文章基本信息

标题：Monetary Policy and Nigeria's Trade Balance, 1980-2018
本地全文：下载
作者：Musa Abdullahi Sakanko ; Kanang Amos Akims
期刊名称：Signifikan
印刷版ISSN：2087-2046
电子版ISSN：2476-9223
出版年度：2021
卷号：10
期号：1
页码：129-138
DOI：10.15408/sjie.v10i1.18132
出版社：Universitas Islam Negeri Syarif Hidayatullah Jakarta
摘要：Several countries have integrated monetary easement into their foreign policy to faucet the gains from trade thereby, assuring that market forces determine monetary policy instruments such as interest rate and exchange rate. It is on this note and this paper empirically evaluate the effect of monetary policy on Nigeria's trade balance using the Autoregressive Distributed Lag Model on the time series data spanning from 1980 to 2018. The findings reveal that monetary policy tools of real interest and effective exchange rate have a long-run co-integration relationship and significant adverse effects on Nigeria's trade balance both in the short-run and long-run. Thus, the paper concludes that monetary policy is a veritable tool through which Nigeria can maintain a favorable trade balance. Therefore, policymakers should step on measures that will maintain low-interest rates to sustain a flexible exchange rate and remove all rigidities associated with the international payment system.
其他摘要：Several countries have integrated monetary easement into their foreign policy to faucet the gains from trade thereby, assuring that market forces determine monetary policy instruments such as interest rate and exchange rate. It is on this note and this paper empirically evaluate the effect of monetary policy on Nigeria's trade balance using the Autoregressive Distributed Lag Model on the time series data spanning from 1980 to 2018. The findings reveal that monetary policy tools of real interest and effective exchange rate have a long-run co-integration relationship and significant adverse effects on Nigeria's trade balance both in the short-run and long-run. Thus, the paper concludes that monetary policy is a veritable tool through which Nigeria can maintain a favorable trade balance. Therefore, policymakers should step on measures that will maintain low-interest rates to sustain a flexible exchange rate and remove all rigidities associated with the international payment system.
关键词：autoregressive distributive lag; monetary policy; trade balance.
其他关键词：autoregressive distributed lag;monetary policy;trade balance