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NİJERYA'DA DÖVİZ KURU DALGALANMALARI EKONOMİK BÜYÜMEYİ ETKİLİYOR MU? AMPİRİK KANITLAR

Year 2023, Volume: 11 Issue: 2, 146 - 162, 31.08.2023

Abstract

Amaç: Bu çalışma, döviz kurunun Nijerya'nın ekonomik büyümesi üzerindeki etkisini pozitif ve negatif bileşenlerine ayırarak değerlendirmeyi amaçlamıştır.
Yöntem: Döviz kurunun Döviz kurunun ekonomik büyüme üzerindeki etkisini ayrıştırmak için doğrusal olmayan bir ARDL modeli kullanılmıştır. Ayrıca, naira değerindeki değişikliklerin etkilerini ölçmek için asimetrik etkiler testi kullanılmıştır.
Bulgular: Kısa vadede, Naira ABD doları karşısında değer kaybettiğinde ekonomik büyüme düşme eğilimi gösterirken, değer kazandığında ekonomik büyüme artma eğilimi göstermektedir. Uzun vadede ise bu etkiler ters yönde işlemektedir. Buna ek olarak, asimetrik etkiler için yapılan test, Naira'nın değer kazanmasının ekonomik büyümeyi etkileme şeklinin değer kaybetmesinden önemli ölçüde farklı olduğunu göstermektedir.
Sonuçlar: Bu bulgulardan çıkan genel sonuç, Nijerya'da döviz kurunun ekonomik büyüme üzerindeki etkisinin doğrusal olmadığıdır. Sonuçlardan ayrıca, bilgi stokunun Nijerya ekonomisinin büyümesine fazla katkıda bulunmadığı da anlaşılmaktadır. Nijerya'daki düşük eğitim finansmanı ve kayıt oranı göz önüne alındığında bu şaşırtıcı değildir. Dolayısıyla, bu araştırmada toplanan kanıtlar, Nijerya'nın ekonomik büyümesini önemli ölçüde desteklemek için sermaye stokunu yeterince kullanmıyor olabileceğini göstermektedir.

