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Impact of trade openness, remittances, capital inflows & financial development on income in Vanuatu

  • Kumar, Ronald R.

In this study, using bounds approach and annual data for the period 1981-2008, the short and long-run effects of remittances and trade openness on income in Vanuatu are estimated. The results show trade openness and remittances having positive and significant effects, with no significant effects from financial development (FIN), foreign direct investment (FDI), and official development aid (ODA). FDI and ODA in this sense behave somewhat differently than remittances. Therefore a greater liberalization of goods and services market in general and short-term temporary movements of people in particular to boost remittances inflows and improving the overall institutional infrastructure is put forward as priority policy measures.

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File URL: http://mpra.ub.uni-muenchen.de/33221/1/MPRA_paper_33221.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33221.

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Date of creation: 30 Dec 2010
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Handle: RePEc:pra:mprapa:33221
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  1. Rose, Andrew K, 2002. "Do WTO Members have More Liberal Trade Policy?," CEPR Discussion Papers 3659, C.E.P.R. Discussion Papers.
  2. Kar Muhsin & Peker Osman & Kaplan Muhittin, 2008. "Trade Liberalization, Financial Development and Economic Growth in The Long Term: The Case of Turkey," South East European Journal of Economics and Business, De Gruyter Open, vol. 3(2), pages 25-38, November.
  3. Michael T. Gapen & Thomas F. Cosimano & Ralph Chami, 2006. "Beware of Emigrants Bearing Gifts; Optimal Fiscal and Monetary Policy in the Presence of Remittances," IMF Working Papers 06/61, International Monetary Fund.
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  5. Rao, B. Bhaskara & Tamazian, Artur & Singh, Rup & Vadlamannati, Krishna Chaitanya, 2008. "Financial developments and the rate of growth of output: An alternative approach," MPRA Paper 8605, University Library of Munich, Germany.
  6. L. Alan Winters & Neil McCulloch & Andrew McKay, 2004. "Trade Liberalization and Poverty: The Evidence So Far," Journal of Economic Literature, American Economic Association, vol. 42(1), pages 72-115, March.
  7. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
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  9. Richard P.C. Brown & Gareth Leeves, 2007. "Impacts of International Migration and Remittances," Discussion Papers Series 347, School of Economics, University of Queensland, Australia.
  10. Michael Gapen & Thomas Cosimano & Ralph Chami, 2006. "Optimal Fiscal and Monetary Policy in the Presence of Remittances," Computing in Economics and Finance 2006 34, Society for Computational Economics.
  11. Luintel, Kul B. & Khan, Mosahid, 1999. "A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR," Journal of Development Economics, Elsevier, vol. 60(2), pages 381-405, December.
  12. Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor & Francis Journals, vol. 37(17), pages 1979-1990.
  13. T.K. Jayaraman & Chee-Keong Choong & Ronald Ravinesh Kumar, 2012. "Role of remittances in India's economic growth," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 14(3), pages 159-177.
  14. Andrei Shleifer, 2009. "Peter Bauer and the Failure of Foreign Aid," Cato Journal, Cato Journal, Cato Institute, vol. 29(3), pages 379-390, Fall.
  15. Bowman, Chakriya & Chand, Satish, 2007. "Size Matters: The Impact of Aid on Institutions," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  16. Jacqueline Irving & Sanket Mohapatra & Dilip Ratha, 2010. "Migrant Remittance Flows : Findings from a Global Survey of Central Banks," World Bank Publications, The World Bank, number 5929, August.
  17. repec:cup:cbooks:9780521725200 is not listed on IDEAS
  18. Dilip Ratha, 2006. "Leveraging remittances for development," Proceedings, Federal Reserve Bank of Dallas, pages 173-185.
  19. Alfaro, Laura & Chanda, Areendam & Kalemli-Ozcan, Sebnem & Sayek, Selin, 2010. "Does foreign direct investment promote growth? Exploring the role of financial markets on linkages," Journal of Development Economics, Elsevier, vol. 91(2), pages 242-256, March.
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