What Determines The Choice Of The Exchange Rate Regimes In Nigeria?
This paper examined the choice of the exchange rate regime in Nigeria using a time series approach. Both multinomial logit and simultaneous limited-independent models were estimated using time series data from 1960 to 2000. The study found that when domestic inflation was relatively high with respect to world inflation, a fixed exchange rate regime was preferred. This serves as an anchor. Also, domestic monetary disturbances appreciated the real exchange rate and favoured a more flexible arrangement, while in the presence of real shocks the balance of payments acted as a shock absorber and a fixed regime was more likely.
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Volume (Year): IV (2005)
Issue (Month): 3 (May)
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