|
UPSI Digital Repository (UDRep)
|
|
|
|
||||||||||||||||||||||||
| Abstract : Perpustakaan Tuanku Bainun |
| The aim of this study was to analyse the dynamic relationship between selected macroeconomic variables on the bilateral exchange rate of Malaysia with its neighbouring countries. The macroeconomic variables used are export, import, inflation, interest rate and gross domestic product. The time series data used in this study is starting January 2014 until December 2021. Method of analysis used in this study Autoregressive Distributed Lag (ARDL) to determine the effects and relationships of bilateral exchange rate and macroeconomic variables. In this study there are two bilateral exchange rates consisting of Malaysia-Singapore exchange rate (MSER) and Malaysia-Thailand exchange rate (MTER). This study compares three models that differ in time span, namely the full model (2014-2021), regime 1 before health crisis; (2014-2018), and regime 2 during health crisis; (2019-2021). The results show that in the full model MSER, inflation significantly impact exchange rate, except for the export, import, interest rate and gross domestic product. Moreover, the results in regime 1 and regime 2 MSER show that interest rate and gross domestic product significantly impact exchange rate. For MTER full model, inflation is presented as dominant variable impacting significantly exchange rate. Besides, in regime 1 and regime 2 MTER, reveal that import and gross domestic product become the dominant variable which has significant impact on exchange rate respectively. Overall, there are exist the impact between selected macroeconomic variables on exchange rate in Malaysia_s neighbourhood countries. The results of the study are beneficial to government, economists and prospective investors, as these can help in making policy decisions to control the bilateral exchange rate Malaysia with its neighbourhood countries from depreciate rapidly. |
| References |
Devereux, M. B. (2014). Real exchange rates and the Balassa-Samuelson effect revisited. Research summary. National Bureau of Economic Research. Retrieved f r o m: https://www. nber. org/reporter/2014number4/real- exchange-rates-and- balassa-samuelsoneffect-revisited. Vidyavathi, B., Keerti, K., & Pooja, A. (2016). A Study on macroeconomic indicators and their impact on exchange rates. International Journal of Engineering and Management Studies, 7(3), 160-169. Vo, D. H., Vo, A. T., & Zhang, Z. (2019). Exchange rate volatility and disaggregated manufacturing exports: Evidence from an emerging country. Journal of Risk and Financial Management, 12(1), 12. Wilson, L., & Sheefeni, J. P. S. (2014). The relationship between interest rate and exchange rate in Namibia. Journal of Emerging Issues in Economics, Finance and Banking, 3(1), 947-961. Wong, H. T., & Lee, H. A. (2016). Exchange rate volatility and exports of Malaysian manufactured goods to China: An empirical analysis. International Journal of Business and Society, 17(1). WOOI, H. C., & BAHARUMSHAH, A. Z (2010). EXCHANGE RATE VOLATILITY AND TRADE FLOWS OF EAST ASIAN EMES R. Xie, Z., & Chen, S. W. (2019). Exchange rates and fundamentals: A bootstrap panel data analysis. Economic Modelling, 78, 209-224. Xing, Y. (2010). The yuan's exchange rates and pass-through effects on the prices of Japanese and the US imports. Comparative Economic Studies, 52, 531-548. Yarmukhamedov, S. (2007). Trade effects of exchange rate fluctuations: Evidence from Sweden. Yusoff, M. B. (2009). Bilateral trade balance, exchange rates, and income: evidence from Malaysia. Global Economy Journal, 9(4), 1850183. Yusuf, M. M. (2008). The Long-run Impact of Bilateral Real Exchange Rate Volatility on Malaysia’s Bilateral Trade Balance with its Major Trading Partners. Gading Business and Management Journal, 12(1), 87-103. Zada, B.(2010). An analysis of factors affecting exchange rate of Pakistan 1979-2008. Unpublished master thesis). Hazara university,. Pakistan. Tarawalie, A. B. (2010). Real exchange rate behaviour and economic growth: evidence from Sierra Leone: economics. South African Journal of Economic and Management Sciences, 13(1), 8-25. Tari, R., & Abasiz, T. (2009). Frequency domain approach and short run and long run causality test: Evidence from Turkey for interest rate and exchange rate relationship. Tawadros, G. B. (2017). Revisiting the exchange rate disconnect puzzle. Applied Economics, 49(36), 3645-3668. Thorbecke, W., & Kato, A. (2012). The effect of exchange rate changes on Japanese consumption exports. Japan and the World Economy, 24(1), 64-71. Thornton, J., & Vasilakis, C. (2019). Negative policy interest rates and exchange rate behavior: Further results. Finance Research Letters, 29, 61-67. Thuy, V. N. T., & Thuy, D. T. T. (2019). The impact of exchange rate volatility on exports in Vietnam: A bounds testing approach. Journal of Risk and Financial Management, 12(1), 6. Twarowska, K., & Kakol, M. (2014, June). Analysis of factors affecting fluctuations in the exchange rate of polish zloty against euro. In Human Capital without Borders: Knowledge and Learning for Quality of Life; Proceedings of the Management, Knowledge and Learning International Conference 2014 (pp. 889- 896). ToKnowPress. Umar, Z., Gubareva, M., & Teplova, T. (2021). The impact of Covid-19 on commodity markets volatility: Analyzing time-frequency relations between commodity prices and coronavirus panic levels. Resources Policy, 73, 102164. Venkatesan, T., & Ponnamma, M. S. (2017). An analysis of macroeconomic factors affecting foreign exchange rate. SDMIMD Journal of Management, 21-29. Shalishali, M. K., & Ho, J. C. (2002). Inflation, interest