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Do immigrants’ funds affect the exchange rate?

Nusrate Aziz, Arusha Cooray and Wing Leong Teo

No 2017-13, Discussion Papers from University of Nottingham, GEP

Abstract: Using annual data over 1966-2014 from the Citizenship and Immigration statistics archives of Canada, we investigate how the funds brought into Canada by immigrants, affects the real effective exchange rate (REER) of Canada. We employ the ARDL bounds testing (Pesaran, Shin and Smith, 1999) and Dynamic OLS (Stock and Watson, 1993) approaches to cointegration. Both estimation methods indicate a long run relation between immigrants’ funds and exchange rate with immigrants' funds leading to a significant appreciation of the exchange rate in Canada. These results are robust to different estimation methods and an alternative proxy measure for the funds brought into Canada by immigrants.

Keywords: Immigration; immigrants’ money; exchange rate; Canada (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mig
Date: 2017
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