THE BALANCE OF PAYMENTS AS A MONETARY PHENOMENON:AN ECONOMETRIC CASE STUDY OF NIGERIA

PROF Godwin Chukwudum Nwaobi ()

International Finance from EconWPA

Abstract: 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.

Keywords: BALANCE OF PAYMENTS; ADJUSTMENT MECHANISMS; NIGERIAN ECONOMY ECONOMETRIC TESTS; CURRENT ACCOUNT; INTERNATIONAL (search for similar items in EconPapers)
JEL-codes: E50 F20 F30 F32 E60 (search for similar items in EconPapers)
Date: 2003-07-09
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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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpif:0307001

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