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Arnoldo López-Marmolejo, Carlos Vladimir Rodríguez-Caballero and Daniel Ventosa-Santaulària
''Remittances at record highs in Latin America: Time to revisit the Dutch disease''
( 2021, Vol. 41 No.3 )
With remittances reaching historic highs in many Latin American countries, this paper evaluates the existence of Dutch disease in that region on a country-by-country basis. To do so, we employ heterogeneous panel data models with cross-sectional dependence to estimate the determinants of the real exchange rate and calculate the effect of net remittance flows in the region by country. In this context, various countries' future economic development must address this potential loss of competitiveness.
Keywords: Remittances, exchange rate, Dutch disease, Latin America
JEL: E4 - Money and Interest Rates: General
F2 - International Factor Movements and International Business: General
Manuscript Received : Jun 28 2021 Manuscript Accepted : Sep 18 2021

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