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Autor
Owusu-Sekyere Emmanuel (University of Pretoria, South Africa), van Eyden Reneé (Human Sciences Research Council (HSRC), South Africa), Kemegue Francis M (Framingham State University, USA)
Tytuł
Remittances and the Dutch Disease in Sub-Saharan Africa: A Dynamic Panel Approach
Źródło
Contemporary Economics, 2014, vol. 8, nr 3, s. 289-298, tab., bibliogr. 38 poz.
Słowa kluczowe
Przepływy pieniężne, Kurs walutowy, Polityka pieniężna, Aprecjacja, Choroba holenderska, Wyniki badań
Cash flows, Exchange rates, Monetary policy, Appreciation, Dutch disease, Research results
Uwagi
summ.
Kraj/Region
Afryka Sub-Saharyjska
Sub-Saharan Africa
Abstrakt
This paper investigates the effect of remittance inflows on real exchange rates in sub-Saharan Africa (SSA) using annual data from 1980 to 2008 for 34 countries, the method of moments estimator developed by Arellano and Bover (1995) and the feasible generalized least squares estimator developed by Parks (1967) and Kmenta (1986). We find that when cross-sectional dependence and individual effects are controlled for, remittances to sub-Saharan Africa as a whole increase the underlying real exchange rates of recipient countries. However, this real exchange rate appreciation is mitigated by monetary policy interventions and the direction of fiscal expenditures towards tradable goods. Thus, the real exchange rate appreciation does not lead to the loss of export competitiveness or a worsening of the trade deficit in the countries in the panel. (original abstract)
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Bibliografia
Pokaż
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ISSN
2084-0845
Język
eng
URI / DOI
http://dx.doi.org/10.5709/ce.1897-9254.146
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