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1
Bilan, Yuriy, and Khiev Virak. "The role of formal and informal remittances as the determinants of formal and informal finan-cial services." Equilibrium 17, no. 3 (September 30, 2022): 727–46. http://dx.doi.org/10.24136/eq.2022.025.
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Research background: The choice of financial services and remittances are important as they influence the livelihood of remittance recipients, who are mostly poor and financially excluded. In literature, extensive evidence suggests a positive impact of the size of remittances on access to financial inclusion and financial development of remittance-recipient countries. However, a concern of such studies is that they might provide a biased outcome as the available data of remittances tend to be formal, whereas informal remittances are difficult to observe. Hence, their evidence might not be applicable in developing countries where remittance transfer via informal channels is very popular. Purpose of the article: The main objective of this study is to examine the effect of the remittance channel (formal and informal) on the choice of formal, informal financial services of credit and savings of remittance recipients. Methods: As our dependent variable is a financial service which is a categorical variable (formal and informal), the paper will employ a multinomial logistic regression model to estimate the impact. The data employed in this analysis is from the Finscope survey conducted in Myanmar in 2013 and 2018. Myanmar is the best context for our study, as it is one of a big migrant-sending countries and a developing country whose financial sector is significantly underdeveloped. Findings & value added: Our findings show that formal remittances promote the use of formal financial services such as credit and savings. However, there is no evidence regarding women recipients` informal channels and formal financial services. Our evidence also suggests there is a need for the government to encourage migrant workers to transform informal remittances into formal ones by removing the barriers of formal remittance channels to promote the use of formal credit and saving among remittance-recipients who are poor and financially excluded.
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ISSABAYEV, MURAT, HAYOTBEK SAYDALIYEV, VEYSEL AVSAR, and LEE CHIN. "REMITTANCES, INSTITUTIONS AND FINANCIAL INCLUSION: NEW EVIDENCE OF NON-LINEARITY." Global Economy Journal 20, no. 01 (March 2020): 2050002. http://dx.doi.org/10.1142/s2194565920500025.
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This paper investigates the effect of remittance inflows on financial inclusion. Using data from high remittance-receiving developing countries and applying dynamic panel data methods, we find that remittance inflow has a negative impact on financial inclusion for countries with low level of remittances. However, this relationship is positive for countries with high level of remittances. Our study found that there exists a nonlinear relationship between remittances and financial inclusion. We also show that the effect of remittances on the financial inclusion is conditional upon people’s perception about institutions.
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Forhad, Md Abdur Rahman, Gazi Mahabubul Alam, and Md Toabur Rahman. "Effect of Remittance-Sending Countries’ Type on Financial Development in Recipient Countries: Can the Pandemic Make a Difference?" Journal of Risk and Financial Management 16, no. 4 (April 4, 2023): 229. http://dx.doi.org/10.3390/jrfm16040229.
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This study examines the effect of remittances on selected recipient countries’ financial development. Using weights for bilateral remittances from 1990 to 2015, this study calculates the weighted gross national income per capita of remittance-sending countries. This study then uses the weighted gross national income as an instrument to address the endogeneity between remittance and financial development. Using the instrument variable (IV) model, this study finds that remittances from low-skilled migrant-abundant sending countries have different effects than the highly skilled labor-abundant sending countries. Assuming the Gulf Cooperation Council (GCC) countries as a source of low-skilled and the Group of Seven (G7) as the source of high-skilled labor-abundant sending countries, remittance from relatively low-skilled emigrants has a greater impact on financial inclusion in the recipient countries than their high-skilled counterparts. In contrast, remittance from high-skilled countries has a greater impact on the development of the stock market. Similar types of effects of remittance on financial development have also been observed during the COVID-19 pandemic. The results suggest that policymakers should provide better foreign employment opportunities and improved transaction and investment policies in the home financial markets.
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Arthur, Emmanuel Kwesi, Salome Mwongeli Musau, and Festus Mithi Wanjohi. "Remittances through formal and alternative channels and its effect on financial inclusion in Kenya." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 7 (December 12, 2020): 144–49. http://dx.doi.org/10.20525/ijrbs.v9i7.956.
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In the current dynamic world, those with no or little access to key financial products and services suffer a great deal of disservice. This study examines the effect of remittance channels (commercial banks and alternative sources) have on financial inclusion and then check the moderating effect of money remittance regulation on the relationship between the remittance channels and financial inclusion in Kenya. It uses the World Bank and Central Bank of Kenya’s dataset on remittances and financial inclusion covering the period from 2009 to 2018. We estimate our model using the Ordinary Least Square assumptions to find the association. We find that remittances from alternative channels other than commercial banks influence financial inclusion in Kenya. We further notice that the money remittance regulations have no moderating effect on the relationship between remittance channels and financial inclusion in Kenya. Our results suggest that commercial banks are not able to appropriately sell their products and services to remittance-receiving households while fintech and other internet remitting service providers seem to roll on products and services that enhance the use of savings and credit facilities. We suggest that more avenues and policies should be enacted to foster the use of alternative sources while improving structures within commercial banks to empower financial inclusion in Kenya
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Ratha, Dilip, and Sanket Mohapatra. "Forecasting migrant remittances during the global financial crisis." MIGRATION LETTERS 7, no. 2 (January 28, 2014): 203–13. http://dx.doi.org/10.33182/ml.v7i2.193.
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The financial crisis has highlighted the need for forecasts of remittance flows in many developing countries where these flows have proved to be a lifeline to the poor people and the economy. This note describes a simple methodology for forecasting country-level remittance flows in a manner consistent with the medium-term outlook for the global economy. Remittances are assumed to depend on bilateral migration stocks and income levels in the host country and the origin country. Changes in remittance costs, shifts in remittance channels, global exchange rate movements and unpredictable immigration controls in the migrant-destination countries pose risks to the forecasts. Much remains to be done to improve the forecast methodology, data on bilateral flows, and high-frequency monitoring of migration and remittance flows.
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Shirazi, Nasim Shah, Sajid Amin Javed, and Dawood Ashraf. "Remittances, Economic Growth and Poverty: A Case of African OIC Member Countries." Pakistan Development Review 57, no. 2 (June 1, 2018): 121–43. http://dx.doi.org/10.30541/v57i2pp.121-143.
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This paper investigates the impact of remittance inflows on economic growth and poverty reduction for seven African countries using annual data from 1992-2010. By using the depth of hunger as a proxy for poverty in a Simultaneous Equation Model (SEM), we find that remittances have statistically significant growth enhancing and poverty reducing impact. Drawing on our estimates, we conclude that financial development level significantly increases the remittances inflows and strengthens poverty alleviating impact of remittances. Results of our study further show a signficant interactive imapct of remittances and finacial develpment on economic growth, suggesting the substitutability between remittance inflows and financial development. We further find that 3 percentage point increase in credit provision to the private sector (financial development) can help eliminate the severe depth of hunger in the region. Remittances, serving an alternative source of private credit, can be effective in this regard. Keywords: Remittance Inflow, Poverty Alleviation, Financial Development, Simultaneous Equation Model
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Pham Thi Hoanh, Oanh. "Impact of Remittances on Financial Development in Vietnam." Journal of Asian Business and Economic Studies 22, no. 03 (July 1, 2015): 46–58. http://dx.doi.org/10.24311/jabes/2015.22.3.02.
