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Omojimite, Ben U.
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Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Materials Science & Nanotechnology

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Modeling the Dynamics of Money Income in Nigeria: a Co-Integration Approach Omojimite, Ben U.
Mediterranean Journal of Social Sciences Vol. 2 No. 3 (2011): September 2011
Publisher : Richtmann Publishing

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Abstract

This study examined the relationship between real output, monetary aggregates, price, interest rate and exchange rate usingNigerian data. Analysis of the time series properties of the data revealed that the series are cointegrated which indicated that there is along- run relationship among the variables. We specified an error correction model to analyze the nature of relationship among thevariables. The data for the analysis were sourced mainly from the publications of the Central Bank of Nigeria. The result of theparsimonious model revealed that the error correction term of the broad money model came out with the right sign and significant, implyingthat a shock is rapidly (39%) accounted for in subsequent periods. A one period lag of real exchange rate and price has a negativerelationship with output and significant while M2 and interest rate are positively related to real output and also significant. The result ofthe variance decomposition analysis revealed that the Nigerian data supports the Monetarists’ explanations of business cycles andrecommends however that a combination of both monetary and fiscal policies be explored by the relevant authorities.
Vector Error Correction Modelling of the Composition of Government Spending and the Real Exchange Rate in Nigeria Oriavwote, Victor E.; Omojimite, Ben U.
Mediterranean Journal of Social Sciences Vol. 3 No. 2 (2012): May 2012
Publisher : Richtmann Publishing

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Abstract

The main objective of this study has been to empirically investigate the relationship between government expenditureand the Real Exchange Rate in Nigeria . Using data covering 1970 to 2010, the Vector Error Correction and Cointegration testsresults established a long run relationship among the components of government expenditure and the Real Exchange Rate. Theresult showed that government investment has delivered more productivity gains in the non-tradable sector than in the tradablesector, while an increase in government consumption increased the relative demand for non-tradable. The government shouldthus shift attention to the expansion of the tradable sector.
Co-Authors Oriavwote, Victor E.