文章基本信息

标题：Remittances and the Dutch Disease in Sub-Saharan Africa: A Dynamic Panel Approach
作者：Emmanuel Owusu-Sekyere ; Reneé van Eyden ; Francis M Kemegue 等
期刊名称：Contemporary Economics
印刷版ISSN：2084-0845
出版年度：2014
卷号：8
期号：3
页码：289-298
语种：English
出版社：VIZJA Press & IT
其他摘要：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 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)
关键词：Cash flows; Exchange rates; Monetary policy; Appreciation; Dutch disease; Research results; Przepływy pieniężne; Kurs walutowy; Polityka pieniężna; Aprecjacja; Choroba holenderska; Wyniki badań