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The Global Financial Crisis and Workers' Remittances to Africa

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Author Info

  • Ralph Chami
  • Adolfo Barajas
  • Anjali Garg
  • Connel Fullenkamp

Abstract

Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts remittance declines into African countries of between 3 and 14 percentage points, with migrants to Europe hardest hit while migrants within Africa relatively unaffected by the crisis. The estimated impact on GDP for relatively remittance-dependent countries is 2 percent for 2009, but will likely be short-lived, as host country income is projected to rise in 2010.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/24.

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Length: 21
Date of creation: 01 Jan 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/24

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Related research

Keywords: Economic growth; Migration; Capital flows; Economic forecasting; Global Financial Crisis 2008-2009; Workers remittances; Africa; global crisis; migrant; host country; host-country; workers ? remittances; remittance flows; host countries; remittances data; growth rate of remittances; official remittance; global remittances; data on remittances; drop in remittances; importance of remittances; decline in remittances; contribution of remittances; high remittance; remitters; interest in remittances; changes in remittance flows; formal remittances; effects of remittances; remittance receiving; coefficient on remittances; amount of remittances; determinants of remittances; impact of remittances; remittance transfers; remittance channel; foreign currency; remittance receiving country;

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References

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  1. Nicholas P. Glytsos, 2005. "The contribution of remittances to growth: A dynamic approach and empirical analysis," Journal of Economic Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 32(5), pages 468-496, October.
  2. Parsons, Christopher R. & Skeldon, Ronald & Walmsley, Terrie L. & Winters, L. Alan, 2007. "Quantifying international migration : a database of bilateral migrant stocks," Policy Research Working Paper Series 4165, The World Bank.
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Citations

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Cited by:
  1. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, number 13092, August.
  2. Renee van Eyden & Emmanuel Owusu-Sekyere & Francis Kemegue, 2011. "Remittance Inflows to Sub-Saharan Africa: The Case of SADC," Working Papers 201127, University of Pretoria, Department of Economics.
  3. Mohapatra, Sanket & Ratha, Dilip, 2010. "Forecasting migrant remittances during the global financial crisis," Policy Research Working Paper Series 5512, The World Bank.
  4. Bentour, El Mostafa, 2013. "Should Moroccan Officials Depend on the Workers’ Remittances to Finance the Current Account Deficit?," MPRA Paper 52290, University Library of Munich, Germany, revised 01 May 2013.
  5. Nyamongo, Esman Morekwa & Misati, Roseline N. & Kipyegon, Leonard & Ndirangu, Lydia, 2012. "Remittances, financial development and economic growth in Africa," Journal of Economics and Business, Elsevier, Elsevier, vol. 64(3), pages 240-260.
  6. Deodat E. Adenutsi & Meshach J. Aziakpono & Matthew K. Ocran, 2011. "The Changing Impact Of Macroeconomic Environment On Remittance Inflows In Sub-Saharan Africa," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 3(2 (July)), pages 136-167.
  7. Francis Kemegue & Emmanuel Owusu-Sekyere & Renee van Eyden, 2011. "What Drives Remittance Inflows to Sub-Saharan Africa? A Dynamic Panel Approach," Working Papers 201128, University of Pretoria, Department of Economics.

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