 1986 to 2012, the impulse response functions revealed that the relationship between asset prices, captured by the All-Share Index, and monetary policy, is not direct, but operates mainly through the response of inflation to key monetary aggregate. A positive shock to money supply growth would raise credit and inflation which …