rate, and exchange rate: what is the relationship?. The DreamCatchers Group, LLC. Sidek, N. Z. M., & Yusoff, M. B. (2009). An empirical analysis of Malaysian Ringgit Equilibrium exchange rate and misalignment. Global Economy & Finance Journal, 2(2), 104-126. Sinha, P., & Kohli, D. (2013). Modeling exchange rate dynamics in India using stock market indices and macroeconomic variables. Søvold, L. E., Naslund, J. A., Kousoulis, A. A., Saxena, S., Qoronfleh, M. W., Grobler, C., & Münter, L. (2021). Prioritizing the mental health and well-being of healthcare workers: an urgent global public health priority. Frontiers in public health, 9, 679397. Sreenu, N. (2023). Effect of Exchange Rate volatility and inflation on stock market returns Dynamics-evidence from India. International Journal of System Assurance Engineering and Management, 1-8. Su, S., Du, L., & Jiang, S. (2021). Learning from the past: development of safe and effective COVID-19 vaccines. Nature Reviews Microbiology, 19(3), 211-219. Sun, W., & An, L. (2011). Dynamics of floating exchange rate: how important are capital flows relative to macroeconomic fundamentals?. Journal of Economics and Finance, 35, 456-472. Syed, A. A. S. G., & Shaikh, F. M. (2013). Effects of macroeconomic variables on gross domestic product (GDP) in Pakistan. Procedia Economics and Finance, 5, 703-711. Tafa, J. (2015). Relationship between exchange rates and interest rates: Case of Albania. Mediterranean Journal of Social Sciences, 6(4), 163. Talib, A. L. (2005). Pegging the Ringgit against the US dollar: An evaluation. SALAS-ORTIZ, A., & GOMEZ-MONGE, R. (2015). Finding International Fisher effect to determine the exchange rate through the purchasing power parity theory: the case of Mexico during the period 1996-2012. Applied Econometrics and International Development, 15, 1(1). Sanchez, M. (2008). The link between interest rates and exchange rates: do contractionary depreciations make a difference?. International Economic Journal, 22(1), 43-61. Saraç, T. B., & Karagöz, K. (2016). Impact of short-term interest rate on exchange rate: the case of Turkey. Procedia economics and finance, 38, 195-202. Sato, Y. (2010). Perceptions of Transnational Security Threats in Malaysia and Singapore: Windows of Cooperative Opportunities for the United States. Issues for Engagement: Asian Perspectives on Transnational Security Challenges. Honolulu, HI, USA: Asia–Pacific Center for Security Studies. Schnabl, G. (2008). Exchange rate volatility and growth in small open economies at the EMU periphery. Economic Systems, 32(1), 70-91. Sek, S. K., Ooi, C. P., & Ismail, M. T. (2012). Investigating the relationship between exchange rate and inflation targeting. Applied mathematical sciences, 6(32), 1571-1583. Setiyono, T. A., & Wicaksono, S. D. (2020). Pengaruh pandemi covid-19 terhadap nilai tukar Rupiah. Efektif Jurnal Ekonomi dan Bisnis, 11(2), 149-156. Shahrier, N. A. (2022). Contagion effects in ASEAN-5 exchange rates during the Covid-19 pandemic. The North American Journal of Economics and Finance, 62, 101707. Shalishali, M. K. (2012). A test of the international fisher effect in selected Asian countries. Dikko, H. G. (2022). The Effect of Exchange Rate on Gross Domestic Product (GDP) on the Nigerian Economy using ARDL-ECM approach. Communication in Physical Sciences, 8(2). Rambeli, N., & Povinsky, J. M. (2014). A Study of Exogeneity Tests On Export-Led Growth Hypothesis The Empirical Evidences on Post-Crisis Exchange Rate Regime in Malaysia. International Business Education Journal, 7, 1-15. Rambeli, N., Podivinsky, J. M., Hashim, A., & Hashim, E. (2014). Issues on exchange rate volatility & exports nexus–“a case for ASEAN”. Management Research Journal, 3, 164-184. Ramli, N., & Podivinsky, J. M. (2011). The effects of exchange rate volatility on exports: Some new evidence for regional ASEAN countries. The Economic and Social Data Service (ESDS). Rasiah, R. (2009). Expansion and slowdown in Southeast Asian electronics manufacturing. Journal of the Asia Pacific Economy, 14(2), 123-137. Razi, A., Shafiq, A., Ali, S. A., & Khan, H. (2012). Determinants of exchange rate and its impact on Pakistani economy. Global Journal of Management and Business Research, 12(16), 45-48. Recent evidence from US Dollar and Japanese Yen. Global Business Review, 3(1), 53-61. Rjoub, H. (2012). Stock prices and exchange rates dynamics: Evidence from emerging markets. African Journal of Business Management, 6(13), 4728-4733. Rodrik, D. (2008). The real exchange rate and economic growth. Brookings papers on economic activity, 2008(2), 365-412. Rose, A. K. (2000). One money, one market: the effect of common currencies on trade. Economic policy, 15(30), 08-45. exchange rate in Nigeria. International Journal of Scientific Research and Management (IJSRM), 6(05). Onuoha, D. O., Ibe, A., Njoku, C. U., & Onuoha, J. I. (2015). Analysis of The Gross Domestic Product (GDP) of Nigeria: 1960-2012. West African Journal of Industrial and Academic Research, 14(1), 81-90. Oreiro, J. L., Missio, F., & Jayme Jr, F. G. (2015). Capital accumulation, structural change and real exchange rate in a Keynesian-structuralist growth model. Panoeconomicus, 62(2), 237-256. Parveen, S., Khan, A. Q., & Ismail, M. (2012). Analysis of the factors affecting exchange rate variability in Pakistan. Academic Research International, 2(3), 670. Pasiouras, A., & Daglis, T. (2020). The dollar exchange rates in the Covid-19 era: Evidence from 5 currencies. Patel, P. J., Patel, N. J., & Patel, A. R. (2014). Factors affecting currency exchange rate, economical formulas and prediction models. International Journal of Application or Innovation