1. Students

2. Does the exchange rate regime impact the number of students who choose to go abroad for university? Question

3. Fixed exchange rate regimes will have more students studying abroad than floating.. Hypothesis

5. ● International students and a developing economy ● The role of exchange rate regimes in a developing economy Why these variables?

6. ● David Singer (2010) ● Remittances and exchange rate regimes ● Beine, Noel, & Ragot (2014) ● International student mobility ● Nicita (2013) ● International trade and exchange rate regimes Literature

7. ● Fixed (including traditional peg and currency board) ● Crawling peg or band ● Managed floating ● Free floating ● Free falling ● Dual market (based on Reinhart and Rogoff’s classification) Types of Exchange Rate Regimes

8. ● Number of Outbound Tertiary Students (UNESCO 2014) ● Exchange Rate Regime and other data (Rogoff & Reinhart 2010) ● Mean X: most regimes are a crawling peg or band ● 1.9 ● Mean Y: average students studying abroad ● 9,719 Methodology

9. ● Years: 1999-2007 ● Number of Countries: 177 ● Number of Country-Year Observations: 1,593 Methodology Cont.

11. Model 1Model 2Model 3 Model 4 l.outbound 1.104106 (0) 1.086759 (0) 1.09105 (0) 1.077737 (0) rrcoarse -335.722 (0.01693) -678.293 (0.007101) -304.141 (0.052843) -461.866 (0.022286) gdppc_ppp -0.06204 (0.018409) -0.0745 (0.092266) -0.05222 (0.091099) -0.03108 (0.107379) remitpgdp 3.544398 (0.675961) 29.7662 (0.809534) 2.652465 (0.754546) remit_usd 1.05E-07 (0.036453) 7.64E-08 (0.275642) 1.36E-07 (0.0191) rem_lag -2.66477 (0.786039) -74.4585 (0.558675) -2.15632 (0.820637) kaopen_lag 6.280963 (0.945856) -21.5797 (0.893735) -55.2557 (0.605674) trade_pgdp -3.87783 (0.24953) -4.48025 (0.396365) -4.51047 (0.24854) grads -0.00011 (0.906796) 0.000312 (0.699682) _cons 955.519 (0.036153) 2319.89 (0.010042) 1026.962 (0.04797) 1073.238 (0.039799) Observatio ns 842354842401 Number of Countries 7512086 Regression Results Dependent Variable Outbound Students This table depicts the result of four of the eleven regression analyses conducted.

12. Consistently negative correlation Varying statistical significance Effect of exchange rate regime is consistent, but not robust. Conclusion

13. Under-reporting Missing control variable data Misaligned timeframes New variable Unequal development Future Study Filling data gaps Discussion

14. ● The flow of international students follows theories of international trade ● Fixed exchange rates might remove barriers to study abroad ● Good or bad? ● Why do students study abroad? o improve job prospects o gain world perspective ● Should study abroad be encouraged? Implications