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Macroeconomic impacts of workers’ remittances in Pakistan

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  • Ateeb Akhter Shah Syed
  • Mohsin Waheed

Abstract

This paper examines the impact of workers’ remittance inflows on the macroeconomy of Pakistan using a vector autoregressive model. The analysis is performed using a monthly dataset spanning the period 2003M7 to 2023M6. The paper finds that a positive shock to workers’ remittance inflows leads to a statistically significant increase in real output, stock market prices, inflation, and imports. It leads to a depreciation of the real effective exchange rate. However, it does not impact the interest rate significantly. This result remains robust to estimation with changes in variables, variable orderings in the Choleski decomposition, and the model lag length.

Suggested Citation

  • Ateeb Akhter Shah Syed & Mohsin Waheed, 2026. "Macroeconomic impacts of workers’ remittances in Pakistan," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 35(3), pages 767-785, April.
    • Handle: RePEc:taf:jitecd:v:35:y:2026:i:3:p:767-785
    DOI: 10.1080/09638199.2025.2589817
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