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In line with these guidelines, three theoretical underpinnings for external reserve accumulation emerged for developing countries and these are: a Self-insurance theoretical model, b Mercantilist theoretical model and c Macroeconomic stabilization theoretical model.

Does crude oil price impact conditional mean and volatility of external reserves? If the signs of the coefficients are positive negative , then the higher crude price will lead to a higher lower level of external reserves. Hypothesis 2 H2 : The shock to volatility in the external reserves may be persistent. Is there a persistent shock to volatility in the external reserves? Hypothesis 3 H3 : The mean of external reserves is influenced by the volatility level.

Does the monthly mean of external reserves depend on the volatility level? Do positive and negative innovations have different effects on the volatility? In the EGARCH variance equations, the asymmetric effect of past shocks is captured by the coefficient , although expected to have positive sign, but can also have a negative sign.

Since Section 1 is the introduction, relevance of the problem, hypotheses, research questions and literature review, Section 2 contains the empirical models. Section 3 presents the data description and empirical findings, diagnostic test, while section 4 contains the conclusion. Empirical Models 2. First, the crude oil price and external reserves are tested for evidence of ARCH effect in equations 1a and 1b by Ordinary Least Square.

Bollerslev mean equation is equation 2a, while the variance equation is equation 3. The lags are included to account for possible bias because of serial correlation. Moreover, equations 2a and 2b are the mean equations with equation 2a being the log level, while equation 2b is estimated with the first difference. In equation 2a the sign of b3 is postulated to be positive in hypothesis 1 and expected to be statistically significant to establish the impact of crude oil price on external reserves.

If the sum is less than one, then shock recedes after some time. In this study, there is evidence of shocks on the conditional variance persisting over time. When the relationship between oil price volatility and external reserves is inverse, will be negative.

Also, even if the parameters are negative, the conditional variance will be positive; hence no need to impose non-negativity constraints on the parameters Brooks, Besides, the scale and the sign of the coefficient, captures the asymmetry. This approach encapsulated the sign effect by allowing positive and negative innovations to have different effects on the volatility.

In addition, the findings show that has different signs in Model 1 and Model II. Longmore and Robinson stated that using absolute shocks and logs in this parameterization facilitate capturing the size effect because it increases the impact of large shocks on the next period conditional variance.

RQ 2 to 4 are answered by estimating Eq. Data Description and Empirical Results 3. The EViews 7. Table 1 contains the descriptive statistics such as the sample mean, median, maximum and minimum. Both variables are skewed to the left The correlation between the external reserves and crude oil price is positive and strong 0.

While the skewness of the first difference of external reserves is negative, that of the crude oil price is positive and the Jarque-Bera test statistics for the normal distribution is rejected in both log level and first difference. In Table 2, both Augmented Dickey-Fuller and Phillips-Perron statistical tests have the same null hypothesis of a unit root in each variable and the results suggest that external reserves and crude oil price are integrated of order one, that is stationary in first difference.

Table 1. Deviation 1. Deviation Table 2. RQ 1: Does crude oil price impact conditional and volatility of external reserves? The implication is that, a rise in crude oil price will have a positive impact on the mean of the external reserve balance, while decreases in crude oil price will have the opposite effect.

This finding supports hypothesis 1. Abdulazeez and Omade also found evidence of oil exports affecting external reserves. Thus, this finding supports a positive relationship between crude oil price volatility and the external reserves volatility; hence there is evidence in support of hypothesis 1. This evidence supports shocks to volatility to be persistent and hypothesis 2. This evidence supports hypothesis 3. Hypothesis 4 H4 : Positive and negative innovations have different effects on the volatility.

Also the null hypothesis of no ARCH and no serial correlations failed to be rejected; thus there are no evidence of heteroskedasticity and serial correlation in all estimated models. Table 3. The Augmented Dickey-Fuller and Phillips-Perron tests for unit root suggest both variables to be stationary in first difference.

However, from the variance equations in Model I, the crude oil price has negative impact on the volatility of external reserves. In addition, the volatility term in the mean equations is also statistically significant, but with different signs suggesting the mean is not constant but subject to the volatility levels.

References Abdullateef, U. External reserve holdings in Nigeria: Implications for investment, inflation and exchange rate. Journal of Economics and International Finance, 2 9 , Abiola, G.

International Journal of Economics and Financial Issues, 3 4 , Audu, N. Bankole, A. Demand for International reserves in Nigeria: A case for reserve accumulation in Nigeria. Central Bank Economic and Financial Review, 49 3 , Bollerslev, T. Generalized Autoregressive Conditional Heteroskedasticity. Journal of Econometrics, 31, Introductory Econometrics for Finance.

Before configuring the URLs for each Exchange services, we need to add mustbegeek. Open DNS management console. Expand the server. Right-click forward lookup zones and click New Zone. Click Next on the Welcome page. In the Zone Name page, type zone name as mustbegeek. In Dynamic Update page, choose allow only secure dynamic updates and click Next. Review the settings and click Finish to create new DNS zone. Now right-click mustbegeek.

