The Effectiveness of Monetary Policy Under Flexible Exchange Rate Regime Flexible Exchange Rate Regime in Nigeria

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– The Effectiveness of Monetary Policy Under Flexible Exchange Rate Regime Flexible Exchange Rate Regime in Nigeria –

Download The Effectiveness of Monetary Policy Under Flexible Exchange Rate Regime Flexible Exchange Rate Regime in Nigeria. Economics students who are writing their projects can get this material to aid their research work.

Abstract

This study investigates the effectiveness of monetary policy under flexible exchange rate regime in Nigeria using Ordinary Least Square approach. Quarterly time series data spanning 1980:1 – 2008:4 is used in this work.

The study examines stochastic characteristics of each time series by testing their stationarity using Augmented Dickey Fuller (ADF) test. This is followed by performing co integration test using Augmented Engle-Granger (AEG) technique.

The results of the cointegration test indicates that the residuals estimated from our RGDP and CPI equation are not stationary at both 5% and 1% levels of significance implying that the variables used in this regression are not cointegrated.

The absence of no co integration means that long run equilibrium relationship does not exist among the nonstationary variables.

Introduction

The Bretton Woods monetary system of fixed exchange rates, which evolved immediately after the Second World War, worked fairly well for nearly thirty years until 1973 when it broke down. U.S. huge current account deficits occasioned by its involvement in the Vietnam War, posed significant challenges to the system.

Upon the demise of the Bretton Woods system, a generalized system of floating exchange rates emerged, particularly for the developed countries.

The developing countries have had varied experiences with exchange rate regimes, in choosing exchange rate regimes, developing countries need to be fully aware of the circumstances and conditions for their successful adoption.

The important factors and criteria in such choices also need to be properly understood. Various forms of exchange rate regimes are open to individual countries.

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