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Determinants of Emigrant Deposits in Cape Verde

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  • International Monetary Fund
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    Abstract

    In the last decade Cape Verde has experienced a strong accumulation of emigrant deposits. These deposits have provided much needed foreign exchange to the country, adding support to the exchange rate peg. This paper studies the long-run determinants of emigrant deposits with respect to risk, wealth, and return variables, isolating speculative and altruistic motives underlying the accumulation of flows. The study suggests that the temporary character of recent emigration is responsible for the rise in the share of flows driven by altruism. Finally, the paper discusses policy implications in light of the empirical findings and the recent literature on this topic.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/132.

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    Length: 28
    Date of creation: 01 May 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/132

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    Related research

    Keywords: Migration; Workers remittances; Foreign exchange reserves; Labor mobility; remittances; exchange rate; foreign exchange; exchange rate peg; remittance; remittance flows; foreign exchange law; migrant; diaspora; workers ? remittances; determinants of remittances; exchange rate risk; exchange reserves; capital flows; exchange rate policy; fixed exchange rate; exchange rate stability; basket of currencies; exchange rate systems; dollar exchange rate; immigrant remittance; remittance inflows; fixed exchange rate systems; exchange controls; exchange rate system; exchange rate changes; exchange transactions;

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    1. repec:cup:etheor:v:13:y:1997:i:1:p:79-118 is not listed on IDEAS
    2. Ralph Chami & Connel Fullenkamp & Samir Jahjah, 2005. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 55-81, April.
    3. Poonam Gupta, 2005. "Macroeconomic Determinants of Remittances," IMF Working Papers 05/224, International Monetary Fund.
    4. Poonam Gupta & James P. F. Gordon, 2004. "Nonresident Deposits in India," IMF Working Papers 04/48, International Monetary Fund.
    5. Adams, Richard H. Jr., 2003. "International migration, remittances, and the brain drain ; a study of 24 labor exporting countries," Policy Research Working Paper Series 3069, The World Bank.
    6. Jacques Bouhga-Hagbe, 2004. "A Theory of Workers' Remittances with An Application to Morocco," IMF Working Papers 04/194, International Monetary Fund.
    7. Jan-Peter Olters, 1999. "Foreign Exchange Queues, Informal Traders, and a Zero Premium in the Black Market," IMF Working Papers 99/110, International Monetary Fund.
    8. Paruolo, Paolo, 2002. "Asymptotic Inference On The Moving Average Impact Matrix In Cointegrated I (2) Var Systems," Econometric Theory, Cambridge University Press, vol. 18(03), pages 673-690, June.
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    Cited by:
    1. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications, The World Bank, number 6626, October.

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