LEADER 05403oam 22010934 450 001 9910788335803321 005 20230721045709.0 010 $a1-4623-7696-7 010 $a1-4527-9547-9 010 $a1-282-84311-7 010 $a1-4518-7238-0 010 $a9786612843112 035 $a(CKB)3170000000055256 035 $a(EBL)1608275 035 $a(SSID)ssj0000943049 035 $a(PQKBManifestationID)11580567 035 $a(PQKBTitleCode)TC0000943049 035 $a(PQKBWorkID)10974771 035 $a(PQKB)11208834 035 $a(OCoLC)503190327 035 $a(MiAaPQ)EBC1608275 035 $a(IMF)WPIEE2009091 035 $a(EXLCZ)993170000000055256 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aRemittances : $eAn Automatic Output Stabilizer? /$fDalia Hakura, Ralph Chami, Peter Montiel 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (33 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1673-6 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a2. 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 330 3 $aRemittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the drop in remittance income into developing and emerging markets will have a destabilizing effect on these economies. The paper estimates the impact of remittances on output stability for countries that are dependent on these income flows. Using a sample of 70 countries, including 16 advanced economies and 54 developing countries, we find robust evidence that remittances have a negative effect on output growth volatility of recipient countries. This result supports the notion that remittance flows are a stabilizing influence on output. Thus, the fall in remittances precipitated by the ongoing global financial crisis could potentially increase output variability in recipient countries. This would present a hard challenge for governments in those countries already suffering from the crisis: they must resort to an already stressed and limited set of policy instruments, such as fiscal policy, to counter the resulting adverse economic and social impacts of lower remittances. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/091 606 $aEconomic assistance 606 $aEconomic development 606 $aEconometrics$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aRemittances$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aEstimation$2imf 606 $aInternational economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aOutward remittances$2imf 606 $aGovernment consumption$2imf 606 $aIncome$2imf 606 $aEstimation techniques$2imf 606 $aInternational finance$2imf 606 $aEmigrant remittances$2imf 606 $aConsumption$2imf 606 $aEconomics$2imf 606 $aEconometric models$2imf 607 $aJordan$2imf 615 0$aEconomic assistance. 615 0$aEconomic development. 615 7$aEconometrics 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aRemittances 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aAggregate Factor Income Distribution 615 7$aEstimation 615 7$aInternational economics 615 7$aEconometrics & economic statistics 615 7$aOutward remittances 615 7$aGovernment consumption 615 7$aIncome 615 7$aEstimation techniques 615 7$aInternational finance 615 7$aEmigrant remittances 615 7$aConsumption 615 7$aEconomics 615 7$aEconometric models 676 $a338.9669 700 $aHakura$b Dalia$01472693 701 $aChami$b Ralph$01472694 701 $aMontiel$b Peter$0126614 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788335803321 996 $aRemittances$93685563 997 $aUNINA