in Engineering & Management, 3(3), 53-56. PAZARLIOGLU, M. V., & Güloglu, S. (2007). TÜRKIYE'NIN DÖVIZ KURUNUN BELIRLENMESINDE MONETARIST YAKLASIM. Süleyman Demirel Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 12(3), 19-34. Rahayu, S. (2023). Exchange Rate and Covid-19 Pandemic: The Empirical Evidence from Indonesia. Efficient: Indonesian Journal of Development Economics, 6(2), 232-243. Ramasamy, R., & Abar, S. K. (2015). Influence of macroeconomic variables on exchange rates. Journal of economics, Business and Management, 3(2), 276-281. Ramat, M. H., Zakari, Y., Usman, M., Muhammad, I., Falgore, J. Y., & Economics & Management, 15(3). Ng, M. C., & Geetha, C. (2020). THE IMPACT OF MONETARY VARIABLES ON EXCHANGE RATE IN MALAYSIA FROM 2013 UNTIL 2015. Malaysian Journal of Business and Economics (MJBE), 7(2), 215-215. Ngumo, L. W. (2012). The effect of interest rates on the financial performance of firms offering mortgages in Kenya (Doctoral dissertation). Nicita, A., & Saygili, M. (2021). Trade Agreements and Trade Resilience During COVID-19 Pandemic, UNCTAD Research Paper No. 70, UNCTAD/SER. RP/2021/13. Nizam, M. S., & Rambeli, N. (2021). The Development of Growth Model with the Implication of Crisis Regime. Information Management and Business Review, 13(4 (I)), 39-51. Nor, M. I., Masron, T. A., & Alabdullah, T. T. Y. (2020). Macroeconomic fundamentals and the exchange rate volatility: empirical evidence from Somalia. SAGE Open, 10(1), 2158244019898841. Nucu, A. E. (2011). The relationship between exchange rate and key macroeconomic indicators. Case study: Romania. The Romanian Economic Journal, 41, 127-145. Nwude, E. C. (2012). A survey of foreign exchange rate determinants in Nigeria. European Journal of Business and Management, 4(13), 168-174. Oaikhenan, H. E., & Aigheyisi, O. S. (2015). Factors explaining exchange rate volatility in Nigeria: theory and empirical evidence. Economic and Financial Review, 53(2), 3.of a monetary model for Brazil. International advances in economic research, 16(4), 345-357. Oke, M. O., & Adetan, T. T. (2018). An empirical analysis of the determinants of Romania. Correlates and interconnection. Journal of Public Administration, Finance and Law, 8, 146-160. Morrison, W. M., & Labonte, M. (2013). China's currency policy: An analysis of the economic issues (pp. 7-5700). Washington, DC: Congressional Research Service. Mustafa, K., Nishat, M., & Kemal, M. A. (2004). Volatility of exchange rate and export growth in Pakistan: The structure and interdependence in regional markets [with Comments]. The Pakistan Development Review, 813-828. My, N. Q., & Sayim, M. (2016). The Impact of Economic Factors on the Foreign Exchange Rates between USA and Four Big Emerging Countries: China, India, Brazil and Mexico. International Finance and Banking, 3(1), 11-43. Najaf, R., & Najaf, K. (2016). Dynamics of the exchange rate in Malaysia. International Journal of Academic Research in Management and Business, 1(2), 101-112. Namjour, R. P., Gholizadeh, M. H., & Haghighi, M. B. N. (2014). Survey the relationship between exchange rates and inflation rate in the first two years of fifth development plan. Universal J Manage Soc Sci, 4(3), 31-40. Naseri, M., & Zada, N. (2013). Effect of Inflation on Economic Growth; Evidence from Malaysia. International Centre for Education in Islamic Finance, April 2013, 14. NEC.ULESCU, C., & .ERBANESCU, L. (2013). Impact of the inflation on the exchange rate and on the average salary. Cross-Cultural management journal, 15(2). NG, K. C., & CHIN, M. Y. (2021). The Impact of Exchange Rate Fluctuations on International Trade Between Malaysia and China. International Journal of Maurya, S. (2017). Factors affecting exchange rate and its impact on economy of India. Asian Journal of Research in Business Economics and Management, 7(8), 324-347. McPherson, M. F., & Rakovski, T. (2000). Exchange Rates and Economic Growth in Kenya: An Econometric Analysis. Megaravalli, AV, & Vikram, K.(2016). Exchange Rate Volatility & its Impact on Macro Economic Factors with Respect to Indian Economy. International Journal of Social Science & Management, 4(6). Mirchandani, A. (2013). Analysis of macroeconomic determinants of exchange rate volatility in India. International Journal of Economics and Financial Issues, 3(1), 172-179. Mirza, N., Hasnaoui, J. A., Naqvi, B., & Rizvi, S. K. A. (2020). The impact of human capital efficiency on Latin American mutual funds during Covid-19 outbreak. Swiss Journal of Economics and Statistics, 156(1), 1-7. Missio, F. J., Jayme Jr, F. G., Britto, G., & Luis Oreiro, J. (2015). Real exchange rate and economic growth: new empirical evidence. Metroeconomica, 66(4), 686-714. Moccero, D. N., & Winograd, C. (2006, October). Real exchange rate volatility and exports: Argentine perspectives. In Fourth Annual Conference of the Euro- LatinStudy Network on Integration and Trade (ELSNIT) Paris (pp. 20-21). Moffett MH, Stonehill AI, Eiteman DK (2016) Fundamentals of multinational finance, 5th edn. Addison-Wesley, Pearson (The Pearson Series in Finance). Monfared, S., & Akin, F. (2017). The relationship between exchage rates and inflation: the case of Iran. European Journal of Sustainable Development, 6(4). Morosan, G., & Zubas, I. M. (2015). Interest rate, exchange rate and inflation in Li, C., Su, Z. W., Yaqoob, T., & Sajid, Y. (2022). COVID-19 and currency market: a comparative analysis of exchange rate movement in China and USA during pandemic. Economic research-Ekonomska istraživanja, 35(1), 2477-2492. Liew, V. K. S., Baharumshah, A. Z., & Puah, C. H. (2009). Monetary model of exchange rate for Thailand: long-run relationship and monetary restrictions. Global Economic Review, 38(4), 385-395. Liu, Y., Lee, J. M., & Lee, C. (2020). The challenges and opportunities of a global health crisis: the management and business implications of COVID-19 from an Asian perspective. Asian Business & Management, 19, 277-297. Madesha, W., Chidoko, C., & Zivanomoyo, J. (2013). Empirical test of the relationship between exchange rate and inflation in Zimbabwe. Journal of economics and sustainable development, 4(1), 52-58. Mahmood, I., Ehsanullah, M., & Habib, A. (2011). Exchange rate volatility & macroeconomic variables in Pakistan. Business management dynamics, 1(2), 11. Majeed, M. T., & Noreen, A. (2018). Financial development and output volatility: a cross-sectional panel data analysis. The Lahore Journal of Economics, 23(1),97-141. Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID-19 on GDP and trade: A preliminary assessment. World Bank policy research working paper, (9211). Mariano, C., Sablan, V., Sardon, J. R., & Mae, R. (2015). Investigation of the factors affecting real exchange rate in the Philippines. Review of Integrative Business and Economics Research, 5(4), 171-202. Martins, J. F. D. S. (2015). Impact of real exchange rate volatility on foreign direct Investment inflows in Brazil (Master's thesis). Kilicarslan, Z. (2018). Determinants of exchange rate volatility: empirical evidence for Turkey. Journal of Economics Finance and Accounting, 5(2), 204-213. Kogid, M., Asid, R., Lily, J., Mulok, D., & Loganathan, N. (2012). The Effect of Exchange Rates on Economic Growth: Empirical Testing on Nominal Versus Real. IUP Journal of Financial Economics, 10(1). Konchitchki, Y., & Patatoukas, P. N. (2014). Accounting earnings and gross domestic product. Journal of Accounting and Economics, 57(1), 76-88. Kotil, E. (2019). Exports, imports, and the exchange rate: A causality analysis for Turkey (2004–2017). In Contemporary issues in behavioral finance (Vol. 101, pp. 163-170). Emerald Publishing Limited. KRISTIANA, Y., PRAMONO, R., & BRIAN, R. (2021). Adaptation strategy of tourism industry stakeholders during the COVID-19 pandemic: A case study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(4), 213- 223. Kruškovic, B. D. (2017). Exchange rate and interest rate in the monetary policy reaction function. Journal of Central Banking Theory and Practice, 6(1), 55-86. Kuijs, L. (2002). Monetary policy transmission mechanisms and inflation in the Slovak Republic. Kulkarni, K. G., & Ishizaki, M. (2002). Purchasing power parity theory revisited: Latief, R., & Lefen, L. (2018). The effect of exchange rate volatility on international trade and foreign direct investment (FDI) in developing countries along “one belt and one road”. International Journal of Financial Studies, 6(4), 86. Lee, L. M., Lee, Y. Y., Ng, C. H., & Teoh, Y. M. (2019). Determinants of the exchange rate in developing country: evidence from Malaysia (Doctoral dissertation, UTAR). Khan, M. A., & Qayyum, A. (2011). Exchange rate determination in Pakistan: Role of monetary fundamentals. Journal of Economic Cooperation & Development, 32(2), 67. Khan, M. K., Teng, J. Z., & Khan, M. I. (2019). Cointegration between macroeconomic factors and the exchange rate USD/CNY. Financial Innovation, 5(1), 1-15. Khan, S. A. (2010). Empirical study on impact of interest rate on exchange rate. Available at SSRN 1625492. Khanthavit, A. (2021). Measuring COVID-19 effects on world and national stock market returns. The Journal of Asian Finance, Economics and Business, 8(2), 1- 13. Khattak, N. U. R., Tariq, M., & Khan, J. (2012). Factors affecting the nominal exchange rate of Pakistan: An econometric investigation (1982-2008). Asian Economic and Financial Review, 2(2), 421. Khemiri, R., & Ali, M. S. B. (2013). Exchange rate pass-through and inflation dynamics in Tunisia: A Markov-Switching approach. Economics, 7(1). Khin, A. A., Yee, C. Y., Seng, L. S., Wan, C. M., & Xian, G. Q. (2017). Exchange rate volatility on macroeconomic determinants in Malaysia: Vector error correction method (VECM) model. Journal of Global Business and Social Entrepreneurship, 3(5), 36-45. Khor, H. E., Lee, J., Robinson, E., & Supaat, S. (2007). Managed float exchange rate system: the Singapore experience. The Singapore Economic Review, 52(01), 7- 25. Khot, W. Y., & Nadkar, M. Y. (2020). The 2019 novel coronavirus outbreak-a global threat. J Assoc Physicians India, 68(3), 67-71. Kamis, R., Abidin, M. I., Ismail, S., Mahphoth, M. H., & bin Arifin, A. H. (2021, May). Assessing the Determinants of Exchange Rate Stability: An Empirical Evidence in Malaysia. In ICE-BEES 2020: Proceedings of the 3rd International Conference on Economics, Business and Economic Education Science, ICE- BEES 2020, 22-23 July 2020, Semarang, Indonesia (p. 266). European Alliance for Innovation. Kandil, M., & Mirzaie, A. (2002). Exchange rate fluctuations and disaggregated economic activity in the US: theory and evidence. Journal of International Money and Finance, 21(1), 1-31. Kawai, M. (2002). Exchange rate arrangements in East Asia: Lessons from the 1997- 98 currency crisis. Institute for Monetary and Economic Studies, Bank of Japan. Kayhan, S., Bayat, T., & Ahmet, U. G. U. R. (2013). Interest rates and exchange rate relationship in BRIC-T countries. Ege Academic Review, 13(2), 227-236. Keling, M. F., Md Som, H., Saludin, M. N., Shuib, M. S., & Ajis, M. N. E. (2011). The development of ASEAN from historical approach. Asian Social Science, 7(7), 169-189. Kemal, M. A., & Qadir, U. (2005). Real exchange rate, exports, and imports movements: A trivariate analysis. The Pakistan Development Review, 177-195. Khalid, K. M., & LOH, J. (2017). The