LEADER 06650oam 22013334 450 001 9910788225403321 005 20230721045730.0 010 $a1-4623-9814-6 010 $a1-4527-9849-4 010 $a1-282-84422-9 010 $a9786612844225 010 $a1-4518-7365-4 035 $a(CKB)3170000000055364 035 $a(EBL)1605936 035 $a(SSID)ssj0000940129 035 $a(PQKBManifestationID)11600624 035 $a(PQKBTitleCode)TC0000940129 035 $a(PQKBWorkID)10947349 035 $a(PQKB)11023488 035 $a(OCoLC)680613599 035 $a(MiAaPQ)EBC1605936 035 $a(IMF)WPIEE2009218 035 $a(EXLCZ)993170000000055364 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurun#---auuuu 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aDo Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debateon Decoupling and Spillovers /$fKingsley Obiora 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (47 pages) 225 1 $aIMF Working Papers 300 $a"October 2009." 311 $a1-4519-1785-6 327 $aI. Introduction; II. Trade and Financial Linkages; 1. Nigeria's Trade Openness (in percent of GDP, 1991-2008); 2. Nigeria: Direction of Trade in Goods and Services (in percent of total, 1990-2007); 3. Nigeria: Main Exports Markets in the EU (1990-2007); 1. Partnership Between Nigerian Banks and Foreign Asset Managers; 4. Net Foreign Direct Investment in Nigeria (in billions of US Dollars, 1980-2008); 5. Remittances to Nigeria (in millions of US Dollars, 1995-2007); 6. Business Cycle Correlations Between Nigeria and its Key Trading Partners 327 $a7. Quarterly Real GDP Growth RatesIII. Description of Data; 2. Results of Unit Root Tests Using the Ng-Perron Procedure; IV. Methodology; V. Results; A. Base Vector Autoregression Model; 3. Lag Length Selection; 4. Variance Decomposition for Nigeria's Real GDP (Base VAR Model); 5. Variance Decomposition for Nigeria's Real GDP (Extended VAR Model); 8. Nigeria: GDP Growth Responses to 1 Percent Shocks from Major Trading Partners and PPP-implied Exchange Rate (Base VAR Model); B. Extended Vector Autoregression Model 327 $a9. Nigeria: GDP Growth Responses to 1 Percent Shocks from Major Trading Partners, Oil Price Growth, and PPP-implied Exchange Rate (Extended VAR Model)VI. Channels of Spillovers; 10. Decomposition of Spillovers from Nigeria's Key Trading Partners; VII. Conclusions and Lessons for Policy; 1. VAR Granger Causality/Block Exogeneity Wald Test; References; Footnotes 330 3 $aShould policymakers still be concerned about economic growth in trading partners? Have developing and emerging market countries decoupled from the US enough to grow despite significant recession in the US? Using VAR models, this paper addresses these questions for Nigeria in the context of the global crisis. The results seem to debunk the "decoupling theory" and suggest there are still significant spillovers from Nigeria's main trading partners, including the US, with trade and commodity price linkages being the dominant transmission channels. Given the sharp fall in both trade financing and commodity prices in aftermath of the crisis, these results provide some explanation to the realization of adverse second-round effects in Nigeria. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/218 606 $aGlobal Financial Crisis, 2008-2009 606 $aFinancial crises$zNigeria$xEconometric models 606 $aEconometrics$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aEconomic Integration$2imf 606 $aEconomic Growth of Open Economies$2imf 606 $aExternalities$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aEconometrics & economic statistics$2imf 606 $aFinance$2imf 606 $aSpillovers$2imf 606 $aExchange rates$2imf 606 $aVector autoregression$2imf 606 $aOil prices$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aEconometric analysis$2imf 606 $aFinancial markets$2imf 606 $aInternational finance$2imf 606 $aFinancial services industry$2imf 607 $aNigeria$xCommerce$xEconometric models 607 $aNigeria$xEconomic conditions$xEconometric models 607 $aNigeria$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aFinancial crises$xEconometric models. 615 7$aEconometrics 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aEconomic Integration 615 7$aEconomic Growth of Open Economies 615 7$aExternalities 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aCurrency 615 7$aForeign exchange 615 7$aEconometrics & economic statistics 615 7$aFinance 615 7$aSpillovers 615 7$aExchange rates 615 7$aVector autoregression 615 7$aOil prices 615 7$aEmerging and frontier financial markets 615 7$aFinancial sector policy and analysis 615 7$aEconometric analysis 615 7$aFinancial markets 615 7$aInternational finance 615 7$aFinancial services industry 700 $aObiora$b Kingsley$01509584 712 02$aInternational Monetary Fund.$bStrategy, Policy, and Review Department. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788225403321 996 $aDo Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debateon Decoupling and Spillovers$93741558 997 $aUNINA