Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/inderscience-publishers/determinants-and-sustainability-of-international-reserves-accumulation-ZaUTJuG0p9
References (56)
-
(2001)
Determinants and Sustainability of International Reserves Accumulation in Nigeria Dow -
J. Spangenberg (2005)
Economic sustainability of the economy: concepts and indicatorsInternational Journal of Sustainable Development, 8
-
J. Frenkel, Boyan Jovanovic (1981)
Optimal International Reserves: A Stochastic FrameworkThe Economic Journal, 91
-
(2007)
The determinants of international reserve hoarding in Korea: cointegration and error correction approach -
G. Furstenberg (1983)
International Money and Credit: The Policy Roles -
Andreas Bockermann, B. Meyer, I. Omann, J. Spangenberg (2005)
Modelling sustainability: Comparing an econometric (PANTA RHEI) and a systems dynamics model (SuE)Journal of Policy Modeling, 27
-
Ibrahim Elbadawi (1990)
The Sudan Demand for International Reserve: A Case of a Labour-Exporting CountryEconomica, 57
-
Robert Flood, N. Marion (2001)
Holding International Reserves in an Era of High Capital MobilityBrookings Trade Forum, 2001
-
J. Spangenberg (2002)
The changing contribution of unpaid work to the total standard of living in sustainable development scenariosInternational Journal of Sustainable Development, 5
-
D. Pearce, G. Atkinson (1993)
Capital theory and the measurement of sustainable development: an indicator of “weak” sustainabilityEcological Economics, 8
-
Frederick Hipple (1972)
The demand for international reserves -
J. Aizenman, N. Marion (2002)
The High Demand for International Reserves in the Far East: What's Going on?International Finance
-
J. Lizondo, Donald Mathieson (1987)
The stability of the demand for international reservesJournal of International Money and Finance, 6
-
Joshua Aizenman, Yeonho Lee, Yeongseop Rhee (2004)
International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of KoreaCapital Markets: Asset Pricing & Valuation
-
Jaewoo Lee (2004)
Insurance Value of International Reserves: An Option Pricing ApproachSPGMI: Compustat Fundamentals (Topic)
-
R. Engle, C. Granger (1987)
Co-integration and error correction: representation, estimation and testingEconometrica, 55
-
(2008)
A study of adequacy, cost and determinants of international reserves in India -
M. Iyoha (1973)
The Optimal Balance-of-Payments Strategy of a Less Developed CountryEconomic Record, 49
-
H. Heller (1966)
Optimal International ReservesThe Economic Journal, 76
-
Avi Ben-Bassat, D. Gottlieb (1992)
On the Effect of Opportunity Cost on International Reserve HoldingsThe Review of Economics and Statistics, 74
-
Michael Dooley, D. Folkerts-Landau, Peter Garber (2004)
THE REVIVED BRETTON WOODS SYSTEMInternational Journal of Finance & Economics, 9
-
(2006)
Effective reserve management in Nigeria: issues, challenges and prospects CBN Bul -
M. Obstfeld, Jay Shambaugh, Alan Taylor (2008)
Financial Stability, the Trilemma, and International ReservesCEPR: International Macroeconomics (Topic)
-
Munir Ahmed, M. Nizamuddin, Z. Sathar (2011)
The PAKISTAN DEVELOPMENT REVIEW -
P. Narayan, S. Narayan (2005)
Estimating income and price elasticities of imports for Fiji in a cointegration frameworkEconomic Modelling, 22
-
Usman Abdullateef, Ibrahim Waheed (2010)
External reserve holdings in Nigeria: Implications for investment, inflation and exchange rate -
Merton Miller, D. Orr (1966)
A Model of the Demand for Money by FirmsQuarterly Journal of Economics, 80
-
M. Pesaran, Y. Shin, Richard Smith (2001)
Bounds testing approaches to the analysis of level relationshipsJournal of Applied Econometrics, 16
-
R. Harrod (1953)
Imbalance of International Payments, 3
-
Adam Elhiraika, L. Ndikumana (2007)
Reserves Accumulation in African Countries: Sources, Motivations, and Effects -
S. Johansen, K. Juselius (2009)
MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEYOxford Bulletin of Economics and Statistics, 52
-
J. Spangenberg, I. Omann, F. Hinterberger (2002)
Sustainable growth criteria: Minimum benchmarks and scenarios for employment and the environmentEcological Economics, 42
