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Remittances : $eAn Overlooked Channel of International Business Cycle Transmission? /$fAdolfo Barajas, Ralph Chami, Christian Ebeke, Sampawende Tapsoba 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/251 300 $aDescription based upon print version of record. 311 $a1-4755-3582-1 320 $aIncludes bibliographical references. 327 $aCover; 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 Data 327 $aV. 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 Data 327 $aAppendix Tables A1. Descriptive Statistics; A2. List of Countries, 70; B. Bilateral Data; B1. Descriptive Statistics; B2. List of Countries, 10 330 3 $aThis paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest of the world. Using both aggregate and bilateral remittances data in a panel data setting, the study demonstrates that this effect is robust and causal. Moreover, the econometric analysis reveals that remittance flows are more effective in channeling economic downturns than upswings from the sending countries to remittance-receiving economies. The analysis suggests that measures of openness and spillovers could be enhanced by accounting for the role of the remittances channel. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/251 606 $aEmigrant remittances 606 $aForeign exchange 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aEconomic Integration$2imf 606 $aRemittances$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aInternational economics$2imf 606 $aEconomic growth$2imf 606 $aFinance$2imf 606 $aBusiness cycles$2imf 606 $aForeign direct investment$2imf 606 $aTerms of trade$2imf 606 $aBalance of payments$2imf 606 $aInternational trade$2imf 606 $aInternational finance$2imf 606 $aInvestments, Foreign$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aNternational cooperation$2imf 607 $aUnited States$2imf 615 0$aEmigrant remittances. 615 0$aForeign exchange. 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aEconomic Integration 615 7$aRemittances 615 7$aFinancial Aspects of Economic Integration 615 7$aOpen Economy Macroeconomics 615 7$aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aEmpirical Studies of Trade 615 7$aInternational economics 615 7$aEconomic growth 615 7$aFinance 615 7$aBusiness cycles 615 7$aForeign direct investment 615 7$aTerms of trade 615 7$aBalance of payments 615 7$aInternational trade 615 7$aInternational finance 615 7$aInvestments, Foreign 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aNternational cooperation 676 $a332.1;332.1532 700 $aBarajas$b Adolfo$01699071 701 $aChami$b Ralph$01614210 701 $aEbeke$b Christian$01449652 701 $aTapsoba$b Sampawende$01450947 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910816176703321 996 $aWorkers? Remittances$94081033 997 $aUNINA