References

  • Adeleke, R., Alabede, O., Osayomi, T., and Iyanda, A. (2021). The geographies of corruption in Nigeria: Understanding the patterns and correlates. Journal of Financial Crime, 28(4), 1124–1140. https://doi.org/10.1108/JFC-10-2020-0213/FULL/XML
  • Ahmed, N., Dingchou, M., and Onodje, P. (2021). Asymmetric response to oil price and dynamic covariation between exchange rate and stock price: Evidence from China. World Scientific News, 156, 62-86.
  • Anaya, P., and Hasenclever, S. (2018). The macroeconomic effects of exchange rate movements (No. 121). DIW Roundup: Politik im Fokus.
  • Araújo, B. C., and Salerno, M. S. (2015). Technological strategies and learning-by-exporting: The case of Brazilian manufacturing firms 2006–2008. International Business Review, 24(5), 725-738.
  • Aslam, A. L. (2016). Impact of exchange rate on economic growth in Sri Lanka. World Scientific News, 54, 252-266.
  • Aslam, M., and Awan, A. G. (2018). Impact of monetary policy on economic growth: Evidence from Pakistan. Global journal of management, social sciences and humanities, 4(1), 89-109.
  • Bahmani-Oskooee, M., and Karamelikli, H. (2021). Asymmetric J-curve: Evidence from UK-German commodity trade. Empirica, 48(4), 1029–1081. https://doi.org/10.1007/S10663-021-09502-Z
  • Bahmani-Oskooee, M., and Nasir, M. A. (2019). Asymmetric J-curve: evidence from industry trade between U.S. and U.K. Applied Economics, 52(25), 2679–2693. https://doi.org/10.1080/00036846.2019.1693700
  • Barguellil, A. (2021). The asymmetric indirect impact of real exchange rate on economic growth through foreign trade: An asymmetric ARDL panel model. Asian Economic and Financial Review, 11(8), 658-671.
  • Barguellil, A., Ben-Salha, O., and Zmami, M. (2018). Exchange rate volatility and economic growth. Journal of Economic Integration, 33(2), 1302-1336.
  • Bello, I. (2020). Sustainable development goals (SDGs) for education in Nigeria: an examination of Etisalat corporate social responsibility in Nigeria’s post-basic education sector. International Journal of Lifelong Education, 39(5–6), 562–575. https://doi.org/10.1080/02601370.2020.1836051
  • Britz, J. J., Lor, P. J., Coetzee, I. E. M., and Bester, B. C. (2006). Africa as a knowledge society: A reality check. The International information & library review, 38(1), 25-40.
  • Çakar, N. D., Gedikli, A., Erdoğan, S., and Yıldırım, D. Ç. (2021). Exploring the nexus between human capital and environmental degradation: The case of EU countries. Journal of Environmental Management, 295, 113057. https://doi.org/10.1016/J.JENVMAN.2021.113057
  • Chete, L. N., and Adenikinju, A. F. (2002). Productivity growth in Nigerian manufacturing and its correlation to trade policy regimes/indexes (1962–1985). AERC Research Paper Series. (No. 127)
  • Chete, L. N., Adeoti, J. O., Adeyinka, F. M., and Ogundele, O. (2017). Industrial development and growth in Nigeria : Lessons and challenges. WIDER Working Paper 2014/2019. https://www.wider.unu.edu/sites/default/files/wp2014-019.pdf
  • Domar, E. D. (1947). Expansion and employment. The American Economic Review, 37(1), 34-55.
  • Ezeani, E. 2018. Barriers to graduate employment and entrepreneurship in Nigeria. Journal of Entrepreneurship in Emerging Economies, 10(3), 428–446. https://doi.org/10.1108/JEEE-02-2017-0009/FULL/XML
  • Gabriel, L. F., Ribeiro, L. C. S., Jayme Jr, F. G., and Oreiro, J. L. (2020). Manufacturing, economic growth, and real exchange rate: Empirical evidence in panel date and input-output multipliers. PSL Quarterly Review, 73(292), 51-75.
  • Gholami, H., and Salihu, H. A. (2019). Combating corruption in Nigeria: The emergence of whistleblowing policy. Journal of Financial Crime, 26(1), 131–145. https://doi.org/10.1108/JFC-10-2017-0102/FULL/XML
  • Grossman, G. M., and Helpman, E. (1991). Trade, knowledge spillovers, and growth. European economic review, 35(2-3), 517-526.
  • Gujarati, D., and Porter, D. C. (2003). Basic Econometrics (4th ed.). McGraw-Hill.
  • Gujarati, D., Porter, D. C., and Gunasekar, S. (2012). Basic Econometrics (3rd ed.). Tata McGraw-Hill.
  • Habib, M. M., Mileva, E., and Stracca, L. (2017). The real exchange rate and economic growth: Revisiting the case using external instruments. Journal of International Money and Finance, 73, 386-398.
  • Harrod, R. F. (1939). An essay in dynamic theory. The Economic Journal, 49(193), 14-33.
  • Hu, C., Lin, F., and Wang, X. (2016). Learning from exporting in China: A firm‐specific instrumental approach. Economics of Transition, 24(2), 299-334.
  • Janoski, T., Luke, D., and Oliver, C. (2014). The Causes of Structural Unemployment: Four Factors That Keep People From the Jobs They Deserve. John Wiley & Sons.
  • Jayasooriya, S. (2020). Revised Macro-Mincer Model for Human Capital Investment in Economic Growth (No. 100747). https://mpra.ub.uni-muenchen.de/id/eprint/100747
  • Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Macmillan Cambridge University Press, for Royal Economic Society.
