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Workers’ Remittances and Economic Growth in South Asia

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  • Jawaid, Syed Tehseen
  • Raza, Syed Ali

Abstract

This study investigates the effect of workers’ remittances on economic growth of five South Asian countries namely Pakistan, India, Bangladesh, Sri Lanka & Nepal by employing long time series data from 1975 to 2009. Cointegration results confirm that there exist significant positive long run relationship between remittances and economic growth in India, Bangladesh, Sri Lanka and Nepal while, significant negative relationship exist between remittances and economic growth in Pakistan. Causality analysis shows bidirectional causality between remittances and economic growth in Nepal and Sri Lanka. On the other hand, unidirectional causality exist, runs from remittances to economic growth in Pakistan, India and Bangladesh. Sensitivity analysis confirms that the results are robust. It suggested that policy makers should make policies to reduce the transaction cost to welcome remittances in the region. In addition, countries especially Pakistan should more relying on increasing exports rather than workers’ remittances as foreign exchange earnings for sustainable and long run growth in the country.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39001.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:39001

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Keywords: Remittances; Economic Growth;

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  1. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
  2. Samir Jahjah & Ralph Chami & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development," IMF Working Papers 03/189, International Monetary Fund.
  3. Abu Siddique & E A Selvanathan & Saroja Selvanathan, 2010. "Remittances and Economic Growth: Empirical Evidence from Bangladesh India and Sri Lanka," Economics Discussion / Working Papers 10-27, The University of Western Australia, Department of Economics.
  4. Qayyum, Abdul & Javid, Muhammad & Arif, Umaima, 2008. "Impact of Remittances on Economic Growth and Poverty: Evidence from Pakistan," MPRA Paper 22941, University Library of Munich, Germany.
  5. Bichaka Fayissa & Christian Nsiah, 2010. "Can Remittances Spur Economic Growth and Development? Evidence from Latin American Countries (LACs)," Working Papers 201006, Middle Tennessee State University, Department of Economics and Finance.
  6. Archanun Kohpaiboon, 2003. "Foreign trade regimes and the FDI-Growth Nexus: a case study of Thailand," Journal of Development Studies, Taylor & Francis Journals, vol. 40(2), pages 55-69.
  7. Syed tehseen, jawaid & Abdul, waheed, 2011. "Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation," MPRA Paper 32694, University Library of Munich, Germany.
  8. Bichaka Fayissa & Christian Nsiah, 2008. "The Impact of Remittances on Economic Growth and Development in Africa," Working Papers 200802, Middle Tennessee State University, Department of Economics and Finance.
  9. Muhammad Shahbaz & Naveed Aamir, 2007. "Rural-Urban Income Inequality under Financial Development and Trade Openness in Pakistan: The Econometric Evidence," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 657-672.
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