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Do Remittances to Latin America Dependon the U.S. Business Cycle?

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  • Ewa Gradzka
  • Shaun K. Roache
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    Abstract

    We use a range of methods and remittance data from 1990 to 2007 to assess the strength and significance of linkages between remittance flows to Latin America and the U.S. business cycle. All of the evidence suggests that remittance flows are relatively insensitive to fluctuations in the U.S. cycle, underlining their role as a stable source of external financing, in good times and bad. A number of factors, notwithstanding uncertainties related to official remittance data reliability, might explain this result, including remittance smoothing and flexible immigrant labor markets.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/273.

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    Length: 32
    Date of creation: 01 Dec 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/273

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    Related research

    Keywords: Latin America; Workers remittances; Labor markets; remittances; remittance; remittance flows; correlations; cointegration; correlation; migrant; remittance data; statistics; sample size; survey; equation; standard deviation; polynomial; migration; workers ? remittances; probability; official remittance data; remittances flows; role of remittances; official remittance; predictions; statistic; heteroscedasticity; determinants of remittances; money transfer fees; country remittance; flows of remittances; standard errors; money transfer; standard deviations; standard error; impact of remittances on growth; probability value; migrants ? remittances; migrant remittance; samples; equations; sample sizes; decline in remittances; developmental role of remittances; data on remittances; migrant remittances; granger causality; emigrant remittances; econometrics; random process; prediction; impact of remittances; time series; number of parameters; coefficients on remittances; informal remittances; official remittances; measurement of remittances; remittance flow; measurement error; bilateral remittance; sample bias; bilateral remittance data;

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    Cited by:
    1. Bharati Basu & James T. Bang, 2013. "Insurance and remittances: New evidence from Latin American immigrants to the US," Migration Letters, Transnational Press London, UK, vol. 10(3), pages 383-398, September.
    2. Bank for International Settlements, 2008. "Monetary and financial stability implications of capital flows in Latin America and the Caribbean," BIS Papers, Bank for International Settlements, number 43, May.
    3. Magnusson, Kristin, 2009. "The Impact of U.S. Regional Business Cycles on Remittances to Latin America," Working Paper Series in Economics and Finance 710, Stockholm School of Economics.
    4. Carlos Vargas-Silva, 2009. "Are Remittances Manna From Heaven? A Look at the Business Cycle Properties of Remittances," Working Papers 0905, Sam Houston State University, Department of Economics and International Business.

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