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Remittances and Portfolio Values: An Inquiry Using Spanish Immigrants from Africa, Europe and the Americas

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Author Info

  • Amuedo-Dorantes, Catalina

    ()
    (San Diego State University)

  • Pozo, Susan

    ()
    (Western Michigan University)

Abstract

Using a recent Spanish database, we show that remittances respond to cross country differences in portfolio values. This behavior suggests that immigrants are sophisticated economic optimizers who take advantage of opportunities to invest trans-nationally given the networks that immigrants are likely to have developed both in their host and home communities. The responsiveness to portfolio variables persists whether immigrants are highly or less highly educated. However, there are differences in the individual portfolio variables to which immigrants from various regions of the world respond to, as we would expect given migrants' diverse backgrounds and motives for emigrating. Additionally, remitting patterns change over time with the length of the migration spell, suggesting that remittances sent for portfolio motives become more likely as the immediate needs of family left back home are addressed and immigrants settle down in their host communities.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6622.

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Length: 37 pages
Date of creation: Jun 2012
Date of revision:
Handle: RePEc:iza:izadps:dp6622

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Keywords: remittances; portfolio motives; Spain;

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References

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  1. Matthew Higgins & Alketa Hysenbegasi & Susan Pozo, 2004. "Exchange-rate uncertainty and workers' remittances," Applied Financial Economics, Taylor & Francis Journals, vol. 14(6), pages 403-411.
  2. Amuedo-Dorantes, Catalina & Mazzolari, Francesca, 2009. "Remittances to Latin America from Migrants in the United States: Assessing the Impact of Amnesty Programs," IZA Discussion Papers 4318, Institute for the Study of Labor (IZA).
  3. Dean Yang, 2008. "International Migration, Remittances and Household Investment: Evidence from Philippine Migrants' Exchange Rate Shocks," Economic Journal, Royal Economic Society, vol. 118(528), pages 591-630, 04.
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