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Record Nr. |
UNINA9910812021803321 |
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Autore |
Hakura Dalia |
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Titolo |
Remittances : : An Automatic Output Stabilizer? / / Dalia Hakura, Ralph Chami, Peter Montiel |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-7696-7 |
1-4527-9547-9 |
1-282-84311-7 |
1-4518-7238-0 |
9786612843112 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (33 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Economic assistance |
Economic development |
Econometrics |
Exports and Imports |
Macroeconomics |
Remittances |
Macroeconomics: Consumption |
Saving |
Wealth |
Aggregate Factor Income Distribution |
Estimation |
International economics |
Econometrics & economic statistics |
Outward remittances |
Government consumption |
Income |
Estimation techniques |
International finance |
Emigrant remittances |
Consumption |
Economics |
Econometric models |
Jordan |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Determinants of Growth Volatility; A. Exogenous Shocks; B. Persistent Country Characteristics; C. The Institutional Environment; D. Remittance Flows; III. Ordinary Least Squares Estimation; IV. Instrumental Variables Estimation; V. Generalized Method of Moments Dynamic Panel Estimation; VI. Testing for Nonlinear Effects; VII. An Application: Remittances and Output Stability in the Middle East and North Africa; VIII. Summary and Conclusions; Tables; 1. Output Volatility and Workers Remittances |
2. Descriptive Statistics of Dependent and Explanatory Variables 1970 - 20043. Ordinary Least Squares and Instrumental Variables Regression Results; 4. Panel Data Description, 1980 -- 2004; 5. Panel Regression Results; 6. Nonlinear Ordinary Least Squares and Instrumental Variables Regression Results; 7. Nonlinear GMM System Estimation; 8. Estimated Impact of Remittances on Volatility; A. Data Definitions and Sources; Appendixes; Data Appendix; B. Country Coverage; Country Coverage; References |
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Sommario/riassunto |
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Remittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the drop in remittance income into developing and emerging markets will have a destabilizing effect on these economies. The paper estimates the impact of remittances on output stability for countries that are dependent on these income flows. Using a sample of 70 countries, including 16 advanced economies and 54 developing countries, we find robust evidence that remittances have a negative effect on output growth volatility of recipient countries. This result supports the notion that remittance flows are a stabilizing influence on output. Thus, the fall in remittances precipitated by the ongoing global financial crisis could potentially increase output variability in recipient countries. This would present a hard challenge for governments in those countries already suffering from the crisis: they must resort to an already stressed and limited set of policy instruments, such as fiscal policy, to counter the resulting adverse economic and social impacts of lower remittances. |
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