Now users from internal network can go to Exchange server using mail. Autodiscover: Autodiscover service is very important and is used by clients like Office Outlook to find and setup Outlook profile automatically by discovering the mailbox settings automatically.

From s to present, the foreign exchange reserves from the sales of crude oil constitute a major component of the external reserves. The implication is that, a rise in crude oil price will have a positive impact on the mean of the external reserve balance, while decreases in crude oil price will have the opposite effect. Reserve Management. When the relationship between oil price volatility and external reserves is inverse, will be negative. International Journal of Forecast, 9, Demand for International reserves in Nigeria: A case for reserve accumulation in Nigeria volatility levels. Table 3. Thunjath ezhuthachan essay writer of Social Sciences, 4 1Moreover, equations. Right-click forward lookup zones and click New Zone. In addition, the volatility term in the mean equations is also statistically significant, but with different signs suggesting the mean is not constant but subject to the. When an essay has two or three adjectives or.- Uts library digital the ses and dissertations;
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Also, even if the parameters are negative, the conditional variance will be positive; hence no need to impose non-negativity constraints on the parameters Brooks, These periods correspond to periods of significant higher world crude oil prices. Also, each variable show evidence of ARCH effect. Cambridge: Cambridge University Press. In this study, there is evidence of shocks on the conditional variance persisting over time.

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In the Zone Name page, type zone name as. In addition, the volatility term in the mean equations. However, from the variance equations in Model I, the is also statistically significant, but with different signs suggesting the mean is not constant but subject to the. Generalized Autoregressive Conditional Heteroskedasticity.

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**Faushicage**

Do positive and negative innovations have different effects on the volatility? User can now connect to mailbox using Outlook application.

**Tojashura**

Reserve Management. However, from the variance equations in Model I, the crude oil price has negative impact on the volatility of external reserves.

**Meztirisar**

Is there a persistent shock to volatility in the external reserves? You need to enable it manually. Table 1 contains the descriptive statistics such as the sample mean, median, maximum and minimum. This evidence supports hypothesis 3. From s to present, the foreign exchange reserves from the sales of crude oil constitute a major component of the external reserves. Nelson, D.

**Dogul**

From external network, while accessing the mailbox, the Outlook client will use autodiscover. For user to be able to connect to Outlook from Internet, Outlook Anywhere must be enabled.

**Taushicage**

Introduction Nigeria relies on external reserves also known as international reserves, foreign exchange, foreign exchange reserves and foreign currencies deposits in foreign currencies such as the US dollar, British pound, Euro, and Japanese Yen Emmanuel, Chinaemerem and Ebiringa estimated the VAR model in examining long-run relationships between the macroeconomic variables and external reserve management. The Augmented Dickey-Fuller and Phillips-Perron tests for unit root suggest both variables to be stationary in first difference. Table 1 contains the descriptive statistics such as the sample mean, median, maximum and minimum. You can certainly use different internally vs externally but using same URL makes it easier for both users and administrators.

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RQ 1: Does crude oil price impact conditional and volatility of external reserves? The focus of this paper is to investigate the impact of crude oil price on the external reserves of Nigeria by exploring how the mean and variance volatility of the external reserves are affected. International Journal of Computer Mathematics, 85 1 , Right-click forward lookup zones and click New Zone.

**Dairr**

Cuadernos De Economia, 45, Bankole, A. Chinaemerem and Ebiringa estimated the VAR model in examining long-run relationships between the macroeconomic variables and external reserve management. RQ 2 to 4 are answered by estimating Eq.

**Kazigar**

Table 1 contains the descriptive statistics such as the sample mean, median, maximum and minimum. Abdullateef and Waheed studied the effect of external reserves on investment, inflation and exchange rate.

**Voodoolrajas**

Chuku, A. Journal of Social Sciences, 4 1 , Golsten, L. This finding supports hypothesis 1. Right-click forward lookup zones and click New Zone.

**Dousho**

This approach encapsulated the sign effect by allowing positive and negative innovations to have different effects on the volatility. The authors found evidence of a long-run relationship between the variables and slow speed of adjustment from short-run to long-run. Also the null hypothesis of no ARCH and no serial correlations failed to be rejected; thus there are no evidence of heteroskedasticity and serial correlation in all estimated models. Data Description and Empirical Results 3. Review of International Economics, 20 1 , Because is positive, evidence of leverage effects does not exist.

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International Business and Management, 6 2 , Autodiscover: Autodiscover service is very important and is used by clients like Office Outlook to find and setup Outlook profile automatically by discovering the mailbox settings automatically. In equation 2a the sign of b3 is postulated to be positive in hypothesis 1 and expected to be statistically significant to establish the impact of crude oil price on external reserves. Longmore, R.