比较治理质量对货币政策、储蓄和经济增长动态的影响:尼日利亚、埃及和南非的经验证据

IF 2.7 Q2 PUBLIC ADMINISTRATION
Abubakar Sule, Ibrahim Danlami Mohammed, Ojonimi Umaru, Jonah Abacoso Gana
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引用次数: 0

摘要

我们的研究考察了 2005Q1 至 2022Q4 撒哈拉以南非洲国家新兴经济体治理质量对货币政策利率、储蓄和经济增长之间动态关系的比较影响。通过使用 Toda-Yamamoto (TY)模型,我们发现尼日利亚的治理质量对货币政策利率的影响是负面的,对投资-增长有不利影响,而对储蓄-增长关系的影响是正面的,但其贡献是值得赞赏和利用的。埃及的治理质量对货币政策利率产生负面影响,但对投资和储蓄与增长的关系产生正面影响。在埃及,货币政策利率、储蓄、投资的影响幅度微乎其微。在南非,治理质量对货币政策利率产生了积极影响,但未能转化为对投资、储蓄和增长的积极影响。尽管在南非,货币政策利率、储蓄、投资对经济增长的贡献很大。因此,要解决治理质量对货币政策结果的影响并实现更好的宏观经济互动,加强机构发展以促进更有效的金融激励体系和无缝的政策传导至关重要。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Comparative Governance Quality's Impact on Monetary Policy, Saving, and Economic Growth Dynamics: Empirical Evidence From Nigeria, Egypt and South Africa

Our study examines the comparative impact of governance quality on the dynamic relationship between monetary policy rate, saving, and economic growth in emerging economies in sub-Saharan African countries from 2005Q1 to 2022Q4. Using the Toda-Yamamoto (TY) model, we found that governance quality influence on monetary policy rate is negative with adverse effect on investment-growth while exerting positive influence on savings-growth nexus in Nigeria but the contribution is quite appreciative and can be leverage on. Governance quality exert negative influence on monetary policy rate but with positive direction from investment and savings to growth in Egypt. The magnitude of the monetary policy rate, savings, investment is quite negligible in Egypt. For South Africa, governance quality exerts positive influence on monetary policy rate but failed to translate to positive effect on investment, savings to growth in South Africa. Although, the contribution of monetary policy rate, savings, investment to growth is significant in South Africa. Thus, enhancing institutional development to foster a more effective financial incentive system and seamless policy transmission is crucial to address the impact of governance quality on monetary policy outcomes and enable better macroeconomic interactions.

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来源期刊
Journal of Public Affairs
Journal of Public Affairs PUBLIC ADMINISTRATION-
CiteScore
7.10
自引率
3.80%
发文量
41
期刊介绍: The Journal of Public Affairs provides an international forum for refereed papers, case studies and reviews on the latest developments, practice and thinking in government relations, public affairs, and political marketing. The Journal is guided by the twin objectives of publishing submissions of the utmost relevance to the day-to-day practice of communication specialists, and promoting the highest standards of intellectual rigour.
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