The Responsiveness of Remittances to the Oil Price: The Case of the GCC
AbstractWe investigate the responsiveness of remittances from the Gulf Cooperation Council (GCC) countries to the changes in the price of crude oil. Most of the GCC countries rank in the top 20 remitting countries in the world. We find that oil price elasticity of remittances is around 0.4. While most studies have examined the impact of remittances on the real economic activities in the receiving countries, this study emphasises the impact of remittances on the remitting countries. We examine various policy implications with regard to macroeconomic shocks, monetary policy and fiscal policy of the GCC countries.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4277.
Length: 24 pages
Date of creation: Jul 2009
Date of revision:
Publication status: published in: OPEC Energy Review, 2009, 33 (3/4), 184-197
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Find related papers by JEL classification:
- F24 - International Economics - - International Factor Movements and International Business - - - Remittances
- P22 - Economic Systems - - Socialist Systems and Transition Economies - - - Prices
- N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-17 (All new papers)
- NEP-ARA-2009-07-17 (MENA - Middle East & North Africa)
- NEP-ENE-2009-07-17 (Energy Economics)
- NEP-MIG-2009-07-17 (Economics of Human Migration)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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