Consumption-Based Interest Rate and the Present-Value Model of the Current Account—Evidence from Nigeria

This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97. This paper presents a model of current account determination, based upon the permanent-income hypothesis. A present-value relationship among the current account, changes in net output, the exchange rate and the terms of trade is derived and the implications of such a relationship are tested using data for Nigeria during 1960-97.
Publication date: August 2001
ISBN: 9781451851656
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Money and Monetary Policy , Money and Monetary Policy , International - Economics , International - Economics , Present-value model , consumption-based interest rate , current account , current account balance , current accounts , external shocks , balance of payments , Open Economy Macroeconomics

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