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Workers’ Remittances to Sub-Saharan Africa: Do Institutional Quality and Financial Development Matter?

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  • Dayo Benedict Olanipekun

    (Department of Economics, Ekiti State University, Ado-Ekiti, Nigeria)

Abstract

This paper examines the effects of institutions and financial development on workers’ remittances in sub-Saharan Africa. To achieve the objectives, a two-step system generalized method of moment (GMM) was utilized on a panel dataset of 38 countries in the region from 2005 to 2022. Empirical findings from the study reveal that some institutional indicators, namely, control of corruption, government effectiveness, political stability and rule of law have a significant impact in attracting remittances to SSA. Further evidence reveals that financial development indicators notably domestic credit to the private sector and domestic credit to the private sector by banks have a significant impact on remittances inflow in the region. Financial development indicators are found to complement some of the institutional indicators, such as control of corruption, political stability, government effectiveness, and rule of law on the inflow of remittances to the region. Government efforts should be geared toward improving the institutional framework and ensuring financial market development to increase the amount of remittances inflow to the region.

Suggested Citation

  • Dayo Benedict Olanipekun, 2024. "Workers’ Remittances to Sub-Saharan Africa: Do Institutional Quality and Financial Development Matter?," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 1-23, June.
    • Handle: RePEc:wsi:jicepx:v:15:y:2024:i:02:n:s179399332450008x
    DOI: 10.1142/S179399332450008X
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    More about this item

    Keywords

    Remittances; institutions; financial development; system generalized method of moments;
    All these keywords.

    JEL classification:

    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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