Abstract
The study focuses on investigating the impact of velocity of money on financial development in Nigeria. Velocity of money is a very important concept in the economy. Therefore, the study of its determinants is necessary. Our study therefore, investigated the link between velocity of money and financial development in Nigeria covering a period of 1981-2013 under the framework of Vector Error Correction Model (VECM). Our findings show that financial development has a long-run relationship with velocity of money in Nigeria. In addition to this, financial development has a significant impact on velocity of money and also real interest has a significant impact on velocity of money. Our results also show that there is no differential impact of financial development on velocity of money in Nigeria during the pre and post-liberalization regimes. For the test of causality, our results show that there is a uni-directional causality flowing from financial development (proxied by CPSGDP) to velocity of money (proxied by M2/GDP) without a feedback. We also found a bi-directional causality between velocity of money and real GDP as well as that between financial development and real GDP. A uni-directional causality exists between real GDP and treasury bills rate and between real GDP and exchange rate and this flows from these two variable to real GDP. Finally, there is a uni-directional causality running from real interest rate (RINT) to real GDP. On the strength of these, we recommend that policies to boost financial development in Nigeria should be put in place.
| Review project details | Comments |
|---|---|
| Number of Pages | 66 pages |
| Chapter one (1) | Yes Introduction |
| Chapter two (2) | Yes Literature review |
| Chapter three (3) | Yes methodology |
| Chapter four (4) | Yes Data analysis |
| Chapter five (5) | Yes Summary,discussion & recommendations |
| Reference | Yes Reference |
| Questionnaire | Yes Questionnaire |
| Appendix | yes Appendix |
| Chapter summary | yes 1 to 5 chapters |
| Available document | PDF and MS-word format |
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