Empirical Analysis of Balance of Payment Adjustment Mechanisms: Monetary Channel in Nigeria, 1970– 2010

Tijani, Julius O.

doi:10.5901/mjss.2014.v5n14p67

Cited by 8 publications

(8 citation statements)

References 7 publications

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“…This result is consistent with the findings of Akpansung (1998) that reserve accumulation is negatively related to the rate of growth of domestic credit. Similar results can also be found in Tijani (2014), and Imoughele and Ismaila (2015). Furthermore, the established negative relationship supports Polak's formulation that an increase in domestic credit reduces the level of net foreign assets and balance of payments position.…”

Section: Resultssupporting

confidence: 86%

“…The marginal propensity to import was estimated at 20 per cent. In a more related study, Tijani (2014) found a direct relationship between balance of payments and domestic credit, exchange rate and balance of trade using an OLS regression. The study argues that monetary measure is an effective mechanism for BOP management, but dependent on the policy mix of the monetary authority.…”

Section: Empirical Reviewmentioning

confidence: 94%

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Overconfidence: The Influence of Positive and Negative Affect

Filiz¹

2020

IJEFR

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The consequences of overconfidence affect many spheres of economic life. As yet, few factors are known that determine the extent of possible overconfidence. There are also few studies concerning the influence of positive and negative emotions on self-assessment. It has not yet been examined whether emotions can affect learning effects regarding self-assessment, wherefore the present study addresses this research question. In a real-effort-task experiment the participants are presented with tasks over the course of 5 rounds. After each round, they are asked to assess their own performance. They are then given feedback on their actual performance, thereby allowing for learning effects. Their mood is induced by positive (treatment “positive”), negative (treatment “negative”) and neutral (treatment “neutral”) movie clips. There are no significant differences in the three treatments regarding absolute and relative overconfidence. However, the participants’ moods differed with regard to the occurrence of learning effects. Obvious learning effects can be established in a neutral mood when examining absolute overconfidence. These learning effects cannot be detected in positive and negative moods.

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Section: Resultssupporting

confidence: 86%

Section: Empirical Reviewmentioning

confidence: 94%

Overconfidence: The Influence of Positive and Negative Affect

Filiz¹

2020

IJEFR

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“…Research in Nigeria has examined the applicability of using monetary approach for balance of payments with the intention of exploring the determinants of the balance of payments. It has revealed the competent of the theory and further explained the positive relationship between balance of payments and exchange rate (Tijani, 2014).…”

Section: Literature Reviewmentioning

confidence: 87%

The determinants of the balance of payments imbalance of Sri Lanka

Udayanga

2019

Studia I Prace WNEiZ

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This research attempts to identify the highly influential determinants for Sri Lanka's Balance of Payments (BOP) imbalance. The study was based on time serious secondary data for the time spanning from 1990 to 2017. The operational methodology adopted is the multiple regression model on variables such as Imbalance of the Previous Year (β 1 BOP t-1), Money Supply (MS t), Economic Growth Rate (EGR t), Inflation Rate (IR t), Reserve Assets (RA t), Exports (EX t), Imports (IM t) and Exchange Rate (EXR t). The findings of the study revealed that money supply and exchange rate are the highest negatively influential determinants while reserve assets and export income highly positively influence on balance of payments imbalance. Research recommends uplifting the export income while declining the exchange rate to prevent from upcoming BOP deficit. Research suggests future researchers to analyse the impact of qualitative variables on BOP imbalance.

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“…However, the current monetary policy frame work focuses on the maintenance of price stability and balance of payments equilibrium, while the promotion of economic growth and employment generation are secondary goals of the policy. Tijani (2014) asserted that in achieving stability in balance of payment disequilibrium, it is undoubtedly the primary aim of monetary theory of balance of payment. However the two phases devised are before and after the Structural Adjustment Programme in Nigeria (SAP) of 1986.…”

Section: Asian Journal Of Economic Modellingmentioning

confidence: 99%

“…Nevertheless this conclusion is slightly in variance to the modified monetary approach to devaluation as propounded by Johnson and Frenkel (1976) and elaborated by Connoly andTaybr 1976,1979 which was employed by Nyong and Obafemi (1995). Tijani (2014) empirically analyzed Balance of payments adjustment mechanisms using monetary channel in Nigeria from 1970-2010. The regression analysis found a positive relationship between the BOP and domestic credit, exchange rate and Balance of trade while inflation rate and GDP have a negative effect and concluded that monetary measures constitute immensely to the position of BOP, cause disturbances and also serve as adjustment mechanism to bring BOP to equilibrium depending on its application and policy mix by monetary authority.…”

Section: Empirical Review Ad Theoretical Frameworkmentioning

confidence: 99%

Monetary Policy and its Implication for Balance of Payment Stability in Nigeria Between 1986-2015

Mukolu

Illugbemi

Otalu

2017

Asian Journal of Economic Modelling

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Article History JEL Classification:O23, F10, E51An assessment of the impact of monetary policy on balance of payments in Nigeria from 1986-2015 was investigated. The data used for this study is mainly secondary data and was analyzed using ARDL co integration technique. The results showed the net trade (NT), money supply (M2) and bank credit to private sector (BCP) all have long run effect on the balance of payment while the differenced money supply (DM2), net trade and bank credit all showed the short run relationship with the balance of payment. From the overall analyses done on the variables, it was concluded that all variables exhibited relationships both in the long and short run respectively i.e are jointly significant. It's therefore recommended that government through the monetary authority should ensure that the domestic money stock is consistent with macroeconomic objectives, put adequate policies in place that will stabilize money circulation in order to avoid excess liquidity in the economy which may lead to inflation. Export diversification and non-oil sector exports should be encouraged as this will enhance BOP position in Nigeria. Contribution/ Originality:This study contributes to existing literature by evaluating monetary policy and its implication for balance of payment stability in Nigeria between1986-2015. This study uses new estimation methodology to analyse the variables by using ARDL cointegration technique. The paper's primary contribution is finding that all the variables used in the model exhibited a long and short run relationship respectively and were significant. This study documents the originality of this article.

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Empirical Analysis of Balance of Payment Adjustment Mechanisms: Monetary Channel in Nigeria, 1970– 2010

Abstract: Abstract

Cited by 8 publications

References 7 publications

Overconfidence: The Influence of Positive and Negative Affect

Overconfidence: The Influence of Positive and Negative Affect

The determinants of the balance of payments imbalance of Sri Lanka

Monetary Policy and its Implication for Balance of Payment Stability in Nigeria Between 1986-2015

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