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EMPIRICAL EVIDENCE OF EXPORT RESPONSES TO EXCHANGE RATE VOLATILITY IN NIGERIA

Topic Description

TABLE OF CONTENTS
Title Page ————————————————————————————- i
Approval Page ——————————————————————————- ii
Dedication ———————————————————————————– iii
Certification ——————————————————————————— iv
Acknowledgement ————————————————————————– v
Abstract ————————————————————————————- vii
Table of Content ————————————————————————– viii
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study —————————————————————1
1.2 Statement of Problem —————————————————————— 3
1.3 Research Questions ——————————————————————— 5
1.4 Research Objectives ——————————————————————– 6
1.5 Research Hpotheses ——————————————————————– 6
1.6 Policy Relevance of the Study ——————————————————– 6
1.7 Scope of the Study ———————————————————————- 7
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 Theoretical Literature —————————————————————- 8
2.1.1 Overview of Exchange Rate Changes and Nigeria Exports ——————- 16
2.1.2 Brief Review of Africa’s Trade and Export Performance ——————— 20
2.1.3 Understanding The Workings of Exchange Rate with World Trade
Transactions ———————————————————————— 21
ix
2.1.3.1 How Exchange Rate Works —————————————————– 21
2.1.3.2 The Sport and the Forward Foreign Exchange Rate Market —————- 22
2.1.3.3 Determinants of Exchange Rates ———————————————– 22
2.1.3.4 Exchange Rate Risks ————————————————————- 23
2.1.4 Export Diversification and Economic Growth ———————————- 24
2.2 Empirical Literature —————————————————————— 25
2.3 Points Of Departure from Previous Studies and Motivation ———————30
CHAPTER THREE
3.0 METHODOLOGY
3.1 Broad Objective Model ————————————————————— 31
3.2 Volatility Test ————————————————————————- 31
3.3 Model Specification —————————————————————— 32
3.3.1 Volatility Model ———————————————————————35
3.4 Unit Root Test ————————————————————————- 36
3.5 Cointegration Test ——————————————————————– 37
3.6 Causality Test ————————————————————————– 39
3.7 Model Justification ——————————————————————– 40
3.8 Estimation Procedure —————————————————————– 40
3.9 Data source —————————————————————————– 41
CHAPTER FOUR
4.0 DATA REGRESSION AND ANALYSIS OF RESULTS
4.1 Unit Root Test ————————————————————————- 42
4.2 Volatility Test ————————————————————————- 43
x
4.3 Causality Test for Objective 1 ——————————————————- 44
4.4 Cointegration Test for Objective 2 ————————————————– 45
4.5 Vector Error Correction Estimates for Objective 3 —————————— 46
4.6 Impulse Response ——————————————————————— 47
4.7 Variance Decomposition ————————————————————- 48
CHAPTER FIVE
5.0 SUMMARY OF RESEARCH FINDINGS, ECONOMIC IMPLICATION
AND POLICY
RECOMMENDATIONS
5.1 Summary of Research Findings —————————————————– 49
5.2 Economic Implications of Research Findings ————————————- 50
5.3 Policy Recommendations ———————————————————– 51
REFERENCES ————————————————————————— 52
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