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Remittances as counter-cyclical output stabilizers in the WAEMU

Author

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  • Ermal Hitaj

    (Gazi University, Economic Development and Growth)

Abstract

This paper explores the role of migrant remittances as output stabilizers in the West African Economic and Monetary Union (WAEMU). Remittances have become an increasingly important source of financing for members of the WAEMU, and have, over the last decade, surpassed FDI inflows in magnitude. The paper shows that remittances in WAEMU have been countercyclical. In addition, remittances inflows have played an important role as a shock-absorbing device when economies slow down, and have helped reduce output volatility. Given their output stabilizing role, remittances should be encouraged and facilitated. They could benefit from more competition and transparency in the transfer market, innovative transfer technologies and improved access to financial institutions.

Suggested Citation

  • Ermal Hitaj, 2015. "Remittances as counter-cyclical output stabilizers in the WAEMU," EY International Congress on Economics II (EYC2015), November 5-6, 2015, Ankara, Turkey 273, Ekonomik Yaklasim Association.
    • Handle: RePEc:eyd:cp2015:273
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    More about this item

    Keywords

    Aid; Economic Development; Sub-Saharan Africa; Developing Countries;
    All these keywords.

    JEL classification:

    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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