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Macroeconomic Environment and Remittances in Post-Independent Sub-Saharan Africa: Magnitudes, Trends and Stylised Facts

Author

Listed:
  • D E Adenutsi
  • M J Aziakpono
  • M K Ocran

Abstract

This paper examines macroeconomic performance and policy environment of post-independent sub-Saharan Africa (SSA) vis-à- vis remittance flows to the sub-region. The paper finds that SSA is the only developing region in the world that still depends on foreign aid as its leading external non-debt capital and attracts the least remittances, notwithstanding the positive growth trend since the pursuit of economic policy reforms in the 1980s. In general, low inflation, higher real income growth, domestic savings, investment, exports, financial development, and fiscal policy effectiveness strongly and positively correlate with remittance inflows. This implies remittances are likely to be driven by sound macroeconomic environment in recipient countries. An affirmation of this finding is that, in SSA, (and, indeed, for all developing economies), remittances are pro-cyclical and positively correlate with macroeconomic performance and stability.

Suggested Citation

  • D E Adenutsi & M J Aziakpono & M K Ocran, 2012. "Macroeconomic Environment and Remittances in Post-Independent Sub-Saharan Africa: Magnitudes, Trends and Stylised Facts," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 36(2), pages 1-22, August.
    • Handle: RePEc:taf:rseexx:v:36:y:2012:i:2:p:1-22
    DOI: 10.1080/10800379.2012.12097235
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    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances

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