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Emmanuel Anoruo
''Stability of the Nigerian M2 Money Demand Function in the SAP Period''
( 2002, Vol. 14 No.3 )
This paper explores the stability of the M2 money demand function in Nigeria in the Structural Adjustment Program (SAP) period. The results from the Johansen and Juselius cointegration test suggest that real discount rate, economic activity and real M2, are cointegrated. The Hansen (1992), CUSUM and CUSUMQ stability test results indicate that the M2 money demand function in Nigeria is stable for the study period. The results of the study show that M2 is a viable monetary policy tool that could be used to stimulate economic activity in Nigeria.
Keywords: Money demand Nigeria Cointegration Stability Tests CUSUM CUSUMQ
JEL: N1 - Economic History: Macroeconomics and Monetary Economics; Growth and Fluctuations: General, International, or Comparative
Manuscript Received : Nov 08 2002 Manuscript Accepted : Nov 28 2002

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