Exchange Rate Volatility and International Students’ Educational Choice in the USA

Sandipa Bhattacharjee ()
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Sandipa Bhattacharjee: Ramapo College

Eastern Economic Journal, 2025, vol. 51, issue 4, No 5, 655-693

Abstract: Abstract This paper discusses how the economic situation prevailing in the home country of an international student affects his/her educational choice in a U.S. educational institution. Using exchange rates as exogenous price shocks, the study analyzes how fluctuations in real exchange rates impact international students’ enrollment decisions. A theoretical model is developed and tested empirically with data from 2000 to 2022. The results suggest that foreign students’ undergraduate enrollment is sensitive to changes in the prices of education caused by fluctuations in the exchange rates. However, the same relationship does not hold for graduate enrollment. I also exploit other macroeconomic indicators and the availability of substitutes in the home country that affect foreign demand for U.S. higher education.

Keywords: Higher education; Exchange rates; International students (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1057/s41302-025-00308-6

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