Financial innovations and the future of monetary policy in Nigeria

Moses K. Tule; Moses O. Oduh

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Financial innovations and the future of monetary policy in Nigeria

机译：尼日利亚的金融创新与货币政策的未来

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This paper examines the implications of financial innovations on Nigeria's monetary policy, using: trend analysis, error correction mechanism, and a structural model estimated with generalized method of moments. The study found that financial innovation improves the interest rate channel of monetary policy transmission, and the efficiency of the financial system. However, it increases the output gap and adds an element of uncertainty in the monetary policy environment as it increases the cost of implementing monetary policy and impinges on the potency of the operating target through its impact on the stability of the money multiplier, money velocity, and demand for money.

机译：本文使用以下方法研究了金融创新对尼日利亚货币政策的影响：趋势分析，纠错机制以及采用广义矩量法估计的结构模型。研究发现，金融创新改善了货币政策传导的利率渠道，提高了金融体系的效率。但是，这会增加产出缺口，并在货币政策环境中增加不确定性因素，因为这会增加实施货币政策的成本，并通过其对货币乘数的稳定性，货币速度，和金钱需求。

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《Economics of innovation and new technology》 |2017年第6期|453-476|共24页
作者
Moses K. Tule; Moses O. Oduh;
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作者单位

Monetary Policy Department, Central Bank of Nigeria, Abuja, Nigeria;

Monetary Policy Department, Central Bank of Nigeria, Abuja, Nigeria;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Financial innovation; monetary policy; money demand; output gap; wealth effect;

机译：金融创新;货币政策;货币需求;产出缺口;财富效应;

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6. Non-traditional monetary policy and the future of the financial industries [O] . Willem Thorbecke -1

机译：非传统货币政策和金融行业的未来
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Financial innovations and the future of monetary policy in Nigeria

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