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The Global Financial Crisis (GFC) and Remittances Received in Africa: Any Lessons for Covid-19?


  • Emeka Okoro Akpa

    (Olabisi Onabanjo University, Nigeria)

  • Segun Subair Awode

    (Nigerian Institute of Social and Economic Research (NISER), Nigeria)

  • Andy Titus Okwu

    (Babcock University, Nigeria)

  • Isiaq Olasunkanmi Oseni

    (Olabisi Onabanjo University, Nigeria)


We estimated the effect of the GFC on remittances into 8 SSA countries from 1999 to 2019 using the Fixed Effects (FE) model. Results showed that the GFC had a positive and significant effect on remittances. Per capita income of migrant home country exerted a negative but insignificant effect on remittances, while per capita income in remittance source country had a positive and significant effect; the effects of exchange rate and inflation on remittances were positive and negative, respectively, but insignificant. Findings showed the effect of the GFC on remittances is robust to remittance measures and large country sample size.

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  • Emeka Okoro Akpa & Segun Subair Awode & Andy Titus Okwu & Isiaq Olasunkanmi Oseni, 2020. "The Global Financial Crisis (GFC) and Remittances Received in Africa: Any Lessons for Covid-19?," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 18(2), pages 217-239.
  • Handle: RePEc:seb:journl:v:18:y:2020:i:2:p:217-239

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    References listed on IDEAS

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    More about this item


    Global Financial Crisis; Remittances; COVID-19; Fixed Effects; Panel Data;
    All these keywords.

    JEL classification:

    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • G01 - Financial Economics - - General - - - Financial Crises


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