This study is an attempt to gauge the effect of remittances on Real Effective Exchange Rate (REER) with the help of a panel of 18 selected Asian countries. The period considered for this study is from 1998 to 2016. To achieve the objective of the study, along with Pedroni panel cointegration technique, ‘Fully Modified Ordinary Least Square’ and ‘Dynamic Ordinary Least Square’ methods were applied. The results of the study suggest that remittances exert upward pressure on REER. In case of both the estimators (FMOLS and DOLS), the coefficient of remittances is negative and statistically significant at 1% level. Impulse response functions (IRFs) derived from the Panel Vector Auto Regressive model (PVAR) exhibits similar kind of results. The results obtained from this study raise the concerns similar to the ones raised by the Dutch disease or discoveries of natural resources leading to the appreciation of REER.

中文翻译：

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研究移民汇款的另一面：对 18 个选定亚洲国家的面板协整分析

本研究试图在由 18 个选定的亚洲国家组成的小组的帮助下衡量汇款对实际有效汇率 (REER) 的影响。本研究考虑的时间段为 1998 年至 2016 年。为了实现研究目标，结合 Pedroni 面板协整技术，应用了“完全修正普通最小二乘法”和“动态普通最小二乘法”方法。研究结果表明，汇款对 REER 施加了上行压力。在两个估计量（FMOLS 和 DOLS）的情况下，汇款系数都是负的，并且在 1% 的水平上具有统计显着性。源自面板向量自回归模型 (PVAR) 的脉冲响应函数 (IRF) 显示出类似的结果。