Moderating remittance and economic growth relationship with exchange rate: What new can we learn from Africa’s economy?

References

• Abdulrazak, A. (2021). Effect of remittances on the economic growth of Uganda (Doctoral dissertation, Makerere University). http://dissertations.mak.ac.ug/handle/20.500.12281/8663
   Google Scholar
• Abduvaliev, M., & Bustillo, R. (2019). Impact of remittances on economic growth and poverty reduction amongst CIS countries. Post-Communist Economies, 32(4),525–31. https://doi.org/10.1080/14631377.2019.1678094
   Google Scholar
• Acosta, P. A., Lartey, E. K. K., & Mandelman, F. (2009). Remittances and the Dutch Disease. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.985907
   Google Scholar
• Aloui, C., Hkiri, B., Hammoudeh, S., & Shahbaz, M. (2018). A multiple and partial wavelet analysis of the oil price, inflation, exchange rate, and economic growth nexus in Saudi Arabia. Emerging Markets Finance and Trade, 54(4), 935–956. https://doi.org/10.1080/1540496X.2017.1423469
   Web of Science ®Google Scholar
• Alper, A. E. (2017). Exchange rate volatility and trade flows. Fiscaoeconomia, 1(3), 14–39. https://doi.org/10.25295/fsecon.307331
   Google Scholar
• Arizala, F., Bellon, M., MacDonald, M., Mlachila, M., & Yenice, M. (2018). Regional spillovers in sub-saharan Africa: exploring different channels. IMF spillover notes no. 18/01. International Monetary Fund, 1–44. https://doi.org/10.5089/9781484367148.062
   Google Scholar
• Aryeetey, E., & Baah-Boateng, W. (2015). Understanding Ghana’s growth success story and job creation challenges. WIDER Working Paper. https://doi.org/10.35188/unu-wider/2015/ 029.
   Google Scholar
• Assoumou-Ella, G. (2019). Forecasting CEMAC’s foreign exchange reserves in presence of unanticipated changes in oil prices: An interrupted time series modelling. Journal of Central Banking Theory and Practice, 8(2), 65–83. https://doi.org/10.2478/jcbtp-2019-0014
   Web of Science ®Google Scholar
• Baah-Boateng, W., & Twum, E. K., (2020), Pathways to the structural transformation of the Ghanaian economy-and some roadblocks. https://www.brookings.edu/blog/africa-in-focus/2020/09/03/pathways-to-structural-transformation-of-the-ghanaian-economy-and-some-roadblocks/
   Google Scholar
• Baek, E. G., & Brock, W. A. (1992). A nonparametric test for Independence of a multivariate time series. Statistica Sinica, 137–156. https://www.jstor.org/stable/24304123
   Google Scholar
• Bahmani-Oskooee, M., & Aftab, M. (2018). Asymmetric effects of exchange rate changes on the Malaysia-China commodity trade. Economic Systems, 42(3), 470–486.
   Web of Science ®Google Scholar
• Barguellil, A., Ben-Salha, O., & Zmami, M. (2018). Exchange rate volatility and economic growth. Journal of Economic Integration, 33(2), 1302–1336. https://doi.org/10.11130/jei.2018.33.2.1302
   Web of Science ®Google Scholar
• Bashir, S. (2020). Exploring the Linkages between remittances, economic growth and poverty: Empirical evidence from Pakistan. The Economics and Finance Letters, 7(2), 268–275. https://doi.org/10.18488/journal.29.2020.72.268.275
   Google Scholar
• Bekiros, S., & Diks, C. (2008a). The relationship between crude oil spot and futures prices: Cointegration, linear and nonlinear causality. Energy Economics, 30(5), 2673–2685. https://doi.org/10.1016/j.eneco.2008.03.006
   Web of Science ®Google Scholar
• Bloomberg, (2022). Ghana’s Cedi Slumps to World’s Worst Performer Amid IMF Talks. https://www.bloomberg.com/news/articles/2022-10-17/ghana-currency-slumps-to-world-s-worst-performer-versus-dollar?leadSource=uverify%20wall.
