Push and pull factors for capital flows : SVAR evidence from the Nigerian economy

This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically as...
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Autor*in:	Audu, N. [verfasserIn] Tule, J. M. [verfasserIn] Omolehinwa, L. [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2019

Schlagwörter:	Nigeria Foreign direct portfolio and other investments push and pull factors

Übergeordnetes Werk:	Enthalten in: West African journal of monetary and economic integration - [Accra, Ghana : West African Monetary Institute], 2017, 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44
Übergeordnetes Werk:	volume:19 ; year:2019 ; number:2 ; month:12 ; elocationid:3 ; pages:21-44

Links:	Link aufrufen Link aufrufen

Katalog-ID:	1815375418

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520			\|a This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment.
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allfields	10419/264261 hdl (DE-627)1815375418 (DE-599)KXP1815375418 DE-627 ger DE-627 rda eng F21 F32 F34 F36 jelc Audu, N. verfasserin aut Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206 Tule, J. M. verfasserin aut Omolehinwa, L. verfasserin aut Enthalten in West African journal of monetary and economic integration [Accra, Ghana : West African Monetary Institute], 2017 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 Online-Ressource (DE-627)1814241388 (DE-600)3131043-6 nnns volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44 https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf Verlag kostenfrei http://hdl.handle.net/10419/264261 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 19 2019 2 12 3 21-44 26 01 0206 4183477387 x1z 30-08-22 2403 01 DE-LFER 4193793389 00 --%%-- --%%-- n --%%-- l01 30-09-22 2403 01 DE-LFER https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf
spelling	10419/264261 hdl (DE-627)1815375418 (DE-599)KXP1815375418 DE-627 ger DE-627 rda eng F21 F32 F34 F36 jelc Audu, N. verfasserin aut Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206 Tule, J. M. verfasserin aut Omolehinwa, L. verfasserin aut Enthalten in West African journal of monetary and economic integration [Accra, Ghana : West African Monetary Institute], 2017 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 Online-Ressource (DE-627)1814241388 (DE-600)3131043-6 nnns volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44 https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf Verlag kostenfrei http://hdl.handle.net/10419/264261 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 19 2019 2 12 3 21-44 26 01 0206 4183477387 x1z 30-08-22 2403 01 DE-LFER 4193793389 00 --%%-- --%%-- n --%%-- l01 30-09-22 2403 01 DE-LFER https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf
allfields_unstemmed	10419/264261 hdl (DE-627)1815375418 (DE-599)KXP1815375418 DE-627 ger DE-627 rda eng F21 F32 F34 F36 jelc Audu, N. verfasserin aut Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206 Tule, J. M. verfasserin aut Omolehinwa, L. verfasserin aut Enthalten in West African journal of monetary and economic integration [Accra, Ghana : West African Monetary Institute], 2017 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 Online-Ressource (DE-627)1814241388 (DE-600)3131043-6 nnns volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44 https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf Verlag kostenfrei http://hdl.handle.net/10419/264261 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 19 2019 2 12 3 21-44 26 01 0206 4183477387 x1z 30-08-22 2403 01 DE-LFER 4193793389 00 --%%-- --%%-- n --%%-- l01 30-09-22 2403 01 DE-LFER https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf
allfieldsGer	10419/264261 hdl (DE-627)1815375418 (DE-599)KXP1815375418 DE-627 ger DE-627 rda eng F21 F32 F34 F36 jelc Audu, N. verfasserin aut Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206 Tule, J. M. verfasserin aut Omolehinwa, L. verfasserin aut Enthalten in West African journal of monetary and economic integration [Accra, Ghana : West African Monetary Institute], 2017 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 Online-Ressource (DE-627)1814241388 (DE-600)3131043-6 nnns volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44 https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf Verlag kostenfrei http://hdl.handle.net/10419/264261 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 19 2019 2 12 3 21-44 26 01 0206 4183477387 x1z 30-08-22 2403 01 DE-LFER 4193793389 00 --%%-- --%%-- n --%%-- l01 30-09-22 2403 01 DE-LFER https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf
allfieldsSound	10419/264261 hdl (DE-627)1815375418 (DE-599)KXP1815375418 DE-627 ger DE-627 rda eng F21 F32 F34 F36 jelc Audu, N. verfasserin aut Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206 Tule, J. M. verfasserin aut Omolehinwa, L. verfasserin aut Enthalten in West African journal of monetary and economic integration [Accra, Ghana : West African Monetary Institute], 2017 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 Online-Ressource (DE-627)1814241388 (DE-600)3131043-6 nnns volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44 https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf Verlag kostenfrei http://hdl.handle.net/10419/264261 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 19 2019 2 12 3 21-44 26 01 0206 4183477387 x1z 30-08-22 2403 01 DE-LFER 4193793389 00 --%%-- --%%-- n --%%-- l01 30-09-22 2403 01 DE-LFER https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf
language	English
source	Enthalten in West African journal of monetary and economic integration 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44
sourceStr	Enthalten in West African journal of monetary and economic integration 19(2019), 2 vom: Dez., Artikel-ID 3, Seite 21-44 volume:19 year:2019 number:2 month:12 elocationid:3 pages:21-44
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topic_facet	Nigeria Foreign direct portfolio and other investments push and pull factors
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container_title	West African journal of monetary and economic integration
authorswithroles_txt_mv	Audu, N. @@aut@@ Tule, J. M. @@aut@@ Omolehinwa, L. @@aut@@
publishDateDaySort_date	2019-12-01T00:00:00Z
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topic_title	F21 F32 F34 F36 jelc Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L. Nigeria (dpeaa)DE-206 Foreign direct (dpeaa)DE-206 portfolio and other investments (dpeaa)DE-206 push and pull factors (dpeaa)DE-206
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title	Push and pull factors for capital flows SVAR evidence from the Nigerian economy
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title_full	Push and pull factors for capital flows SVAR evidence from the Nigerian economy Audu, N.; Tule, J.M. and Omolehinwa, L.
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title_sub	SVAR evidence from the Nigerian economy
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title_sort	push and pull factors for capital flowssvar evidence from the nigerian economy
title_auth	Push and pull factors for capital flows SVAR evidence from the Nigerian economy
abstract	This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment.
abstractGer	This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment.
abstract_unstemmed	This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to empirically assess the impact of push (global) and pull (domestic) factors shocks on FDI, POI and OTI inflows to Nigeria. Our results revealed that push factors, in particular, the US GDP growth rate and US interest rate, significantly affect capital inflows to Nigeria. The pull factors, Nigeria GDP growth rate and money supply had mild shock; the domestic output growth rate had positive effects while money supply had negative effects on capital flows. The forecast error variance decomposition (FEVD) analyses showed that the impact of the push and pull factors vary differently across time horizon. In particular, the role of internal factors increases and decreases over time. Our empirical evidence indicated that portfolio investment is more sensitive to internal and external economic environments, compared to foreign direct investment and other investments. Based on the findings, we recommend that policies should focus on developing mitigants to external vulnerabilities and promoting sound macroeconomic environment.
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title_short	Push and pull factors for capital flows
url	https://wami-imao.org/sites/default/files/2022-03/WAJMEI%20VOL19%20%20NO.2%20%202019%20-%203%20PUSH%20AND%20PULL%20FACTORS%20FOR%20CAPITAL%20FLOWS%20SVAR%20EVIDENCE.pdf http://hdl.handle.net/10419/264261
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