Another Consequence of the Economic Crisis: A Decrease in Migrants’ Remittances
The effects of the current global economic crisis are widespread. The economic downturn has affected large sectors of the population in developed and developing countries and international immigrants have not been the exception. This paper documents the recent slowdown in workers’ remittances, the money that international immigrants send to their countries of origin. Current data indicates that remittance flows have decreased for all regions of the world. Latin America stands out by reporting an almost zero percent growth rate of remittances for 2008. Among Latin American countries, Mexico (the largest recipient of remittances in the region in terms of volume) seems to be the most affected with a decrease of more than US$900 million between 2007 and 2008. This article also presents evidence of the impact of some of the factors associated with the current economic crisis on remittances flows. The results indicate that there is a strong link between housing activity in the United States and remittances flows.
|Date of creation:||Sep 2009|
|Contact details of provider:|| Postal: P O Box 2118, Huntsville, TX 77341-2118|
Web page: http://www.shsu.edu/~eco_www/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carlos Vargas-Silva & Peng Huang, 2006.
"Macroeconomic determinantsof workers' remittances: Hostversus home country's economic conditions,"
The Journal of International Trade & Economic Development,
Taylor & Francis Journals, vol. 15(1), pages 81-99.
- Carlos Vargas-Silva & Peng Huang, 2005. "Macroeconomic Determinants of Workers’ Remittances: Host vs. Home Country’s Economic Conditions," International Finance 0507007, EconWPA, revised 29 Jul 2005.
- Fratantoni, Michael & Schuh, Scott, 2003. " Monetary Policy, Housing, and Heterogeneous Regional Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(4), pages 557-89, August.
- Faini, Riccardo, 1994. "Workers Remittances and the Real Exchange Rate: A Quantitative Framework," Journal of Population Economics, Springer;European Society for Population Economics, vol. 7(2), pages 235-245.
- Matthew Higgins & Alketa Hysenbegasi & Susan Pozo, 2004. "Exchange-rate uncertainty and workers' remittances," Applied Financial Economics, Taylor & Francis Journals, vol. 14(6), pages 403-411.
- Jesus Canas & Roberto Coronado & Pia M. Orrenius, 2007. "Explaining the increase in remittances to Mexico," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 3-7.
- Bradley Ewing & Yongsheng Wang, 2005. "Single housing starts and macroeconomic activity: an application of generalized impulse response analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 12(3), pages 187-190.
- Osili, Una Okonkwo, 2004. "Migrants and Housing Investments: Theory and Evidence from Nigeria," Economic Development and Cultural Change, University of Chicago Press, vol. 52(4), pages 821-849, July.
- Carlos Vargas-Silva, 2007.
"The Tale of Three Amigos: Remittances, Exchange Rates and Money Demand in Mexico,"
0704, Sam Houston State University, Department of Economics and International Business.
- Carlos Vargas-Silva, 2009. "The Tale of Three Amigos: Remittances, Exchange Rates, and Money Demand in Mexico," Review of Development Economics, Wiley Blackwell, vol. 13(1), pages 1-14, 02.
- Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
- Gitter, Seth R. & Barham, Bradford L., 2007. "Credit, Natural Disasters, Coffee, and Educational Attainment in Rural Honduras," World Development, Elsevier, vol. 35(3), pages 498-511, March.
- Falk, Barry L., 1986. "Unanticipated Money Supply Growth and Single-Family Housing Starts in the U.S.: 1964-1983," Staff General Research Papers Archive 11099, Iowa State University, Department of Economics.
- Alejandra Cox Edwards & Manuelita Ureta, 2003. "International Migration, Remittances, and Schooling: Evidence from El Salvador," NBER Working Papers 9766, National Bureau of Economic Research, Inc.
- Carlos Vargas-Silva, 2007.
"Monetary policy and the U.S. housing market: A VAR analysis imposing sign restrictions,"
0705, Sam Houston State University, Department of Economics and International Business.
- Vargas-Silva, Carlos, 2008. "Monetary policy and the US housing market: A VAR analysis imposing sign restrictions," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 977-990, September.
- El-Sakka, M. I. T. & McNabb, Robert, 1999. "The Macroeconomic Determinants of Emigrant Remittances," World Development, Elsevier, vol. 27(8), pages 1493-1502, August.
- Catalina Amuedo-Dorantes & Tania Sainz & Susan Pozo, 2007. "Remittances and healthcare expenditure patterns of populations in origin communities : evidence from Mexico," INTAL Working Papers 1450, Inter-American Development Bank, INTAL.
- Valero-Gil, Jorge, 2008. "Remittances and the household’s expenditures on health," MPRA Paper 9572, University Library of Munich, Germany.
- Edwards, Alejandra Cox & Ureta, Manuelita, 2003. "International migration, remittances, and schooling: evidence from El Salvador," Journal of Development Economics, Elsevier, vol. 72(2), pages 429-461, December.
- Jesus Canas & Roberto Coronado & Robert W. Gilmer, 2006. "U.S., Mexico deepen economic ties," Southwest Economy, Federal Reserve Bank of Dallas, issue Jan, pages 11-13, 16.
- Freund, Caroline & Spatafora, Nikola, 2008. "Remittances, transaction costs, and informality," Journal of Development Economics, Elsevier, vol. 86(2), pages 356-366, June.
When requesting a correction, please mention this item's handle: RePEc:shs:wpaper:0907. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Raschke)
If references are entirely missing, you can add them using this form.