Southern Provinces in Bilateral Cooperation During The Mahathir and Abdullah Years. Jebat, 44(1), 119. Khan, I. (2016). Factors effecting exchange rate: a case of Pakistan. Khan, M. A., & Qayyum, A. (2007). Exchange rate determination in Pakistan: Evidence based on purchasing power parity theory. Pakistan Economic and Social Review, 181-202. Husain, Aasim M., Ashoka Mody, and Kenneth S. Rogoff. “Exchange Rate Regime Durability and Performance in Developing versus Advanced Economies.” Journal of Monetary Economics 52, no. 1 (2005): 35-64. Hutchinson, F. E., & Bhattacharya, P. (2019). Singapore-Malaysia economic relations: Deep interdependence. Ibrahim, A., & Yusoff, M. (2001, October). The effects of exchange rate change on imports and exports: the Sudanese case. In Seminar FEP 2001 (pp. 1-5). Iqbal, N., Khattak, S. R., Khattak, M. A., & Ullah, I. (2012). Testing the arbitrage pricing theory on Karachi stock exchange. Interdisciplinary Journal of Contemporary Research in Business, 4(8), 839-853. Jakob, B. (2016). Impact of exchange rate regimes on economic growth. Undergraduate Economic Review, 12(1), 11. Jamil, M. N., Rasheed, A., Maqbool, A., & Mukhtar, Z. (2023). Cross-cultural study the macro variables and its impact on exchange rate regimes. Future Business Journal, 9(1), 9. Jamil, M., Streissler, E. W., & Kunst, R. M. (2012). Exchange rate volatility and its impact on industrial production, before and after the introduction of common currency in Europe. International Journal of Economics and Financial Issues, 2(2), 85-109. Jones, E. W. S. (2012). Exchange rate depreciation and the South African economy; growth, inflation and interest rate. European Journal of Economics, 2(3), 22-28. Junttila, J., & Korhonen, M. (2011). Nonlinearity and time-variation in the monetary model of exchange rates. Journal of Macroeconomics, 33(2), 288-302. Hausmann, R., Pritchett, L., & Rodrik, D. (2005). Growth accelerations. Journal of economic growth, 10(4), 303-329. Hayat, R., & Mechelen, R. (2020). How COVID-19 will impact ASEAN: Deep recessions and a weak recovery. RaboResearch–Economic Research. Hazizah, N., Viphindrartin, S., & Zainuri, Z. (2017). Pengaruh JUB, suku bunga, inflasi, ekspor dan impor terhadap nilai tukar Rupiah atas Dollar Amerika Serikat. E-Journal Ekonomi Bisnis Dan Akuntansi, 4(1), 97-103. Heriqbaldi, U., Esquivias, M. A., Handoyo, R. D., Rifami, A. C., & Rohmawati, H. (2022). Exchange rate volatility and trade flows in Indonesia and ten main trade partners: asymmetric effects. Studies in Economics and Finance. Herrador, J. J. A., Macovei, M., & Bizer, M. (2022). The Role of the Euro in Southern Neighbourhood Countries. Publications Office of the European Union. Hew, L. T. (2022). Economic Factors towards Exchange Rate in Malaysia (Doctoral dissertation, Tunku Abdul Rahman University College). Hidayat, D., & Usman, A. (2015). ANALYSIS EFFECT OF INFLATION RATES, INTEREST RATES, EXPORTS AND IMPORTS TO VALUE OF CURRENCY EXCHANGE RATE OF RUPIAH AGAINST UNITED STATES DOLLARS 1998–2012. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 1(2). Hofmann, B., Mehrotra, A., & Sandri, D. (2022). Global exchange rate adjustments: drivers, impacts and policy implications (No. 62). Bank for International Settlements. Huang, P., James Hueng, C., & Yau, R. (2010). Traditional view or revisionist view? The effects of monetary policy on exchange rates in Asia. Applied financial economics, 20(9), 753-760. (No. 2012/226). International Monetary Fund. Hamid, M., Shahzad, A., Saqib, M. H., & Maqbool, B. (2016). Impact of inflation, interest rate and GDP on the Exchange rate volatility in Pakistan. International Journal of Research in Management and Business, 2(4), 65-72. Harberger, A. C. (2003, April). Economic growth and the real exchange rate: Revisiting the Balassa-Samuelson effect. In a Conference Organized by the Higher School of Economics (Moscow). Harnani, S., Prabowo, B. H., Alim, M. B., & Wulandari, M. W. (2022). Exchange Rate, Export, and Import in the Indonesian Economy: VAR Approach: English. Jurnal Akuntansi Jayanegara, 5(1), 64-69. Haryanto. (2020). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan (IHSG). Jurnal Perencanaan Pembangunan: The Indonesian Journal of Development Planning, 4(2), 151-165. Hasanat, M. W., Hoque, A., Shikha, F. A., Anwar, M., Hamid, A. B. A., & Tat, H. H. (2020). The impact of coronavirus (COVID-19) on e-business in Malaysia. Asian Journal of Multidisciplinary Studies, 3(1), 85-90. Hashchyshyn, A., Marushchak, K., Sukhomlyn, O., & Tarasenko, A. (2020). How does the interest rate influence the exchange rate?. Visnyk Nacional'noho Banku Ukraïny, (250), 4-14. Hassan, M. U., Hassan, M. S., & Mahmood, H. (2013). An empirical inquisition of the impact of exchange rate and economic growth on export performance of Pakistan. Hatmanu, M., Cautisanu, C., & Ifrim, M. (2020). The impact of interest rate exchange rate and European business climate on economic growth in Romania: An ARDL approach with structural breaks. Sustainability, 12(7), 2798. GOH, T. S., HENRY, H., & ALBERT, A. (2021). Determinants and prediction of the stock market during COVID-19: Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(1), 1-6. Golit, P., Salisu, A., Akintola, A., Nsonwu, F., & Umoren, I. (2019). Exchange rate and interest rate differential in G7 economies. Buletin Ekonomi Moneter Dan Perbankan, 22(3), 263-286.growth: Revisiting the case using external instruments. Journal of International Money and Finance, 73, 386-398. Gujarati, D. N., Bernier, B., & Bernier, B. (2004). Econométrie (pp. 17-5). Brussels: De Boeck. Gül, E., Ekinci, A., & Özer, M. (2007). The Causal