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Linkage between Remittances and Economic Growth: Empirical Evidence from The Gambia

Author

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  • Cherno Jallow

    (Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, 34303, Istanbul, Turkey)

Abstract

This study empirically investigates the linkage between remittance inflows and economic growth in The Gambia. This study uses annual data from 1996 to 2019 to estimate a vector error correction model to examine the causal linkage between remittance inflows and economic growth. The results indicate that remittances have a positive and significant impact on economic growth. Further results show significant causality both in the short-run and long-run as evidenced from the VECM and Granger causality tests. In view of these findings, proper regulations and incentives for remittance inflows through formal channels should be put in place, and the government should make receiving money in The Gambia easier by reducing the transaction cost.

Suggested Citation

  • Cherno Jallow, 2023. "Linkage between Remittances and Economic Growth: Empirical Evidence from The Gambia," Journal of Development Innovations, KarmaQuest International, vol. 7(2), pages 41-55, December.
    • Handle: RePEc:kqi:journl:2023-12-2-3
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    File URL: https://www.karmaquest.org/journal/index.php/journal/article/view/95/62
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    Keywords

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    JEL classification:

    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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