This study aims to examine the impact of macroeconomic fundamentals on exchange rates of selected South Asian economies during 1981-2013.,The authors have used two econometric approaches to the data. For the pooled sample, estimated generalized least square (EGLS) and the two-stage least square method are applied. For the panel data, the authors have used the panel generalized method of moments and ordinary least squares (OLS) methods.,The results suggest that macroeconomic factors have a significant impact on exchange rates. The robust findings highlight that improvements in domestic economic and political systems are crucial for a successful exchange rate policy.,The existing literature on exchange rate fundamentals have either focused on exchange rates and international trade or investigated the relationship for the developed economies. Covering a period of more than three decades, and using both pooled and panel estimations, our study is unique in terms of its focus on the South Asian economies.

中文翻译：

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南亚经济体的宏观经济基本面和汇率

这项研究旨在研究宏观经济基本面对1981-2013年间所选南亚经济体汇率的影响。作者使用了两种计量经济学方法对数据进行了分析。对于合并的样本，应用估计的广义最小二乘法（EGLS）和两阶段最小二乘法。对于面板数据，作者使用了面板广义矩量法和普通最小二乘法（OLS）。结果表明，宏观经济因素对汇率有重大影响。有力的研究结果表明，国内经济和政治体系的改善对于成功实施汇率政策至关重要。现有的汇率基础文献要么集中在汇率和国际贸易上，要么调查了发达经济体之间的关系。