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Fiscal Policy, Monetary Policy and Economic Development in Selected Countries West Africa
Article Number: SIS394270AI270723
27th July, 2023
Author(s):
Olaniyan Samson Olajide, Adeoti Kayode Shola
Abstract:
The study examined the impact of Monetary and
fiscal policy on Economic Development in some selected West African countries.
Using Human Development Index to measure Economic Development, money supply to
capture Monetary Policy, and Fiscal Policy was measured through government
expenditure and government revenue. The data used were exacted from World Bank
indicators and the data collected were analyzed using correlation analysis, unit
root test, and trend regression analyses. The results obtained revealed that there
is a Positive significant relationship between Money supply and Economic
Development. In addition, Fiscal policy measured by Government Expenditure
showed a positive significant relationship with Economic Development., and
Government Revenue revealed a positive relationship with Economic Development.
The study recommended among others that government should increase its expenditures
by increasing the money supply to the economy and appropriate measures should be put
in place to control inflation in the country.