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This study focuses on the impact of remittances on Vietnam’s financial development. The results drawn from its quantitative approach demonstrate that although remittance flows to the country may lead to increase in bank deposits, such increase is not high. On the other hand, reduction in credit demands may be subject to remittance flows, per the financial development based on a few credit growth indicators. In other words, effects of remittance flows, as indicated by VAR model, are not noticeable despite their positive impact, as in examples of increased deposits and remittance payment services on their current growth. Based on these findings, the study suggests several implications that improve the positivity of impact on the financial development.
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Ojeyinka, Titus, and Folorunsho Ajide. "Remittance and financial development in Africa: A multidimensional analysis." Remittances Review 7, no. 1 (May 31, 2022): 71–89. http://dx.doi.org/10.33182/rr.v7i1.1639.
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Previous studies on the nexus between remittances and financial system development are less informative due to their failure to investigate how remittance inflows affect different aspects of the financial sector in Africa. In the study, we re-investigate the impact of the remittances on the African financial system in twenty-seven (27) countries for 1980-2017 using the Augmented Mean Group (AGM) estimating technique. The results show that remittance does not have any significant impact on different dimensions of financial development in Africa. This finding is robust to alternative estimating techniques. This implies that remittance inflow is not a major driver of financial development in African countries. The outcomes of this study show that it is important to go beyond the use of conventional measures of financial development and focus more on multidimensional aspects of the sector such as access and efficiency of both the financial institutions and financial markets. It is also worth noting that remittance inflows in African regions are under-documented due to the high level of the shadow economy. The study suggests that the African government should formulate policies encouraging African migrants to pass through formal channels when remitting for the benefits of the financial sector and the economy in general. The policy should also encourage remittance savings and their utilisation in the African productive sector.
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Qamruzzaman, Md. "Nexus between financial innovations, remittances and credit performance: Evidence from augmented ARDL and nonlinear ARDL." Investment Management and Financial Innovations 18, no. 3 (September 10, 2021): 295–311. http://dx.doi.org/10.21511/imfi.18(3).2021.25.
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The motivation for this study is to assess the impact of financial innovation and remittances on bank-based financial institutions’ credit performance in Bangladesh for the period 1981–2019. The study applies augmented ARDL (AARDL) and nonlinear ARDL (NARDL) to identify both long-run and short-run effects and directional causality by performing non-granger casualty tests. AARDL confirms the presence of a long-run association between financial innovation, remittance, trade openness, FDI, and credit performance, which is measured by non-performing loans. In the long run, financial innovation and FDI volatility expose a positive link with NPLs, but remittance inflows and trade openness establish a negative association. Asymmetry shocks in financial innovation reveal a positive relationship with credit performance. In contrast, the asymmetric shock of remittance and trade openness unveil a negative tie to credit performance, especially in the long run. Furthermore, directional causality provides evidence to support a feedback hypothesis explaining causality between financial innovation and credit performance, as well as remittance inflows and credit performance. These findings suggest that credit performance is guided by future development in remittances and financial innovation; thus, closer attention from policymakers and financial experts is persistent to capitalize or mitigate the impact of the financial system.
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Azizi, SeyedSoroosh. "Impacts of remittances on financial development." Journal of Economic Studies 47, no. 3 (February 25, 2020): 467–77. http://dx.doi.org/10.1108/jes-01-2019-0045.
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PurposeThe purpose of this paper is to examine the impacts of international remittances on financial development in developing countries.Design/methodology/approachThe focus is on a panel of 124 developing countries for the period 1990–2015. The empirical evidence is based on the instrumental variable-fixed effect model.FindingsResults obtained in this study indicate that a 10 percent increase in the remittance to GDP ratio leads to 1.7 percent increase in domestic credit to private sector, 1.9 percent increase in bank credit, 1.2 percent increase in bank deposit, and 0.8 percent increase in liquid liabilities. The positive impact of remittances on financial development in developing countries is particularly important because financial development fosters long-run growth and reduces poverty.Originality/valueTo address the endogeneity of remittances, the study estimates bilateral remittances and use them to create weighted gross national income per capita and real interest rates of remittance-sending countries. To the best of the author’s knowledge, this is the first study to assess the endogeneity of remittances in this way.
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Tauqir, Aisha, and Muhammad Tariq Majeed. "Remittances and Output Volatility: The Role of Financial Development." LAHORE JOURNAL OF ECONOMICS 26, no. 2 (December 15, 2021): 77–110. http://dx.doi.org/10.35536/lje.2021.v26.i2.a5.
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This paper examines the impact of remittances on output volatility through the channel of financial development using data for 158 countries from 1971 to 2017. We estimate the role of financial development by looking at multiple features of financial institutions, such as depth, access and efficiency. We used multiple indicators as a proxy of financial development in the remittance-output volatility nexus and employed System Generalized Method of Moments (GMM) and Fixed Effects Instrumental Variable (FE- IV) models. Our findings are robust across specifications. We find a significant positive impact of all indicators of financial development on the remittance-output volatility relationship. The findings suggest that multifaceted financial development is needed for the effective management of output volatility through remittance inflows.
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Khan, Imran, and Darshita Fulara Gunwant. "Is the remittance inflow to the Turkish economy sustainable? A glimpse of the future through the lens of the past." Review of Applied Socio-Economic Research 25, no. 1 (June 30, 2023): 34–51. http://dx.doi.org/10.54609/reaser.v25i1.203.
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The impact of global remittance inflows on numerous macro and microeconomic parameters has long piqued the interest of researchers, policymakers, and academics. Remittances have always been vital to Turkey's development as a remittance recipient country. However, this trend has recently changed, Turkey is currently receiving significantly less remittance, and this reduction in remittance is well noted in its economic performance. This study is an attempt in this regard to find out whether remittance inflow to Turkey will be sustained in the future or its decline will continue. The findings of this study will provide insight to the country's economic and financial policymakers in devising policies that would ensure future remittance inflows. An auto-regressive integrated moving average (ARIMA) approach is applied, and remittance inflow data from 1974 to 2019 is used to forecast remittance inflow for the next 11 years till 2030. According to the results, remittances would drop to a level of -1.00 percent of GDP in 2030, down from 4.00 per cent in 1974.
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Coutinho, Kevin, NeerajKumari Khairwal, and Pornpit Wongthongtham. "Towards a Truly Decentralized Blockchain Framework for Remittance." Journal of Risk and Financial Management 16, no. 4 (April 12, 2023): 240. http://dx.doi.org/10.3390/jrfm16040240.
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Blockchain is a revolutionary technology that is constructively transforming many traditional industries, including financial services. Blockchain demonstrates immense potential in bringing substantial benefits to the remittance industry. Although the remittance industry has crossed the mark of USD 600 billion in 2021, remittance cost is still substantially high, around 6% on average, indirectly limiting financial inclusion and promoting de-risking. The involvement of multiple intermediaries in global remittances makes cross-border payments more expensive. Many projects, including Ripple and Stellar, employ blockchain technology to provide alternative infrastructure for cross-border payments. However, the decentralization of blockchain networks in both solutions is debatable. This paper examines the market characteristics impacting remittance cost, a prominent factor driving the evolution of the remittance industry. A truly decentralized blockchain framework viz. LayerOneX, which provides remittance services at a reduced cost, is proposed in this paper. Devices with low computation and memory capacity can act as transaction validators in this solution. A universal wallet across homogeneous and heterogeneous blockchains is proposed to facilitate fast and inexpensive remittance services. Thus, a novel framework for true decentralization of blockchain-based remittance services, resulting in reduced cost and, therefore, better financial inclusion, is proposed in this paper.
