Country's Reserves Research Articles

IMPACT OF SELECTED MACROECONOMIC VARIABLES ON FOREIGN RESERVES IN NIGERIA

This study empirically examined the impact of selected macroeconomic variables on Nigeria’s foreign reserves. Quarterly time series data spanning from 1981Q1 to 2021Q4, covering both the pre-democracy 1981Q1 -19984 and democratic 1999Q1 -2021Q4 periods, were utilized for the analysis. The econometric model incorporates variables such as interest rate (INT), inflation rate (INF), exchange rate (EXR), oil export (OEP), non-oil export (NOE), and gross domestic product (GDP) as independent variables, with foreign reserves as the dependent variable. The ARDL bounds methodology for co-integration analysis was employed. The unit root test results indicate that most variables are stationary at the first difference, suggesting 1(1) integrations, except for the exchange rate (EXR), which is stationary at level 1(0). Co-integration analysis confirms long-run relationships between the macroeconomic variables and foreign reserves in both periods. The findings revealed that in the pre-democratic period, exchange rate, oil export, oil price, and non-oil export significantly impacted Nigeria's foreign reserves positively, while inflation rate had an inverse but insignificant effect in the long run. Similar results were observed in the democratic period, with the exchange rate, interest rate, and oil price impacted on Nigeria's foreign reserves. In conclusion, the study underscores the significance of exchange rate, GDP, oil and non-oil exports, and oil price fluctuations as major determinants of Nigeria's foreign reserves in both pre-democratic and democratic periods. Based on the findings, the study recommends among others, the government and monetary authority should initiate macroeconomic policies like lowering interest rate to promote and encourage economic activities through increased investments which will improve Nigeria’s GDP to enhance the performance of the country's reserves.

ЭНЕРГЕТИЧЕСКИЙ ПЕРЕХОД И ЭНЕРГОСБЕРЕЖЕНИЕ НА НОВОМ ЭТАПЕ РАЗВИТИЯ

The problem of increasing energy efficiency in the Russian Federation is considered. The USSR energy system was unique in size and efficiency; due to large interconnected energy facilities and the development of district heating, it made it possible to efficiently consume fuel, which resulted in annual savings of 40-60 million tons of standard fuel and 10-15 GW of capacity. After a period of decline in the 90s of the last century, over the past 15 years the country's energy consumption has increased by a third, and structural changes have occurred in the main energy-intensive sectors of the Russian economy. It is noted that industry accounts for about 45% of the Russian energy balance, which is many times more than thermal power engineering (21%). The country's reserves for energy saving and energy efficiency can be divided into two groups. System reserves, consisting of an increase in the capacity and load of “carbon-free” sources - hydroelectric power stations and nuclear power plants, active use of losses and heat from technological processes, optimization of heat supply schemes, account for more than two-thirds of the potential for increasing energy efficiency. The second group consists of the use of renewable energy sources, waste, and biofuels. The country’s energy strategy should not consist in the quick payback of energy-saving projects, but in working on the systemic, multiplier effects of industrial development and infrastructure projects, the growth of large and small cities, and the development of hard-to-reach areas.

Analysis of the executive process and load out of a fixed oil platform

This paper shows a global analysis of fixed jacket platform infrastructures. Analysis of transportation, verticalization of the launch truss, assembly of the jacket, load out of the jacket and launch modules overboard are carried out. The indication of the most suitable location for drilling wells will be based on the presence of areas favorable to the accumulation of gas and/or oil, which are identified based on a combination of geological and geophysical methods. Drilling activities can also be carried out by installing a modular rig on its structure. They are designed to accommodate all drilling equipment, material storage, staff accommodation, as well as all the facilities necessary for well production. In Brazil, the recent discoveries of natural gas reserves in the Santos, São Paulo, practically tripled the country's reserves. Therefore, the need for knowledge in this area and an approach to the construction methodology of off-shore platforms become essential. This work demonstrates the importance of improving the executive techniques of an off-shore platform, aiming for quality at a lower cost.

