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Investigating the Effects of Migrant Remittances on the Economic Growth of Cameroon

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  • Moses A. Ofeh
  • Ali T. Muandzevara

Abstract

Low and unsteady economic growth rates and strategies for fostering growth are major issues of concern for Cameroon. The paper attempted to investigate the effects of remittances on the economic growth of Cameroon. To achieve the objective for a clearer understanding of the dynamics of migrant remittances in relation to economic growth in Cameroon, the least squares method of multiples regression was exploited to analysze data collected from 1980 to 2013. The results revealed that migrant remittances to the tune of 1.5% positively but insignificantly explained economic growth in Cameroon.Further, consumption expenditure; government expenditure and exports were found to positively but significantly explain growth while investment expenditure was found to positively but insignificantly determine growth. Only imports alone stood to negatively and significantly influence economic growth in Cameroon.The value of R-squared Adjusted showed that 85% of variation in GDP was explained by variations in the independent variables specified in the model. Therefore, any policy measure aimed at improving upon the level of economic growth in Cameroon must give consideration to migrant remittances.

Suggested Citation

  • Moses A. Ofeh & Ali T. Muandzevara, 2017. "Investigating the Effects of Migrant Remittances on the Economic Growth of Cameroon," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(2), pages 58-69, February.
  • Handle: RePEc:ibn:ijefaa:v:9:y:2017:i:2:p:58-69
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    References listed on IDEAS

    as
    1. 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, April.
    2. Calero, Carla & Bedi, Arjun S. & Sparrow, Robert, 2009. "Remittances, Liquidity Constraints and Human Capital Investments in Ecuador," World Development, Elsevier, vol. 37(6), pages 1143-1154, June.
    3. Lucas, Robert E B & Stark, Oded, 1985. "Motivations to Remit: Evidence from Botswana," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 901-918, October.
    4. Galor, Oded & Stark, Oded, 1990. "Migrants' Savings, the Probability of Return Migration and Migrants' Performance," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(2), pages 463-467, May.
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    6. Rivera-Batiz, Francisco L., 1982. "International migration, non-traded goods and economic welfare in the source country," Journal of Development Economics, Elsevier, vol. 11(1), pages 81-90, August.
    7. Richard Adams, 2011. "Evaluating the Economic Impact of International Remittances On Developing Countries Using Household Surveys: A Literature Review," Journal of Development Studies, Taylor & Francis Journals, vol. 47(6), pages 809-828.
    8. Berry, R Albert & Soligo, Ronald, 1969. "Some Welfare Aspects of International Migration," Journal of Political Economy, University of Chicago Press, vol. 77(5), pages 778-794, Sept./Oct.
    9. HwaJung Choi, 2007. "Are Remittances Insurance? Evidence from Rainfall Shocks in the Philippines," World Bank Economic Review, World Bank Group, vol. 21(2), pages 219-248, May.
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    11. Agarwal, Reena & Horowitz, Andrew W., 2002. "Are International Remittances Altruism or Insurance? Evidence from Guyana Using Multiple-Migrant Households," World Development, Elsevier, vol. 30(11), pages 2033-2044, November.
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    More about this item

    Keywords

    Cameroon; economic growth; migrants; remittances;

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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