   Google Scholar
• Boyd, D., Caporale, G. M., & Smith, R. (2001). Real exchange rate effects on the trade balance: Cointegration and the Marshall-Lerner condition. International Journal of Finance & Economics, 6(3), 187–200. https://doi.org/10.1002/ijfe.157
   Web of Science ®Google Scholar
• Bucevska, V. (2022). Impact of remittances on economic growth: empirical evidence from south-east European countries. South-East European Journal of Economics and Business, 17(1), 79–94. https://doi.org/10.2478/jeb-2022-0006
   Web of Science ®Google Scholar
• Chaudhary, S. K. (2022). Remittances economic growth and investment nexus: Evidence from Nepal. NRB Economic Review, 34(1), 1–23. https://doi.org/10.3126/nrber.v34i1.47991
   Google Scholar
• Comes, C. A., Bunduchi, E., Vasile, V., & Stefan, D. (2018). The impact of foreign direct investments and remittances on economic growth: A case study in Central and Eastern Europe. Sustainability, 10(1), 1–238. https://doi.org/10.3390/su10010238
   Web of Science ®Google Scholar
• Diks, C., & Panchenko, V. (2005). A note on the Hiemstra-jones test for granger non-causality. Studies in Nonlinear Dynamics & Econometrics, 9(2), 1–7. art 4. https://doi.org/10.2202/1558-3708.1234
   Web of Science ®Google Scholar
• Diks, C., & Panchenko, V. (2006). A new statistic and practical guidelines for nonparametric Granger causality testing. Journal of Economic Dynamics and Control, 30(9–10), 1647–1669. https://doi.org/10.1016/j.jedc.2005.08.008
   Web of Science ®Google Scholar
• Dogru, T., Cem, I., & Ercan, S.-T. (2019). The balance of trade and exchange rates: Theory and contemporary evidence from tourism. Tourism Management, 74, 12–23. https://doi.org/10.1016/j.econmod.2012.02.014
   Web of Science ®Google Scholar
• Dong, F. (2017). Testing the Marshall-Lerner condition between the U.S. and other G7 member countries. The North American Journal of Economics and Finance, 40, 30–40. https://doi.org/10.1016/j.najef.2017.01.003
   Web of Science ®Google Scholar
• Dutta, U. P., & Partha, P. S. (2018). Remittances and real effective exchange rate: An empirical exercise with Indian Data. South Asia Economic Journal, 19(1), 124–136. https://doi.org/10.1177/1391561418761077
   Google Scholar
• Eggoh, J., Bangake, C., & Semedo, G. (2019). Do remittances spur economic growth? Evidence from developing countries. The Journal of International Trade & Economic Development, 28(4), 391–418. https://doi.org/10.1080/09638199.2019.1568522
   Web of Science ®Google Scholar
• Ekanayake, E. M., & Moslares, C. (2020). Do remittances promote economic growth and reduce poverty? evidence from Latin American Countries. Economies, 8(2), 35. https://doi.org/10.3390/economies8020035
   Web of Science ®Google Scholar
• Ellahi, S., & Omer, M. (2020). Do workers’ remittances promote economic growth? A case study of Pakistan. Journal of Islamic Monetary Economics and Finance, 6(4), 4. https://doi.org/10.21098/jimf.v6i4.1187
   Google Scholar
• Feeny, S., Iamsiraroj, S., & McGillivray, M. (2014). Remittances and economic growth: Larger impacts in smaller countries. The Journal of Development Studies, 50(8), 1055–1066. https://doi.org/10.1080/00220388.2014.895815
   Web of Science ®Google Scholar
• Gheasi, M., & Nijkamp, P. (2017). A brief overview of international migration motives and impacts, with specific reference to FDI. Economies, 5(3), 31. https://doi.org/10.3390/economies5030031
   Web of Science ®Google Scholar
• Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: Journal of the Econometric Society, 37(3), 424–438. https://doi.org/10.2307/1912791
   Web of Science ®Google Scholar
• Guechati, I., & Chami, M. (2021). Impact of the exchange rate on economic growth in Morocco. French Review of Economics and Management, 2, 10. https://doi.org/10.5281/zenodo.5570913
   Google Scholar
• Hiemstra, C., & Jones, J. D. (1994). Testing for linear and nonlinear Granger causality in the stock price‐volume relation. The Journal of Finance, 49(5), 1639–1664. https://doi.org/10.1111/j.1540-6261.1994.tb04776.x
