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Title:Nigerian domestic debt: resolution of the 'stock-flow puzzle' and generation of a credible data set
Author:Garba, Abdul-GaniyuISNI
Periodical:The Nigerian Journal of Economic and Social Studies
Geographic term:Nigeria
Subject:public debt
Abstract:Published domestic debt data for Nigeria implies that a flow variable exceeds its reference stock, although this case is abnormal in economics. In 1995 the present author referred to this anomaly as the stock-flow puzzle, and generated conditions under which it could hold. In the present article, he uses these conditions as an analytical guide to solve the puzzle, and to generate and verify the credibility of a data set for the period 1970-1995. By applying these conditions, he finds that the puzzle applies only to treasury bills and treasury certificates, and that the puzzle arises mainly because published data fails to reflect the differences in maturity profiles of instruments, uses of instruments, frequencies of debt issues, and the differential effects of debt management tools such as debt rollover and debt conversion. Once these factors are accounted for, the normal stock-flow relationship for both treasury bills and treasury certificates at the level of monthly balances is generated. Thus, in resolving the puzzle, the author generates analytically consistent monthly balances of treasury bills and treasury certificates over the period 1970-995, and presents a consistent framework for generating and verifying the credibility of Nigerian domestic debt data. App., bibliogr., notes, ref., sum.