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The Global Crisis and the Impact on Remittances to Developing Asia

Author

Listed:
  • Carlos Vargas-Silva
  • Guntur Sugiyarto
  • Shikha Jha

Abstract

Remittances to Asia plunged during the 1997 Asian financial crisis, but the drop was temporary as the flows were increasing once again after just 1 year. The current crisis, however, is fundamentally different in that even the countries that send remittances have been adversely affected. The global nature of this crisis raises several questions such as whether it will also last for a short time or developing Asia should prepare for a long period of remittance stagnation. This study examines remittances data to several Asian countries to shed light on such issues. The results suggest that while remittance flows to key recipients in the region have slowed down in the current year, there has not been a sharp drop. Furthermore, there is no indication that the remittance flows will slow down further, suggesting that the flows should be back on a higher growth path in a few years. It is unlikely, however, to see the same growth rates of the past, given that an important share of that growth during the last two decades was due to better recording of remittances and an increased use of wire transfers on the part of migrants.

Suggested Citation

  • Carlos Vargas-Silva & Guntur Sugiyarto & Shikha Jha, 2016. "The Global Crisis and the Impact on Remittances to Developing Asia," Working Papers id:11149, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:11149
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    References listed on IDEAS

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    1. World Bank, 2008. "The Migration and Remittances Factbook 2008," World Bank Publications, The World Bank, number 6383, July.
    2. Hasan, Rana & Magsombol, Maria Rhoda & Cain, J. Salcedo, 2009. "Poverty Impact of the Economic Slowdown in Developing Asia: Some Scenarios," ADB Economics Working Paper Series 153, Asian Development Bank.
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    Cited by:

    1. Imai, Katsushi S. & Gaiha, Raghav & Ali, Abdilahi & Kaicker, Nidhi, 2014. "Remittances, growth and poverty: New evidence from Asian countries," Journal of Policy Modeling, Elsevier, vol. 36(3), pages 524-538.
    2. Tchantchane, A. & Rodrigues, G. & Fortes, P.C., 2013. "An Empirical Study on the importance of Remittance and Educational Expenditure on Growth: Case of the Philippines," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 13(1), pages 173-186.
    3. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, number 13092, July.

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