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Remittances : : An Automatic Output Stabilizer? / / Dalia Hakura, Ralph Chami, Peter Montiel



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Autore: Hakura Dalia Visualizza persona
Titolo: Remittances : : An Automatic Output Stabilizer? / / Dalia Hakura, Ralph Chami, Peter Montiel Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (33 p.)
Disciplina: 338.9669
Soggetto topico: 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
Soggetto geografico: Jordan
Altri autori: ChamiRalph  
MontielPeter  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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
Sommario/riassunto: 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.
Titolo autorizzato: Remittances  Visualizza cluster
ISBN: 1-4623-7696-7
1-4527-9547-9
1-282-84311-7
1-4518-7238-0
9786612843112
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788335803321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/091