   Web of Science ®Google Scholar
• Hien, N. P., Vinh, C. T. H., Mai, V. T. P., & Kim Xuyen, L. T. (2020). Remittances, real exchange rate and the Dutch disease in Asian developing countries. The Quarterly Review of Economics and Finance, 77, 131–143. https://doi.org/10.1016/j.qref.2019.10.006
   Web of Science ®Google Scholar
• Hoang, T. T., Thi, V. A. N., & Minh, H. D. (2020). The impact of exchange rate on inflation and economic growth in Vietnam. Management Science Letters, 1051–1060. https://doi.org/10.5267/j.msl.2019.11.004
   Google Scholar
• Hosny, A. (2020). Remittance concentration and volatility: Evidence from 72 developing countries. International Economic Journal, 34(4), 553–570. https://doi.org/10.1080/10168737.2020.1824008
   Google Scholar
• Hu, Y., & Oxley, L. (2017). Are there bubbles in exchange rates? Some new evidence from G10 and emerging market economies. Economic Modelling, 64, 419–442. https://doi.org/10.1016/j.econmod.2017.02.022
   Web of Science ®Google Scholar
• Ivanovski, K., Churchill, S. A., & Nuhu, A. S. (2020). Modelling the Australian J-Curve: An ARDL Cointegration Approach. Economic Papers: A Journal of Applied Economics and Policy, 39(2), 167–184. https://doi.org/10.1111/1759-3441.12277
   Google Scholar
• Jena, N. R., & Sethi, N. (2019). Interaction of real effective exchange rate with economic growth via openness of the economy: Empirical evidence from India. Journal of Public Affairs Portico, 20(2). https://doi.org/10.1002/pa.2042
   Google Scholar
• Junior, P. O., Tweneboah, G., & Adam, A. M. (2019). Interdependence of major exchange rates in Ghana: A wavelet coherence analysis. Journal of African Business, 20(3), 407–430. https://doi.org/10.1080/15228916.2019.1583973
   Web of Science ®Google Scholar
• Khan, M. F. H. (2021). Impact of Exchange Rate on Economic Growth of Bangladesh. European Journal of Business and Management Research, 6(3), 173–175. https://doi.org/10.24018/ejbmr.2021.6.3.891
   Google Scholar
• Kijewski, T., & Kareem, A. (2003). Wavelet transforms for system identification in civil engineering. Computer-Aided Civil and Infrastructure Engineering, 18(5), 339–355. https://doi.org/10.1111/1467-8667.t01-1-00312
   Web of Science ®Google Scholar
• Koopmans, T. (1963). On the Concept of Optimal Economic Growth. In Cowles Foundation for Research in Economics. Yale University. https://econpapers.repec.org/scripts/redir.pf?u=https%3A%2F%2Fcowles.yale.edu%2Fsites%2Fdefault%2Ffiles%2Ffiles%2Fpub%2Fd00%2Fd0081.pdf;h=repec:cwl:cwldpp:81
   Google Scholar
• Kumar, R. R. (2010). Does remittances matter for economic growth of the Philippines? An investigation using bounds test analysis. An Investigation Using Bounds Test Analysis (February, 25, 2010. https://dx.doi.org/10.2139/ssrn.1565903
   Google Scholar
• Kumar, B. (2019). The impact of international remittances on education and health in Bangladesh. International Journal of Science and Qualitative Analysis, 5(1), 6. https://doi.org/10.11648/j.ijsqa.20190501.12
   Google Scholar
• Kumar, B. (2021). Construction of household welfare index and welfare impact of international remittances in rural Bangladesh. https://doi.org/10.20944/preprints202105.0551.v1
   Google Scholar
• Kumar, B., Ali, S. R., & Kibria, M. G. (2021). International remittances, household welfare, and women empowerment. Advances in Religious and Cultural Studies, 174–190. https://doi.org/10.4018/978-1-7998-3737-4.ch012
   Google Scholar
• Lawal, A. I., Ilhan, O., Ifedolapo, O. O., & Abiola, J. A. (2020). Examining the linkages between electricity consumption and economic growth in African economies. Energy, 208, 118–363. https://doi.org/10.1016/j.energy.2020.118363
   Web of Science ®Google Scholar
• Lin, W. C., & Tsai, C. F. (2020). Missing value imputation: a review and analysis of the literature (2006–2017). Artificial Intelligence Review, 53(2), 1487–1509. https://doi.org/10.1007/s10462-019-09709-4
   Web of Science ®Google Scholar
• Marshall, A. (1923). Money, credit & commerce. Macmillan.
