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英文文献：Financial liberalization and long-run stability of money demand in Nigeria-尼日利亚的金融自由化和货币需求的长期稳定
英文文献作者：Oludele E. Folarin,Simplice Asongu
英文文献摘要：
A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregate and its determinant. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria.
当使用货币总量作为货币政策时，稳定的货币需求函数是必不可少的。因此，有必要审查在金融部门解除管制之后尼日利亚货币需求函数的稳定性。为了实现这一点，本研究在使用自回归分配滞后边界检验之后，使用CUSUM(累积和)和CUSUMSQ (CUSUM平方)检验来确定货币总量及其行列式之间是否存在长期关系。研究结果表明，尼日利亚的货币需求是稳定的，且存在长期的关系。此外，与利率相比，通货膨胀率是一个更好的机会变量的代理。研究的主要含义是，利率作为一种货币政策工具在尼日利亚是无效的。
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