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Jemiluyi, Olufunmilayo Olayemi, and Leward Jeke. "How Catalytic Is Digital Technology in the Nexus between Migrants’ Remittance and Financial Development in Sub-Saharan African Countries?" Economies 11, no. 3 (February 24, 2023): 74. http://dx.doi.org/10.3390/economies11030074.
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Given the indisputable roles of remittance and financial development in countries’ economic performance, enhancing the nexus between the two variables has become pertinent. The remittance–financial development literature has surged, with a growing argument that making the relationship work is conditioned on mediating roles of certain economic indicators. Despite the overwhelming evidence of the transformative roles of digital technology, the assessment of its possible mediating role in the remittance–financial development nexus is lacking in the literature. Hence, using pooled data of 35 Sub-Saharan African (SSA) countries sourced from the World Bank’s Development Indicators, this study examined the mediating effect of digital technology in the relationship between remittance inflows and financial development. Using two indicators of ICT—fixed broadband and mobile cellular subscription—the results of the generalized method of moment analysis suggest that digital technology spurs remittance inflows to promote financial development in SSA. The results are consistent for both measures. These findings imply that remittance and digital technology are complementary in promoting financial development in the sub-region. Based on these outcomes, the study therefore advances the enactment of policies aimed at fostering diffusion of digital technology and achieving the sustainable development goal’s recommendation of lower transaction cost of remittances.
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Mata-Codesal, Diana. "Linking social and financial remittances in the realms of financial know-how and education in rural Ecuador." Migration Letters 10, no. 1 (January 1, 2013): 23–32. http://dx.doi.org/10.33182/ml.v10i1.108.
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This article explores the links between financial and social remittances in the context of Ecuadorian migration to the US and Spain. Ethnographic research on remittance patterns and impacts was carried out in two villages in Southern highland Ecuador. Each site has a different migration and remittance reception profile, in the broad contexts of Ecuadorian regular migration to Spain versus irregular migration to the US. In the specific cases in this research there are links between social and financial remittances in the realm of migrants’ and their relatives’ dealings with the Ecuadorian banking system. Experiences prior to migration and exposure while abroad heavily shape their financial behaviour. A second set of links was identified in the sphere of education. These links are highly gendered with non-migrant women getting ahead of their male peers in educational attainment.
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Karim, Nayab, Muhammad Tariq, and Muhammad Azam Khan. "An Empirical Study on the Relationship of Financial Sector Development, Remittances Inflows, and Income Inequality in South Asian Countries." Review of Economics and Development Studies 8, no. 1 (March 30, 2022): 73–83. http://dx.doi.org/10.47067/reads.v8i1.435.
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The study explores the moderating role of financial sector development in the remittances-income inequality nexus in the six highest remittances-recipient “South-Asian economies”, “namely “Afghanistan, Bangladesh, India, Nepal, Sri Lanka, and Pakistan”” for the period 2006 to 2019. The direct channel of remittances-income inequality and the financial sector development & income-inequality have been greatly explored in the literature, but the indirect channel, i.e. the moderating role of the financial sector in the remittances- income inequality nexus, is still lacking; this study tries to fill this literature gap. The study explores the indirect link of the financial sector based on financial access, financial stability, financial depth, and financial efficiency in remittances-income inequality nexus in highest remittances-recipient South-Asian economies. The study applied Fixed effects and Pooled Ordinary Least Squares (POLS) econometric techniques in order to examine the role of financial sector development in the relationship between international remittances and income inequality. The empirical findings of the study show that the financial sector development mitigates the income-inequality effects in the selected remittance-recipient South-Asian economies. The interaction term of financial sector development and remittances mitigate the negative influence of income inequality in the selected economies. Remittances abridge income inequality in the presence of a well-functioning and sound financial sector in the selected South-Asian remittance-recipient economies.
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Acharya Adhikari, Sabitri Devi. "Establishing the Relationship between Financial Hardship and Remittance Inflow in Nepal." Economic Journal of Nepal 44, no. 3-4 (December 31, 2021): 36–52. http://dx.doi.org/10.3126/ejon.v44i3-4.55072.
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The objective of the paper is to examine how altruism motives influence the inflows of worker remittances in Nepal. Evidence suggests that flows of remittances to Nepal had increased significantly in response to the earthquake in April-May, 2015. Remittances to Nepal rose dramatically in response to the earthquake by 20.9 percent in 2015 versus 3.2 percent in 2014. There is also a correlation between the level of remittance and hardship. The paper uses inflation as an indicator of ‘Financial Hardship’ to analyse the role of altruistic motives as a determinant of inflow of remittances. When prices of goods and services increase in the home country, the workers send more money to support their families. The Engel-Granger cointegration test is used to assess the short-run and the long-run relationship between inflation and remittances. Inflation does not affect remittances in the short run, however, there is the long-run relationship between remittances and inflation. It is confirmed that financial hardship determines the remittance inflow in Nepal.
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Ngoma, Abubakar Lawan, and Normaz Wana Ismail. "Can Financial Development Mitigate the Impact of Remittances on Real Exchange Rate Appreciation?" Remittances Review 4, no. 2 (October 24, 2019): 89–116. http://dx.doi.org/10.33182/rr.v4i2.706.
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Remittances have been blamed for causing real exchange rate appreciation by raising the relative prices of nontraded goods and services in the recipient countries. However, empirical studies seeking to support this claim are lacking in Asia, despite the huge amount of remittances received by the region. In view of that, this paper used a panel dataset from eighteen remittance-recipient Asian countries during the period of 1981 – 2010 and Pooled Mean Group (PMG) estimator to examine the effect of remittances and financial sector development on real exchange rate. The paper, specifically, questions if the real exchange rate appreciation caused by the inflow of remittances varies with the degree of financial sector development in these countries. The paper finds that inflow of remittances has significant long-run impact on the appreciation of the real exchange rates in the remittance-recipient Asian countries. However, such effect of appreciation declines in countries with enhanced financial sector development.
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Barajas, Adolfo, Ralph Chami, Connel Fullenkamp, and Anjali Garg. "The Global Financial Crisis and Workers' Remittances to Africa: What's the Damage?" Journal of African Development 12, no. 1 (April 1, 2010): 73–96. http://dx.doi.org/10.5325/jafrideve.12.1.0073.
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Abstract We estimate the impact of the recent global economic crisis on remittances into Africa for the period 2009-2010. Interestingly, the majority of remittances seem to flow within the African continent. The magnitude of the forecast decreases in remittance flows into African countries varies between 3 and 14 percentage points. African migrants to Europe will be hardest hit while migrants within Africa will be least affected by the crisis. We estimate the impact of the drop in remittances on home country GDP. For countries where the ratio of these flows to home country GDP is high, GDP is expected to drop by almost 2 percent for 2009. The negative effect of the crisis, however, is likely to be short-lived, as host country income is likely to rise in 2010 for virtually all African remittance-recipient countries.
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Ratha, Dilip, and Ibrahim Sirkeci. "Editorial: Remittances and the global financial crisis." MIGRATION LETTERS 7, no. 2 (January 28, 2014): 125–31. http://dx.doi.org/10.33182/ml.v7i2.186.
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Migrant remittances are an important source of external finance for developing countries. The current financial crisis is believed to have influenced migrant remittance flows as well as volume and patterns of use of remittances. In this special issue, a collection of cases from around the world is presented to understand the immediately felt effects of the crisis. Potential influences due to the crisis impact on migration patterns are yet to be seen and studied.
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Makina, Daniel. "Mean reversion and predictability of remittances." International Journal of Social Economics 41, no. 12 (November 25, 2014): 1209–19. http://dx.doi.org/10.1108/ijse-02-2014-0038.
