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220928 ||| eng |
| 020 |
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|a 9781513545370
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| 100 |
1 |
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|a Hosny, Amr
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| 245 |
0 |
0 |
|a Non-Resident Holdings of Domestic Debt in Nigeria: Internal or External Driven?
|c Amr Hosny
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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| 300 |
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|a 21 pages
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| 651 |
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4 |
|a Nigeria
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| 653 |
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|a Energy: Demand and Supply
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| 653 |
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|a Public debt
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| 653 |
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|a Oil prices
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| 653 |
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|a Finance
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Saving and Capital Investment
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| 653 |
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|a Debt Management
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| 653 |
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|a Capital market
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| 653 |
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|a Debts, Public
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| 653 |
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|a Domestic debt
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| 653 |
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|a Debt
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| 653 |
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|a Exports and Imports
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a Economic Development: Financial Markets
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| 653 |
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|a Debts, External
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| 653 |
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|a External debt
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a International Finance: General
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| 653 |
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|a Financial markets
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Exchange rates
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| 653 |
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|a Public Finance
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| 653 |
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|a Finance: General
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| 653 |
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|a Portfolio Choice
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Investment Decisions
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| 653 |
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|a Corporate Finance and Governance
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| 653 |
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|a Securities markets
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781513545370.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2020/063/001.2020.issue-063-en.xml?cid=49443-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Foreign holdings of domestic debt instruments in Nigeria have been increasing. Using data over 2007M1-2019M1, we show that, on average, global factors (global interest rates, oil prices) seem to carry more weight than domestic factors (treasury bills rate and domestic risk) in foreign portfolio invetsors’ decisions in Nigeria. Specifically, we show that foreign participation is, in the long run, positively correlated with oil prices and profitable rates of return on local-currency instruments, but negatively correlated with exchange rate depreciation pressures. In the short run, oil prices, opportunity cost of funds and perception of Nigeria-specific risks also play a role. These results highlight the volatile short-term nature of such flows and call for a package of policy reforms to attract longer term direct investments
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