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Browsing by Author "Yola, Abdulnasir T."

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    Master Thesis
    An empirical investigatıon of the effectiveness of monetary policy on the Nigerian stock exchange market
    (2014) Yola, Abdulnasir T.
    This thesis analysed the empirical relationship between monetary policy and the Nigerian stock exchange market for two sample periods. The first study period is from 1980-2012. The variables for the first study are monetary policy Rate (MPR), Market Capitalisation (MC), Gross Domestic Product and Investment proxy by Gross Capital Formation (GCF). The second study period is from 1985:1-2012:4 and the variables for the study are Broad Money Supply (M2), All Share Index (ASI) and Gross Domestic Product (GDP). The study employed the VAR methodology and analysed both the long run and causal relationship between the variables. Generalized Impulse Response and Variance Decomposition were also used. Evidence from the first study show presence of a long run equilibrium associationship between the variables and also there is a unidirectional VECM Granger causality from MC to MPR. Result from the second study shows no cointegrating relationship among the variables and also there is absence of causality. The impulse response of the second study also shows zero effect of a one standard deviation shock impulse response of M2 to ASI. The study concludes that despite the long run relationship monetary policy prove ineffective in the short run in Nigeria. The study recommends for economic reform and new policy innovations in both the Central Bank and Stock Market and also the Central Bank shall detect the standing block that prevent monetary policy transmission.