  • Ko, H. H. (2022). Revisiting real exchange rate misalignment and economic growth nexus: a Markov-switching approach. Applied Economics Letters, 29(21), 2002-2006.
  • Ma, X., Muendler, M. A., and Nakab, A. (2021). Learning by Exporting and Wage Profiles: New Evidence from Brazil. MPRA Paper No. 109497.
  • Missio, F. J., Jayme Jr, F. G., Britto, G., and Luis Oreiro, J. (2015). Real exchange rate and economic growth: New empirical evidence. Metroeconomica, 66(4), 686-714.
  • Mork, K. A. (1989). Oil and the macroeconomy when prices go up and down: An extension of Hamilton's results. Journal of Political Economy, 97(3), 740-744.
  • Nuru, N. Y., and Gereziher, H. Y. (2021). The effect of fiscal policy on economic growth in South Africa: A nonlinear ARDL model analysis. Journal of Economic and Administrative Sciences, 38(2), 229-245. https://doi.org/10.1108/JEAS-06-2020-0088
  • Nusair, S. A. (2016). The J-Curve phenomenon in European transition economies: A nonlinear ARDL approach. International Review of Applied Economics, 31(1), 1–27. https://doi.org/10.1080/02692171.2016.1214109
  • Obaseki, P. J. (1991). Foreign exchange management in Nigeria: past, present and the future. Economics and Financial Review, 29, 57-77.
  • Okorafor, C. N. (2010). Challenges confronting libraries in documentation and communication of indigenous knowledge in Nigeria. The International Information & Library Review, 42(1), 8-13.
  • Okorontah, C. F., and Odoemena, I. U. (2016). Effects of exchange rate fluctuations on economic growth of Nigeria. International Journal of Innovative Finance and Economics Research, 4(2), 1-7.
  • Onodje, M. A., and Onodje, P. O. (2022). Sources of instability in Nigeria’s manufacturing performance: 1981–2018. The Indian Economic Journal, 70(2), 271 - 288. https://doi.org/10.1177/00194662221082193
  • Onodje, P., Oke, T. A., Aina, O., and Ahmed, N. (2021). Asymmetric effects of oil price changes on the Nigerian exchange rate. International Journal of Energy Sector Management, 16(3), 529-544. https://doi.org/10.1108/IJESM-01-2020-0003
  • Orji, A., Ogbuabor, J. E., Nwosu, E., Anthony‐Orji, O. I., and Amoji, N. (2020). Analysis of poverty correlates and multi‐dimensionality in south east Nigeria: New empirical evidence from survey data. Poverty & Public Policy, 12(3), 255-270.
  • Owoundi, F. (2016). Do exchange rate misalignments really affect economic growth? The case of Sub-Saharan African countries. International Economics, 145, 92-110.
  • Pesaran, M. H., Shin, Y., and Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/JAE.616
  • Piętak, Ł. (2014). Review of theories and models of economic growth. Comparative Economic Research, 17(1), 45-60. https://doi.org/10.2478/cer-2014-0003
  • Rapetti, M., Skott, P., and Razmi, A. (2012). The real exchange rate and economic growth: Are developing countries different? International Review of Applied Economics, 26(6), 735-753.
  • Ribeiro, R. S., McCombie, J. S., and Lima, G. T. (2020). Does real exchange rate undervaluation really promote economic growth? Structural Change and Economic Dynamics, 52, 408-417.
  • Rebello, S. (1991). Long-Run policy analysis and long-run growth. Journal of Political Economy, 99, 500-521.
  • Nyoni, T., and Bongo, W. G (2018). What determines economic growth in Nigeria? Journal of Business and Management (DRJ-JBM) 1(1), 37-47.
  • Shin, Y., Yu, B., and Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In R.C. Sickles and W.C. Horrace (Ed). Festschrift in honor of Peter Schmidt (pp. 281-314). Springer, https://doi.org/10.1007/978-1-4899-8008-3_9
  • Sharipov, I. (2015). Contemporary economic growth models and theories: A literature review. Centre for European Studies (CES) Working Papers, -Alexandru Ioan Cuza University of Iasi, 7(3), 759-773
  • Shobande, O. A., and Asongu, S. A. (2021). Has knowledge improved economic growth?: Evidence from Nigeria and South Africa. A G D I Working Paper, WP/21/059. https://mpra.ub.uni-muenchen.de/110695/1/MPRA_paper_110695.pdf
  • Solow, R. M. (1957) Technical change and the aggregate production function. Review of Economics and Statistics, 39(3).
  • Tse, C. H., Yu, L., and Zhu, J. (2017). A multimediation model of learning by exporting: Analysis of export-induced productivity gains. Journal of Management, 43(7), 2118-2146.
  • URL 1 (2023) Nigeria: Economic and political overview. https://www.tradeclub.standardbank.com/portal/en/market-potential/nigeria/trade-profile#classification_by_country, Reached on 25.07.2023
  • Upadhyaya, K. P., Mixon, F. G., and Bhandari, R. (2022). Is there a J-curve in China-U.S. trade? International Journal of Finance & Economics, 27(1), 61–67. https://doi.org/10.1002/IJFE.2137
  • Wesseh Jr, P. K., and Lin, B. (2018). Exchange rate fluctuations, oil price shocks and economic growth in a small net-importing economy. Energy, 151, 402-407.
  • Yan, G., Li, S., Lin, Y., and Li, J. (2016). Real effective exchange rate and regional economic growth in China: Evidence from provincial data. China & World Economy, 24(6), 43-63.

