MONETARY POLICY MEASURE AS INSTRUMENTS OF ECONOMIC STABILIZATION IN NIGERIA
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In general, monetary policy refers to the combination of measures designed to regulates the value, supply and cost of money in an economy in cognizance with the level of economic activity. An express supply of money which will result in an excess demand for goods and services will cause rising prices and or a deterioration of the balance of payments position. On the other hand, inadequate supply of money could induce stagnation in the economy thereby referred growth and development. Consequently, the central bank and the central monetary authority, must attempt to keep the money supply growing at an appropriate rate to ensure sustainable economic growth and to maintain internal and external stability. The discretionary control of the money stock by the central monetary authority involves the expansion or construction of money influencing interest rates to make money cheaper or more expensive depending on the prevailing economic conditions and the channeling of money to priority sector. In a nutshell, the aims of monetary policy are basically to control inflation, maintain a healthy balance of payments position for the country in-order to safeguard the external value of the national currency and promote an adequate and sustainable level of economic growth and development.
This study therefore, delves into monetary policy measure with a view to elucidating their effectiveness as instruments of economic stabilization in Nigeria.
1.1 Background of the study
- Statement of the problem
- Statements of objectives
- Research hypothesis
- Significance of the study
- Scope and limitation of the study
- Definition of terms
- Literature review
2.1 Definition of monetary policy
- Economic stabilization
- Monetary policy objectives and economic stabilization
- Analysis of key policy objectives/economic indications
- Techniques and instruments of monetary policy
- Debt management as integral part of monetary policy
- Placement of government deposits
- The transmission mechanism
- Research methodology
3.1 Research design
- Sources of data
- Data collection method
- Treatment and analysis of data
- Statement of null and alternatives hypothesis
- Presentation, interpretation and analysis of data
4.1 Analysis based on objectives
- Hypothesis testing
- Summary of findings, recommendations and collusion
5.1 Summary of findings
1.1 BACGROUND OF THE STUDY
Generally monetary control measure include 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 measures 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 measures as instruments of stabilization of the economy, 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 hese instrument 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:
- Change in reserves deposit ratio
- Change in discount rate
- Interest rate change and
- 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 measures 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 policy measures against which background of objective were formulated has raised serious doubts as o the continuous use of these policy measures. It is in the light of the above theoretical / background that the author wishes to carry out a study of monetary policy measures as instruments of economic stabilization.
- 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 instability, 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