03819nam 2200637Ia 450 991045257040332120200520144314.01-61635-776-21-4755-9988-91-283-86692-71-4755-6376-0(CKB)2550000000709427(EBL)1607028(SSID)ssj0000944396(PQKBManifestationID)11944132(PQKBTitleCode)TC0000944396(PQKBWorkID)10983281(PQKB)10736577(MiAaPQ)EBC1607028(Au-PeEL)EBL1607028(CaPaEBR)ebr10635361(CaONFJC)MIL417942(OCoLC)870245073(EXLCZ)99255000000070942720121231d2012 uy 0engur|n|---|||||txtccrWorkers' remittances[electronic resource] an overlooked channel of international business cycle transmission? /Adolfo Barajas ... [et al.]Washington, D.C. International Monetary Fund20121 online resource (26 p.)IMF working paper ;WP/12/251Description based upon print version of record.1-4755-3582-1 Includes bibliographical references.Cover; Contents; I. Introduction; II. Baseline Specifications of the Effect of Remittances on Business Cycle Synchronization; A. Unilateral Specification; B. Specification Based on Bilateral Data; C. Data; III. Preliminary Results; A. Results Using Aggregate Data; B. Results Using Bilateral Data; Tables; 1. Impact of Remittance Inflows on International Business Cycle Synchronization; IV. Is the Effect of Remittance Inflows Asymmetric?; 2. Bilateral Determinants of Business Cycle Synchronization; 3. Asymmetric Impact of Remittances; 4. Asymmetric Impact of Remittances: Bilateral DataV. Identifying a Causal Relationship Between Remittances and the International Business Cycle Synchronization A. Using the Selection Based on Observables to Assess the Bias from Unobservables; B. Addressing the Potential Reverse Causality Between Remittances and the Components of the Dependent Variable; 5. Additional Controls and Assessing the Bias due to Selection Based?; 6. Instrumental Variable Estimates: Aggregate Data; 7. Instrumental Variable Estimates: Bilateral Data; VI. Concluding Remarks; References; Appendix; I. Descriptive Statistics and List of Countries; A. Aggregate DataAppendix Tables A1. Descriptive Statistics; A2. List of Countries, 70; B. Bilateral Data; B1. Descriptive Statistics; B2. List of Countries, 10This paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest of the world. Using both aggregate and bilateral remittances data in a panel data setting, the study demonstrates that this effect is robust and causal. Moreover, the econometric analysis reveals that remittance flows are more effective in channeling economic downturns than upswings from the sending countries to remittance-receiving economies. The analysis suggests that measures of openness and spillovers could be enhanced by accounting for the role of the remittances channel.IMF Working PapersEmigrant remittancesForeign exchangeElectronic books.Emigrant remittances.Foreign exchange.Barajas Adolfo984093International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910452570403321Workers' remittances2253844UNINA