DO EXCHANGE RATE FLUCTUATIONS EFFECT ECONOMIC GROWTH IN NIGERIA? EMPIRICAL EVIDENCE

Year 2023, Volume: 11 Issue: 2, 146 - 162, 31.08.2023

Abstract

Aim: This study aimed at assessing the impact of exchange rate on Nigeria's economic growth by decomposing it into positive and negative components.
Method: A non-linear ARDL model was used to decompose the effect of exchange rate on economic growth. Also, asymmetric effects test was used to measure the effects of changes in the value of the naira.
Findings: In the short run, when the Naira depreciates against the US dollar, economic growth tends to decline, while when it appreciates, economic growth tends to increase. In the long run, these effects work in the opposite direction. In addition, the test for asymmetric effects shows that the way in which the appreciation of the naira affects economic growth differs significantly from that of its depreciation
Conclusions: The general conclusion from these findings is that the effect of exchange rate on economic growth in Nigeria is non-linear. It is also clear from the results that the stock of knowledge does not contribute much to the growth of the Nigerian economy. This is not surprising given the low education financing and enrolment rate in Nigeria. Therefore, the evidence gathered in this research suggests that Nigeria may be underutilising its capital stock to significantly support its economic growth.

References

  • Adeleke, R., Alabede, O., Osayomi, T., and Iyanda, A. (2021). The geographies of corruption in Nigeria: Understanding the patterns and correlates. Journal of Financial Crime, 28(4), 1124–1140. https://doi.org/10.1108/JFC-10-2020-0213/FULL/XML
  • Ahmed, N., Dingchou, M., and Onodje, P. (2021). Asymmetric response to oil price and dynamic covariation between exchange rate and stock price: Evidence from China. World Scientific News, 156, 62-86.
  • Anaya, P., and Hasenclever, S. (2018). The macroeconomic effects of exchange rate movements (No. 121). DIW Roundup: Politik im Fokus.
  • Araújo, B. C., and Salerno, M. S. (2015). Technological strategies and learning-by-exporting: The case of Brazilian manufacturing firms 2006–2008. International Business Review, 24(5), 725-738.
  • Aslam, A. L. (2016). Impact of exchange rate on economic growth in Sri Lanka. World Scientific News, 54, 252-266.
  • Aslam, M., and Awan, A. G. (2018). Impact of monetary policy on economic growth: Evidence from Pakistan. Global journal of management, social sciences and humanities, 4(1), 89-109.
  • Bahmani-Oskooee, M., and Karamelikli, H. (2021). Asymmetric J-curve: Evidence from UK-German commodity trade. Empirica, 48(4), 1029–1081. https://doi.org/10.1007/S10663-021-09502-Z
  • Bahmani-Oskooee, M., and Nasir, M. A. (2019). Asymmetric J-curve: evidence from industry trade between U.S. and U.K. Applied Economics, 52(25), 2679–2693. https://doi.org/10.1080/00036846.2019.1693700
  • Barguellil, A. (2021). The asymmetric indirect impact of real exchange rate on economic growth through foreign trade: An asymmetric ARDL panel model. Asian Economic and Financial Review, 11(8), 658-671.
  • Barguellil, A., Ben-Salha, O., and Zmami, M. (2018). Exchange rate volatility and economic growth. Journal of Economic Integration, 33(2), 1302-1336.
  • Bello, I. (2020). Sustainable development goals (SDGs) for education in Nigeria: an examination of Etisalat corporate social responsibility in Nigeria’s post-basic education sector. International Journal of Lifelong Education, 39(5–6), 562–575. https://doi.org/10.1080/02601370.2020.1836051
  • Britz, J. J., Lor, P. J., Coetzee, I. E. M., and Bester, B. C. (2006). Africa as a knowledge society: A reality check. The International information & library review, 38(1), 25-40.
  • Çakar, N. D., Gedikli, A., Erdoğan, S., and Yıldırım, D. Ç. (2021). Exploring the nexus between human capital and environmental degradation: The case of EU countries. Journal of Environmental Management, 295, 113057. https://doi.org/10.1016/J.JENVMAN.2021.113057
