Every free action is produced by the concurrence of two causes; one moral, i. When I walk towards an object, it is necessary first that I should will to go there, and, in the second place, that my feet should carry me. If a paralytic wills to run and an active man wills not to, they will both stay where they are. The body politic has the same motive powers; here too force and will are distinguished, will under the name of legislative power and force under that of executive power.
The government current expenditure expanded without appreciable increase in revenue leading to widening fiscal deficit, which were largely financed with bank credit with averse effects on the general price level.
Monetary policy in Nigeria has been conducted under wide ranging economic environments. The monetary and financial policies pursued in recent years have been designed to support the attainment of basic objective of the economic reform programme adopted in July to restore macro economic stability in the short term and induce the resumption of sustainable growth.
This represents a strategic land mark in the history of economic stabilization as it marked the end of highly regulated regime and opened up a new chapter that reflected government efforts at deregulating the economy with increased emphasis on market forces.
The responsibility of any government in a country in its monetary policy consists of actions by the CBN with its monetary management and to ensure a stable internal and external value for the national currency.
In this regard, it is important that the supply of money and credit to an economy is adequate to support desirable and sustainable growth without causing inflationary pressures and undue instability in the exchange rate, the ultimate objective being the improvement in the welfare of the citizenry.
The term money for the purpose of this study is a means of payment for goods and services. The dynamic functions of money have some international dimensions, as there is the technical device for financing transfer of capital.
The value of money depends on the confidence people have on it, that they exchange it for sale of goods and services whenever they want to do so. To keep the value of money stable, its quality has to be controlled for money to perform its useful roles of store of value, standard for deferred payments, units of accounts and medium of exchange efficiently and effectively.
It requires a skillful and careful management in order to ensure relative price stability, so as to motivate the financial sector and promote economic development in a changing world of complex economic and finance relations.
Monetary policy is a major economic stabilization weapon, which involves measures designed to regulate and control the volume, cost and direction of money and credits in the economy to achieve objectives, which can change from time depending on the economic fortune of a particular country.
Monetary policy formulation and its implementation has raised a very difficult task as well as practical problem in Nigerian economy. Generally, the objectives of monetary policy was designed to deal with the following: High rate of employment ii.
Maintenance of relative price stability iii. Control of inflation iv. Iv sustainable rate of economic growth. Maintenances of healthy balance of payments position for the country in order to uphold the external value of the national currency.
The enhancement of rapid economic development. Maintenance of relative stability of domestic prices, in practice one finds more often than not, in objectives conflict intractably.
Hence, monetary management involves difficult trade offs among conflicting objectives in order to maximize the overall benefits to the society. In the process of monetary management policy formulations, it is of utmost importance to specify the focus of policy; otherwise, it will be impossible to evaluate performance.
For example the objective of price stability and in the short-run, which may not be sustainable in the long-run.
Monetary expansion may raise output of goods and services and level of employment and consequently lead to price stability in the long-run.
The ability of putting the economy in permanent state of excess demand as long as aggregate supply of goods and services do not move as rapidly as the aggregate demand due to supply inelasticities, irrelevant rules and related rigidities in the structural problems in developing countries include high dependency on imported goods, differences in productivity among sectors and the general rigidities in prices and wages.
Structuralism came into conclusion in order to promote economic growth and development. That is to say that with out some measure of inflation, growth and development were unlikely to occur and be sustained.
In Nigeria, the CBN wielded the primary responsibilities of initiating, implanting, articulating and appraising a monetary policy.
The result level of macro economic instability in Nigeria is as a result of the sustained pursuit of expansionary fiscal and monetary output. There have been some record of success and failure in the conduct of monetary policies.
The role of these policies are shown by empirical result of their performances.Vision. The Drug Policy Alliance envisions a just society in which the use and regulation of drugs are grounded in science, compassion, health and human rights, in which people are no longer punished for what they put into their own bodies but only for crimes committed against others, and in which the fears, prejudices and punitive prohibitions of today are no more.
Economics and econometrics research papers and teaching materials by Christopher A. Sims. According to Aderibigbe (), monetary policy is a transmission mechanism which operates policy through the effects of interest of credit on economic agents which respond to different yields of various financial assets, level of aggregates demand, exchange rate overall economic activities.
Executive summary. In August , a Ferguson, Missouri, policeman shot and killed an unarmed black teenager. Michael Brown’s death and the resulting protests and racial tension brought considerable attention to that town.
Some of the material on this web page is based upon work supported by the National Science Foundation under Grants SES, SES, and.
Policy Paradox: The Art of Political Decision Making [Deborah Stone] on caninariojana.com *FREE* shipping on qualifying offers. Since its debut, Policy Paradox has been widely acclaimed as the most accessible policy text available. Unlike most texts. BOOK III. BEFORE speaking of the different forms of government, let us try to fix the exact sense of the word, which has not yet been very clearly explained.. 1. GOVERNMENT IN GENERAL. I WARN the reader that this chapter requires careful reading, and that I am unable to make myself clear to those who refuse to be attentive. . Vision. The Drug Policy Alliance envisions a just society in which the use and regulation of drugs are grounded in science, compassion, health and human rights, in which people are no longer punished for what they put into their own bodies but only for crimes committed against others, and in which the fears, prejudices and punitive prohibitions of today are no more.
Any opinions, findings and conclusions or recomendations expressed in this material are those of the author(s) and . Jul 08, · While they might not be household names, those who have decamped to the private sector played a major role in the passage of the most sweeping tax bill in three decades.