Macroeconomic Consequences Of Remittances
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Macroeconomic Consequences Of Remittances
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Author : Connel Fullenkamp
language : en
Publisher: International Monetary Fund
Release Date : 2008-03-11
Macroeconomic Consequences Of Remittances written by Connel Fullenkamp and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-11 with Business & Economics categories.
Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses the two main issues of interest to policymakers with regard to remittances--how to manage their macroeconomic effects, and how to harness their development potential--by reporting the results of the first global study of the comprehensive macroeconomic effects of remittances on recipient economies. In broad terms, the findings of this paper tend to confirm the main benefit cited in the microeconomic literature: remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. The findings also yield a number of important caveats and policy considerations, however, that have largely been overlooked. The main challenge for policymakers in countries that receive significant flows of remittances is to design policies that promote remittances and increase their benefits while mitigating adverse side effects. Getting these policy prescriptions correct early on is imperative. Globalization and the aging of developed economy populations will ensure that demand for migrant workers remains robust for years to come. Hence, the volume of remittances likely will continue to grow, and with it, the challenge of unlocking the maximum societal benefit from these transfers.
Determinants And Macroeconomic Impact Of Remittances In Sub Saharan Africa
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Author : Kyung-woo Lee
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01
Determinants And Macroeconomic Impact Of Remittances In Sub Saharan Africa written by Kyung-woo Lee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-01 with Business & Economics categories.
The paper investigates the determinants and the macroeconomic role of remittances in sub-Saharan Africa, assembling the most comprehensive dataset available so far on remittances in the region and incorporating data on the diaspora. It finds that remittances are larger for countries with a larger diaspora or when the diaspora is located in wealthier countries, and that they behave countercyclically, consistent with a role as a shock absorber. Although the effect of remittances in growth regressions is negative, countries with well functioning domestic institutions seem nevertheless to be better at unlocking the potential for remittances to contribute to faster economic growth.
The Impact Of Remittances On Economic Activity The Importance Of Sectoral Linkages
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Author : Hector Perez-Saiz
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-16
The Impact Of Remittances On Economic Activity The Importance Of Sectoral Linkages written by Hector Perez-Saiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-16 with Business & Economics categories.
We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household’s remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy.
Smooth Operator Remittances And Fiscal Shocks
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Author : Ms.Kimberly Beaton
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-21
Smooth Operator Remittances And Fiscal Shocks written by Ms.Kimberly Beaton and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-21 with Business & Economics categories.
With 250 million migrants globally, remittances are one of the major sources of income in many developing countries. While there is abundant evidence that remittances facilitate consumption smoothing in receving countries, the literature has not considered whether this effect varies with the fiscal stance and during fiscal shocks. Therefore, we investigate the impact of remittances on the stability of household consumption, using both cross-country and household-level datasets. Our focus is on whether the consumption-smoothing effect changes with fiscal policy phases and whether remittances and government support are substitutes or complements in stabilizing household consumption. We find that remittances help smooth consumption, and hence improve welfare, more during fiscal consolidation episodes, while this impact is insignificant during fiscal expansions. The results also indicate that the effect is more pronounced in countries with greater reliance on remittances.
Credit Quality In Developing Economies
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Author : Mr.Christian Ebeke
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-08
Credit Quality In Developing Economies written by Mr.Christian Ebeke and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-08 with Business & Economics categories.
This paper analyzes the link between remittances inflows and nonperforming loans (NPLs) in a large sample of developing countries. Theoretical transmission channels include risk coping, exchange rate and growth impacts. Panel data estimates uncover the significant role of remittance inflows in reducing the size of NPLs in recipient economies. Econometric results also indicate a stronger marginal impact of remittances in a context of high macroeconomic instability, suggesting a significant effect of remittances on the likelihood of the private sector’s credit default during shocks. These results hold even after factoring in: (i) the endogeneity of remittance inflows and, (ii) the use of an alternative estimator (panel fractional logit) aimed at dealing with bounded dependent variables.
Are Immigrant Remittance Flows A Source Of Capital For Development
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Author : Mr.Ralph Chami
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-01
Are Immigrant Remittance Flows A Source Of Capital For Development written by Mr.Ralph Chami and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-01 with Business & Economics categories.
The role of remittances in development and economic growth is not well understood. This is partly because the literatures on the causes and effects of remittances remain separate. We develop a framework that links the motivation for remittances with their effect on economic activity. Because remittances take place under asymmetric information and economic uncertainty, there exists a significant moral hazard problem. The implication is that remittances have a negative effect on economic growth. We test this prediction using panel methods on a large sample of countries. The results indicate that remittances do have a negative effect on economic growth, which indicates that the moral hazard problem in remittances is severe.
Remittance Concentration And Volatility Evidence From 72 Developing Countries
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Author : Amr Hosny
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-17
Remittance Concentration And Volatility Evidence From 72 Developing Countries written by Amr Hosny and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-17 with Business & Economics categories.
This paper contributes to the literature by introducing the role of geographic concentration of the source of remittances. Specifically, using data over 2010-2015 for 72 developing countries, we study the impact of (i) large remittances and (ii) the geographic concentration of the source of remittances on economic volatilities. Results suggest that while (i) large remittances can be stabilizing on average, (ii) high remittance concentration from source countries can aggravate economic volatilities in recipient countries. Results are robust to global shocks affecting both source and recipient countries, and volatility in the remittance-sending country.
Global Economic Prospects 2006
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Global Economic Prospects 2006 written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.
Determinants Of Remittances
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Author : Ms.Huidan Huidan Lin
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
Determinants Of Remittances written by Ms.Huidan Huidan Lin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
This paper analyzes the determinants of remittances to Tonga. The results indicate that macroeconomic conditions in remitting countries and exchange rate fluctuations influence remittances. In particular, remittances growth falls when the Tongan currency appreciates, but increases with higher real GDP growth and lower unemployment in remitting countries. The analysis also finds that the influence of these determinants varies with the recipients of remittances, with remittances to non-profit organizations being more sensitive to an appreciation of the Tongan currency and the interest rate differential between Tonga and remitting countries than remittances to households. However, the analysis does not find evidence of "?Dutch Disease" in Tonga, as the real exchange rate does not appear to be affected by remittances.
Remittances And Macroeconomic Volatility In African Countries
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Author : Ahmat Jidoud
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-02
Remittances And Macroeconomic Volatility In African Countries written by Ahmat Jidoud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-02 with Business & Economics categories.
This paper investigates the channels through which remittances affect macroeconomic volatility in African countries using a dynamic stochastic general equilibrium (DSGE) model augmented with financial frictions. Empirical results indicate that remittances—as a share of GDP—have a significant smoothing impact on output volatility but their impact on consumption volatility is somewhat small. Furthermore, remittances are found to absorb a substantial amount of GDP shocks in these countries. An investigation of the theoretical channels shows that the stabilization impact of remittances essentially hinges on two channels: (i) the size of the negative wealth effect on labor supply induced by remittances and, (ii) the strength of financial frictions and the ability of remittances to alleviate these frictions.