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Title: Empirical estimation of optimal International reserves for Nigeria: the sudden stop model
Authors: Sanni, G.K.
Olusegun, T.S.
Sani, Z.
Keywords: Optimum reserves
Sudden stop
Capital flow
Foreign currency deposits
Issue Date: Mar-2016
Publisher: Central Bank of Nigeria, Research Department
Citation: Sanni, G.K., Olusegun, T.S., & Sani, Z. (2016) . Empirical estimation of optimal international reserves for Nigeria: the sudden stop model. Economic and Financial Review. 54(1). 1-23.
Series/Report no.: Vol. 54;No.1
Abstract: The study examined the issue of optimum external reserves for Nigeria during 2010 - 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 billion.
ISSN: 1957 - 2968
Appears in Collections:Economic and Financial Review

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