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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


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.


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



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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


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

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( 202 ) 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)
( 204 ) Auditing Procedures and Process in the Public Sector
( 205 ) Rice Farmer and Capital Formation: A Case Study of Rice Farmer's Credit Cooperative in Itoikin, Ikosi-Ejirin LCDA, Lagos State
( 206 ) Internationalization of State Multilatinas: A Multi-Case Study in The Oil Sector
( 208 ) Public Sector Size and GDP Growth Nexus: Panel Data Estimation
( 209 ) Analyzing Factors Affecting the Success of Social Media Posts for B2b Networks: A Fractional-Factorial Design Approach
( 210 ) On the Prediction of the Inflation Crises of South Africa Using Markov-Switching Bayesian Vector Autoregressive and Logistic Regression Models
( 211 ) Entrepreneurial Networking and Women Entrepreneurs’ Contribution to Employment Creation in Rivers State, Nigeria
( 212 ) Participatory Processes in Planning for Self-Help Housing Provision in South Africa: Policies and Challenges
( 213 ) Scenario Economic Impact Analysis of Offshore Fishing Tournaments in Ocean City
( 214 ) Effect of Institutional Factors on Foreign Direct Investment in Nigeria
( 217 ) Macroeconomic Indicators and Capital Formation Growth in Nigeria: A New Evidence
( 218 ) Financial Market Predictions with Factorization Machines: Trading the Opening Hour Based on Overnight Social Media Data
( 219 ) The Effect of Internal and External Factors of Companies on Profitability and its Implications on Stock Price Index of State-Owned Banks
( 221 ) Leading Indicators and Financial Crisis: A Multi-Sectoral Approach Using Signal Extraction
( 222 ) Incorporating Islamic Ethic Elements into Marketing Mix Paradigm
( 224 ) The Importance of Public Administration Towards Achieving Good Governance for Positive National Development by Using SmartPLS 3
( 225 ) Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience
( 226 ) Does Agricultural Sector Contribute to the Economic Growth in Case of Republic of Benin?
( 227 ) Determinants of Public Sector Corruption in Nigeria
( 228 ) Impact of Participatory Decision Making on Organisational Goal Attainment
( 229 ) Conceptualisation of Lack of Discipline and Probity as the Main Cause towards Good Governance Practice
( 230 ) The Impact of Organisational Culture on Public Sector Performance: A Case Study of Local Authorities in Zimbabwe
( 231 ) Sectoral Credit Allocation of Deposit Money Banks and Poverty Reduction in Nigeria
( 232 ) Foreign Direct Investment - Growth Linkage in Sub-Saharan Africa: Is Governance a Mediating Factor?
( 234 ) Factors that Influence Profitability of General Insurance Issuers in Indonesia
( 236 ) Determinants of Banks Profitability & Liquidity and the Role of BASEL III in Islamic & Conventional Banking Sector of Pakistan: A Case Study of NBP
( 237 ) Factors Influencing Human Capital in Ready Made Garments Industry in Bangladesh
( 238 ) Analysis of the Effects of Pull and Push Factors on Brain Drain: An Example of Turkey
( 239 ) Analysis of Environmental Factors Affecting Manufacturing Small and Medium-Size Enterprises in Kogi State Nigeria
( 240 ) Regime Changes in the Volatility of Stock Markets
( 241 ) Optimal Stock Portfolio Issuers of Building Construction Registered in LQ45 Based on the Markowitz Approach
( 242 ) Estimating the Economic Determinants of Technical Efficiency of Bioenergy in EU-28: An Application of Tobit Analysis
( 243 ) Does Social Barriers Influence Women's Intention toward Entrepreneurship?
( 244 ) The Effect of Selected Factors on Tax Revenue Mobilization in Ethiopia: The Case of Amhara Region
( 245 ) Deterrents to the Success of Micro and Small Enterprises in Ethiopia: The Case of Amhara Region MSEs
( 246 ) Assessing the Perceived Value of Customers for being Satisfied towards the Sustainability of Hypermarket in Malaysia
( 247 ) Family Leadership and Small to Medium Sized Enterprises Research and Development Investments
( 249 ) Challenges and Opportunities of Investment to the People of Sebeta Town, Oromia Regional State, Ethiopia
( 250 ) The Trajectory and Diaspora of Women Imprisonment: An Analysis
( 251 ) Consumers’ Behavioural Intention to Adopt Mobile Banking in Rural Sub-Saharan Africa Using an Extension of Technology Acceptance Model: Lessons from Zimbabwe
( 252 ) Value for Money (VFM) Audit and Public Sector Performance in Afikpo North Local Government Area of Ebonyi State, Nigeria
( 253 ) Multivariate Analysis in Formulation of the Benefit-Cost Index Related to the Sugarcane Production System in the Quirinopolis Municipality Productive Center, Goias, Brazil
( 254 ) What are the Contextual Influences of Bank Criminality in Osun East Senatorial District?
( 255 ) Analysing the Financial Strength of Nigeria: An Approach to Estimate the Index of Financial Safety
( 256 ) Trade Union Performance and Industrial Relations Climate in the Nigerian Petroleum Sector
( 257 ) Nexus between Non-Oil Sectoral Contribution and Economic Growth in Nigeria 1981-2018
( 260 ) Effect of Brand Enhancement on Buying Behavior towards the Sport Sponsorship Companies in Riyadh, KSA
( 261 ) Efficiency of Microfinance (MF) Institutions in Bangladesh: A Study on Top 10 MF Institutions
( 262 ) Critical Review of Literature on Brand Equity and Customer Loyalty
( 263 ) Factors Influencing on Human Resources Development in SMEs Service Enterprises in Industry 4.0: The Case of Thai Nguyen Province, Vietnam
( 264 ) Analysis of Causal Nexus between Defense Spending and Economic Growth in Nigeria: A Toda-Yamamoto Approach