Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/237424 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] CBN Journal of Applied Statistics [ISSN:] 2476-8472 [Volume:] 11 [Issue:] 1 [Publisher:] The Central Bank of Nigeria [Place:] Abuja [Year:] 2020 [Pages:] 65-85
Verlag: 
The Central Bank of Nigeria, Abuja
Zusammenfassung: 
This study adopts the "buffer stock model" advanced by Frenkel and Jovanovic (1981) to estimate the optimal level of foreign reserves for Nigeria. The Autoregressive Distributed Lag Approach (ARDL) was used to estimate the optimal foreign reserves function. The results show that the Nigeria's optimal reserves level responses to adjustment cost of holding reserves and exchange rate volatility and that importand opportunity cost of reserves holding have insignificant impact on Nigeria's optimal foreign reserves. The short run and long run estimates of the buffer stock model support the theory that foreign reserves holding in Nigeria is more sensitive to the precautionary than mercantilist motives of holding reserves. Thus, it is recommended that the Central Bank of Nigeria (CBN) should implement effective foreign reserves policies that consider exchange rate volatility, oil price volatility and global macroeconomic imbalances.
Schlagwörter: 
ARDL
exchange rate volatility
import
Nigeria
Optimal
Reserve
JEL: 
F30
F32
F36
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
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