   Google Scholar
• Marzovilla, O., & Mele, M. (2015). Remittances, economic growth, exchange rate regime: The case of Morocco. European Journal of Economics, Finance and Administrative Sciences, (71), 106–123. https://www.researchgate.net/publication/272510641
   Google Scholar
• Maslii, N., Demianchuk, M., Britchenko, I., & Bezpartochnyi, M. (2022). Modelling migration changing according to alternative scenarios in the context of the global COVID-19 pandemic: The example of Ukraine. Economic Studies (Ikonomicheski Izsledvania), 31(1), 58–71. https://ssrn.com/abstract=4023443
   Google Scholar
• McFarlane, A., Brown, L., & Das, A. (2022). Real exchange rates and remittance inflows in Jamaica. The Journal of International Trade & Economic Development, 1-19. https://doi.org/10.1080/09638199.2022.2072938
   Google Scholar
• Meyer, D., & Shera, A. (2017). The impact of remittances on economic growth: An econometric model. EconomiA, 18(2), 147–155. https://doi.org/10.1016/j.econ.2016.06.001
   Google Scholar
• Mohamed, A. O. (2019). Remittances and economic growth in Uganda (1993-2017). Doctoral dissertation, Kampala International University.
   Google Scholar
• Ng, E. K. W., & Chan, J. C. L. (2012). Interannual variations of tropical cyclone activity over the north Indian Ocean. International Journal of Climatology, 32(6), 819–830. https://doi.org/10.1002/joc.2304
   Web of Science ®Google Scholar
• Nguyen, P. H. (2017). Remittances and competitiveness: A case study of Vietnam. Journal of Economics, Business and Management, 5(2), 79–83. https://doi.org/10.18178/joebm.2017.5.2.490
   Google Scholar
• Nimoh, S. A., & Addai-Asante, J. (2018). Exchange rate policy and GDP growth in Ghana. American Academic Scientific Research Journal for Engineering, Technology, and Sciences, 42(1), 265–283. https://www.asrjetsjournal.org/index.php/American_Scientific_Journal/article/view/3968
   Google Scholar
• Nxumalo, M., & Raju, D. (2020). Structural transformation and labor market performance in Ghana. https://doi.org/10.1596/34849
   Google Scholar
• Olamide, E., Ogujiuba, K., & Maredza, A. (2022). Exchange rate volatility, inflation and economic growth in developing countries: panel data approach for SADC. Economies, 10(3), 67. https://doi.org/10.3390/economies10030067
   Web of Science ®Google Scholar
• Olayungbo, D. O., & Quadri, A. (2019). Remittances, financial development and economic growth in sub-Saharan African countries: Evidence from a PMG-ARDL approach. Financial Innovation, 5(1), 1. https://doi.org/10.1186/s40854-019-0122-8
   Web of Science ®Google Scholar
• Osei, R. D., Atta-Ankomah, R., & Lambon-Quayefio, M. (2020). Structural transformation and inclusive growth in Ghana (No. 2020/37). WIDER Working Paper. The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki. https://doi.org/10.35188/UNU-WIDER/2020/794-1
   Google Scholar
• Osei, R. D., & Jedwab, R. (2016). Structural change in a poor African country: New historical evidence from Ghana. Margaret McMillan, Dani Rodrick, and Claudia Sepúlveda,eds https://doi.org/10.2499/9780896292147_ch4
   Google Scholar
• Oteng-Abayie, E., Awuni, P. A., & Adjei, T. K. (2020). The Impact of Inward Remittances on Economic Growth in Ghana. African Journal of Economic Review, 8(2050-2021-187), 49–65. http://dx.doi.org/10.22004/ag.econ.308775
   Google Scholar
• Owusu, J. P., Adam, A. M., & Tweneboah, G. (2017). Co-movement of real exchange rates in the West African Monetary Zone. Cogent Economics & Finance, 5(1),135–1807. https://doi.org/10.1080/23322039.2017.1351807
   Google Scholar
