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Linking remittances with financial development and ICT: a study of the Philippines

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  • Ronald Ravinesh Kumar

Abstract

The Philippines is the fourth largest recipient of remittances in the world with booming information and communications (ICT) services. In this study, we therefore explore the short-run and long-run nexus between remittance inflows, remittances interaction with financial development and ICT, trade openness and overseas development assistance (ODA) vis-à-vis income for the period 1976 to 2010 using ARDL bounds approach. The results show remittances and remittances interaction with ICT have positive effects on income. However, aid and remittances interaction with financial development have negative effects whereas trade openness is not statistically significant. Subsequently, encouraging remittance inflows though labour mobility, minimising transfer cost, harnessing benefits from mobile network operations, and reviewing remittance transfer fees via banking systems are would be ideal for scaling up ICT, and ensuring greater financial inclusion and sustainability of remittance inflows. Assessing aid-for-trade initiatives and building necessary infrastructure and institutions are equally crucial for long term development of the economy.

Suggested Citation

  • Ronald Ravinesh Kumar, 2013. "Linking remittances with financial development and ICT: a study of the Philippines," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 5(4), pages 379-399.
    • Handle: RePEc:ids:ijecbr:v:5:y:2013:i:4:p:379-399
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    Citations

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    Cited by:

    1. Sahar Afshan & Arshian Sharif & Abdelmohsen A. Nassani & Muhammad M. Q. Abro & Rubeena Batool & Khalid Zaman, 2021. "The role of information and communication technology (internet penetration) on Asian stock market efficiency: Evidence from quantile‐on‐quantile cointegration and causality approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2307-2324, April.
    2. Kumar, Ronald Ravinesh & Kumar, Radika Devi & Patel, Arvind, 2015. "Accounting for telecommunications contribution to economic growth: A study of Small Pacific Island States," Telecommunications Policy, Elsevier, vol. 39(3), pages 284-295.
    3. Ronald Kumar, 2014. "Exploring the role of technology, tourism and financial development: an empirical study of Vietnam," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2881-2898, September.
    4. Adedoyin, Festus Fatai & Bekun, Festus Victor & Driha, Oana M. & Balsalobre-Lorente, Daniel, 2020. "The effects of air transportation, energy, ICT and FDI on economic growth in the industry 4.0 era: Evidence from the United States," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    5. Ronald Kumar & Madhukar Singh, 2014. "Role of health expenditure and ICT in a small island economy: a study of Fiji," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(4), pages 2295-2311, July.
    6. Ronald Kumar, 2014. "Exploring the nexus between tourism, remittances and growth in Kenya," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(3), pages 1573-1588, May.
    7. Ronald Ravinesh Kumar & Peter Josef Stauvermann & Nikeel Kumar & Syed Jawad Hussain Shahzad, 2019. "Exploring the effect of ICT and tourism on economic growth: a study of Israel," Economic Change and Restructuring, Springer, vol. 52(3), pages 221-254, August.

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