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Economic volatility and remittances: evidence from SIDS

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Author Info

  • Mahalia Jackman
  • Roland Craigwell
  • Winston Moore

Abstract

Purpose – The purpose of this paper is to investigate the potential link between remittances and economic volatility in small island developing states. Design/methodology/approach – The paper estimates a panel data model using a database containing 20 small island developing states (SIDS) observed over annual intervals between 1986 and 2005. Findings – The results suggest that, in general, remittance flows have a stabilising influence on output and investment volatility. However, given the importance of these flows to SIDS, the volatility of remittances also has a significant and positive impact on both investment and consumption volatility. Practical implications – The policy implications of the study's findings is that SIDS (similar to how oil-producing nations take oil price fluctuations into account when considering policy changes) may have to monitor and forecast future remittance flows and take these projections into account when making changes to either their monetary or fiscal policy stance. Originality/value – Workers' remittances have grown dramatically worldwide, particularly in SIDS, where they constitute one of the main sources of foreign exchange. Given the importance of these flows to economic growth and development in these countries, this study examines the potential link between remittances and economic volatility.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 36 (2009)
Issue (Month): 2 (May)
Pages: 135-146

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Handle: RePEc:eme:jespps:v:36:y:2009:i:2:p:135-146

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Related research

Keywords: Economic change; Economic conditions; Flow of funds;

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Citations

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Cited by:
  1. Petrie, Ragan & Jacobson, Sarah, 2013. "Favor Trading in Public Good Provision," Department of Economics Working Papers 2013-03, Department of Economics, Williams College.
  2. Shahbaz, Muhammad & Ur Rehman, Ijaz & Ahmad Mahdzan, Nurul Shahnaz, 2013. "Linkages between Income Inequality, International Remittances and Economic Growth in Pakistan," MPRA Paper 45577, University Library of Munich, Germany, revised 20 Mar 2013.
  3. Roland Craigwell & Mahalia Jackman & Winston Moore, 2010. "Economic volatility and remittances," International Journal of Development Issues, Emerald Group Publishing, vol. 9(1), pages 25-42, April.
  4. Mallick, Debdulal & Cooray, Arusha, 2010. "International Business Cycles and Remittance Flows," MPRA Paper 25675, University Library of Munich, Germany.
  5. Heli Virta, 2010. "The linkage between corruption and shadow economy size: does geography matter?," International Journal of Development Issues, Emerald Group Publishing, vol. 9(1), pages 4-24, April.

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