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Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa

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Author Info

  • Raju Jan Singh
  • Kyung-woo Lee
  • Markus Haacker

Abstract

The paper investigates the determinants and the macroeconomic role of remittances in sub-Saharan Africa, assembling the most comprehensive dataset available so far on remittances in the region and incorporating data on the diaspora. It finds that remittances are larger for countries with a larger diaspora or when the diaspora is located in wealthier countries, and that they behave countercyclically, consistent with a role as a shock absorber. Although the effect of remittances in growth regressions is negative, countries with well functioning domestic institutions seem nevertheless to be better at unlocking the potential for remittances to contribute to faster economic growth.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/216.

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Length: 26
Date of creation: 01 Oct 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/216

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Related research

Keywords: Economic growth; Developing countries; Economic models; Workers remittances; remittances; exchange rate; migration; determinants of remittances; real exchange rate; impact of remittances; dual exchange rate; remittance; workers ? remittances; diaspora; remittance flows; role of remittances; recipients of remittances; exchange rate regime; foreign exchange; migrant; home currency; exchange rate dummy; impact of remittances on growth; effect of remittances; volume of remittances; amount of remittances; send remittances; nominal exchange rate; money transfer; development impact of remittances; flows of remittances; flow of remittances; remitters; migrants ? remittances; market exchange rate; worker remittances; impact of remittances on poverty; effects of remittances; multiple exchange rate regime; exchange rate variations; migration remittances; exchange rate shocks; economic implications of remittances; data on remittances; money transfers; emigrant remittances; exchange arrangements; multiple exchange rate; estimates of remittances; black market exchange rate; remittances flows; effects of remittance; real exchange rate appreciation; exchange restrictions; exchange rate appreciation; exchange rate premium; increase in remittances; overvalued exchange rate; coefficient on remittances;

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