文章基本信息

标题：Internal and external drivers of inflation in Nigeria
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作者：Ngozi Adeleye ; Adeyemi Ogundipe ; Oluwatomisin Ogundipe 等
期刊名称：Banks and Bank Systems
印刷版ISSN：1816-7403
电子版ISSN：1991-7074
出版年度：2019
卷号：14
期号：4
页码：206-218
DOI：10.21511/bbs.14(4).2019.19
语种：English
出版社：LLC "CPC "Business Perspectives"
摘要：This study contributes to the literature on inflation dynamics by examining whether internal or external factors drive inflationary pressure in Nigeria. Using the annual time series data from 1981 to 2017 and applying Johansen cointegration analysis,the vector error correction mechanism and the impulse response function,the study re veals some compelling evidence to suggest that external forces are responsible for inflationary pressure in Nigeria. The results,amongst others,reveal that:external driv?ers – exchange rate,imported inflation and openness – induce a positive and direct relation to inflation. This is because a percentage change in these variables results in an increase in inflation of 0.49%,0.47% and 4.28%,respectively,on average,ceteris paribus;the internal drivers – government expenditures,net food exports and lending interest rate – dampen inflation by 0.48%,1.70% and 0.02%,respectively,on average, ceteris paribus;there is evidence of cointegration indicating that 57.48% of short-run errors will be corrected in the long run;imported inflation contributes to a deviation of about 33% deviation in the first five periods and accounts for cumulative average of over 100% deviation in inflation. Policy implications are discussed.
关键词：inflation dynamics;inflation targeting;domestic inflation;external inflation;Nigeria