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Institutional approach to debt determination: the Nigerian case

Author

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  • David O. Fadiran
  • Olusegun A. Akanbi

Abstract

This paper examines institutions as a determinant of external debt. We employ a recently constructed data set on institutions for Nigeria, which is constructed using a different methodology from the oft used polity series and also unbundles institutions into several sub-categories. The results show that specific institutional categories such as 'the extent of arbitrary executive powers' and 'government secrecy' play a significant role in limiting debt levels. Furthermore, when we consider the composite institutions' measure that captures the totality of civil and political liberties, the empirical analysis suggests that it plays a significant role in limiting the levels of long-term external debt, as well as public and publicly guaranteed (PPG) external debt, in the long-run.

Suggested Citation

  • David O. Fadiran & Olusegun A. Akanbi, 2018. "Institutional approach to debt determination: the Nigerian case," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 10(1), pages 41-60.
    • Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:41-60
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