Determinants of income velocity of money in Nigeria

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dc.contributor.authorOkafor, Peter N.
dc.contributor.authorShitile, Tersoo S.
dc.contributor.authorOsude, Danladi
dc.contributor.authorIhediwa, Chidi C.
dc.contributor.authorOwolabi, Olamide H.
dc.contributor.authorShom, Verse C.
dc.contributor.authorAgbadaola, Emmanuel T.
dc.date.accessioned2018-10-15T07:54:49Z
dc.date.available2018-10-15T07:54:49Z
dc.date.issued2013-03
dc.description.abstractIn this paper, the authors set out to empirically investigate the determinants of income velocity of money in Nigeria, using quarterly time series from 1985:1 to 2012:4. The paper confirms a positive and statistically significant relationship between the growth of income and the velocity of money, which supports the quantity theory of money. Interest rate also has a positive and significant relationship with the income velocity of money. The financial sector development variable adopted, growth rate of stock market capitalization, has a negative relationship with the income velocity of money. The variance decomposition and impulse response results identified inflation rate as the most significant variable to innovations in the income velocity. The results show that the monetary authority cannot obtain additional leverage by issuing more money without generating high inflationary pressure.en_US
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dc.description.provenanceMade available in DSpace on 2018-10-15T07:54:49Z (GMT). No. of bitstreams: 1 Determinants of income Velocity of Money in Nigeria.pdf: 3431704 bytes, checksum: 39889a47ab4daacb38daeec1b7a5a546 (MD5) Previous issue date: 2013-03en
dc.description.sponsorshipCentral Bank of Nigeriaen_US
dc.identifier.citationOkafor, P.N et al. (2013). Determinants of income velocity of moneyin Nigeria. Economic and Financial Review. 51(1), 29-59en_US
dc.identifier.issn1957-2968
dc.identifier.urihttp://repo.cbn.gov.ng/jspui/handle/123456789/305
dc.language.isoenen_US
dc.publisherCentral Bank of Nigeria, Research Departmenten_US
dc.relation.ispartofseriesVol. 51;No.1
dc.subjectCentral Bank of Nigeriaen_US
dc.subjectIncome Velocityen_US
dc.subjectMoneyen_US
dc.subjectMonetary Targetingen_US
dc.subjectNigeriaen_US
dc.titleDeterminants of income velocity of money in Nigeriaen_US
dc.typeArticleen_US

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