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US Migrant Employment and Remittances to Central America: A Cointegration Approach

In: Financing the Family

Author

Listed:
  • Gabriela Inchauste

    (World Bank)

  • Ernesto Stein

    (Inter-American Development Bank)

Abstract

Remittances accounted for 10 percent of GDP on average in Central America in 2010 and far outpaced other capital inflows. Because of their magnitude, these inflows are one of the most direct and immediate channels through which countries are vulnerable to business cycles in the developed world, and in particular to US business cycles, since the United States is by far the most important origin of remittances for Central America.1 After a decade of strong growth, remittances underwent a widespread decline during the 2008–09 international financial crisis. However, there were important differences across countries, with more pronounced declines observed in Honduras, Guatemala, and El Salvador (10.8 percent, 9.3 percent, and 8.3 percent, respectively) when compared to the declines observed in Nicaragua (6.1 percent) and the Dominican Republic (4.5 percent).

Suggested Citation

  • Gabriela Inchauste & Ernesto Stein, 2013. "US Migrant Employment and Remittances to Central America: A Cointegration Approach," Palgrave Macmillan Books, in: Gabriela Inchauste & Ernesto Stein (ed.), Financing the Family, chapter 4, pages 71-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33307-0_4
    DOI: 10.1057/9781137333070_4
    as

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