Nigeria

S. Ibi Ajayi and Adeola Adenikinju

Chapter 13 in Macroeconomic Volatility, Institutions and Financial Architectures, 2008, pp 347-373 from Palgrave Macmillan

Abstract: Abstract This chapter is concerned with the Nigerian study on the link between macro volatility and institutions. Nigeria is a small, open, oil-dependent, and heavily indebted country1 that shares most of the characteristics of countries that exhibit high volatility. Among the 79 countries included in a study by Hnatkovska and Loayza (2004), Nigeria’s volatility index (measured as the standard deviation of GDP growth) of 7.556 was only surpassed by Algeria 8.285, Syria 8.204, Iran 7.718, and China 7.994. It is also higher than the mean of 4.124 for all the countries in the sample. Similarly, Fanelli (2005a) shows that among African countries, Nigeria has one of the highest income and consumption volatilities.

Keywords: Interest Rate; Corporate Governance; Monetary Policy; Current Account Balance; International Capital Market (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59018-2_13

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DOI: 10.1057/9780230590182_13

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