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Are Oil Prices and Remittance Outflows Asymmetric? Evidence From Saudi Arabia

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  • Selçuk Akçay

    (Asia Pacific Applied Economics Association)

Abstract

Understanding the nexus between oil prices and remittance outflows is critical for both remitting and recipient countries. This is the first study that examines the asymmetric impact of oil prices on remittance outflows for Saudi Arabia. Relying on the non-linear autoregressive distributed lag model and taking advantage of yearly data over the period 1980-2018, we document that: (i) oil prices are asymmetrically related to remittance outflows but only in the long-run; and (ii) positive innovations in oil prices are conducive to remittance outflows, whereas negative innovations do not affect remittance outflows significantly.

Suggested Citation

  • Selçuk Akçay, 2021. "Are Oil Prices and Remittance Outflows Asymmetric? Evidence From Saudi Arabia," Energy RESEARCH LETTERS, Asia-Pacific Applied Economics Association, vol. 1(1), pages 1-1.
    • Handle: RePEc:ayb:jrnerl:6
    DOI: 2021/06/16
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    References listed on IDEAS

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    1. Naufal, George S & Termos, Ali, 2009. "The Responsiveness of Remittances to the Oil Price: The Case of the GCC," IZA Discussion Papers 4277, Institute of Labor Economics (IZA).
    2. Akçay Selçuk, 2019. "Does Oil Price Asymmetrically Impact Remittance Outflows? The Case of Oman," Review of Middle East Economics and Finance, De Gruyter, vol. 15(2), pages 1-9, August.
    3. Ohnsorge, Franziska & Kabundi, Alain, 2020. "Implications of Cheap Oil for Emerging Markets," CEPR Discussion Papers 15296, C.E.P.R. Discussion Papers.
    4. George S. Naufal & Ali Termos, 2009. "The responsiveness of remittances to price of oil: the case of the GCC," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 33(3-4), pages 184-197, September.
    5. Stephen Snudden, 2018. "International remittances, migration and primary commodities," The World Economy, Wiley Blackwell, vol. 41(11), pages 2934-2953, November.
    6. United Nations (UN), 2016. "International Migration and Development," Working Papers id:11048, eSocialSciences.
    7. Abbas, Shujaat, 2020. "Impact of oil prices on remittances to Pakistan from GCC countries: evidence from panel asymmetric analysis," MPRA Paper 107246, University Library of Munich, Germany.
    8. Stephen Snudden, 2019. "Labor and behavior determinants of remittances in Saudi Arabia," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 48(3), November.
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    Cited by:

    1. Alsamara, Mouyad & Mrabet, Zouhair, 2023. "Investigating the impact of remittance outflows and oil price on economic growth in Gulf Cooperation Council countries," Resources Policy, Elsevier, vol. 82(C).

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