05423oam 22011054 450 991081202180332120240402051209.01-4623-7696-71-4527-9547-91-282-84311-71-4518-7238-09786612843112(CKB)3170000000055256(EBL)1608275(SSID)ssj0000943049(PQKBManifestationID)11580567(PQKBTitleCode)TC0000943049(PQKBWorkID)10974771(PQKB)11208834(OCoLC)503190327(MiAaPQ)EBC1608275(IMF)WPIEE2009091(EXLCZ)99317000000005525620020129d2009 uf 0engur|n|---|||||txtccrRemittances : An Automatic Output Stabilizer? /Dalia Hakura, Ralph Chami, Peter Montiel1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (33 p.)IMF Working PapersDescription based upon print version of record.1-4519-1673-6 Includes bibliographical references.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 Remittances2. 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; ReferencesRemittance 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.IMF Working Papers; Working Paper ;No. 2009/091Economic assistanceEconomic developmentEconometricsimfExports and ImportsimfMacroeconomicsimfRemittancesimfMacroeconomics: ConsumptionimfSavingimfWealthimfAggregate Factor Income DistributionimfEstimationimfInternational economicsimfEconometrics & economic statisticsimfOutward remittancesimfGovernment consumptionimfIncomeimfEstimation techniquesimfInternational financeimfEmigrant remittancesimfConsumptionimfEconomicsimfEconometric modelsimfJordanimfEconomic assistance.Economic development.EconometricsExports and ImportsMacroeconomicsRemittancesMacroeconomics: ConsumptionSavingWealthAggregate Factor Income DistributionEstimationInternational economicsEconometrics & economic statisticsOutward remittancesGovernment consumptionIncomeEstimation techniquesInternational financeEmigrant remittancesConsumptionEconomicsEconometric models338.9669Hakura Dalia1643717Chami Ralph1614210Montiel Peter126614DcWaIMFBOOK9910812021803321Remittances3989155UNINA