Relationship between Interest Rates and Exchange Rates in Turkey: 1984-2006. Journal of Economic, Management and Finance, 22(251), 21-31. Ha, J., Stocker, M. M., & Yilmazkuday, H. (2020). Inflation and exchange rate pass- through. Journal of International Money and Finance, 105, 102187. Habanabakize, T. (2020). The effect of economic growth and exchange rate on imports and exports: The South African post-2008 financial crisis case. International Journal of Economics and Finance Studies, 12(1), 223-238. Habib, M. M., Mileva, E., & Stracca, L. (2017). The real exchange rate and economic growth: Revisiting the case using external instruments. Journal of International Money and Finance, 73, 386-398. Hacker, R. S., Kim, H., & Månsson, K. (2010). The relationship between exchange rate and interest rate differentials. Centre of Excellence for Science and Innovation Studies. Hakura, M. D. S., & Choudhri, E. U. (2012). The exchange rate pass-through to import and export prices: The role of nominal rigidities and currency choice Business Economics and Finance, 5(4), 360-364. Frankel, J. (2007). On the rand: Determinants of the South African exchange rate. South African Journal of Economics, 75(3), 425-441. Fraz, T. R., Fatima, S., & Uddin, M. (2022). Modeling and forecasting stock market volatility of CPEC founding countries: using nonlinear time series and machine learning models. JISR management and social sciences & economics, 20(1), 1- 20. Frömmel, M., MacDonald, R., & Menkhoff, L. (2005). Markov switching regimes in a monetary exchange rate model. Economic Modelling, 22(3), 485-502. Ganev, G. Y., Molnar, K., Rybinski, K., & Wozniak, P. (2002). Transmission mechanism of monetary policy in Central and Eastern Europe. CASE Network Reports, (52). Gao, Z., Xu, Y., Sun, C., Wang, X., Guo, Y., Qiu, S., & Ma, K. (2021). A systematic review of asymptomatic infections with COVID-19. Journal of Microbiology, Immunology and Infection, 54(1), 12-16. Garton, P., Gaudry, D., & Wilcox, R. (2012). Understanding the appreciation of the Australian dollar and its policy implications. Economic Round-up, (2), 39-61. Genc, E. G., & Artar, O. K. (2014). The effect of exchange rates on exports and imports of emerging countries. European Scientific Journal, 10(13), 128-141. Gente, K., & Leon-Ledesma, M. A. (2006). Does the world real interest rate affect the real exchange rate? The South East Asian experience. J. Int. Trade & Economic Development, 15(4), 441-467. Giannellis, N., & Papadopoulos, A. P. (2011). What causes exchange rate volatility? Evidence from selected EMU members and candidates for EMU membership countries. Journal of International Money and Finance, 30(1), 39-61. Devlin, W., & Patwardhan, D. (2012). Measuring market inflation expectations. Economic Round-up, (2), 5-17. Dincer, N., & Kandil, M. (2011). The effects of exchange rate fluctuations on exports: A sectoral analysis for Turkey. The Journal of International Trade & Economic Development, 20(6), 809-837. Duasa, J. (2009). Exchange rate shock on Malaysian prices of imports and exports: An empirical analysis. Journal of Economic Cooperation & Development, 30(3). Ebiringa, O. T., & Anyaogu, N. B. (2014). Exchange rate, inflation and interest rates relationships: An autoregressive distributed lag analysis. Journal of Economics and Development Studies, 2(2), 263-279. Engel, C., & Rogers, J. H. (2001). Deviations from purchasing power parity: causes and welfare costs. Journal of International Economics, 55(1), 29-57. Fahlevi, M. (2019, August). The influence of exchange rate, interest rate and inflation on stock price of LQ45 index in Indonesia. In First International Conference on Administration Science (ICAS 2019) (pp. 157-163). Atlantis Press. Feldstein, M. (2017). Underestimating the real growth of GDP, personal income, and productivity. Journal of Economic Perspectives, 31(2), 145-164. Fetai, B. (2013). Exchange rate pass-through in transition economies: The case of Republic of Macedonia. Transition Studies Review, 20(3), 309-324. Fetai, B., Koku, P. S., Caushi, A., & Fetai, A. (2016). The relationship between exchange rate and inflation: The case of Western Balkans countries. Journal of acceding countries: Empirical analysis and policy implications. Journal of Banking & Finance, 30(5), 1375-1391. Corsetti, G., & Marin, E. (2020). The dollar and international capital flows in the COVID-19 crisis. VOX CEPR Policy Portal. Cruz-Rodriguez, A. (2013). Choosing and assessing exchange rate regimes: A survey of the literature. Revista de Análisis Económico–Economic Analysis Review, 28(2), 37-62. Cuiabano, S. M., & Divino, J. A. (2010). Exchange rate determination: an application of a monetary model for Brazil. International advances in economic research, 16, 345-357. Dal Bianco, S., & Loan, N. C. T. (2017). FDI inflows, price and exchange rate volatility: New empirical evidence from Latin America. International Journal of Financial Studies, 5(1), 6. Danmola, R. A. (2013). The impact of exchange rate volatility on the macroeconomic variables in Nigeria. European scientific journal, 9(7). Das, M., Das, A., & Mandal, A. (2020). Examining the impact of lockdown (due to COVID-19) on Domestic Violence (DV): An evidences from India. Asian journal of psychiatry, 54, 102335. Dedu, V., & Dumitrescu, B. A. (2010). The Balassa-Samuelson Effect in Romania. Journal for Economic Forecasting, (4), 44-53. Dekle, R., Hsiao, C., & Wang, S. (2002). High interest rates and exchange rate stabilization in Korea, Malaysia, and Thailand: An empirical investigation of the traditional and revisionist views. Review of International Economics, 10(1), 