摘要：This study examined the validity of fiscal synchronization hypothesis in Nigeria from 1961-2013. The theoretical frame work was based on the causality model of revenue-expenditure nexus. The revenue and expenditure variables were disaggregated into oil and non-oil revenues and capital and recurrent expenditures respectively. Analysis of cointegration showed evidence of a long run relationship among these variables with a high percentage of disequilibrium error corrected per year. Evidence of bi-directional causality was found between recurrent expenditure and oil revenue and between non-oil revenue and recurrent expenditure indicating the validity of fiscal synchronization hypothesis in both cases. Finally, the Fully-Modified Least Square (FMOLS), Dynamic Ordinary Least Square (DOLS) and the Canonical Cointegration Regression (CCR) which are three variants of cointegration regression demonstrated that oil revenue impacted positively and significantly on recurrent expenditure and vice-versa. In the same vein, the non-oil revenue impacted positively and significantly on recurrent expenditure and vice-versa. The CCR gave the most robust estimations in each case. Economic transparency, infrastructural development and diversification into a more productive sector are policy implications emanating from this study.
关键词：Fiscal synchronization; Hypothesis; Causality; Fully-Modified Least Square; Dynamic Ordinary Least Square; Canonical Cointegration Regression
