Economic Growth, Exchange Rate and Remittance Nexus: Evidence from Africa

Journal of Risk and Financial Management

Ezeikel Oseni¹  Afees Adebare Salisu²  Bukola Bose Lawal-Adedoyin³  Abiola Ayopo Babajide⁴  Abiola John Asaleye⁵  Adedoyin Isola Lawal⁵  Abigail Oyeronke DickTonye⁵  Elizabeth Bolatito Ogunwole⁵  Samuel Olatunde Dahunsi⁶  Emmanuel Oluwasola Omoju⁷ 

[1] Bank of Industry, Lagos 102273, Nigeria;Centre for Econometric & Allied Research, University of Ibadan, Ibadan 200132, Nigeria;Department of Accounting and Finance, Landmark University, Omu-Aran 251103, Nigeria;Department of Banking and Finance, Covenant University, Ota 112104, Nigeria;Department of Economics, Bowen University, Iwo 232101, Nigeria;Directorate of Research, Bowen University, Iwo 232101, Nigeria;National Institute for Legislative and Democratic Studies (NILDS), Abuja 904101, Nigeria;

关键词: economic growth;    exchange rate;    remittances;    agricultural output;    trade;    Africa;   

DOI  :  10.3390/jrfm15060235

来源: DOAJ

【 摘 要 】

This paper examined the nexus between economic growth and exchange rate, remittances, trade, and agricultural output based on data sourced from 1980 to 2018 for 10 selected African economies. We employed both the Dumitrescu and Hurlin time-domain Granger causality test and the Croux and Reusens frequency domain Granger causality test. Results from the time-domain test suggests that causality only exists between economic growth and both exchange rate and trade, with no significant relationship between economic growth and both remittances and agricultural output. When we employed frequency domain model in our analysis, the results suggested that there is a bi-directional temporary and permanent causality between economic growth and exchange rate, trade, agriculture, and remittances. Our results suggest the validity of both the J-Curve and Marshall–Lerner hypotheses in the studied economies. Our study offers some relevant policy implications.

【 授权许可】

Unknown