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The Macroeconomics of Remittances: The Case of Tajikistan

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  • Mr. Alexei P 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.

Suggested Citation

  • Mr. Alexei P Kireyev, 2006. "The Macroeconomics of Remittances: The Case of Tajikistan," IMF Working Papers 2006/002, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2006/002
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    References listed on IDEAS

    as
    1. Andrés Solimano, 2003. "Remittances by Emigrants: Issues and Evidence," WIDER Working Paper Series DP2003-89, World Institute for Development Economic Research (UNU-WIDER).
    2. Mr. Jacques Bouhga-Hagbe, 2004. "A Theory of Workers' Remittances with An Application to Morocco," IMF Working Papers 2004/194, International Monetary Fund.
    3. Solimano, Andrés, 2003. "Remittances by emigrants: issues and evidence," Macroeconomía del Desarrollo 5390, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. 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.
    5. Rapoport, Hillel & Docquier, Frederic, 2006. "The Economics of Migrants' Remittances," Handbook on the Economics of Giving, Reciprocity and Altruism, in: S. Kolm & Jean Mercier Ythier (ed.), Handbook of the Economics of Giving, Altruism and Reciprocity, edition 1, volume 1, chapter 17, pages 1135-1198, Elsevier.
    6. 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.
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