This article examines varying macroeconomic impacts of international emigrant remittances in Bangladesh since 1976 by using a vector auto-regression (VAR) framework. Bangladesh has recorded better economic performance during last two decades, 1996–2014, compared to earlier two decades, 1976–1995. The time-series analysis therefore uncovers some transition in the remittance impacts composed of the ‘Dutch Disease’ effect and the capital accumulation effect. The empirical results reveal the existence of the Dutch Disease effect for the first period, 1976–1995, but turned to show the positive impact on capital accumulation for the second period, 1996–2014. We speculate that the recent manufacturing-oriented policies together with institutional improvements have contributed to the transformation in the remittance impact towards a positive direction between two periods. JEL: F22, F39, O53

中文翻译：

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孟加拉国的移民汇款，荷兰病和资本积累

本文使用向量自回归（VAR）框架研究了1976年以来孟加拉国国际移民汇款对宏观经济的不同影响。与1976-1995年的前两个十年相比，孟加拉国在1996-2014年的最近20年中的经济表现更好。因此，时间序列分析揭示了由“荷兰病”效应和资本积累效应组成的汇款影响的某些转变。实证结果表明，1976年至1995年的第一阶段存在荷兰疾病效应，而1996年至2014年的第二阶段对荷兰资本积累产生了积极影响。我们推测，最近的以制造业为导向的政策以及制度上的改进，推动了汇款影响向两个时期之间的积极方向转变。JEL：F22，F39，O53