• Owusu Junior, P., Adam, A. M., & Tweneboah, G. (2017). Co-movement of real exchange rates in the West African Monetary Zone. Cogent Economics & Finance, 5(1), 1351807. https://doi.org/10.1080/23322039.2017.1351807
   Web of Science ®Google Scholar
• Ramsey, F. P. (1928). A Mathematical Theory of Saving. The Economic Journal, 38(152), 543. https://doi.org/10.2307/2224098
   Google Scholar
• Ramsey, J. B. (1996). If nonlinear models cannot forecast. What Use are They? Studies in Nonlinear Dynamics & Econometrics, 1(2), 65–86. https://doi.org/10.2202/1558-3708.1013
   Google Scholar
• Rapetti, M. (2020). The real exchange rate and economic growth: A survey. Journal of Globalization and Development, 11(2), 2. https://doi.org/10.1515/jgd-2019-0024
   Google Scholar
• Ratha, D. (2013). The impact of remittances on economic growth and poverty reduction. Policy Brief, 8(1), 1–13. https://doi.org/10.1080/14631377.2019.1678094
   Google Scholar
• Research Institute (IFPRI), I. F. P. (2017). Structural change in a poor African country: New historical evidence from Ghana. https://doi.org/10.2499/9780896292147_ch4
   Google Scholar
• Safadar, N. (2022). The interrelationship between remittances and economic growth: Evidence from SAARC countries. Pakistan Social Sciences Review, 6(II). https://doi.org/10.35484/pssr.2022(6-ii)01
   Google Scholar
• Salisu, A. A., Vo, X. V., & Lawal, A. (2020). Hedging oil price risk with gold during COVID-19 pandemic. Resources Policy, 70, 101–897. https://doi.org/10.1016/j.resourpol.2020.101897
   Web of Science ®Google Scholar
• Senadza, B., & Diaba, D. D. (2018). Effect of exchange rate volatility on trade in Sub-Saharan Africa☆. Journal of African Trade, 4(1–2), 20. https://doi.org/10.1016/j.joat.2017.12.002
   Google Scholar
• Sims, C. (1980). Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered. https://doi.org/10.3386/w0430.
   Google Scholar
• Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 70(1), 65. https://doi.org/10.2307/1884513
   Web of Science ®Google Scholar
• Statistics South Africa. (2019). Quarterly labour force survey-QLFS Q4:2018. http://www.statssa.gov.za/?page_id=6283
   Google Scholar
• Torrence, C., & Compo, G. P. (1998). A practical guide to wavelet analysis. Bulletin of the American Meteorological Society, 79(1), 61–78. https://doi.org/10.1175/1520-0477(1998)079<0061:APGTWA>2.0.CO;2
   Web of Science ®Google Scholar
• Torrence, C., & Webster, P. J. (1999). Interdecadal changes in the ENSO-Monsoon system. Journal of Climate, 12(8), 2679–2690. https://doi.org/10.1175/1520-0442(1999)0122679:ICITEM2.0.CO;2
   Web of Science ®Google Scholar
• UNCTAD. (2012). Maximizing the Development Impact of Remittances.
   Google Scholar
• World Bank. 2022. A War in Pandemic:Implications of the Ukraine Crisis and COVID-19 on global governance of migration and remittance. Migration and Development Policy Brief, 36. https://www.knomad.org/publication/migration-and-development-brief-36
   Google Scholar
• Wu, K., Zhu, J., Xu, M., & Yang, L. (2020). Can crude oil drive the comovement in the international stock market? Evidence from partial wavelet coherence analysis. The North American Journal of Economics and Finance, 53, 101–194. https://doi.org/10.1016/j.najef2020.101194
   Web of Science ®Google Scholar
• Yang, L., Cai, X. J., & Hamori, S. (2017). Does the crude oil price influence the exchange rates of oil-importing and oil-exporting countries differently? A wavelet coherence analysis. International Review of Economics & Finance, 49, 536–547. https://doi.org/10.1016/j.iref.2017.03.015
   Web of Science ®Google Scholar