Gold Prices Prediction Using Random Forest

Abstract: Gold has historically served as one of the precious materials used to fund trading purchases. Gold-reserve holding nations are thought to being prosperous nations. The amount of gold held by the country's reserves reveals the state of its finances. Together with the government organizations, several other persons and companies have bought gold reserves. The value of gold prices are influenced by the performance of the world's leading economies. The change in gold's price has piqued the curiosity of more investors, who are now considering gold investments. Because the gold market is unpredictable, dealing with gold carries a high degree of risk, and its price varies greatly. It is possible to employ a variety of studies to investigate the connection between economic issues and gold prices. The project “Gold price prediction” aims to predict the price of gold using machine learning methodology gold price time series data was gathered from the Kaggle website.70% of the data served as the training set for Randomforest regressor model that were fitted. The statistical index R- squared error was then used to get the accuracy. Based on the R-squared error result, a prediction of future gold prices is made. Here we have taken the number of estimators to get the good accuracy

A Study on the Preference Towards the Investment Plans Among the Youth

A country's reserve funds, and investments inclinations likewise assume a critical part in accomplishing dynamic solidness in the capital market. Per Capita Income (PCI) in India has been on the ascent since the entirety of the last decade. With development in the PCI, reserve funds and interest in the nation also has shown a northward development. Simultaneously, there has been a wonderful ascent in the young populace. This has made India the most youthful country with a segment profit having all the earmarks of being a reality. This youthful work power is relied upon to drive the driving force of development. In Economics, speculation is for the most part held to mean arrangement of capital. According to an unadulterated financial aspects perspective, the development of actual resources is significant while thinking about investment. This investigation centers around what is alluded to as Financial Investment for example interest in offers and protections pointed principally at procuring pay instead of improving creation. This examination inspects the reserve funds and speculation example of select school going understudies (Age: 18-30 years) in the city of Jamshedpur and Bhubaneswar who has quite recently started to acquire. The examination additionally investigates the fundamental monetary proficiency among the youngsters; how they approach instructing themselves, and how would they see hazard, returns and different methods of ventures and what decides something similar. Mutual fund has gained the favor of young investors. Investment in mutual funds through the Systematic Investment Plan (SIP) is a favored investment option for the youngsters. Youngsters today do know about the options available to them due to the rapid spread of information in recent times; they are not always sure about how to go about investing in newer ways actively.

Review of Sudanese External Debt and Impacts on Poverty Rates in Sudan

The turbulent economic crisis prevailing in today's Sudan was not born yesterday. It represents the bitter fruit of forty years of economic mismanagement, political uncertainties and entrenched corruption. Part of it, is borrowing from international financial institutions for presumed developmental projects, failures in utilization capacity and production schemes and debts accumulation with heavy arrears. Currently, it is estimated that external debts of Sudan has exceeded US$42 Billions by the end of 2011. Thus, due to evidence of continuous mismanagement, International Financial Institutions refrain from extending hands. When oil came into production many expected that to help develop the other productive sectors and integrating the Sudanese economy with the world. That did not happen, however, and debts volume continued to bloat due to interest rates and arrears. The situation worsened by the secession of Sudan's southern part which contains %75 of the country's reserves. The value of the domestic currency collapsed, inflation rates accelerated and added to the dominating recession generating unprecedented stagflation. That added to the unemployment and poverty rates in the country. This research aims to study relationship between the external debt and economic indicators, exchange rate and GDP in addition to population of Sudan during the period of (1980-2003). The analyzed data of External Debt were collected from External Debt Unit-Bank of Sudan. Annual Record and the GDP and exchange rate data were collected from the General Research and Statistics administration Bank of Sudan. The Population Data collected from the Central Bureau of Statistics by using transfer function models. The research is constituted of an introduction about External Debt and the way of data collection was exposed as a total value of external debt and number of population. A statistical description of the variables of the study came to some important points as the increase of the total external debt share per capita, and increasing exchange rate of dollar against national currency. Moreover, there were continuous decreases per capita share in GDP. Conclusions are that there are strong correlation between GDP and exchange rate; population and per capita share of external debt. There were recommendations that more in depth statistical studies to be conducted on budget planning and debt servicing to void the commercial credits witch always not used in developing projects. Additionally, loans should be used to invest in the infrastructure and social projects in the health, education and infrastructures. Conclusively, with the country continuing economic downfall, there are no solutions under the present political regime. The question is how that will add to poverty and eventual starvation leading to mass human tragedy and could it possible to put the country under economic trusteeship.

