The Determinants of International Reserves in West-African States

1
Philip Olomola
Philip Olomola
2
Ifeoluwa Tolulope Ajayi
Ifeoluwa Tolulope Ajayi
1 Obafemi Awolowo University, Ile Ife and Elizade University, Ilara Mokin

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This study examined the relationship between international reserve and its determinants in west African States for the period of 2005 to 2014. The study was based on buffer stock model and was estimated using Panel ARDL approach. In the short run, All the variables except imports and NEER have a positive impact on international reserve. In the long-run, (IMP), export (EXA) and nominal effective exchange (NEER) does not have a statistical relationship with international reserves accumulation. I.

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References

  1. I Bentum-Ennin (2014). International Reserves Accumulation and Economic Growth in the West African Monetary Zone.
  2. Graham Bird,Alex Mandilaras (2011). Once Bitten: The Effect of IMF Programs on Subsequent Reserve Behavior.
  3. David Irefin,N Baba,Yaaba (2013). Determinants of Foreign Reserves in Nigeria: An Autoregressive Distributed Lag Approach.
  4. Piti Disyatat,Donald Mathieson (2001). Currency Crises and the Demand for Foreign Reseves.
  5. Martin Feldstein (1999). A Self-Help Guide for Emerging Markets.
  6. Jacob Frenkel,Boyan Jovanovic (1981). Optimal International Reserves: A Stochastic Framework.
  7. Shin-Ichi Fukuda,Yoshifumi Kon (2010). Macroeconomic Impacts of Foreign Exchange Reserve Accumulation: Theory and International Evidence.
  8. Jean Imbs,Paolo Mauro (2000). Pooling Risk Among Countries.
  9. M Pesaran,Yongcheol Shin,Ron Smith (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels.
  10. M Pesaran,Ron Smith (1995). Estimating long-run relationships from dynamic heterogeneous panels.
  11. Victor Polterovich,Vladimir Popov (2003). Accumulation of Foreign Exchange Reserves and Long Term Growth.
  12. M Ramachandran (2004). The optimal level of international reserves: evidence for India.
  13. H Rincón (2007). Financial Globalization, Economic Growth, and Macroeconomic Volatility.
  14. S Shchebakov (2002). Foreign Reserves Adequacy: Case of China, prepared for the Fifteenth Meeting of the IMF Committee on Balance of Payment Statistics.

Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

Philip Olomola. 2018. \u201cThe Determinants of International Reserves in West-African States\u201d. Global Journal of Human-Social Science - B: Geography, Environmental Science & Disaster Management GJHSS-B Volume 18 (GJHSS Volume 18 Issue B4): .

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GJHSS Volume 18 Issue B4
Pg. 43- 50
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Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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November 17, 2018

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English

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This study examined the relationship between international reserve and its determinants in west African States for the period of 2005 to 2014. The study was based on buffer stock model and was estimated using Panel ARDL approach. In the short run, All the variables except imports and NEER have a positive impact on international reserve. In the long-run, (IMP), export (EXA) and nominal effective exchange (NEER) does not have a statistical relationship with international reserves accumulation. I.

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The Determinants of International Reserves in West-African States

Philip Olomola
Philip Olomola Obafemi Awolowo University, Ile Ife and Elizade University, Ilara Mokin
Ifeoluwa Tolulope Ajayi
Ifeoluwa Tolulope Ajayi

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