THE IMPACT OF OPEN MARKET OPERATION ON PRICE STABILITY IN NIGERIA

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TABLE OF CONTENTS

Title Page i
Approval Page ii
Certification Page iii
Dedication iv
Acknowledgements v
Abstract vii
List of Tables x
List of Figures xi
List of Appendixes xii
CHAPTER ONE INTRODUCTION
1.1 Background of the Study . . . . . . 1
1.2 Statement of Problems. . . . . . . 3
1.3 Objectives of the Study. . . . . . . 6
1.4 Research Questions. . . . . . . . 6
1.5 Research Hypotheses. . . . . . . . 6
1.6 Scope of the Study. . . . . . . . 6
1.7 Significance of the Study. . . . . . . 7
1.8 Definition of Terms. . . . . . . . 8
References. . . . . . . . . 9
CHAPTER TWO REVIEW OF RELATED LITERATURE
2.1 Monetary Policy Framework in Nigerian. . . . . 12
2.2 Measuring the Effects of Monetary Policy Innovations in Nigeria. . 13
2.3 Nigeria’s Monetary Policy and the Rationale for Adoption. . . 16
2.3.1 The Exchange Rate Targeting Regime (1959-1973). . . . 16
2.3.2 Monetary Targeting Regime (1974 to Date). . . . . 16
2.3.3 Direct Control (1974-1992). . . . . . . 17
2.3.4 Instruments of Monetary Policy under Indirect Monetary Control Regime 19
2.4 Constraints on Monetary Policy Management in Nigeria. . . 21
2.4.1 Fiscal Dominance. . . . . . . . 21
2.4.2 Liquidity Overhang. . . . . . . . 21
2.4.3 Oligopolistic Banking System. . . . . . 22
2.4.4 Data. . . . . . . . . . 22
9
2.4.5 Dualistic Financial and Products Market. . . . . 22
2.4.6 Inefficient Payments System. . . . . . . 22
2.5 Way Ahead for Monetary Policy in Nigeria. . . . . 23
2.6 Maintaining Price Stability in Nigeria. . . . . 23
2.7 Monetary Policy and Exchange-Rate Targeting. . . . 29
2.8 Brief History of Inflation in Nigeria: 1980–2007. . . . 38
2.9 Monetary Policy and Inflation Targeting. . . . . 40
2.10 The Effectiveness of Anticipated Monetary Policy. . . . 48
2.11 Monetary Policy in the Information Economy. . . . 52
2.12 Monetary Policy Evaluation with Noisy Information. . . 53
2.13 Historical Monetary Policy Analysis and the Taylor Rule. . . 56
References. . . . . . . . . 58
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Research Design. . . . . . . . 66
3.2 Sources of Data. . . . . . . . 66
3.3 Explanatory Variables . . . . . . . 66
3.3.1 Independent Variables . . . . . . 66
3.3.2 Dependent Variable. . . . . . . . 67
3.3.3 Control Variable. . . . . . . . 67
3.4 Model Specification. . . . . . . . 67
3.5 Model Justification. . . . . . . . 68
3.6 Techniques of Analysis. . . . . . . 69
References. . . . . . . . . 70
CHAPTER FOUR PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of Data. . . . . . . . 71
4.2 Test of Hypotheses. . . . . . . . 73
4.2.1 Test of Hypothesis One. . . . . . . 73
4.2.2 Test of Hypothesis Two. . . . . . . 74
CHAPTER FIVE SUMMARY OF FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS
5.1 Summary of Findings and Policy Implications. . . . 76
5.2 Conclusion. . . . . . . . . 77
5.3 Recommendation. . . . . . . . 77
5.4 Recommended Areas for Further Studies. . . . . 79
10
References. . . . . . . . . 81
Appendixes. . . . . . . . . 82
Bibliography. . . . . . . . . 85
11
LIST OF TABLES
Table 4.1 Presentation of Model Proxies from 1993-2007. . . 71
Table 4.2 Regression and Correlation Results for hypothesis One . 73
Table 4.3 Regression and Correlation Results for hypothesis Two . 74
12
LIST OF FIGURES
Figure 4.1 Graphical Presentations of Table 4.1. . . . . 72
13
LIST OF APPENDIXES
Appendix One Presentation of Model Proxies from 1993-2007. . 82
Appendix Two Hypothesis One. . . . . . 83
Appendix Three Hypothesis Two. . . . . . 84

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