The effects of alternative monetary-fiscal policy regimes on foreign debt and balance of payments — a case study of Nigeria

摘要

The purpose of this paper is to investigate the effects of the structural adjustment programme (SAP) in Nigeria, which has one of the strongest and largest economies in Africa and where the adjustment programme should, theoretically, have worked out, due to the immense oil revenue Nigeria can generate. A number of authors have studied adjustment policies and their ex post effects (Hussain and Thirl wall, 1984; Killick, 1984; Goldstein, 1986; Harrigan and Mosley, 1991; Kiguel and Liviatan, 1992; Lizondo and Montiel, 1989; Calvo, 1991). The ex ante analyses are mainly in terms of theoretical justifications or critiques of the adjustment policies (Khan, Montiel and Haque, 1990; Sau, 1993).