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Consumption-Based Interest Rate and the Present-Value Model of the Current Account--Evidence from Nigeria

Author/Editor: Adedeji, Olumuyiwa
Authorized for Distribution: August 1, 2001
Electronic Access: Free Full Text (PDF file size is 909KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97. This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97.
 
Series: Working Paper No. 01/93
Subject(s): Current account balances | Nigeria | Interest rates | Exchange rates | Terms of trade | Economic models
Author's keyword(s): Present-value model | consumption-based interest rate | Nigeria
 
English  
    Published:   August 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0932001   Pages:   29
    Price:   US$15.00
       
     
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