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Achieving and Maintaining Price Stability in Nigeria

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  • Nicoletta Batini

Abstract

This paper reviews the historical performance of monetary policy in Nigeria and discusses the relative merits of alternative monetary policy strategies that Nigeria could adopt in the future, once the many operational issues that today obstruct the conduct of monetary policy have been addressed. An analysis of external and fiscal dominance in Nigeria reveals that none of the candidate strategies is particularly appealing although, on various grounds, a long-run target for inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a regime in Nigeria when account is taken for the emerging market features of the economy.

Suggested Citation

  • Nicoletta Batini, 2004. "Achieving and Maintaining Price Stability in Nigeria," IMF Working Papers 04/97, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:04/97
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    References listed on IDEAS

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    1. Mark Zelmer & Andrea Schaechter, 2000. "Adopting Inflation Targeting; Practical Issues for Emerging Market Countries," IMF Occasional Papers 202, International Monetary Fund.
    2. Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," NBER Chapters,in: Financial Markets and Financial Crises, pages 69-108 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Oluwole Alfred Olatunji, 2010. "The impact of oil price regimes on construction cost in Nigeria," Construction Management and Economics, Taylor & Francis Journals, vol. 28(7), pages 747-759.

    More about this item

    Keywords

    Fiscal dominance; Dollarization; Inflation targeting; Nigeria; inflation; monetary policy; central bank; price stability; Fiscal and Monetary Policy in Development; Economywide Country Studies: Africa;

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