Empirical Evidence of Export Responses to Exchange Rate Volatility in Nigeria

Description

– Empirical Evidence of Export Responses to Exchange Rate Volatility in Nigeria –

Download Empirical Evidence of Export Responses to Exchange Rate Volatility in Nigeria. Students who are writing their projects can get this material to aid their research work.

Abstract

Following the economic importance of export promotion for improved current account balance of an economy’s balance of payment, this study examines the export responses to exchange rate volatility in Nigeria.

The research built a VAR model transformed to VECM as well as ARCH and GARCH model and found out that exchange rate volatility has a long – term negative effect on Nigeria exports.

The result calls for policy actions to tackle rising exchange rate volatility. The research suggests emphasis on policies and mechanism that will ensure more stability of exchange rate in Nigeria

Introduction

1.1 Background of the Study

Since the breakdown of the Bretton Woods fixed exchange rate system in the early 1970s, the effect of exchange rate volatility on trade flows and other macroeconomic variables has attracted a lot of attention.

Exchange rate is simply the rate at which one currency exchanges for another and its volatility is a statistical measure of the exchange rate tendency to rise and fall sharply within a short period and is important in understanding foreign exchange market behavior.

Be it nominal or real exchange rate, volatility creates uncertainty in macroeconomic policy formulation, investment decisions and international trade flows. (Anthony Musonda 2008).

The role of exports in economic development has been widely acknowledged. Exports refer to goods and services a country sends to other countries for sale.

It affects the current account balance of an economy positively and its payment involves converting one currency into another via exchange rate.

Ideally, export activities stimulate growth in a number of ways including improvement of balance of payment, production and demand linkages, economies of scale due to large international markets, increased efficiency.

Adoption of superior technologies embodied in foreign produced capital goods, learning effects and improvement of human resources, increased productivity through specialization as well as creation of employment (Maureen Were 2002).

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