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Role of Remittances in Economic Development: An Empirical Study of World’s Two Most Remittances Dependent Pacific Island Economies

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  • Jayaraman, T. K.
  • Choong, Chee-Keong
  • Kumar, Ronald

Abstract

In the context of the ongoing world-wide recession and the consequent dim prospects for exports from small Pacific island countries, mobilization of foreign exchange earnings assumes considerable importance. The dependency of Samoa and Tonga on inward remittances is well known, as the two Polynesian island countries in recent years have been amongst the first top ten remittance recipient countries of the world. This paper examines the long-run nexus between economic growth and inward remittances during a three-decade period (1981-2008). The paper also discusses some important policy implications arising out of the study findings.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33197.

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Date of creation: May 2011
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Handle: RePEc:pra:mprapa:33197

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Keywords: Remittances; financial sector development; economic growth; bounds test; Samoa; Tonga;

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