期刊名称：South-Eastern Europe Journal of Economics (SEEJE)
印刷版ISSN：1109-8597
电子版ISSN：1792-3115
出版年度：2016
卷号：14
期号：2
页码：159-174
出版社：Association of Economic Universities of South and Eastern Europe and the Black Sea Region
摘要：This study investigates the nexus between monetary policy and manufacturingcapacity utilization in Nigeria for the 1980-2014 period, using an error-correctionmodelling approach. The results reveal that both current and past values oflendingrate adversely affect manufacturing performance, but manufacturingresponds positively to the current period’s banking credit, confirming thatpolicy to enhance access to funds can stimulate investment in manufacturingsub-sector in Nigeria. Real exchange rate shows mixed performance; the currentexchange rate has a negative but insignificant effect, whereas the impact of theone-period lagged value was positive and significant at 5%. Broad money supplypositively and significantly influences manufacturing. The error-correction termis significant and correctly signed. Further, the variance decomposition showsshock in monetary policy phenomena, explains relatively significant variations inmanufacturing performance. This study recommends that monetary authoritiesshould implement policies in line with the structure of the economy to enhancecontribution of manufacturing sector to overall economic growth. Effort shouldbe made to enhance the flow of credit to the economy, while adopting effectiveexchange rate management in a stable macroeconomic environment to boostindustrialproduction.