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Purpose – The purpose of this paper is to examine the predictability of remittances in individual developing countries. It achieves this objective by testing for mean reversion (i.e. stationarity) in the monthly remittance series reported to the World Bank by 21 developing countries. Design/methodology/approach – Unit root tests on remittance time series are undertaken using three tests – the augmented Dickey-Fuller test, the Phillip-Peron test and the Kwiatkowshi, Phillips, Schmidt and Shin test. Stationarity of series in levels would indicate mean reversion and predictability of remittances. Findings – The paper finds significant evidence of mean reversion and hence predictability in remittance inflows in 17 developing countries. Practical implications – Remittance inflows, which have become an important source of external finance for many developing countries, are not random flows but a stable and predictable stream of financial flows. Originality/value – Prior research has focused on volatility of remittances in comparison with other capital flows and then inferred stability from them having lower volatility. Using available monthly data, this paper is the first to directly test for mean reversion and hence predictability of remittances.
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Uddin, Md Nezum, Mohammed Jashim Uddin, Md Joynal Uddin, and Monir Ahmmed. "Remittances and Economic Growth Tie in Selected South Asian Countries: A Panel Data Analysis." International Journal of Financial Research 11, no. 1 (October 10, 2019): 197. http://dx.doi.org/10.5430/ijfr.v11n1p197.
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Remittances are regarded one of the foremost financial resources globally. Over the past century, in the developing economy, there is a heated debate on the sources of economic growth. The current paper attempts to analyze how economic growth is being impacted by remittance in five selected South Asian countries between the period 1975 and 2017. Estimated results from panel-data estimation techniques exhibit a positive relation between economic growth and remittance in these countries. The results from Granger-causality tests suggest that remittance plays a catalyst role to bring economic growth but economic growth doesn’t play any role to bring remittance while Dumitrescu Hurlin Causality tests found a bi-directional relationship. Important finding of the study is that remittance boost economic growth in South Asian region.
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Benea-Popusoi, Elina, and Polina Arivonici. "Remittance trap: comparative approach of the Republic of Moldova and other ex-socialist countries." Eastern European Journal for Regional Studies 7, no. 2 (December 2021): 59–76. http://dx.doi.org/10.53486/2537-6179.7-2.04.
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The objective of our analysis has been to find out and elaborate on why some countries could not benefit from remittance inflows sent by migrants or even are getting into traps due to them. In the authors’ view, the remittance trap may be appraised, notably in the long run, as the dilemma in which a country finds itself when the high value of migrant remittance inflows leads to a high value of human and financial capital outflows, as well as to the moral hazard problem of the country's population and government. Accordingly, remittance trap negatively affects the sustainable growth and development of the economy which eventually deepens the country's dependence on remittances, proving the vicious nature of the trap. Furthermore, the paper focuses on identifying a competent set of policy recommendations for the countries that are remittance dependent. A natural conclusion of our research is that there is a thin line between remittances’ advantages and disadvantages, since in fact, short-term benefits very often turn out into long-run side effects, mainly as a result of mismanagement of remittance inflows, which correlates with unfavourable business climate and decreased willingness of the population to invest. Accordingly, the benefits and adverse side effects of remittance inflows are interdependent.
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Adekunle, Ibrahim, Tolulope Williams, Olatunde Omokanmi, and Serifat Onayemi. "The mediating role of institutions in the remittance-growth relationship: Evidence from Nigeria." Ekonomski anali 65, no. 227 (2020): 7–30. http://dx.doi.org/10.2298/eka2027007a.
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This study examines the mediating role of institutions in the remittance- growth relationship in Nigeria. We use autoregressive distributed lag (ARDL) estimation to establish the interaction of the variables of interest. The short-run results reveal that remittance inflows positively influence growth, probably due to the immediate injection of financial resources that an increase in remittances brings about. This effect is reinforced by improvements in regulatory quality. In contrast the long-run results reveal that, over time, remittance inflows are negatively related to growth probably due to adverse macroeconomic consequences, to a decrease in work incentives, and a decline in the motivation for technological innovation. However, the adoption of improved institutional environment is found to offset the negative long-run effect of remittances on growth, at least to some extent. Therefore, remittance receiving countries should improve the design and enforcement of laws, regulatory quality, and control over corruption, so that they can make best use of remittance inflows and other sources of external financing needed to augment domestic productivity and growth.
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Akinboade, Oludele Akinloye, Anrich Daseman, Trevor Taft, and Victor M. S. Molobi. "Regulation, Cross Border Migrants and the Choice of Remittance Channels in South Africa." Journal of Economics and Behavioral Studies 9, no. 2(J) (May 18, 2017): 201–14. http://dx.doi.org/10.22610/jebs.v9i2(j).1661.
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Remittances have become an increasingly important factor in developing economies. Among others, compliance with onerous regulation requirements discourages the use of formal methods of remittances. The paper discusses results from a survey of the influence of regulation on the choice of migrants’ remittance channels in South Africa. It aims to highlight how regulation affects the choice between formal and informal channels of remitting funds. A questionnaire was administered to collect primary data from migrants seeking documentations from the Department of Home Affairs, those remitting funds at taxi ranks or bus terminals, and those remitting through commercial banks and money transfer operators. 275 responses were analysed using a Likert rating scale format of 1 (highest) to 5 (lowest). Regulatory requirements of documentary evidence are an important factor influencing the choice of the remittance channel used. Documentation requirement in the formal market causes migrants to be ineligible for the formal channels of remittances and is a factor that influences the choice of remittance channel. Restrictive visa requirements could easily push migrants to become illegal aliens which further deny them access to formal remittance channels. The paper adds to the academic literature on the determinants of remittance channels in Africa. Understanding the relevant issues could assist regulatory authorities to restructure the remittance market with a view to encouraging migrant workers to enter the formal financial system.
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Akinboade, Oludele Akinloye, Anrich Daseman, Trevor Taft, and Victor M. S. Molobi. "Regulation, Cross Border Migrants and the Choice of Remittance Channels in South Africa." Journal of Economics and Behavioral Studies 9, no. 2 (May 18, 2017): 201. http://dx.doi.org/10.22610/jebs.v9i2.1661.
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Remittances have become an increasingly important factor in developing economies. Among others, compliance with onerous regulation requirements discourages the use of formal methods of remittances. The paper discusses results from a survey of the influence of regulation on the choice of migrants’ remittance channels in South Africa. It aims to highlight how regulation affects the choice between formal and informal channels of remitting funds. A questionnaire was administered to collect primary data from migrants seeking documentations from the Department of Home Affairs, those remitting funds at taxi ranks or bus terminals, and those remitting through commercial banks and money transfer operators. 275 responses were analysed using a Likert rating scale format of 1 (highest) to 5 (lowest). Regulatory requirements of documentary evidence are an important factor influencing the choice of the remittance channel used. Documentation requirement in the formal market causes migrants to be ineligible for the formal channels of remittances and is a factor that influences the choice of remittance channel. Restrictive visa requirements could easily push migrants to become illegal aliens which further deny them access to formal remittance channels. The paper adds to the academic literature on the determinants of remittance channels in Africa. Understanding the relevant issues could assist regulatory authorities to restructure the remittance market with a view to encouraging migrant workers to enter the formal financial system.
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Usman, Mohammed A. M., Bawuro Mohammed Buba, Nuru Mohammed Arabo, and Adamu Jibrilla. "Analysis of the Impact of Remittance Inflows on Economic Growth: Evidence from Nigeria." INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT 7, no. 5 (August 26, 2023): 1–20. http://dx.doi.org/10.56201/ijefm.v7.no5.2022.pg1.20.