Oil and Gas Energy Potential at Malaysian Seabed and Spar Platform for Deepwater Installation

Offshore sedimentary basins of Malaysian region indicate abundant sources of energy at its seabed. Furthermore, depletion of oil and gas reserves in its onshore land and shallow water depth has accelerated the exploration toward these deeper waters. Frequent increasing demand requires precise investigation to acquire these energies in optimum custom. A competent exploration structure is also desired for energy extraction from the deep water. In this study, oil and gas status in Malaysian scenario is reconnoitered. As the sea wave influences greatly on offshore structures, approaches for collecting wave data are sightseen. The structural configuration and characteristics of compliant floating spar platform for energy extraction are addressed. The study reveals that the continental shelf offshore of Malaysian waters is divided into seven sedimentary basins, among which three basins have major ongoing oil and gas extraction activity. Around 68% oil and 86% natural gas of the country's reserves are located in East Malaysia at offshore Sabah and Sarawak. Except the Kebabangan field, all the other offshore energy reserves are located at more than 1000 m depth. In lieu of a fixed platform, a floating platform will be a competent energy extraction structure in this deeper water. The deep water wave data can be appropriately obtained in satellite altimetry approach for its extent of accuracy. The first installed spar at Kikeh field denotes bright possibilities of incorporating spar platform in Malaysian sedimentary basins. If spar platforms are installed at these deeper vicinities, all the basins will certainly climb in optimum operation yielding a huge usable energy.

Foreign currency debt, financial crises and economic growth: A long-run view

Foreign currency debt is widely believed to increase risks of financial crisis, especially after being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study the effects of foreign currency debt on currency and debt crises and its indirect effects on short-term growth and long-run output effects in both 1880–1913 and 1973–2003 for 45 countries. Greater ratios of foreign currency debt to total debt are associated with increased risks of currency and debt crises, although the strength of the association depends crucially on the size of a country's reserve base and its policy credibility. We found that financial crises, driven by exposure to foreign currency, resulted in significant permanent output losses. We estimate some implications of our findings for the risks posed by currently high levels of foreign currency liabilities in eastern Europe.

Dynamics of currency crises with asset market frictions

This paper presents a dynamic model of currency crises with frictions. By construction, a speculative attack is not an instantaneous event but takes a little time to deplete the country's reserves and, in the event of an attack, agents are uncertain about whether they will be able to act before the devaluation comes. The currency will be overvalued (‘ripe for attack’) for a long time before an attack takes place. A discrete and sizable devaluation will occur. Small changes in fundamentals may trigger an attack. The model brings insights about the dynamics of currency crises and the effects of some key policy variables.

Legal Regime for Hydrocarbon Development in Uzbekistan

Uzbekistan may be due for some positive reappraisal by investors thanks to recently-enacted measures improving the legal regime for hydrocarbon development, two new precedent-setting PSAs in progress between the government and foreign investors, and plans to privatise parts of the oil sector and seek substantial foreign investment to facilitate exports. Yet, while some investors may already find Uzbekistan an attractive partner, especially in light of the immense size of the country's reserves, others may find that it will still have to do more in order to attract the investments it needs.

TURKMENISTAN'S MINERAL CONCESSIONS LAW

Mineral Resources EngineeringVol. 08, No. 01, pp. 115-119 (1999) No AccessTURKMENISTAN'S MINERAL CONCESSIONS LAWSCOTT HORTON and VAN Z. KRIKORIANSCOTT HORTONWebb & Tyler, 1133 Avenue of the Americas, New York, NY 10036, USAAttorney-at-Law, Partner, Patterson, Balknap Search for more papers by this author and VAN Z. KRIKORIAN Search for more papers by this author https://doi.org/10.1142/S095060989900013XCited by:0 PreviousNext AboutSectionsPDF/EPUB ToolsAdd to favoritesDownload CitationsTrack CitationsRecommend to Library ShareShare onFacebookTwitterLinked InRedditEmail FiguresReferencesRelatedDetails Recommended Vol. 08, No. 01 Metrics History PDF download