  • Chete, L. N., and Adenikinju, A. F. (2002). Productivity growth in Nigerian manufacturing and its correlation to trade policy regimes/indexes (1962–1985). AERC Research Paper Series. (No. 127)
  • Chete, L. N., Adeoti, J. O., Adeyinka, F. M., and Ogundele, O. (2017). Industrial development and growth in Nigeria : Lessons and challenges. WIDER Working Paper 2014/2019. https://www.wider.unu.edu/sites/default/files/wp2014-019.pdf
  • Domar, E. D. (1947). Expansion and employment. The American Economic Review, 37(1), 34-55.
  • Ezeani, E. 2018. Barriers to graduate employment and entrepreneurship in Nigeria. Journal of Entrepreneurship in Emerging Economies, 10(3), 428–446. https://doi.org/10.1108/JEEE-02-2017-0009/FULL/XML
  • Gabriel, L. F., Ribeiro, L. C. S., Jayme Jr, F. G., and Oreiro, J. L. (2020). Manufacturing, economic growth, and real exchange rate: Empirical evidence in panel date and input-output multipliers. PSL Quarterly Review, 73(292), 51-75.
  • Gholami, H., and Salihu, H. A. (2019). Combating corruption in Nigeria: The emergence of whistleblowing policy. Journal of Financial Crime, 26(1), 131–145. https://doi.org/10.1108/JFC-10-2017-0102/FULL/XML
  • Grossman, G. M., and Helpman, E. (1991). Trade, knowledge spillovers, and growth. European economic review, 35(2-3), 517-526.
  • Gujarati, D., and Porter, D. C. (2003). Basic Econometrics (4th ed.). McGraw-Hill.
  • Gujarati, D., Porter, D. C., and Gunasekar, S. (2012). Basic Econometrics (3rd ed.). Tata McGraw-Hill.
  • Habib, M. M., Mileva, E., and Stracca, L. (2017). The real exchange rate and economic growth: Revisiting the case using external instruments. Journal of International Money and Finance, 73, 386-398.
  • Harrod, R. F. (1939). An essay in dynamic theory. The Economic Journal, 49(193), 14-33.
  • Hu, C., Lin, F., and Wang, X. (2016). Learning from exporting in China: A firm‐specific instrumental approach. Economics of Transition, 24(2), 299-334.
  • Janoski, T., Luke, D., and Oliver, C. (2014). The Causes of Structural Unemployment: Four Factors That Keep People From the Jobs They Deserve. John Wiley & Sons.
  • Jayasooriya, S. (2020). Revised Macro-Mincer Model for Human Capital Investment in Economic Growth (No. 100747). https://mpra.ub.uni-muenchen.de/id/eprint/100747
  • Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Macmillan Cambridge University Press, for Royal Economic Society.
  • Ko, H. H. (2022). Revisiting real exchange rate misalignment and economic growth nexus: a Markov-switching approach. Applied Economics Letters, 29(21), 2002-2006.
  • Ma, X., Muendler, M. A., and Nakab, A. (2021). Learning by Exporting and Wage Profiles: New Evidence from Brazil. MPRA Paper No. 109497.
  • Missio, F. J., Jayme Jr, F. G., Britto, G., and Luis Oreiro, J. (2015). Real exchange rate and economic growth: New empirical evidence. Metroeconomica, 66(4), 686-714.
  • Mork, K. A. (1989). Oil and the macroeconomy when prices go up and down: An extension of Hamilton's results. Journal of Political Economy, 97(3), 740-744.
  • Nuru, N. Y., and Gereziher, H. Y. (2021). The effect of fiscal policy on economic growth in South Africa: A nonlinear ARDL model analysis. Journal of Economic and Administrative Sciences, 38(2), 229-245. https://doi.org/10.1108/JEAS-06-2020-0088
  • Nusair, S. A. (2016). The J-Curve phenomenon in European transition economies: A nonlinear ARDL approach. International Review of Applied Economics, 31(1), 1–27. https://doi.org/10.1080/02692171.2016.1214109
  • Obaseki, P. J. (1991). Foreign exchange management in Nigeria: past, present and the future. Economics and Financial Review, 29, 57-77.
  • Okorafor, C. N. (2010). Challenges confronting libraries in documentation and communication of indigenous knowledge in Nigeria. The International Information & Library Review, 42(1), 8-13.
  • Okorontah, C. F., and Odoemena, I. U. (2016). Effects of exchange rate fluctuations on economic growth of Nigeria. International Journal of Innovative Finance and Economics Research, 4(2), 1-7.