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This study investigated the impact of remittances on economic growth of Nigeria using time series data from 1986 to 2018 by examining the long -run and short-run equilibrium relationship between remittances and economic growth. The study used unrestricted Vector Auto regression (VAR), granger causality, Auto regressive distributive lag (ARDL), impulse response function and variance decomposition. The result of ARDL bound test, indicates the existence of long-run equilibrium relationship between remittance inflows and economic growth in Nigeria. The impulse response function, as well as variance decomposition result shows the mixture of both positive and negative shocks from GDP per capita to remittance, household consumption expenditure, foreign direct investment and official development assistance based on the past and current values. The study found the existence of unidirectional causality running from GDP per capita to remittances and foreign direct investment. The study recommends that, government should expand and improve the financial sector and make the process of transfer of remittance much easier and less expensive. This will enable the economy to capture remittance inflows that comes in through informal channels which are usually difficult to capture officially, and also remittances inflows need to be invested into productive sector. This is because without such investment the inflows cannot play any significant role in the economy particularly households that do receive remittance.
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Glushchenko, G. "Innovative Mechanisms of Attracting Migrants’ Remittances to the Official Financial Sector." Voprosy Ekonomiki, no. 7 (July 20, 2005): 50–65. http://dx.doi.org/10.32609/0042-8736-2005-7-50-65.
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The article is devoted to studying innovative mechanisms in the financial sphere, promoting attraction of migrants' remittances to the official financial sector. It is shown that structural transformations of the banking system, perfection of remittance technologies, development of microfinancial organizations and their cooperation with banks and payment systems, improvement of migrants' access to official financial channels, realization of special government programs are capable to change significantly the existing situation in the sphere of migrants' remittances.
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Bellaqa, Bashkim, and Gezim Jusufi. "Management of remittances and their role in economic development in Kosovo." International Journal of Management Excellence 14, no. 2 (February 29, 2020): 2059–65. http://dx.doi.org/10.17722/ijme.v14i2.1140.
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In the Republic of Kosovo remittances have been and continue to be one of the contributors to economic development and have served as a source of household income. Remittances at the national as well as at the global level are an essential element of combating poverty, and can be said to represent one of the largest flows of financial resources at the global level. The main purpose of this article is to analyze the impact of remittances on economic growth, present the comparability of remittance trends over the years, remittance management, in the Kosovo case. The findings of the study should serve as an important input in improving the management of remittance policies and strategies by the Kosovo government in order to increase the impact of remittances on Kosovo's economic development. Trend analysis shows that remittances in Kosovo continued to grow steadily from 2005 to 2018; remittances were greater in 2015 worth € 772 million, one of the main reasons for remittances to Kosovo, results to be the support of the households, while the largest share of Kosovar emigrants' investments was in the construction sector, where investment in the sector was over 40%.
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Sibindi, Athenia Bongani, and Lindiwe Ngcobo. "Migrant Remittance Patterns in South Africa: A Micro-Level Analysis." Journal of Economics and Behavioral Studies 10, no. 4(J) (September 14, 2018): 109–17. http://dx.doi.org/10.22610/jebs.v10i4(j).2412.
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Migrant remittances increasingly constitute a significant source of financial inflows into emerging markets. Hitherto, extant studies have focused nearly exclusively on the macroeconomic benefits of remittances. Such studies have documented that the top benefits that accrue to the receiving country of remittances include: savings mobilisation, fostering intermediation, investment, sustenance of families and the enabling of access to health care and education by households who ordinarily would not afford to pay for these services. This study departs from the norm and investigated the migrant remittance patterns from a micro-level perspective by focusing on South Africa which is one of the top twenty remittance receiving countries in the world. The South Africa-National Income Dynamics Study dataset was employed in this study. Firstly, this study established that remittances constitute a significant source of income for households in South Africa. Secondly, it was established that the remittance variable is positively related to the household income variable and the result was highly statistically significant. Thirdly, the results of this study confirmed that the level of remittances is dependent on the level of education of the household member, with the inclination of the highly educated migrant worker to send more money to support their household. The South African government should consider as a policy instrument encouraging migrant workers in the diaspora to remit more money back into the country through the facilitation of ease of access of financial services.
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Nnyanzi, John Bosco. "What drives international remittances to Africa." African Journal of Economic and Management Studies 7, no. 3 (September 5, 2016): 397–418. http://dx.doi.org/10.1108/ajems-07-2013-0067.
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Purpose The purpose of this paper is to investigate the macro-economic and institutional drivers of remittance inflows to Africa. Design/methodology/approach The paper uses an enhanced gravity model in a random effects framework to test two hypotheses dominant in literature as well as the institutional quality hypothesis. A bilateral data set is created from the most recent available remittance data set to afford the capture of the impact of the selected macro-economic variables from both the host and recipient countries. Findings The results provide support for the trio hypotheses. A key finding is the co-existence of altruism and self-interest motives. Also, control of corruption, financial development and a reduction in unofficial economic activity are observed to facilitate remittance inflows. The authors confirm the resilience of remittances during the global crisis and document a positive significant relationship between remittance inflows on the one hand and host migration stock, age dependency, etc., on the other. Practical implications This paper generates various insights in the design of relevant macro-economic and institutional policies to enhance remittance inflows and the productive use of the same for purposes of economic growth and development via poverty reduction and secure resource flow. Originality/value The majority of previous studies on the determinants of remittance inflows have basically focussed on the microeconomic variables, an approach that could understate the macro-economic impact of remittances and lead to inadequate policy formulation. The use of an enhanced gravity model on a newly created bilateral data set in the analysis is a nuance in the economics of remittances. Besides, previous studies have often ignored the institutional environment as critical in the remittance-determinant model.
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Abdul Mannan, Kazi, and Khandaker Mursheda Farhana. "Digital Financial Inclusion and Remittances: An Empirical Study on Bangladeshi Migrant Households." FinTech 2, no. 4 (October 18, 2023): 680–97. http://dx.doi.org/10.3390/fintech2040038.
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Globally, large numbers of adults remain unbanked, and most of them live in rural areas of the Third World. The recent outbreak of the COVID-19 pandemic has shown us how inequalities in accessing financial services continue to affect us. However, digital financial inclusion has emerged as an effective tool used to tackle socioeconomic ills and drive economic development. In fact, due to these modern technological developments, the number of studies in this area is very limited, especially in the context of developing economies. This study examines the impacts of migrant remittances on digital financial inclusion within households in Bangladesh by using the Migration and Remittance Household Survey. To meet the research objectives of this study, a household survey was conducted and 2165 households interviewed in 2022–2023 in Bangladesh. The survey data collected was tested using univariate and multivariate estimations. This study finds that the coefficient of remittance has positive relationships with the probability of e-bank accounts and the use of mobile banking for a household’s financial transactions. However, the use of ATM cards by households for financial transactions has not been significantly affected. The article concludes that remittance flows may enhance access to and use of means of digital financial inclusion by reducing some of the barriers and costs in Bangladesh, which could greatly contribute to the country’s economic growth by creating and increasing a strong fund for investment. The findings of this study can help in taking various steps to facilitate the most powerful financial sector of Bangladesh, namely, remittance management.
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Ikrimah, Afridah, Beauty Martha Lingga, Ilham Bagus Prasetia, Faris Achmad Baharudin, Mohamad Yogananta, and Ernoiz Antriyandarti. "Design of Assistance Program for Optimization of Indonesian Labor Household (TKI) Remittance in Mojorejo Migrant Productive Village, Karangmalang, Sragen." Journal of Agribusiness and Community Empowerment 3, no. 2 (September 23, 2020): 124–34. http://dx.doi.org/10.32530/jace.v3i2.271.
