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Constructing effective exchange rate (EER) indices: methodological issues and an application to Nigeria.
No full textThis paper reviews the major conceptual and methodological issues that confront an index designer with particular emphasis on the construction of effective exchange rate indices. In addition, the paper attempts to construct for the.first time a nominal effective exchange rate (NEER) indices for Nigeria.for the period January 1960 to December 1990, as a means of providing a summary measure of the average external value of the nation\u27s currency against those of her trading partners selected for the index
Management of the external debt of Nigeria
No full textDebt management primarily involves five basic functions: policy, regulatory, operational, accounting, and statistical analysis. The policy involves coordination among the agencies with prime responsibility for the economic management of a country in the formulation of national debt policies and strategies. This paper is arranged in six parts. Part I is an over-view of global debts in selected developed and developing economies. Part ll addresses the origin and structure of Nigeria\u27s external debt. Part lll discusses the causative factors of Nigeria\u27s external debt and her external borrowing policy. Part lV highlights the debt relief proposals and the Nigeria\u27s external debt profile. Part V examines and evaluates the debt management strategies\u27 adopted in Nigeria while the last part gives the summary
Opening address on the Central Bank Decree 1991 and Banks and Other Financial Institutions Decree, 1991
No full textOpening address by the Central Bank Governor, Alhaji A. Ahmed at the Workshop on the Central Bank Decree 1991 and Banks and Other Financial Institutions Decree, 199
Stephen A. Meyer: The U.S. as a Debtor Country: Causes, Prospects and Policy Implications Business Review, Federal Reserve Bank of Philadelphia, November/December, 1989 (13pp)
No full textThe author\u27s focus in this paper is the analysis of the implications of increased net debt claims on the United States. In his opinion, while net inflow of foreign investment is welcome, there is the fear that excessive net claims on a country like U.S.A. may constitute a problem in the long-run. The author\u27s concern centres on the probable adverse consequences of the growing status of U.S.A. as a net debtor nation and the implication for future generations of Americans in terms of standard of living and debt service burden. It is the author\u27s view that this might also lead to very high inflation rates, like those experienced recently by some debtor nations. The paper therefore seeks to analyse the validity of these concerns by first discussing the economic factors that generated large capital inflows into the country and evaluating the prospects for reversing this net-debtor position. This it does by weighing the role economic policies can play in the process
Industrial Development Coordinating Committee (IDCC) and Foreign Private Investment (FPI) in Nigeria
No full textPolicies that attract foreign private investment (FPI) have become the focus of considerable attention in many developing countries particularly since the beginning of the debt crisis in the 1980s. As part of Nigeria\u27s strategy to stimulate foreign investment, the Federal Government of Nigeria established the Industrial Devel,opment Coordinating Committee (IDCC) in 1988 as a one-stop agency for facilitating andattractingforeign investment inflow. A study was initiated by the Research Department to assess the role of IDCC so far in stimulating the desi,:ed level of foreign investment in Nigeria. The study shows that IDCChasbeenrelativelyineffectiveasjudgedbytheforeigncapitalinflowwhichresultedfromtheIDCC\u27s approved enterprises. The expected foreign capital inflow stood at Nl,243.5 million by the end of July 1991 while only N149.1 million worth of Certificates of Capital Importation had been issued. Compared with· the flood of FPI inflow into Latin American and South East Asian developing countries, the success achieved through the IDCC, appeared rather meagre. The paper thus recommends that in addition to granting entry approvals to foreign investors, the IDCC should monitor the activities· of the approved enterprises. In addition, the approval procedures need to be improved to ensure compliance with the needs and aspirations of the economy
Graham Bird: should developing counrties use currency use currency depreciation as a tool of balance of payments adjustments? a review of the theory and evidence and a guide to the policy maker - journal of dev. studies, vol. xix, No. 4, July, 1983.
No full textIn the article, Bird summarizes existing theoretical and empirical literature on the merits of the use of currency depreciation as a tool of balance of payments (bop) adjustments. In line with the posture of the International Monetary Fund (IMF) he argues that besides getting price incentives right, exchange rate depreciation often elicit the desired supply and demand responses for exports and imports. This effect is usually reflected even in short run correction of bop deficits, a situation he contends augurs well for developing economies
The common agricultural policy of the European Community: principles and consequences.
No full textThis is a review of the paper Common Agricultural Policy of the European Community by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Oimitrios Oemekas, Sanjeev Ouptar, and Leslie Lipschitz, a 70 paged IMF Occasional paper, No. 62, November, 1988 (c) and published by the International Monetary Fund, Washington. D.C
Appraisal of recent exchange rate policy measures in Nigeria.
No full textIt is the purpose of this paper, therefore, to review and appraise the exchange rate policy measures, especially the most recent ones. To place the analysis in its proper perspective, the paper is divided into five sections. Section I articulates the conceptual and theoretical framework and contains a review of current naira exchange rate policy. Section II outlines the policy measures undertaken so far while the appraisal of the policy measures is attempted in Section III. Section IV suggests measures that would ensure a viable and stable naira exchange rate. The last section contains the summary and conclusions
The role of central bank in the acquisition of foreign technology for national development.
No full textThis paper has examined the role a central bank could play in the acquisition of foreign technology. In the process of doing this, the implication of meaningful real technology transfer was discussed while suggestions were proferred, as to what a country especially a developing country such as Nigeria could do in order to achieve real, as distinguished from apparent. technology transfer. Emphasis was placed on training of the indigenous personnel at all levels including the middle and top level management. The crucial role the government must play in ensuring the compliance of the foreign party to an agreement involving transfer of foreign technology was also stressed. It was equally emphasized that channels such as turnkey, product sharing, services and management contracts which are new forms of acquiring foreign technology in resource-based industries like mining, petroleum, petrochemical and such heavy manufacturlng industries like iron and steel, fertilizer production, etc. should not only lay emphasis on training the indigenous personnel but should also be effectively enforced to ensure that the stages of domestication and indigenization of the technology are at least acquired within the shortest time possible
Foreign Exchange Policy and Management
No full textThe interdependence of countries in terms of trade has grown so much that, perhaps, no country can lay absolute claim on self-sufficiency in its resource requirements or lay absolute claim on a perfectly balanced supply of resource . By extension, since resources are limited and scarce, the need for policy formulation and management of the resources be comes inevitable. Accordingly, Part 1 of this paper highlights the foreign currency management tools. Part II discusses the policies in external economies. Part Ill deals in details with the foreign currency policy in Nigeria while Part IV gives the conclusion