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Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria

Link to publisher's homepage at https://ijbt.unimap.edu.my

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Main Author: Olajide, Olubayo Thomas
Other Authors: bayolajide2005@yahoo.com
Format: Article
Language:English
Published: School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP) 2021
Subjects:
Credit to SMEs
Liquidity ratio
Monetary policy instruments
Money supply
Monetary policy rate
Online Access:http://dspace.unimap.edu.my:80/xmlui/handle/123456789/72229
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spelling my.unimap-722292021-09-24T03:52:22Z Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria Olajide, Olubayo Thomas bayolajide2005@yahoo.com Credit to SMEs Liquidity ratio Monetary policy instruments Money supply Monetary policy rate Link to publisher's homepage at https://ijbt.unimap.edu.my This study investigates effects of monetary policy instruments on the accessibility of loans by the SMEs. The study used ex-post facto research design and secondary data were sourced from the statistical bulletin of Central Bank of Nigeria from 1992 to 2018. The study adopted dynamic least square approach by employing multiple regression analysis. Multiple regression and Kao Residual Co-integration Test were employed as data estimation techniques. The study indicated that there was long run relationship between monetary policy instruments and credit given to SMEs in Nigeria during the period. Also, it is indicated that money supply and liquidity ratio have positive and significant effect on loans to SMEs for the period under study but monetary policy rate has a negative and insignificant effect on loans to SMEs. The study suggested that there is need for the monetary authority to realign monetary policies especially the monetary policy rate in a way that it will promote high fund mobilization from all economic sector in order to improve the activities of SMEs to desired position. Also, the Central Bank of Nigeria needs to develop and monitor the monetary policy instruments focusing monetary policy rate to strengthen the financial institutions in the country in discharging their function of financial intermediation. 2021-09-24T03:52:22Z 2021-09-24T03:52:22Z 2021-06 Article International Journal of Business and Technopreneurship, vol.11(2), 2021, pages 1-12 2231-7090 (printed) 2232-1543 (online) http://dspace.unimap.edu.my:80/xmlui/handle/123456789/72229 en School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
institution Universiti Malaysia Perlis
building UniMAP Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Perlis
content_source UniMAP Library Digital Repository
url_provider http://dspace.unimap.edu.my/
language English
topic Credit to SMEs
Liquidity ratio
Monetary policy instruments
Money supply
Monetary policy rate
spellingShingle Credit to SMEs
Liquidity ratio
Monetary policy instruments
Money supply
Monetary policy rate
Olajide, Olubayo Thomas
Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
description Link to publisher's homepage at https://ijbt.unimap.edu.my
author2 bayolajide2005@yahoo.com
author_facet bayolajide2005@yahoo.com
Olajide, Olubayo Thomas
format Article
author Olajide, Olubayo Thomas
author_sort Olajide, Olubayo Thomas
title Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
title_short Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
title_full Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
title_fullStr Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
title_full_unstemmed Effects of monetary policy instruments on Small and Medium Enterprises (SMEs) loan accessibility in Nigeria
title_sort effects of monetary policy instruments on small and medium enterprises (smes) loan accessibility in nigeria
publisher School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
publishDate 2021
url http://dspace.unimap.edu.my:80/xmlui/handle/123456789/72229
_version_ 1724609871660187648
score 13.214268

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