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The Macroeconomics of Remittances

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  • Alexei Kireyev

Abstract

The paper seeks to assess the macroeconomic implications of large-scale inward remittances for a small open economy. By including remittances in several standard models, the paper concludes that the overall macroeconomic impact of remittances is likely to be ambiguous. The impact depends on the structural characteristics of the receiving country, in particular its consumption and investment patterns, and its capacity to manage large financial inflows. As data deficiencies and methodological problems associated with remittances preclude crosscountry empirical investigation, the paper illustrates these findings with data on Tajikistan, where remittances as a share of GDP are among the highest in the world. The paper also evaluates the pros and cons of remittances in a broader political economy context.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/2.

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Length: 26
Date of creation: 01 Jan 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/2

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Keywords: Labor mobility; Workers remittances; remittances; migration; banking; banking system; impact of remittances; inflow of remittances; remittance; migrant; foreign exchange; bank transfers; workers ? remittances; remittance flows; money transfer; inflows of remittances; national bank; migrant remittances; foreign exchange market; contribution of remittances; remittance inflows; capital flows; flows of remittances; propensity to save; direct impact of remittances; flow of remittances; money transfer operators; data on remittance; income statement; banking services; evolution of remittances; impact of remittances on growth; migrants remittances; bank cards; households receiving remittances; flows of remittance; bank money; remitter; banking sector; migrants ? remittances; consequence of remittances; bank services; money transfer system; seasonal migrants; data on remittance inflows; importance of remittances; impact of remittances on development; net remittances; inflows from remittances; immigrant remittance; remittance transfer; benefits of remittances; inward remittances; bankers; international transfers; amount of remittances; diaspora; disintermediation; data on remittance flows; excess demand; data on remittances;

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References

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  1. Rapoport, Hillel & Docquier, Frederic, 2006. "The Economics of Migrants' Remittances," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier, Elsevier.
  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. Jacques Bouhga-Hagbe, 2004. "A Theory of Workers' Remittances with An Application to Morocco," IMF Working Papers 04/194, International Monetary Fund.
  4. Solimano, Andres, 2003. "Remittances by Emigrants: Issues and Evidence," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
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Citations

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Cited by:
  1. Hrushikesh Mallick, 2009. "Do Remittances Impact the Economy? Some Empirical Evidences from A Developing Economy," Working Papers id:2199, eSocialSciences.
  2. Ivakhnyuk, Irina, 2009. "Russian Migration Policy and Its Impact on Human Development," MPRA Paper 19196, University Library of Munich, Germany.
  3. Tigran A. Melkonyan & David A. Grigorian, 2008. "Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest," IMF Working Papers 08/19, International Monetary Fund.
  4. Patricia Justino & Olga Shemyakina, 2010. "Remittances and Labor Supply in Post-Conflict Tajikistan," HiCN Working Papers 83, Households in Conflict Network.
  5. Cristian ÎNCALŢĂRĂU & Liviu-George MAHA, 2012. "The impact of remittances on consumption and investment in Romania," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, Centre for European Studies, Alexandru Ioan Cuza University, vol. 3, pages 61-86, December.
  6. Hrushikesh Mallick, 2008. "Do remittances impact the economy? Some empirical evidences from a developing economy," Centre for Development Studies, Trivendrum Working Papers, Centre for Development Studies, Trivendrum, India 407, Centre for Development Studies, Trivendrum, India.
  7. de Haas, Hein, 2009. "Mobility and Human Development," MPRA Paper 19176, University Library of Munich, Germany.
  8. Pomfret, Richard, 2010. "Central Asia after Two Decades of Independence," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) wp2010-53, World Institute for Development Economic Research (UNU-WIDER).
  9. Sami Ben Mim (ERUDITE) & Fatma Mabrouk (GREThA, CNRS, UMR 5113), 2011. "Remittances and economic growth: what channels of transmission? (In French)," Cahiers du GREThA, Groupe de Recherche en Economie Théorique et Appliquée 2011-28, Groupe de Recherche en Economie Théorique et Appliquée.
  10. Barbara Dietz, 2010. "Migration and Remittances in Macedonia : A Review," Working Papers, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies) 281, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  11. Kalaj, Ermira Hoxha, 2010. "Remittances and Human Capital Investment: Evidence from Albania," MPRA Paper 49210, University Library of Munich, Germany.

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