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Impact of trade openness, remittances, capital inflows & financial development on income in Vanuatu

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  • Kumar, Ronald R.

Abstract

In this study, using bounds approach and annual data for the period 1981-2008, the short and long-run effects of remittances and trade openness on income in Vanuatu are estimated. The results show trade openness and remittances having positive and significant effects, with no significant effects from financial development (FIN), foreign direct investment (FDI), and official development aid (ODA). FDI and ODA in this sense behave somewhat differently than remittances. Therefore a greater liberalization of goods and services market in general and short-term temporary movements of people in particular to boost remittances inflows and improving the overall institutional infrastructure is put forward as priority policy measures.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33221.

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Date of creation: 30 Dec 2010
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Handle: RePEc:pra:mprapa:33221

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Keywords: Remittances; trade; economic growth; FDI; financial sector development; ODA; bounds test; Vanuatu;

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  1. de la Grandville,Olivier, 2009. "Economic Growth," Cambridge Books, Cambridge University Press, number 9780521725200.
  2. Rao, B. Bhaskara & Tamazian, Artur & Singh, Rup & Vadlamannati, Krishna Chaitanya, 2008. "Financial developments and the rate of growth of output: An alternative approach," MPRA Paper 8605, University Library of Munich, Germany.
  3. de la Grandville,Olivier, 2009. "Economic Growth," Cambridge Books, Cambridge University Press, number 9780521898010.
  4. L. Alan Winters & Neil McCulloch & Andrew McKay, 2004. "Trade Liberalization and Poverty: The Evidence So Far," Journal of Economic Literature, American Economic Association, vol. 42(1), pages 72-115, March.
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  6. Michael Gapen & Thomas Cosimano & Ralph Chami, 2006. "Optimal Fiscal and Monetary Policy in the Presence of Remittances," Computing in Economics and Finance 2006 34, Society for Computational Economics.
  7. Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor and Francis Journals, vol. 37(17), pages 1979-1990.
  8. Dilip Ratha, 2006. "Leveraging remittances for development," Proceedings, Federal Reserve Bank of Dallas, pages 173-185.
  9. Michael T. Gapen & Thomas F. Cosimano & Ralph Chami, 2006. "Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances," IMF Working Papers 06/61, International Monetary Fund.
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  11. Luintel, Kul B. & Khan, Mosahid, 1999. "A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR," Journal of Development Economics, Elsevier, vol. 60(2), pages 381-405, December.
  12. Bowman, Chakriya & Chand, Satish, 2007. "Size Matters: The Impact of Aid on Institutions," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  13. Richard P.C. Brown & Gareth Leeves, 2007. "Impacts of International Migration and Remittances," Discussion Papers Series 347, School of Economics, University of Queensland, Australia.
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