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Mojorejo village is one of the productive migrant villages (DESMIGRATIF) in Indonesia. This study aims to determine the alternative way to increase TKI household productivity of through optimization of remittances and to desain a remittance optimization program in building a constructive financial management for TKI households in Mojorejo Village, Karangmalang, Sragen. This study uses a descriptive analysis with qualitative and systematic review approach. Data collection techniques were carried out by review the previous research and empowerement, observation through field survey, interview with informan and secondary data searching. The results show that the problem on increasing TKI household productivity is unoptimal remittance management and it tends to use for consumptive activities. Lack of public awareness to allocate remittances for investment and productive business causes the stagnant economic growth and does not lead to economic improvement in the surrounding environment. Therefore, remittance optimization can be done through the community empowerment that focus in four activities, namely financial planning training for TKI households, entrepreneurship training and business plan simulations, training in processing, packaging and marketing of rice rambak crackers, and managing mini tourism object of reservoir and selfies of "Kembangan Bersolek" in Mojorejo Village, Karangmalang, Sragen.
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Yamada, Eiji, Satoshi Shimizutani, and Enerelt Murakami. "The COVID-19 Pandemic, Remittances and Financial Inclusion in the Philippines." Philippine Review of Economics 57, no. 1 (May 27, 2021): 18–41. http://dx.doi.org/10.37907/2erp1202j.
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Recent literature has revealed that financial inclusion enhances economic opportunities and security in developing countries. Moreover, a greater inflow of remittances can promote inclusiveness. In this paper, we explore the potential impacts of the COVID-19 outbreak on financial inclusion by focusing on its detrimental effect on remittance flows to developing countries. Using a household-level dataset collected in rural regions of the Philippines prior to the outbreak, we confirm that remittances are associated with financial inclusion, particularly for women. We discuss the potential impacts of the pandemic on financial inclusion through the change in the flow of remittances. We show that a substantial decline in remittances caused by the COVID-19 crisis may have an adverse effect on financial inclusion in the Philippines.
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Yamada, Eiji, Satoshi Shimizutani, and Enerelt Murakami. "The COVID-19 pandemic, remittances and financial inclusion in the Philippines." Philippine Review of Economics 57, no. 1 (2021): 18–41. http://dx.doi.org/10.37907/2erp0202j.
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Recent literature has revealed that financial inclusion enhances economic opportunities and security in developing countries. Moreover, a greater inflow of remittances can promote inclusiveness. In this paper, we explore the potential impacts of the COVID-19 outbreak on financial inclusion by focusing on its detrimental effect on remittance flows to developing countries. Using a household-level dataset collected in rural regions of the Philippines prior to the outbreak, we confirm that remittances are associated with financial inclusion, particularly for women. We discuss the potential impacts of the pandemic on financial inclusion through the change in the flow of remittances. We show that a substantial decline in remittances caused by the COVID-19 crisis may have an adverse effect on financial inclusion in the Philippines.
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Hunte, C. Kenrick. "Workers' Remittances, Remittance Decay and Financial Deepening in Developing Countries." American Economist 48, no. 2 (October 2004): 82–94. http://dx.doi.org/10.1177/056943450404800208.
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Usman, Nuruddeen. "GROWTH OF FINANCIAL DEVELOPMENT IN SUB SAHARAN AFRICAN (SSA) REGION THROUGH MIGRANT REMITTANCES." International Journal of Research -GRANTHAALAYAH 7, no. 3 (March 31, 2019): 79–96. http://dx.doi.org/10.29121/granthaalayah.v7.i3.2019.945.
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This Paper investigates the impact of remittances on the financial development of countries in the sub-Saharan Africa using panel data analysis from 1985 to 2013. Several Literature has been written on the impact of remittance on growth and on poverty in sub-Saharan Africa however few have critically analysed the impact of remittances on financial development in the region. Using two definitions of financial development, the ratio of money supply to GDP (M2/GDP), and the ratio of domestic credit to GDP (DC/GDP), this paper finds that remittances have a positive effect of financial development. However, the size of the effect depends on definition of financial development that is used in the analysis.
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TERTYTCHNAYA, KATERINA, CATHERINE E. DE VRIES, HECTOR SOLAZ, and DAVID DOYLE. "When the Money Stops: Fluctuations in Financial Remittances and Incumbent Approval in Central Eastern Europe, the Caucasus and Central Asia." American Political Science Review 112, no. 4 (September 5, 2018): 758–74. http://dx.doi.org/10.1017/s0003055418000485.
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Fluctuations in the volume and the value of financial remittances received from abroad affect the livelihood of households in developing economies across the world. Yet, political scientists have little to say about how changes in remittances, as opposed to the receipt of remittance payments alone, affect recipients’ political attitudes. Relying on a unique four-wave panel study of Kyrgyz citizens between 2010–2013 and a cross-sectional sample of 28 countries in Central Eastern Europe, the Caucasus and Central Asia, we show that when people experience a decrease (increase) in remittances, they become less (more) satisfied about their household economic situation and misattribute responsibility to the incumbent at home. Our findings advance the literature on the political consequences of remittance payments and suggest that far from exclusively being an international risk-sharing mechanism for developing countries, remittances can also drive fluctuations in incumbent approval and compromise rudimentary accountability mechanisms in the developing world.
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Bondarenko, Ksenia. "The Impact of the COVID-19 Pandemic: The Case of Remittance Recipient Countries." International Organisations Research Journal 15, no. 3 (November 1, 2020): 109–28. http://dx.doi.org/10.17323/1996-7845-2020-03-04.
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The advent of the new coronavirus hinders the fragile welfare of migrant workers. Those economic sectors with a large migrant workforce appear to be those hit hardest during the lockdown, resulting in surge in migrant unemployment and a plunge in the volume of remittances. This has become yet another factor putting pressure on the gross domestic product (GDP) growth, balance of payments, and budgets of countries that are net remittance recipients, while also triggering rising poverty levels. This paper evaluates the impact of the current pandemic (and respective economic downturn) on remittance inflows to recipient countries and tackles the potential contribution that international financial institutions could make to alleviate the adverse economic aftermath. In Central Asia and Southern Caucuses (except Azerbaijan) emergency financing granted by the International Monetary Fund (IMF) and the World Bank covers 9–20% of the overall size of the annual remittances received. This financial support could be rendered insufficient due to the sharp decrease in the volume of remittances, decline in tourism revenue, and weakening economic activity, while the poor quality of state institutions may hinder the efficient distribution of accumulated resources. In Europe, the IMF and the World Bank provided approximately $7.7 billion in financing to low- and middle-income countries for such purposes as economic stabilization, support for population welfare, and financing of internal/external deficit, of which $5 billion is represented by the new Ukraine-IMF Stand-By Agreement. With the exception of Ukraine, Macedonia, and Bulgaria (the latter having received no loans/grants so far), the cover index for European remittance-recipients stands within a range of 2–18% over 2019 remittance inflows.Therefore, it is most feasible that the current 2020 GDP growth forecasts made by the IMF, the World Bank, and local governments are inaccurate in the light of the insufficient financial support provided by international financial organizations. Additional pressure on the GDP figures might stem from further extension and/or toughening of the lockdown period, as well as from uncertainty regarding the revival of regular business activity and the timeline for resuming migrant remittances.
