Public Debt and External Reserve: The Nigerian Experience (1981–2013)

Table 2

Correlation matrix for variables in the model.

Variables	EXTR	PDEBT	M2	NEXCR
EXTR	1.000000	0.831559	0.836028	0.460382
PDEBT	0.831559	1.000000	0.851745	0.527093
M2	0.836028	0.851745	1.000000	0.437655
NEXR	0.460382	0.527093	0.437655	1.000000

Source: author’s computation using E-views result.