Economic and Financial Review


Moses K. Tule


Research Department, Central Bank of Nigeria


Macro-prudential Regulation, Monetary Policy, Institutional Framework, Micro-prudential Regulation, Systemic Risk, Macroeconomic Stability


This paper makes a bold attempt to examine some of the issues within the narrow context of monetary policy. Following the introduction, Section 2 examines some conceptual issues including the institutional framework for monetary and macro-prudential policy. Section 3 discusses the objectives and instruments of monetary and macro-prudential policy including indicators of systemic risk, while Section 4 examines at the interaction of macro-prudential with monetary policy and how this could be enhanced. In Section 5, the experiences of other countries with macro-prudential regulation are presented and lessons drawn for Nigeria. Section 6 concludes the paper and provides insights for an effective macro-prudential policy framework for Nigeria.





Recommended Citation

Tule, M.K. (2012). Macro-Prudential Regulation and Effective Monetary Policy. Economic and Financial Review, 50(4), 140-161.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.