-
(1988)
Statistical analysis of cointegrating vectors -
(2007)
A cross country analysis of international reserves . Paper presented at the 2006 APEA Conference ( April ) -
J. Dow (2001)
The Demand for Excess ReservesSouthern Economic Journal, 67
-
J. Aizenman, Jaewoo Lee
NBER WORKING PAPER SERIES INTERNATIONAL RESERVES: PRECAUTIONARY VERSUS MERCANTILIST VIEWS, THEORY AND EVIDENCE -
K. Khan, Eatzaz Ahmed (2005)
The Demand for International Reserves: A Case Study of PakistanThe Pakistan Development Review, 44
-
(2007)
Foreign exchange reserve accumulation -
J. Ford, Guobo Huang (1994)
The demand for International Reserves in China: An ECM Model with Domestic Monetary DisequilibriumEconomica, 61
-
Michael Kelly (1970)
THE DEMAND FOR INTERNATIONAL RESERVESJournal of Finance, 25
-
(2005)
Towards a more strategic management of Nigeria’s foreign reserves -
J. Ramsey (1969)
Tests for Specification Errors in Classical Linear Least‐Squares Regression AnalysisJournal of the royal statistical society series b-methodological, 31
-
Anil Bera, C. Jarque (1981)
Efficient tests for normality, homoscedasticity and serial independence of regression residuals: Monte Carlo EvidenceEconomics Letters, 7
-
Christopher Ball, Javier Reyes (2006)
International reserve holdings: interest rates matter!Applied Economics Letters, 16
-
(1972)
Lags in economic behaviour -
(2003)
Guidelines for foreign exchange reserve management. Prepared by the Monetary and Exchange Affairs Division -
J. Aizenman (2005)
Financial Liberalisations in Latin America in the 1990s: A ReassessmentThe World Economy, 28
-
T. Courchene, G. Youssef (1967)
The Demand for International ReservesJournal of Political Economy, 75
-
M. Gosselin, Nicolas Parent (2005)
An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia -
Harald Badinger (2004)
Austria's Demand for International Reserves and Monetary Disequilibrium: The Case of a Small Open Economy with a Fixed Exchange Rate RegimeMonetary Economics
-
H. White (1980)
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for HeteroskedasticityEconometrica, 48
-
S. Edwards (1983)
The Demand for International Reserves and Exchange Rate Adjustments: Thecase of Ldcs, 1964-1972NBER Working Paper Series
-
M. Iyoha (1976)
Demand for International Reserves in Less Developed Countries: A Distributed Lag SpecificationThe Review of Economics and Statistics, 58
-
P. Narayan (2005)
The saving and investment nexus for China: evidence from cointegration testsApplied Economics, 37
-
H. Heller, Mohsin Khan (1978)
The Demand for International Reserves under Fixed and Floating Exchange Rates, 25
-
P. Lane, Dominic Burke (2001)
The Empirics of Foreign ReservesOpen Economies Review, 12
- Publisher
- Inderscience Publishers
- Copyright
- Copyright © Inderscience Enterprises Ltd. All rights reserved
- ISSN
- 1756-5804
- eISSN
- 1756-5812
- DOI
- 10.1504/IJSE.2014.063185
- Publisher site
- See Article on Publisher Site
Abstract
The study examined the determinants of international reserves accumulation in Nigeria between 1970 and 2010 with a view to determining its sustainability. The three major dimensions of sustainable development (social, economic and environment) are considered in the adopted model that was estimated using error correction and bounds testing approach to cointegration. Findings suggest that variability of export earnings and the one period lagged value of international reserves had a positive impact on international reserves holding in Nigeria. The economic (GDP per capita) and environmental (CO 2 emission) measures of sustainable development also affect international reserves accumulation in the long-run. Observably, oil price negatively affects reserve holding in the long-run but is positive in the short-run. The findings suggest the need to diversify Nigeria’s sources of external reserves accumulation towards more environmentally and economically sustainable activities such that the negative effects of volatile oil export earnings and crude oil extraction are reduced.
Journal
International Journal of Sustainable Economy – Inderscience Publishers
Published: Jan 1, 2014