A Viable Gold Standard Requires Flexible Monetary and Fiscal Policy

national domestic credit expansion (dce) policies which offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a speculative selling attack against one of the currencies. Various policies for postponing a collapse are considered. When a responsive dce policy eliminates the danger of a run on a country's reserves, the exogenous shocks disturbing the system which previously were reflected in reserve flows, now show up in the behaviour of the public debt. Unless the primary (non-interest) government deficit is permitted to respond to these shocks, the public debt is likely to rise (or fall) to unsustainable levels. For the idealized gold standard analysed in the paper, viability can be achieved only through the active and flexible use of monetary and fiscal policy.

Wildlife reserves in the USSR

The reserve system in the USSR is complex; more than 11.4 million ha of land are involved in several categories, which afford wildlife different degrees of protection. At least 40 major new reserves are planned for the near future, but Soviet conservationists have to face demands for agricultural land, poaching, increasing pressure from tourism and organizational problems. In 1984 the author visited the USSR to study the scientific uses of the country's reserves. It was Dr Braden's third research trip to the USSR; as Vice-President of the International Snow Leopard Trust she has been involved in discussions there about the captive-breeding and exchange of snow leopards between the USA and the USSR.

The Post-Devaluation Time Profile of Reserves and Prices under Neoclassical Assumptions

The re-introduction of neoclassical assumptions into balance of payments theory was done by Hahn (1959) and Kemp (1962). Both of these writers employed a Patinkin-type model specialized to two countries, two commodities, two individuals and two fiat moneys. By making the assumptions that all goods were gross substitutes and normal, they were able to demonstrate the proposition that in the period in which a small devaluation by the home country takes place, (a) the balance of payments of that country improves; (b) the prices of the two commodities, expressed in home currency, increase but not proportionately with the price of foreign exchange; and (c) the foreign currency prices of the two commodities decrease, but not proportionally with the fall in the price of the home country's currency. In the first years of this decade, a further theorem was discovered which provided the rationale for the Hahn-Kemp results. It is that (1) a devaluation is equivalent, in its effects on the model's real variables and monetary variables expressed in home currency, to an equiproportional increase in the foreign money stock of the same percentage amount as the increase in the price of foreign currency; and (2) a devaluation is equivalent, in its effects on the real variables and the monetary variables expressed in foreign currency, to an equiproportional decrease in the home money stock of the same percentage amount (see e.g., Kemp, 1970; Kuska, 1972). Now (1) implies that the world money stock, measured in home currency, increases but proportionally not by as much as the price of foreign exchange; and (2) implies that the foreign currency value of the world money stock decreases, but not by as much proportionally as the devaluation. Therefore, in the long run, on price-specie-flow considerations, one would expect the Hahn-Kemp results to hold; and that this is so was demonstrated in Kuska (1972, p. 315) for the general case in which there are arbitrary numbers of commodities and individuals in the world economy. The Hahn-Kemp results just state that these long-run properties also hold in the initial post-devaluation period in the two-commodity, two-individual case-if the goods are gross substitutes and normal. Even aside from the fact that the Hahn-Kemp theorem has been demonstrated only for a restricted case, the resulting situation is not entirely satisfactory. We know that, in the long run, providing the system is stable, a devaluation will increase the home country's reserves, and we know what it will do to prices. If we make the Hahn-Kemp assumptions, we also know that qualitatively similar results happen in the initial period for their specialized model. We do not know, however, whether their results hold in the general case; and further, we do not know what occurs in the interim

