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INFLATION AND ECONOMIC GROWTH IN NIGERIA: SOME PANEL TIMESERIES EVIDENCE
Abstract
In this paper we investigate the role of poor macroeconomic performance, in terms of high rates of in ation, in determining economic growth in four Nigerian countries between 1970 and 2007. The empirical results, based on the relatively novel panel time-series analysis, con rm the anecdotal evidence which suggests that in ation has had a detrimental e⁄ect to growth in the region. All in all, we highlight the costs that in ation has had on economic activity, and also the importance of particular economic institutions which were implemented in the 1990s central-bank independence and scal responsibilities laws in actually keeping in ation under control in the region, as a rst step in the direction of sustained growth and prosperity.
Keywords: In ation, Growth, Nigeria.