Economic Stabilisation and Performance in West Africa: The Role of Fiscal a...

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英文文献：Economic Stabilisation and Performance in West Africa: The Role of Fiscal and Monetary Policy-西非的经济稳定和表现:财政和货币政策的作用
英文文献作者：Ekundayo P. Mesagan,Ismaila A. Yusuf
英文文献摘要：
The study examines the impact of fiscal and monetary policy on economic performance and stabilisation in Nigeria, Gambia, and Ghana between 1980 and 2017. In the study, the real gross domestic product and the exchange rate are used to proxy economic performance and economic stabilisation respectively while fiscal policy is captured with deficit finance and government expenditure. Also, the broad money supply and monetary policy rate are used as proxies of monetary policy. The study obtains country-specific results using the fully modified ordinary least squares technique and findings show that monetary policy has insignificant effect on economic performance in Nigeria and the Gambia, but has significant impact in Ghana while fiscal policy significantly enhances economic performance in Nigeria and Gambia, but is insignificant in Ghana. Result also confirms that monetary policy significantly drives economic stabilisation in Nigeria and the Gambia, but insignificantly in Ghana while fiscal policy has insignificant impact on economic stabilisation in Ghana and Gambia, but significant in Nigeria. Thus, we conclude that fiscal policy is relatively more important in stimulating economic performance in Nigeria and Gambia while monetary policy is relatively more important in determining economic performance in Ghana. For economic stabilisation, both fiscal and monetary policies are important in Nigeria, both are ineffective in Ghana, while monetary policy is more important in the Gambia. The study recommends further reductions in monetary policy rate to put less pressure on the exchange rate and stabilise the various economies.

该研究考察了1980年至2017年期间尼日利亚、冈比亚和加纳的财政和货币政策对经济表现和稳定的影响。在研究中，实际国内生产总值(gdp)和汇率分别被用来代表经济表现和经济稳定，而财政政策被用赤字财政和政府支出来衡量。同时，广义货币供应量和货币政策利率也被用作货币政策的代理指标。使用充分的研究获得国家结果修改普通最小二乘法和研究结果表明,货币政策无关紧要的对经济绩效的影响在尼日利亚和冈比亚、但在加纳财政政策有重大的影响显著增强经济表现在尼日利亚和冈比亚、但在加纳是无关紧要的。结果还证实，货币政策对尼日利亚和冈比亚的经济稳定有显著的推动作用，但对加纳的影响不显著，而财政政策对加纳和冈比亚的经济稳定的影响不显著，但对尼日利亚的影响显著。因此，我们得出结论，在尼日利亚和冈比亚，财政政策在刺激经济绩效方面相对更重要，而在加纳，货币政策在决定经济绩效方面相对更重要。为了稳定经济，尼日利亚的财政政策和货币政策都很重要，但在加纳都不起作用，而在冈比亚，货币政策更为重要。该研究建议进一步降低货币政策利率，以减轻对汇率的压力，并稳定各经济体。

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