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A Bound Testing Analysis Of Exchange Rate Pass- Through To Aggregate Import Prices In Nigeria: 1980-2006

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  • M. Abimbola Oyinlola

    ()
    (Department of Economics, University of Ibadan)

  • M. Adetunji Babatunde

    ()
    (Department of Economics, University of Ibadan)

Abstract

This paper examines the extent of pass-through of exchange rate into import prices for Nigeria between 1980 and 2006 using the recently developed UECM-Bounds test proposed by Pesaran et al. (2001). Empirical evidence reveals that world export prices has a dominant effect compared to exchange rate in explaining changes in Nigeria¡¯s import prices in the short and long run. The major implication for our study therefore is that exogenous factors such as world export prices appeared to be more important determinants of domestic import prices than a country¡¯s exchange rate policies.

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Bibliographic Info

Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 34 (2009)
Issue (Month): 2 (December)
Pages: 97-109

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Handle: RePEc:jed:journl:v:34:y:2009:i:2:p:97-109

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Keywords: Aggregate Import Price; World Export Price; Bound Testing; Nigeria;

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References

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  1. Carlos José García T. & Jorge Enrique Restrepo, 2003. "Price Inflation and Exchange Rate Pass-Trough in Chile," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 69-88, January-J.
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  3. Bardsen, Gunnar, 1989. "Estimation of Long Run Coefficients in Error Correction Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(3), pages 345-50, August.
  4. Sushanta Mallick & Helena Marques, 2008. "Passthrough of Exchange Rate and Tariffs into Import Prices of India: Currency Depreciation versus Import Liberalization," Review of International Economics, Wiley Blackwell, vol. 16(4), pages 765-782, 09.
  5. repec:ebl:ecbull:v:3:y:2005:i:26:p:1-14 is not listed on IDEAS
  6. Kenny, Geoff & McGettigan, Donal, 1996. "Exchange Rate Pass-Through and Irish Import Prices," Research Technical Papers 6/RT/96, Central Bank of Ireland.
  7. Carlos José García & Jorge Enrique Restrepo, 2001. "Price Inflation and Exchange Rate Pass-Through in Chile," Working Papers Central Bank of Chile 128, Central Bank of Chile.
  8. Oladipo Olajide, 2007. "Exchange Rate Pass-Through: A Case Study of a Small Open Economy," Global Economy Journal, De Gruyter, vol. 7(3), pages 1-26, October.
  9. Bardsen, G., 1988. "On The Estimation Of Long Run Coefficients In Error Correction Models," Papers 03-88, Norwegian School of Economics and Business Administration-.
  10. Barhoumi, Karim, 2006. "Differences in long run exchange rate pass-through into import prices in developing countries: An empirical investigation," Economic Modelling, Elsevier, vol. 23(6), pages 926-951, December.
  11. Athukorala, Premachandra & Menon, Jayant, 1994. "Pricing to Market Behaviour and Exchange Rate Pass-Through in Japanese Exports," Economic Journal, Royal Economic Society, vol. 104(423), pages 271-81, March.
  12. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 197-231, June.
  13. BARHOUMI Karim, 2005. "Exchange Rate Pass-Through Into Import Prices In Developing Countries: An Empirical Investigation," Economics Bulletin, AccessEcon, vol. 3(26), pages 1-14.
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Cited by:
  1. Naz, Farah & Mohsin, Asma & Zaman, Khalid, 2012. "Exchange rate pass-through in to inflation: New insights in to the cointegration relationship from Pakistan," Economic Modelling, Elsevier, vol. 29(6), pages 2205-2221.

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