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Remittances, Growth and Convergence: Evidence from Developed and Developing Countries

  • Jawaid, Syed Tehseen
  • Raza, Syed Ali

This study investigates the relationship between workers’ remittances and economic growth by using 7 years average annual data of 113 countries from the period 2003 to 2009. Results indicate the positive and significant relationship between workers’ remittances and economic growth in sample of low income, middle income, high income and all countries. Results also show that the workers’ remittances are more contributing in high income countries as compare to low and middle income countries. Sensitivity analysis has been performed to test the consistency of initial results and confirms that the results are robust. Unconditional convergence results confirm the convergence in all categories. Results confirm that countries are coming together with respect to per capita income. Results of conditional convergence based on workers’ remittances model suggest the low and middle income countries are converging each other more rapidly. Conversely, results show that high income and all countries models are converging each other but at slower pace in conditional model with workers’ remittances as compare to unconditional model.

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File URL: http://mpra.ub.uni-muenchen.de/39002/1/MPRA_paper_39002.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39002.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:39002
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  1. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, June.
  2. Miguel D. Ramirez & Hari Sharma, 2009. "Remittances and Growth in Latin America: A Panel Unit Root and Panel Cointegration Analysis," Estudios Economicos de Desarrollo Internacional, Euro-American Association of Economic Development, vol. 9(1).
  3. Katsushi Imai & Raghav Gaiha & Abdilahi Ali & Nidhi Kaicker, 2013. "Remittances, Growth and Poverty: New Evidence from Asian Countries," Discussion Paper Series DP2013-18, Research Institute for Economics & Business Administration, Kobe University.
  4. Gyan Pradhan & Mukti Upadhyay & Kamal Upadhyaya, 2008. "Remittances and economic growth in developing countries," The European Journal of Development Research, Taylor and Francis Journals, vol. 20(3), pages 497-506.
  5. Syed tehseen, jawaid & Abdul, waheed, 2011. "Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation," MPRA Paper 32694, University Library of Munich, Germany.
  6. Bichaka Fayissa & Christian Nsiah, 2010. "Can Remittances Spur Economic Growth and Development? Evidence from Latin American Countries (LACs)," Working Papers 201006, Middle Tennessee State University, Department of Economics and Finance.
  7. B. Gabriela Mundaca, 2009. "Remittances, Financial Market Development, and Economic Growth: The Case of Latin America and the Caribbean," Review of Development Economics, Wiley Blackwell, vol. 13(2), pages 288-303, 05.
  8. Ahortor, Christian R.K. & Adenutsi, Deodat E., 2008. "The impact of remittances on economic growth in small-open developing economies," MPRA Paper 37109, University Library of Munich, Germany.
  9. Yanikkaya, Halit, 2003. "Trade openness and economic growth: a cross-country empirical investigation," Journal of Development Economics, Elsevier, vol. 72(1), pages 57-89, October.
  10. Ralph Chami & Connel Fullenkamp & Samir Jahjah, 2005. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 55-81, April.
  11. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
  12. Archanun Kohpaiboon, 2003. "Foreign trade regimes and the FDI-Growth Nexus: a case study of Thailand," Journal of Development Studies, Taylor & Francis Journals, vol. 40(2), pages 55-69.
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