64-78. Chai, J. J., Chai, K. H., Chai, W. H., & Soo, W. Y. (2018). Macroeconomic variables that affect the exchange rate volatility in Malaysia (Doctoral dissertation, UTAR). Chang, T., & Tzeng, H. W. (2011). Long-run purchasing power parity with asymmetric adjustment: Further evidence from nine transition countries. Economic Modelling, 28(3), 1383-1391. Chirathivat, S., & Cheewatrakoolpong, K. (2015). Thailand's economic integration with neighboring countries and possible connectivity with South Asia. Chow, H. K., & Kim, Y. (2004). The empirical relationship between exchange rates and interest rates in post-crisis Asia. Chowdhury, M., & Hossain, M. T. (2014). Determinants of exchange rate in Bangladesh: A case study. Journal of Economics and Sustainable Development, 5(1). Chung, H. W., Apio, C., Goo, T., Heo, G., Han, K., Kim, T., ... & Park, T. (2021). Effects of government policies on the spread of COVID-19 worldwide.Scientific Reports, 11(1), 20495. Clarida, R. H., & Waldman, D. (2008). Is bad news about inflation good news for the exchange rate? And, if so, can that tell us anything about the conduct of monetary policy?. In Asset Prices and Monetary Policy (pp. 371-396). University of Chicago Press. Clark, P., Tamirisa, N., Wei, S. J., Sadikov, A., & Zeng, L. (2004). Exchange rate volatility and trade flows-some new evidence. IMF Occasional Paper, 235. Collins, C. G., & Gagnon, J. E. (2020). 11 Exchange rate policy in the COVID-19 pandemic. Coricelli, F., Jazbec, B., & Masten, I. (2006). Exchange rate pass-through in EMU rate ofrupee. International research journal of business and management, 2(2), 36- 43. Blanchard, O. J., Adler, G., & de Carvalho Filho, I. (2015). Can foreign exchange intervention stem exchange rate pressures from global capital flow shocks?.Bordo, M. D. (2003). Exchange rate regime choice in historical perspective. Boykorayev, B. (2008). Factors that determine nominal exchange rates and empirical evidence of cross-sectional analysis. MSc in Finance and International Business. Aarhus School of Business, 1-65. Bristy, H. J. (2014). Impact of financial development on exchange rate volatility and long-run growth relationship of Bangladesh. International Journal of Economics and Financial Issues, 4(2), 258-263. Bunjaku, M. F. (2015). Exchange Rate Regimes–A periodical overview and a critical analysis of exchange rate regimes in Kosovo. Academic Journal of Business, Administration, Law and Social Sciences, 1(1), 40-46. Cadier, D. (2021). The geopoliticisation of the EU's Eastern Partnership. In The European Union and Its Eastern Neighbourhood (pp. 77-99). Routledge. Cadier, D., Capasso, M., & Eickhoff, K. (2020). Researching resilience: Implications for Case Studies in Europe’s Neighbourhoods. Camba, A. L., & Camba Jr, A. C. (2020). The effect of Covid-19 pandemic on the Philippine stock Exchange, Peso-Dollar rate and retail price of diesel. The Journal of Asian Finance, Economics and Business (JAFEB), 7(10), 543-553. Capasso, S., Napolitano, O., & Viveros Jiménez, A. L. (2019). The long-run interrelationship between exchange rate and interest rate: The case of Mexico. Journal of Economic Studies, 46(7), 1380-1397. Ay, A., & Ayhan, F. (2016). Employment and exchange rate volatility relationship: The Turkish case. Journal of Business Economics and Finance, 5(1), 108-114. Azid, T., Jamil, M., Kousar, A., & Kemal, M. A. (2005). Impact of exchange rate volatility on growth and economic performance: A case study of Pakistan,1973- 2003 [with comments]. The Pakistan development review, 749-775. Baasankhuu, B. (2013). Anaysis on influencing factors of the exchange rate between Chinese Yuan (CNY) and Mongolian Togrog (MNT). International Journal of Development and Sustainability, 1636-1644. Babatolu, S. (2015). Effect of Exchange rate Volatility on GDP in Nigeria. Journal of Social Sciences UNJU, 1(3). Bahmani-Oskooee, M., Harvey, H., & Hegerty, S. W. (2014). Exchange rate volatility and Spanish-American commodity trade flows. Economic Systems, 38(2), 243- 260. Bailliu, J., & Fujii, E. (2004). Exchange rate pass-through and the inflation environment in industrialized countries: An empirical investigation. Barbero, J., de Lucio, J. J., & Rodríguez-Crespo, E. (2021). Effects of COVID-19 on trade flows: Measuring their impact through government policy responses. PloS one, 16(10), e0258356. Bashar, O. K. M. R., & Kabir, S. H. (2013). Relationship between commodity prices and exchange rate in light of global financial crisis: evidence from Australia. International Journal of Trade, Economics and Finance, 4(5), 265-269. Berument, H. (2002). Döviz kuru hareketleri ve enflasyon dinamigi: Türkiye örnegi. Bhandari, R. (2014). An analytical study on depreciation of rupee against dollar & fundamental analysis on impact of macroeconomic factors on exchange European Journal of Law and Economics, 44, 157-164. Andrie., A. M., Capraru, B., Ihnatov, I., & Tiwari, A. K. (2017). The relationship between exchange rates and interest rates in a small open emerging economy: The case of Romania. Economic Modelling, 67, 261-274. Aquilante, T., Di Pace, F., & Masolo, R. M. (2022). Exchange-rate and news: Evidence from the COVID pandemic. Economics letters, 213, 110390. Arghyrou, M. G., & Pourpourides, P. (2016). Inflation announcements and asymmetric exchange rate responses. Journal of International Financial Markets, Institutions and Money, 40, 80-84. Arize, A. C., & Malindretos, J. (2014). Re-examining exchange-rate risk effects and export trade using the ARDL bounds testing approach. International Journal of Economics and Finance, 6(7), 31-42. Asari, F. F. A. H., Baharuddin, N. S., Jusoh, N., Mohamad, Z., Shamsudin, N., & Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World