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Jintan, Andam Rani, Faiza Husnayeni Nahar, and Muhammad Azizurrohman. "Measuring Inflow of Remittances in Six ASEAN Countries Using Macroeconomic Variables: Panel Data Analysis." Journal of Economics Research and Social Sciences 4, no. 2 (December 8, 2020): 87–101. http://dx.doi.org/10.18196/jerss.v4i2.10102.
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Tempted by the economic potential offered by other countries makes people flocked to get the opportunity to improve their economy. Evidenced by the large number of international migrants throughout the world, this figure is in line with the high total remittance flow that leads to their country of origin. Countries in ASEAN become remittance recipients with quite high growth each year, so it is interesting to study further. Using panel data from six countries in ASEAN in 2000-2016, per capita Gross Domestic Product (GDP), domestic inflation, exchange rates, age dependency ratios and financial development are included as variables that affect remittances. The analytical method used is panel data with Fixed Effect Model (FEM). The results of the panel data found that the independent variables, including GDP per capita, domestic inflation, exchange rates, age dependency ratios and financial developments had a positive and significant effect on remittance flows in ASEAN in the period of 2000-2016
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Dada, James, and Taiwo Akinlo. "Remittances-finance-growth trilogy: Do remittance and financial development complement or substitute each other to affect growth in Nigeria?" Ekonomski anali 68, no. 236 (2023): 105–38. http://dx.doi.org/10.2298/eka2336105d.
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The study examines the absorptive role of financial development in the remittance-growth nexus in Nigeria between 1986-2017. In particular, the shortrun, long-run, and causal links between remittances, financial development, and economic growth in Nigeria are investigated using an autoregressive distributed lag bounds test and vector error correction Granger causality. The result shows that financial development and remittances contribute positively to economic growth. Furthermore, findings from the moderating role suggest that financial development and remittances serve as substitutes to affect growth in the short run; however, financial development and remittances perform a complementary role in influencing economic growth in the long run. In addition, the causality tests indicate a one-way relationship from economic growth to financial development as well as bidirectional causality between remittances and financial development in the short run, while financial development and remittances Granger cause economic growth in the long run. The outcome of this study suggests there are time lags in the relationship between remittances, financial development, and economic growth in Nigeria. The implications of the findings are discussed.
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Laksono, Bayu Adi. "Literasi Finansial Keluarga Pekerja Migran Indonesia Ditinjau Dari Pengelolaan Remitan." Jurnal Pendidikan Nonformal 14, no. 2 (November 6, 2019): 68. http://dx.doi.org/10.17977/um041v14i2p68-75.
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Abstract: The purpose of this study was to examine the financial literacy of migrant worker families in terms of remittance management. This study was conducted in seven hamlets of Payaman Solokuro Village, Lamongan Regency. Using cluster random sampling techniques in determining the research sample and using the Harry King Nomogram in determining the number of samples, as many as 95 persons. Data analysis uses ANOVA (Analysis of Variant) technique. The results showed that 63.2% of migrant workers’ families received remittances of 1-3 million each sending period, and 81.1% received remittances once a month. The literacy rate of migrant workers’ families from the perspective of remittance receipts intensity is in medium level, however migrant workers’ families who receive remittances in period of once in three months tend a high level of literacy. Families of migrant workers who receive remittances of more than three million each sending period are higher in financial literacy than others. The results of data analysis show that the financial literacy of migrant workers’ families do not have a significant difference in terms of the remittance receipts intensity, and the financial literacy of migrant workers’ families in terms of remittance receiptsquantitydo not have a significant difference. The results of this study indicate that migrant workers’ families can increase their financial literacy through financial training and have careful considerationsin making economic decisionsAbstrak: Tujuan penelitian ini untuk mengkaji literasi finansial keluarga pekerja migran ditinjau dari pengelolaan remitan, baik dari intensitas maupun kuantitas. Penelitian ini dilakukan di tujuh dusun dari Desa Payaman Solokuro Kabupaten Lamongan. Menggunakan teknis cluster random sampling dalam menetukan sampel penelitian serta menggunakan Nomogram Harry King dalam menentukan besaran sampelnya, yakni sebanyak 95 orang. Analisis data menggunakan teknik ANOVA (Analysis of Varian). Hasil penelitian menunjukkan bahwa 63,2% keluarga pekerja migran mendapat remitan sebanyak 1-3 Juta setiap periode pengirimannya, serta 81,1% menerima remitan sebulan sekali. Tingkat literasi keluarga pekerja migran ditinjau dari sudut pandang intensitas penerimaan remitan berada pada tingkat sedang, namun keluarga pekerja migran yang menerima remitan pada periode tiga bulan sekali cenderung memiliki tingkat literasi yang tinggi. Keluarga pekerja migran yang menerima kiriman remitan lebih dari tiga juta setiap periode pengirimannya cenderung memiliki tingkat literasi finansial yang lebih tinggi diantara yang lainnya. Hasil analisis data menunjukkan bahwa literasi finansial keluarga pekerja migran tidak memiliki perbedaaan yang signifikan ditinjau dari intensitas penerimaan uang remitan, serta literasi finansial keluarga pekerja migran ditinjau dari kuantitas penerimaan uang remitan tidak memiliki perbedaan yang signifikan. Hasil penelitian ini menunjukkan bahwa keluarga pekerja migran dapat meningkatkan literasi finansialnya melalui pelatihan pengelolaan keuangan serta memiliki pertimbangan yang matang dalam mengambil keputusan ekonomi
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Đekić, Marija, Nenad Ravić, and Tamara Vesić. "Positive financial aspects of migrations and the diaspora for the people and economy of Serbia." Ekonomika 68, no. 1 (2022): 105–16. http://dx.doi.org/10.5937/ekonomika2201105d.
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The subject of the paper is the analysis of economic and social advantages of remittance inflows from the Serbian diaspora. Remittances are important for domestic economy and people for several reasons. First and foremost, these remittances are at a high level because of a large number of Serbs that have emigrated in the decades behind us. Even though the exact amount of these remittances cannot be precisely calculated, due to the fact that a great portion of remittances comes to Serbia via informal channels, remittance inflows can have positive effects on many economic aspects of receiving countries, especially in the case of transitioning countries that have gone through difficult periods of economic and political crises, war crisis and devastations. Inflows from diaspora can affect the reduction of poverty, development of economic entities, and even the exchange rate of the country and economic development as a whole, and the diaspora can influence the improvement of political climate and economic relationships with foreign countries. In this paper, we wanted to examine the correlation and strength of the relationship (if any) between the trends of Serbia's GDP and remittances, as well as the relationship between GDP per capita in Serbia and remittances. The correlation procedure was performed in the IBM SPSS 21 program, and the World Bank data were used as a basis. It was concluded that the trend ratio of the GDP of Serbia and remittances is characterized by a positive correlation which was observed in the trend of the GDP of Serbia and remittances.
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Islam, Hamidul, Zulkornain Yusop, Md Farjin Hasan, and Mohammad Sahabuddin. "Nexus between Foreign Remittance and Economic Growth in Bangladesh." Review of Politics and Public Policy in Emerging Economies 1, no. 1 (June 30, 2019): 17–22. http://dx.doi.org/10.26710/rope.v1i1.1127.
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Objective: The aim of this study review the current literature for determining the nexus between foreign remittance and economic growth in Bangladesh. Foreign remittance plays a pivotal role for economic growth in developing countries. It has taken a considerable attention to promote economic development compared to others sources of capital inflows such as aids, loans and foreign direct investments due to direct impact on socio-economic acceleration in a country. As a developing country, Bangladesh is one of the top 10 remittance-recipient countries in the world. Recently, the trends of remittance inflow are shrinking due to geopolitics and Middle East crisis.
