摘要：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 de- veloped 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 un- derlying 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 trad- able goods. Thus, the real exchange rate appreciation does not lead to the loss of export competi- tiveness or a worsening of the trade deficit in the countries in the panel
关键词：Dutch disease; remittances; real exchange rate; sub-Saharan Africa
