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The Size and Sustainability of the Nigerian Current Account Deficits

  • Olumuyiwa Adedeji
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    This paper uses an intertemporal model of the current account and macroeconomic indicators to examine the size and sustainability of Nigerian current account deficits over the 1960-97 period. The results indicate that the Nigerian economy appeared to satisfy its intertemporal budget constraint during this period. However there were years marked by excessive current account deficits. The results also support the view that current account deficits accompanied by macroeconomic instability and structural weaknesses can degenerate in to an external crisis.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15152
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/87.

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    Length: 33
    Date of creation: 01 Jun 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/87
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    1. Stelios Makrydakis, 1999. "Consumption-smoothing and the excessiveness of Greece's current account deficits," Empirical Economics, Springer, vol. 24(2), pages 183-209.
    2. Milesi-Ferretti, G-M & Razin, A, 1996. "Current-Account Sustainability," Princeton Studies in International Economics 81, International Economics Section, Departement of Economics Princeton University,.
    3. Tim Callen & Paul Cashin, 1999. "Assessing External Sustainability in India," IMF Working Papers 99/181, International Monetary Fund.
    4. Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency crashes in emerging markets: an empirical treatment," International Finance Discussion Papers 534, Board of Governors of the Federal Reserve System (U.S.).
    5. Sebastian Edwards & Julio Santaella, 1993. "Devaluation Controversies in the Developing Countries: Lessons from the Bretton Woods Era," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 405-460 National Bureau of Economic Research, Inc.
    6. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
    7. C. John McDermott & Paul Cashin, 1996. "Are Australia's Current Account Deficits Excessive?," IMF Working Papers 96/85, International Monetary Fund.
    8. International Monetary Fund, 1997. "Nigeria; Experience with Structural Adjustment," IMF Occasional Papers 148, International Monetary Fund.
    9. Ghosh, Atish R & Ostry, Jonathan D, 1995. "The Current Account in Developing Countries: A Perspective from the Consumption-Smoothing Approach," World Bank Economic Review, World Bank Group, vol. 9(2), pages 305-33, May.
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