Determinants of import demand in Nigeria: a monetary approach

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Periodical article

Title:	Determinants of import demand in Nigeria: a monetary approach
Author:	Ozo-Eson, Peter I.
Year:	1984
Periodical:	The Nigerian Journal of Economic and Social Studies
Volume:	26
Issue:	1
Pages:	73-83
Language:	English
Geographic term:	Nigeria
Subjects:	economic theories imports
Abstract:	In this paper, a simple monetarist model of import demand in Nigeria is developed and tested empirically. On the basis of the results, the emerging hypothesis cannot be rejected. The major finding is that disequilibrium in the domestic money market plays a major role in determining the level of import demand. Based on this finding, it is demonstrated that earlier import demand models that do not incorporate money will tend to produce biased estimates of the Keynesian elasticity of import demand. Finally, the appropriate setting for policy formulation and analysis is derived. The major policy conclusion is that the appropriate policy response to increasing import demand is the reduction in domestic money supply. Abstr., notes, ref.