  • Onodje, M. A., and Onodje, P. O. (2022). Sources of instability in Nigeria’s manufacturing performance: 1981–2018. The Indian Economic Journal, 70(2), 271 - 288. https://doi.org/10.1177/00194662221082193
  • Onodje, P., Oke, T. A., Aina, O., and Ahmed, N. (2021). Asymmetric effects of oil price changes on the Nigerian exchange rate. International Journal of Energy Sector Management, 16(3), 529-544. https://doi.org/10.1108/IJESM-01-2020-0003
  • Orji, A., Ogbuabor, J. E., Nwosu, E., Anthony‐Orji, O. I., and Amoji, N. (2020). Analysis of poverty correlates and multi‐dimensionality in south east Nigeria: New empirical evidence from survey data. Poverty & Public Policy, 12(3), 255-270.
  • Owoundi, F. (2016). Do exchange rate misalignments really affect economic growth? The case of Sub-Saharan African countries. International Economics, 145, 92-110.
  • Pesaran, M. H., Shin, Y., and Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/JAE.616
  • Piętak, Ł. (2014). Review of theories and models of economic growth. Comparative Economic Research, 17(1), 45-60. https://doi.org/10.2478/cer-2014-0003
  • Rapetti, M., Skott, P., and Razmi, A. (2012). The real exchange rate and economic growth: Are developing countries different? International Review of Applied Economics, 26(6), 735-753.
  • Ribeiro, R. S., McCombie, J. S., and Lima, G. T. (2020). Does real exchange rate undervaluation really promote economic growth? Structural Change and Economic Dynamics, 52, 408-417.
  • Rebello, S. (1991). Long-Run policy analysis and long-run growth. Journal of Political Economy, 99, 500-521.
  • Nyoni, T., and Bongo, W. G (2018). What determines economic growth in Nigeria? Journal of Business and Management (DRJ-JBM) 1(1), 37-47.
  • Shin, Y., Yu, B., and Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In R.C. Sickles and W.C. Horrace (Ed). Festschrift in honor of Peter Schmidt (pp. 281-314). Springer, https://doi.org/10.1007/978-1-4899-8008-3_9
  • Sharipov, I. (2015). Contemporary economic growth models and theories: A literature review. Centre for European Studies (CES) Working Papers, -Alexandru Ioan Cuza University of Iasi, 7(3), 759-773
  • Shobande, O. A., and Asongu, S. A. (2021). Has knowledge improved economic growth?: Evidence from Nigeria and South Africa. A G D I Working Paper, WP/21/059. https://mpra.ub.uni-muenchen.de/110695/1/MPRA_paper_110695.pdf
  • Solow, R. M. (1957) Technical change and the aggregate production function. Review of Economics and Statistics, 39(3).
  • Tse, C. H., Yu, L., and Zhu, J. (2017). A multimediation model of learning by exporting: Analysis of export-induced productivity gains. Journal of Management, 43(7), 2118-2146.
  • URL 1 (2023) Nigeria: Economic and political overview. https://www.tradeclub.standardbank.com/portal/en/market-potential/nigeria/trade-profile#classification_by_country, Reached on 25.07.2023
  • Upadhyaya, K. P., Mixon, F. G., and Bhandari, R. (2022). Is there a J-curve in China-U.S. trade? International Journal of Finance & Economics, 27(1), 61–67. https://doi.org/10.1002/IJFE.2137
  • Wesseh Jr, P. K., and Lin, B. (2018). Exchange rate fluctuations, oil price shocks and economic growth in a small net-importing economy. Energy, 151, 402-407.
  • Yan, G., Li, S., Lin, Y., and Li, J. (2016). Real effective exchange rate and regional economic growth in China: Evidence from provincial data. China & World Economy, 24(6), 43-63.
There are 56 citations in total.

Details

Primary Language English
Subjects Policy and Administration (Other)
Journal Section Original Articles
Authors

İlhan Eroğlu 0000-0003-4711-1165

Ayodeji Mubarak Olayiwola 0000-0002-7360-0467

Publication Date August 31, 2023
Submission Date July 27, 2023
Acceptance Date August 30, 2023
Published in Issue Year 2023 Volume: 11 Issue: 2

Cite

APA Eroğlu, İ., & Olayiwola, A. M. (2023). DO EXCHANGE RATE FLUCTUATIONS EFFECT ECONOMIC GROWTH IN NIGERIA? EMPIRICAL EVIDENCE. İşletme Bilimi Dergisi, 11(2), 146-162.