Speculation and the Crawling Peg

The objective of this paper is to determine how speculative capital flows, as described by the modern stock equilibrium theory, affect the stability of the path of the exchange rate under crawling peg systems. Because of the recent emphasis on objective indicators in discussions of reform of the international adjustment mechanism, the paper investigates this question with a single-country model in which the rate of crawl chosen by the authorities depends on both the level and rate of change of the country's reserves. The model therefore embraces as special cases a pure reserve change target system, originally proposed by Meade (1964) and Williamson (1965) and more recently expounded by Cooper (1970), and a pure reserve stock target system, exemplified by Willett's (1970) plan and the recent proposal of the US Government (1973). The principal finding of this paper is that speculative capital movements destabilize the hybrid target and the pure reserve change target systems because exchange rate expectations are likely to be partly extrapolative. Such expectations also destabilize a pure reserve stock target system if the authorities glide the exchange rate too quickly or if an upward crawl of the country's exchange rate produces a net speculative capital'inflow. Furthermore, to determine whether either condition exists requires accurate knowledge of the parameters underlying speculative capital movements. Throughout the paper I will assume that domestic variables that influence the balance of payments-output, the price level and interest rates-are exogenous. The authorities can control interest rates by employing sterilization operations, but they do not use them to prevent speculative capital flows. With the exchange rate now available for external purposes, the central bank can concentrate its monetary policy on domestic objectives.

The Composition of a Country's Reserves International Law

The Composition of a Country's Reserves International Law

International Monetary Fund

On October 2, 1961, it was announced that the International Monetary Fund had entered into a stand-by arrangement with the government of Haiti under which that government could draw the equivalent of $6 million from the Fund during the following twelve months. The arrangement with the Fund was considered as a useful supplement to the country's reserves to assist the government in maintaining the convertibility of its currency. The Haitian government had not drawn on its previous stand-by arrangement with the Fund, which had expired on September 30, 1961; in earlier years it had drawn $5.4 million, of which $2.6 million had already been repaid.

International Monetary Fund

On June 7, 1961, it was announced that the International Monetary Fund had entered into a stand-by arrangement authorizing the government of Ecuador to draw up to $10 million in currencies held by the Fund during the following twelve months. Then, on July 19 the Fund announced that it had concurred in the establishment of a new par value for Ecuador's currency, accompanied by a simplification of the country's exchange system. The par value as of that date was changed from 15 to 18 sucres per United States dollar, and Ecuador discontinued most of its multiple rate practices. Under the new system at least 90 percent of all trade and trade-connected transactions, including the export of such major products as bananas, coffee and cacao, was to be conducted within one percent either side of parity, while a small free market with a fluctuating rate, mainly for nonessential invisible transactions and unregistered capital transactions, was to continue to operate, chiefly as a means of controlling capital movements. During the period under review the Fund also entered into stand-by agreements wkh other Latin American countries. On July 14, 1961, the Fund announced a one-year stand-by arrangement with the government of El Salvador authorizing drawings in an amount equivalent to $11.25 million. The Fund's assistance was designed to help to support the country's reserve position and ensure the continued convertibility of its currency while measures were being adopted to improve El Salvador's internal situation through appropriate fiscal and monetary policies.

Developments in Mexico in 1953 and 1954

During 1953 and 1954, 356 and 293 wells in search for oil and gas were drilled in Mexico. Of the total 149 were exploratory tests. Seventy-eight per cent were successful, resulting in the discovery of 27 new oil and/or gas fields, 56 new pools, and 33 extensions to previously known production. A major new oil province was brought into production and new fields along the southeastern continuation of the Golden Lane have substantially contributed to increasing the country's reserves.

Titanium and Zirconium

THE United States was the only active combatant in the second world wide conflict whose continental territory, cities, and industrial plants were practically untouched by the ravages of war. Yet this Nation not only paid dearly in blood and treasure, but has drawn heavily on its mineral resources in bringing about the final defeat of Japan and the Axis powers. As a result, we are now facing the disturbing fact that the country's reserves of high and medium grade metalliferous ores have been reduced to a point where our self-sufficiency is seriously threatened. Instead of having exportable surpluses, we are actually importing ores of the type that were formerly supplied abundantly from domestic sources. Undoubtedly conditions are still very abnormal, and mining development has not kept pace with actual mining operations; nevertheless, the fact remains that the demand for high grade ores of the nonferrous metals is greater than our present ability to produce them ...