applied sciences journal, 12(3), 49-56. Asher, O. J. (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980–2010). Unpublished B. sc Thesis of Caritas University Emene, Enugu State, Nigeria. Asteriou, D., & Hall, S. G. (2007). Applied Econometrics: a modern approach, revised edition. Hampshire: Palgrave Macmillan, 46(2), 117-155. Avdjiev, S., Bruno, V., Koch, C., & Shin, H. S. (2019). The dollar exchange rate as a global risk factor: evidence from investment. IMF Economic Review, 67, 151- 173. volatility on economic growth: Evidence from Ghana. Journal of African Business, 18(2), 169-193. Albuquerque, C. R., & Portugal, M. S. (2005). Exchange rate and inflation: a case of sulkiness of volatility. UFRGS, Department of Economy, text for Discussion, (2005/1). Ali, M. F. M., Mohamad, S. F. S., Yusof, A. S. M., Ismail, S., & Ibrahim, N. A. (2022). A GARCH Study on Exchange Rate Determinants: A Case of Malaysia. Journal of Statistical Modeling & Analytics (JOSMA), 4(1). Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19)—An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 100341. Ali, S. (2016). How does interest rate effect exchange rate of Pakistan: Evidence of ARDL bound testing approach. Journal of Finance and Economics Research, 1(2), 119-133. Ali, T. M., Mahmood, M. T., & Bashir, T. (2015). Impact of interest rate, inflation and money supply on exchange rate volatility in Pakistan. World Applied Sciences Journal, 33(4), 620-630. Allen, D. E., McAleer, M., Peiris, S., & Singh, A. K. (2016). Nonlinear time series and neural-network models of exchange rates between the US dollar and major currencies. Risks, 4(1), 7. Amaghionyeodiwe, L. A., & Osinubi, T. S. (2005). Determinants of the choice of the exchange rate regimes in Nigeria. Pakistan Economic and Social Review, 71-92. Aman, Q., Ullah, I., Khan, M. I., & Khan, S. U. D. (2017). Linkages between exchange rate and economic growth in Pakistan (an econometric approach). on sectoral exports of Pakistan: an ARDL investigation. Journal of Chinese Economic and Foreign Trade Studies, 5(3), 215-231. Agbola*, F. W., & Kunanopparat, C. (2005). Determinants of exchange rate practices: some empirical evidence from Thailand. Applied Economics, 37(7), 807-816. Ahmad, A., Ahmad, N., & Ali, S. (2013). Exchange rate and economic growth in Pakistan (1975-2011). Ahmad, Arslan, Najid Ahmad, and Sharafat Ali." Exchange Rate and Economic Growth in Pakistan (1975-2011)."(2013), 740- 746. Ahmed, H. T., & Mazlan, N. S. (2021). The Impact of Interest Rate on Exchange Rate Within ASEAN Countries: Evidence from Linear and Nonlinear ARDL Frameworks. Global Journal of Emerging Market Economies, 13(1), 7-34. Ahmed, M. S. (2009). An Empirical Study on Exchange Rate Volatility and it Impacts on Bilateral Export Growth: Evidence from Bangladesh. Aisen, A., Simione, F., & Manguinhane, E. (2021). An empirical assessment of the exchange rate pass-through in Mozambique. Ajami, R. (2020). Globalization, the challenge of COVID-19 and oil price uncertainty. Journal of Asia-Pacific Business, 21(2), 77-79. Ajao, M. G. (2015). The determinants of real exchange rate volatility in Nigeria, Ethiopian Journal of Economic, 24(2),43-62. Akhtar, A., Abiad, M., Mashwani, W. K., Aamir, M., Naeem, M., & Khan, D. M. (2022). The Implications of COVID-19 Pandemic on Dollar Exchange Rate of Pakistan. Frontiers in Applied Mathematics and Statistics, 8, 808489. Akpan, E. O., & Atan, J. A. (2011). Effects of exchange rate movements on economic growth in Nigeria. CBN Journal of Applied Statistics, 2(2), 1-14. Alagidede, P., & Ibrahim, M. (2017). On the causes and effects of exchange rate A Ramli, N., & Podivinsky, J. M. (2011). The effects of exchange rate volatility on exports: Some new evidence for regional ASEAN countries. The Economic and Social Data Service (ESDS). Abbas, Q., & Iqbal, J. (2012). Relationship between GDP, inflation and real interest rate with exchange rate fluctuation of African countries. International Journal of Academic Research in Accounting, Finance and Management Sciences, 2(3), 132-141. Abdurehman, A. A., & Hacilar, S. (2016). The relationship between exchange rate and inflation: An empirical study of Turkey. International Journal of Economics and Financial Issues, 6(4), 1454-1459. Achsani, N. A., Fauzi, A. J. F. A., & Abdullah, P. (2010). The relationship between inflation and real exchange rate: comparative study between Asean+ 3, the EU and North America. European Journal of Economics, Finance and Administrative Sciences, 18(18), 69-76. Adam, P., Nusantara, A. W., & Muthalib, A. A. (2017). A Model of the Dynamic of the Relationship between Exchange Rate and Indonesia’s Export. International Journal of Economics and Financial Issues, 7(1), 255-261. Adeleye, B. N., Ogede, J. S., Rabbani, M. R., Adam, L. S., & Mazhar, M. (2022). Moderation analysis of exchange rate, tourism and economic growth in Asia. PLoS One, 17(12), e0279937. Adeniji, S. (2013). Exchange rate volatility and inflation upturn in Nigeria: Testing for vector error correction model. Aftab, M., Abbas, Z., & Nawaz Kayani, F. (2012). Impact of exchange rate volatility Zakaria, Z. (2013). The relationship between export and exchange rate volatility: Empirical evidence based on the trade between Malaysia and its major trading partners. Journal of Emerging Issues in Economics, Finance and Banking, 2(2), 668-684
|
| This material may be protected under Copyright Act which governs the making of photocopies or reproductions of copyrighted materials. You may use the digitized material for private study, scholarship, or research. |