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

• Autore: Hakura Dalia
• 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
• 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
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/091