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The Balance Of Payments As A Monetary Phenomenon:An Econometric Case Study Of Nigeria

  • GODWIN CHUKWUDUM NWAOBI

    (QUANTITATIVE ECONOMIC RESEARCH BUREAU,ABUJA)

THE THRUST OF THIS PAPER HAS BEEN TO INVESTIGATE THE THEORETICAL PROPOSITION OF THE MONETARY APPROACH TO THE THEORY OF BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A MONETARY AND NOT A REAL PHENOMENON AS POSITED BY THE CONVENTIONAL THEORIES. FROM THE VARIOUS TESTS CONCLUDED AND HYPOTHESIS EVALUATED,THE STUDY SUGGESTS THAT THE MANIPULATION OF DOMESTIC CREDIT BY THE MONETARY AUTHORITIES WILL NOT ENHANCE THE BALANCE OF PAYMENT VIABILITY OVER TIME; RATHER THAT INCREASES IN THE LEVEL OF OUTPUT MIGHT IMPROVE THE BALANCE ON CURRENT ACCOUNT.

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Paper provided by EconWPA in its series International Finance with number 0307001.

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Length: 35 pages
Date of creation: 09 Jul 2003
Date of revision:
Handle: RePEc:wpa:wuwpif:0307001
Note: Type of Document - MICROSOFT WORD ; prepared on IBM PC ; to print on HP/; pages: 35; figures: included/request from author/draw your own. We never published this piece and now we would like to reduce our mailing and xerox cost by posting it.
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  1. Jonson, P D & Kierzkowski, H I, 1975. "The Balance of Payments: An Analytic Exercise," The Manchester School of Economic & Social Studies, University of Manchester, vol. 43(2), pages 105-33, June.
  2. Fry, Maxwell J, 1976. "A Monetary Approach to Afghanistan's Flexible Exchange Rate," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 8(2), pages 219-25, May.
  3. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-48, September.
  4. Putnam, Bluford H & Van Belle, John J, 1978. "A Monetary Approach to Afghanistan's Flexible Exchange Rate: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(1), pages 117-18, February.
  5. Hang-Sheng Cheng & Nicholas P. Sargen, 1975. "Central bank policy towards inflation," Economic Review, Federal Reserve Bank of San Francisco, issue Spr, pages 31-40.
  6. Connolly, Michael & Taylor, Dean, 1976. "Testing the Monetary Approach to Devaluation in Developing Countries," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 849-59, August.
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