Domestic Debt Burden, Debt Overhang and Inflationary Pressure in Nigeria

Domestic Debt Burden, Debt Overhang and Inflationary Pressure in Nigeria

Author(s) by Tamunonimim Anipiriworima Ngerebo-A
Pages 172-183
Keywords Domestic Debt overhang, Domestic Debt Burden, Inflationary Pressure
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Abstract


This study is an attempt at examining the impact of financing public deficits and projects, through domestic borrowing as well as the burden created by this source of financing government activities, on inflationary pressure in Nigeria. The independent variables were Total Domestic Debt Stock (TDST) [decomposed into short-term (TSTD) and long-term (TLTD)], Treasury Bills’ interest rate (TBR), and minimum rediscount rate or monetary policy rate (MRR); while the dependent variable was inflation rate. The data for this study were obtained from the annual Statistical Bulletins of Central Bank of Nigeria (CBN) for the scope of the study (1970-2010), and were analyzed by Ordinary Least Square (OLS) method using E-View and Microfits. Three hypotheses were formulated and tested. It was found that TDST had positive and significant relationship with inflation in the short-run, while the relationship was negative and significant in the long-run. Total Debt overhang has serial correlation with inflation in the short-run. It was also found that when decomposed, TSTD has positive and significant relationship with inflationary pressure in Nigeria, but the relationship is negative and significant for TLTD. The study recommended, inter alia, that TDDO should be held for long time in order to have the desired impact on inflationary pressure in Nigeria.

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