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The Size and Sustainability of 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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    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. Cashin, P., 1996. "Are Australia's Current Account deficits Excessive?," Department of Economics - Working Papers Series 533, The University of Melbourne.
    2. International Monetary Fund, 1997. "Nigeria: Experience with Structural Adjustment," IMF Occasional Papers 148, International Monetary Fund.
    3. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
    4. 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.
    5. Tim Callen & Paul Cashin, 1999. "Assessing External Sustainability in India," IMF Working Papers 99/181, International Monetary Fund.
    6. Sebastian Edwards & Julio A. Santaella, 1992. "Devaluation Controversies in the Developing Countries: Lessons From the Bretton Woods Era," NBER Working Papers 4047, National Bureau of Economic Research, Inc.
    7. 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.
    8. Stelios Makrydakis, 1999. "Consumption-smoothing and the excessiveness of Greece's current account deficits," Empirical Economics, Springer, vol. 24(2), pages 183-209.
    9. Milesi-Ferretti, G-M & Razin, A, 1996. "Current-Account Sustainability," Princeton Studies in International Economics 81, International Economics Section, Departement of Economics Princeton University,.
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