Methodology: Previous studies were reviewed, made literature matrix for findings literature and methodological gaps.
Results: The evidences in the literature reveal that the nexus between foreign remittance and economic growth is inclusive and ambiguous for direct or indirect transmission channels through the inclusion of other variables in the analysis as financial development, investment, trade, consumption and poverty alleviation.
Implications: Therefore, remittances inflow not only enhances economic growth and development but also reduces poverty in the labor exporting country.
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Ambrosetti, Elena, Eralba Cela, and Wadim Strielkowski. "Remittance behaviour and integration process of Ukrainian migrants in Italy and the Czech Republic." Revista Latina de Sociología 3, no. 1 (December 29, 2013): 1–11. http://dx.doi.org/10.17979/relaso.2013.3.1.1209.
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This paper uses a case study of Ukrainian migrants in Italy and the Czech Republic to demonstrate the similarities in remittance behavior and integration process of same ethnic group in different destination countries. Our findings show that that remittance behavior of Ukrainian migrants in the Czech Republic and Italy is significantly determined by their financial situation, demographic characteristics, level of human capital and the level of integration as well as the specific context characteristics. In addition, we find evidence for the fact that Ukrainian migrants who are more settled in a target country will send less or no remittances to Ukraine and that therefore the Stark’s hypothesis of remittances decay holds true for this ethnical group regardless of the country of residence.
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Tsaurai, Kunofiwa, and Patience Hlupo. "Do Remittances Enhance Financial Development in Transitional Markets?" Comparative Economic Research. Central and Eastern Europe 22, no. 4 (December 30, 2019): 73–89. http://dx.doi.org/10.2478/cer-2019-0033.
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The paper explored (1) the impact of remittances on financial development and (2) whether the interaction between remittances and human capital development had an influence on financial development in transitional economies using the dynamic GMM approach, with data ranging from 1996 to 2014. Remittances were found to have had a non‑significant positive influence on financial development in transitional economies when stock market turnover, stock market value traded, domestic credit to the private sector by banks, and public bond sector development were used as measures of financial development. When stock market capitalisation, domestic credit to the private sector by financial sector, and private bond sector development were used as measures of financial development, remittances had a non‑significance negative effect on financial development. Using all other measures of financial development except stock market capitalisation (which produced a negative sign), the interaction between remittances and human capital development had an insignificant positive influence on financial development. Transitional economies are therefore urged to avoid over‑relying on remittance inflow and human capital development as sources of financial development.
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Agyapong, Daniel, Michael Asiamah, and Joop Lloyd Crabbe. "Effect of capital inflows on financial development in Ghana." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 7, no. 1 (August 31, 2019): 85–102. http://dx.doi.org/10.22437/ppd.v7i1.6611.
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The study examines the effect of capital inflows on financial development in Ghana. The study employs the Johansen and Juselius multivariate cointegration approach in analysing the interactions between the variables using annual data spanning 1970 to 2014. The results show foreign direct investment (FDI), external debt, and remittance inflows have significant negative impact on financial development in the long run. Furthermore, there was significant negative relationships between external debt, remittance inflows, and financial development in the short run. However, the relationship between FDI and financial development in the short run was not significant. The study was only limited to Ghana. However, the study will help countries particularly developing countries in analysing inflows of capital and their effect on the development of financial sector for policy purposes. Furthermore, this study provides avenues for policy makers to properly formulate policies containing capital inflows for effective financial sector development. Also, the study will help policy makers in terms of how issues of capital flight must be addressed and how to take pragmatic steps to channel remittances inflows to productive sectors of the economy.
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Varlamova, Julia A., Natalia I. Larionova, and Julia S. Kolesnikova. "Modelling Outflow Remittances in the Digital Era: A Subnational Analysis of Russia." R-Economy 9, no. 2 (2023): 155–72. http://dx.doi.org/10.15826/recon.2023.9.2.010.
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Relevance. The outflow of funds from the Russian economy, including remittances, can have a significant impact on the country's economic development. The influence of digital technologies and the heterogeneity of Russian regions further complicate the study of factors affecting remittance outflows. This study aims to address this research gap by examining the spatial effects of remittance outflows from Russia at the regional level within the context of digital transformation. Research Objective. The primary objective of this paper is to investigate whether spatial effects exist in the outflow of remittances from Russia at the regional level and how digitalization affects this phenomenon. By exploring spatial autocorrelation and fitting spatial models, we aim to understand the mutual influence and interdependence of regions in cross-border remittances. Data and Methods. The study utilizes open annual data from the Bank of Russia on cross-border remittances and data from the Federal State Statistics Service of the Russian Federation. The research methodology includes spatial autocorrelation estimation and the application of spatial models. Results. Our findings indicate that the digitalization of business transactions leads to a decline in cross-border remittances that do not involve payment systems. This finding primarily relates to the relatively low share of non-resident remittances within formal remittances. The results underscore the importance of considering spatial differentiation among regions in terms of remittance volume when formulating regional policies. Furthermore, the study reveals a shifting trend towards the emergence of major centers for outgoing transfers in the Far Eastern part of Russia and an increase in remittance volumes from border regions in the European part of Russia. Conclusions. The policy implications of this study highlight the need to encourage the participation of the population's savings in the domestic economy. This can be achieved through measures aimed at facilitating internal investment and financial inclusion.
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Fagiolo, Giorgio, and Tommaso Rughi. "Exploring the Macroeconomic Drivers of International Bilateral Remittance Flows: A Gravity-Model Approach." Economies 11, no. 7 (July 17, 2023): 195. http://dx.doi.org/10.3390/economies11070195.
Full textAbstract:
This paper investigates the macroeconomic determinants of global bilateral remittance flows. Unlike existing studies, which have been often hampered by the lack of comprehensive and large-enough datasets, we use data originally covering 214 countries over the 2010–2017 period. We employ a gravity-model approach to explore the role played by dyadic and country-specific covariates in explaining remittances. We find that remittance flows are robustly and strongly impacted by size effects (i.e., number of migrants in the host country and population at home), transaction costs, common social, political, and cultural ties, output growth rate, and financial development at home. We also document the existence of a robust non-linear relationship between per capita income at home and remittance flows, both in the aggregate and across income groups.
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Wilastra, Heki. "Dampak Remitansi terhadap Investasi Domestik: Analisis Peranan Perkembangan Sektor Keuangan dan Kualitas Institusi pada Emerging Market di Negara-Negara Asia." JURNAL DINAMIKA EKONOMI PEMBANGUNAN 5, no. 2 (November 9, 2022): 95–109. http://dx.doi.org/10.14710/jdep.5.2.95-109.
Full textAbstract:
Remittances is one of the largest capital inflows in emerging markets Asia after FDI. This study investigates the impact of remittances on domestic investment in Asian emerging market countries. A panel domestic investment model uses remittances, financial development and institutional quality. The interaction variables between remittances, financial development and institutional quality are also added to see the joint effects of these variables. The panel data approach used includes slope heterogeneity, cross-section dependence, unit root panel, cointegration panel and FMOLS which takes into account the potential for heterogeneity and endogeneity. The period considered were 1998 – 2019. This study’s outcomes show that increasing of remittance inflows led to decline in domestic investment and confirmed the dutch disease phenomenon. However, joint effect of remittances and financial development and also institutional quality is positive and nullflies the dutch disease phenomenon. In addition, increased of financial development and institutional quality may foster domestic investment.