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Does Exchange Rate Affect Remittances in Nigeria?

Listed author(s):
  • Ebenezer A. Olubiyi
  • Kubrat O. Kehinde

The size and rate of remittances to Nigeria are remarkable. However, theories do not unanimously pin down the effects of exchange rate on remittances. Employing a simple choice-theoretical model, it was discovered that real exchange rate impacted negatively on remittances. This implies that an expected depreciation of the real exchange rate which signals adverse economic conditions back home dwarfs remittance inflows. Thus, although altruism mostly dictates remittances to Nigeria, self-interest or returns-seeking motive is also important.

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Article provided by Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante in its journal The Review of Finance and Banking.

Volume (Year): 07 (2015)
Issue (Month): 1 (June)
Pages: 031-045

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Handle: RePEc:rfb:journl:v:07:y:2015:i:1:p:031-045
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  1. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2003. "Instrumental variables and GMM: Estimation and testing," Stata Journal, StataCorp LP, vol. 3(1), pages 1-31, March.
  2. Hasan, Mohammad Monirul, 2008. "The macroeconomic determinants of remittances in Bangladesh," MPRA Paper 27744, University Library of Munich, Germany, revised Sep 2010.
  3. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
  4. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
  5. S. Brock Blomberg & Jeffry Frieden & Ernesto Stein, 2005. "Sustaining fixed rates: The political economy of currency pegs in Latin America," Journal of Applied Economics, Universidad del CEMA, vol. 8, pages 203-225, November.
  6. Freund, Caroline & Spatafora, Nikola, 2005. "Remittances : transaction costs, determinants, and informal flows," Policy Research Working Paper Series 3704, The World Bank.
  7. Ernesto H. Stein & Natalia Salazar & Roberto Steiner & Eugenio Díaz-Bonilla & Marco Bonomo & Juan C. Jaramillo & Hector E. Schamis & Alberto Pascó-Front & Piero Ghezzi & Maria Cristina Terra & José De, 2001. "The Currency Game: Exchange Rate Politics in Latin America," IDB Publications (Books), Inter-American Development Bank, number 77398 edited by Ernesto H. Stein & Jeffry Frieden, February.
  8. Raju Jan Singh & Markus Haacker & Kyung-woo Lee & Maëlan Le Goff, 2011. "Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 20(2), pages 312-340, March.
  9. Frieden, Jeffry A., 2002. "Real Sources of European Currency Policy: Sectoral Interests and European Monetary Integration," International Organization, Cambridge University Press, vol. 56(04), pages 831-860, September.
  10. repec:idb:brikps:77398 is not listed on IDEAS
  11. Matthew Higgins & Alketa Hysenbegasi & Susan Pozo, 2004. "Exchange-rate uncertainty and workers' remittances," Applied Financial Economics, Taylor & Francis Journals, vol. 14(6), pages 403-411.
  12. Francis M. Kemegue & Emmanuel Owusu-Sekyere & Reneé van Eyden, 2011. "What drives remittance inflows to Sub-Saharan Africa: A Dynamic Panel Approach," Working Papers 262, Economic Research Southern Africa.
  13. El-Sakka, M. I. T. & McNabb, Robert, 1999. "The Macroeconomic Determinants of Emigrant Remittances," World Development, Elsevier, vol. 27(8), pages 1493-1502, August.
  14. Sanjeev Gupta & Catherine A Pattillo & Smita Wagh, 2007. "Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa," IMF Working Papers 07/38, International Monetary Fund.
  15. Glytsos, Nicholas & Katseli, Louka Tarsitsa, 1986. "Theoretical and Empirical Determinants of International Labour Mobility: A Greek-German Perspective," CEPR Discussion Papers 148, C.E.P.R. Discussion Papers.
  16. Faini, Riccardo, 1994. "Workers Remittances and the Real Exchange Rate: A Quantitative Framework," Journal of Population Economics, Springer;European Society for Population Economics, vol. 7(2), pages 235-245.
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