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

  • M. Abimbola Oyinlola


    (Department of Economics, University of Ibadan)

  • M. Adetunji Babatunde


    (Department of Economics, University of Ibadan)

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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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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  1. 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.
  2. Sushanta Mallick & Helena Marques, 2007. "Pass-through of Exchange Rate and Tariffs into Import Prices of India: Currency Depreciation versus Import Liberalisation," Working Papers 3, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
  3. 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.
  4. Prema-chandra Athukorala & Jayant Menon, 1992. "Pricing to Market Behaviour and Exchange Rate Pass-Through in Japanese Exports," Working Papers 1992.32, School of Economics, La Trobe University.
  5. repec:ebl:ecbull:v:3:y:2005:i:26:p:1-14 is not listed on IDEAS
  6. Bardsen, G., 1988. "On The Estimation Of Long Run Coefficients In Error Correction Models," Papers 03-88, Norwegian School of Economics and Business Administration-.
  7. 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.
  8. 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.
  9. Kenny, Geoff & McGettigan, Donal, 1996. "Exchange Rate Pass-Through and Irish Import Prices," Research Technical Papers 6/RT/96, Central Bank of Ireland.
  10. 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.
  11. 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.
  12. Menon, Jayant, 1995. " Exchange Rate Pass-Through," Journal of Economic Surveys, Wiley Blackwell, vol. 9(2), pages 197-231, June.
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