SHORT AND LONG TERM ANALYSIS OF FOREIGN EXCHANGE RATES BASED ON INCOME LEVELS
DOI:
https://doi.org/10.26458/jedep.v11i2.748Abstract
The study aimed to determine the effect of foreign exchange demand and supply on exchange rates in four groups of countries based on per capita income levels from 1989-2018 using the ARDL panel method. The results showed remittances had a significant effect on exchange rates in panel A (low income countries), panel B (lower middle income countries), panel D (high income countries), while on panel C (upper middle income countries) remittances had no significant effect. Export and import variables have a significant effect on panels B, C, and D, and are not significant on panelS A. Meanwhile inflation variables have a significant effect on all types of panels.References
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