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The Economics and Finance Letters

June 2020, Volume 7, 1, pp 23-46

An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia

Muntasir Murshed

,

Seemran Rashid

Muntasir Murshed 1 ,

Seemran Rashid 1 
  1. School of Business and Economics, North South University, Bangladesh. 1

Pages: 23-46

DOI: 10.18488/journal.29.2020.71.23.46

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Article History:

Received: 27 November, 2019
Revised: 03 January, 2020
Accepted: 06 February, 2020
Published: 09 March, 2020


Abstract:

Inflows of foreign currencies into the developing economies, in particular, have been associated with the Dutch disease phenomenon whereby a surge in such inflows is believed to stimulate real appreciation of the real exchange rate. As a result, there could be deindustrialization impacts on the recipient economies following a growth in the non-tradable sector at the expense of the tradable sector's contraction. This paper empirically investigates the dynamics of real exchange rate responses to official development assistance, foreign direct investments and international remittances flowing into the four emerging South Asian economies Bangladesh, India, Pakistan, and Sri Lanka. The results from the extensive econometric analyses show that a 1% rise in the total volume of official development assistance and remittances received appreciates the real exchange rate by 0.18% and 0.23% respectively. In contrast, a 1% rise in FDI inflows was found to trigger a 0.19% depreciation of the real exchange rate. Furthermore, the Dumitrescu and Hurlin (2012) test results reveal unidirectional long run causalities running from official development assistances and FDI inflow to real exchange rate while certifying a bidirectional causal association between inward international remittances and the real exchange rate.
Contribution/ Originality
This paper makes a novel attempt to model the real exchange rate responses to foreign inflows, using panel-data estimators, in the context of the selected South Asian Economies.

Keywords:

Dutch disease, Foreign exchange inflows, Real exchange rate, Foreign aid, Remittance, Foreign direct investment, Causality.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

Both authors contributed equally to the conception and design of the study.

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( 153 ) A Mixed-Methods Study to Explore Stage of Readiness and Intention of Micro and Small Enterprises to Adopt Mobile Money in Indonesia
( 155 ) Workplace Bullying: Modelling Construct Validity in an Australian Public Sector Workforce
( 157 ) Stock Market Index Prediction with Neural Network during Financial Crises: A Review on Bist-100
( 158 ) The Total Factor Productivity of Libyan Banks, 2004 – 2010
( 159 ) The Life-Time of Tomorrow Party of Japan and Its Negative Impacts on the Anti-Nuclear Movements in Japan’s Politics
( 160 ) Exploration of Suitability of Situational Leadership in the Oil and Gas Sector
( 161 ) Estimating Value at Risk for Sukuk Market Using Generalized Auto Regressive Conditional Heteroskedasticity Models
( 163 ) Rural - Urban Balance as a Measure of Socio-Economic Development with Special Reference to Iran
( 164 ) Measuring the Quality of Islamic Banks Services and Its Impact on Customers Satisfaction A Survey Study on the Islamic Banks Customers in Lattakia-Syria
( 165 ) A Negative Rational Pigs Game and its Applications to Website Management
( 167 ) Appointment of Directors and Performance of Deposit Money Banks in Sub Saharan Africa: Do We Need More Executive or Non-Executive Directors?
( 168 ) Managing Public Perception towards Local Government Administration
( 170 ) Market Share and Profitability Relationship: A Study of the Banking Sector in Nigeria
( 171 ) Effect of Media Transportation and Advertising Transportation on Customers Responsiveness
( 172 ) The Effect of Personal Factors on the Customer Rating of the Quality of Services of the Islamic Banks Operating in the Syrian Coast
( 173 ) A Factor Analysis Approach Towards a Study of the Factors Affecting Students’ Choice of Higher Education Institution: A Case Study of a Private Institution (Twintech International University College of Technology)
( 175 ) Auditing Procedures and Process in the Public Sector
( 176 ) Rice Farmer and Capital Formation: A Case Study of Rice Farmer's Credit Cooperative in Itoikin, Ikosi-Ejirin LCDA, Lagos State
( 177 ) Internationalization of State Multilatinas: A Multi-Case Study in The Oil Sector
( 179 ) Public Sector Size and GDP Growth Nexus: Panel Data Estimation
( 180 ) Analyzing Factors Affecting the Success of Social Media Posts for B2b Networks: A Fractional-Factorial Design Approach
( 181 ) On the Prediction of the Inflation Crises of South Africa Using Markov-Switching Bayesian Vector Autoregressive and Logistic Regression Models
( 182 ) Entrepreneurial Networking and Women Entrepreneurs’ Contribution to Employment Creation in Rivers State, Nigeria
( 183 ) Participatory Processes in Planning for Self-Help Housing Provision in South Africa: Policies and Challenges
( 184 ) Scenario Economic Impact Analysis of Offshore Fishing Tournaments in Ocean City
( 185 ) Effect of Institutional Factors on Foreign Direct Investment in Nigeria
( 188 ) Macroeconomic Indicators and Capital Formation Growth in Nigeria: A New Evidence
( 189 ) Financial Market Predictions with Factorization Machines: Trading the Opening Hour Based on Overnight Social Media Data
( 190 ) The Effect of Internal and External Factors of Companies on Profitability and its Implications on Stock Price Index of State-Owned Banks
( 192 ) Leading Indicators and Financial Crisis: A Multi-Sectoral Approach Using Signal Extraction
( 193 ) Incorporating Islamic Ethic Elements into Marketing Mix Paradigm
( 195 ) The Importance of Public Administration Towards Achieving Good Governance for Positive National Development by Using SmartPLS 3
( 196 ) Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience
( 197 ) Does Agricultural Sector Contribute to the Economic Growth in Case of Republic of Benin?
( 198 ) Determinants of Public Sector Corruption in Nigeria
( 199 ) Impact of Participatory Decision Making on Organisational Goal Attainment
( 200 ) Conceptualisation of Lack of Discipline and Probity as the Main Cause towards Good Governance Practice
( 201 ) The Impact of Organisational Culture on Public Sector Performance: A Case Study of Local Authorities in Zimbabwe