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Another Consequence of the Economic Crisis: A Decrease in Migrants’ Remittances

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  • Isabel Ruiz

    () (Department of Economics and International Business, Sam Houston State University)

  • Carlos Vargas-Silva

    () (International Migration Institute, University of Oxford)

Abstract

The effects of the current global economic crisis are widespread. The economic downturn has affected large sectors of the population in developed and developing countries and international immigrants have not been the exception. This paper documents the recent slowdown in workers’ remittances, the money that international immigrants send to their countries of origin. Current data indicates that remittance flows have decreased for all regions of the world. Latin America stands out by reporting an almost zero percent growth rate of remittances for 2008. Among Latin American countries, Mexico (the largest recipient of remittances in the region in terms of volume) seems to be the most affected with a decrease of more than US$900 million between 2007 and 2008. This article also presents evidence of the impact of some of the factors associated with the current economic crisis on remittances flows. The results indicate that there is a strong link between housing activity in the United States and remittances flows.

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Bibliographic Info

Paper provided by Sam Houston State University, Department of Economics and International Business in its series Working Papers with number 0907.

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Date of creation: Sep 2009
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Handle: RePEc:shs:wpaper:0907

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  1. Valero-Gil, Jorge, 2008. "Remittances and the household’s expenditures on health," MPRA Paper 9572, University Library of Munich, Germany.
  2. Carlos Vargas-Silva, 2009. "The Tale of Three Amigos: Remittances, Exchange Rates, and Money Demand in Mexico," Review of Development Economics, Wiley Blackwell, vol. 13(1), pages 1-14, 02.
  3. Carlos Vargas-Silva, 2007. "Monetary policy and the U.S. housing market: A VAR analysis imposing sign restrictions," Working Papers 0705, Sam Houston State University, Department of Economics and International Business.
  4. Alejandra Cox Edwards & Manuelita Ureta, 2003. "International Migration, Remittances, and Schooling: Evidence from El Salvador," NBER Working Papers 9766, National Bureau of Economic Research, Inc.
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  7. Falk, Barry L., 1986. "Unanticipated Money Supply Growth and Single-Family Housing Starts in the U.S.: 1964-1983," Staff General Research Papers 11099, Iowa State University, Department of Economics.
  8. Edwards, Alejandra Cox & Ureta, Manuelita, 2003. "International migration, remittances, and schooling: evidence from El Salvador," Journal of Development Economics, Elsevier, vol. 72(2), pages 429-461, December.
  9. Matthew Higgins & Alketa Hysenbegasi & Susan Pozo, 2004. "Exchange-rate uncertainty and workers' remittances," Applied Financial Economics, Taylor and Francis Journals, vol. 14(6), pages 403-411.
  10. Fratantoni, Michael & Schuh, Scott, 2003. " Monetary Policy, Housing, and Heterogeneous Regional Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(4), pages 557-89, August.
  11. Carlos Vargas-Silva & Peng Huang, 2005. "Macroeconomic Determinants of Workers’ Remittances: Host vs. Home Country’s Economic Conditions," International Finance 0507007, EconWPA, revised 29 Jul 2005.
  12. El-Sakka, M. I. T. & McNabb, Robert, 1999. "The Macroeconomic Determinants of Emigrant Remittances," World Development, Elsevier, vol. 27(8), pages 1493-1502, August.
  13. Banco Interamericano de Desarrollo (BID) & Pew Hispanic Center (PHC) & Bendixen & Amandi (B&A), 2002. "Billions in Motion: Latino Immigrants, Remittances, and Banking," IDB Publications 7010, Inter-American Development Bank.
  14. Catalina Amuedo-Dorantes & Tania Sainz & Susan Pozo, 2007. "Remittances and healthcare expenditure patterns of populations in origin communities : evidence from Mexico," INTAL Working Papers 1450, Inter-American Development Bank, INTAL.
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  17. Faini, Riccardo, 1994. "Workers Remittances and the Real Exchange Rate: A Quantitative Framework," Journal of Population Economics, Springer, vol. 7(2), pages 235-45.
  18. Bradley Ewing & Yongsheng Wang, 2005. "Single housing starts and macroeconomic activity: an application of generalized impulse response analysis," Applied Economics Letters, Taylor and Francis Journals, vol. 12(3), pages 187-190.
  19. Roberto Suro & Sergio Bendixen & B. Lindsay Lowell & Dulce C. Benavides, 2002. "Billions in Motion: Latino Immigrants, Remittances, and Banking," IDB Publications 6932, Inter-American Development Bank.
  20. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
  21. Jesus Canas & Roberto Coronado & Pia Orrenius, 2007. "Explaining the increase in remittances to Mexico," The Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 3-7.
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