본문 바로가기
KERD
논문KCI 등재

Macroeconomic Determinants of International Remittances: Evidence from Time-Series and Panel Methods

Artatrana Ratha|Eungmin Kang
경제연구소 (Hanyang Economic Research Institute)|2020.09|Journal of Economic Development|제45권 제3호|pp. 51-76|DOI 10.35866/caujed.2020.45.3.003

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

DevelopmentMigrationAltruismRemittancesBounds-TestingSelf Interest
주제분류경제학

초록

TAt more than three times official development aid flows, remittances are now recognized as a key source of scarce foreign exchange for the developing world. Most papers looking into the macroeconomic determinants of remittance inflows tend to be panel, cross-sectional, or qualitative country-specific studies, understandably due a lack of consistent time-series data. We estimate an econometric model using the bounds-testing approach to cointegration and error-correction modeling (Pesaran et al., 2001) on time-series data as well as by employing traditional panel methods on the same data set. It appears that the generalized evidence based on panel or cross-sectional studies may not apply to individual countries.

Abstract

TAt more than three times official development aid flows, remittances are now recognized as a key source of scarce foreign exchange for the developing world. Most papers looking into the macroeconomic determinants of remittance inflows tend to be panel, cross-sectional, or qualitative country-specific studies, understandably due a lack of consistent time-series data. We estimate an econometric model using the bounds-testing approach to cointegration and error-correction modeling (Pesaran et al., 2001) on time-series data as well as by employing traditional panel methods on the same data set. It appears that the generalized evidence based on panel or cross-sectional studies may not apply to individual countries.

참고문헌 (37)

  1. Adams, R. Jr., "The Determinants of International Remittances in Developing Countries", World Development, 37(1), pp.93~103 (2009)
  2. Alper, A., "Determinants of Workers’ Remittances : Turkish Evidence from High Frequency Data", Eastern European Economics, 44, pp.91~100 (2006)
  3. Alleyne, Dillon, "Macroeconomic Determinants of Migrant Remittances to Caribbean Countries : Panel Unit Roots and Cointegration", Journal of Developing Areas, 41(2), pp.137~153 (2008)
  4. Beck, N., "What to Do(and not to Do)with Time-Series and Cross-Sectional Data", American Political Science Review, 89(3), pp.634~647 (1995)
  5. Buch, C. M., "Worker Remittances and Capital Flows to Developing Countries", International Migration, 48(5) (2010)
  6. Castillo, P., "Macroeconomic Determinants of Remittances for a Dollarized Economy: The Case of El Salvador", Journal of Economic Studies, 38(5-6), pp.562~576 (2011)
  7. Macroeconomic Consequences of Remittances, "Chami, R.", IMF, ~, pp.Occasional Paper No. 259 (2008)
  8. Da Silva, J. G. C., "The Analysis of Cross-Sectional Time Series Data", Ph.D., Department of Statistics, pp.1975
  9. Determinants of Expatriate Workers’ Remittances in North Africa and Europe, "Elbadawi, I.", World Bank, ~, pp.World Bank Policy Research Working Paper 1038 (1992)
  10. El-Sakka, M., "The Macroeconomic Determinants of Migrant Remittances", World Development, 27(8), pp.1493~1502 (1999)
  11. Frankel, J, "Are Bilateral Remittances Countercyclical?", Open Economies Review, 22, pp.1~16 (2011)
  12. Faini, R., "Workers Remittances and the Real Exchange Rate : A Quantitative Framework", Journal of Population Economics, 7(2), pp.235~245 (1994)
  13. Freund, C., "Remittances: Transaction Costs, and Informality", Journal of Development Economics, 86, pp.356~366 (2008)
  14. Fuller, W. A., "Estimation of Linear Models with Crossed-Error Structure", Journal of Econometrics, 2, pp.67~78 (1974)
  15. Giuliano, P, "Remittances, Financial Development, and Growth", Journal of Development Economics, 90, pp.144~152 (2009)
  16. Gupta, P., "Macroeconomic Determinants of Remittances : Evidence from India", Economic and Political Weekly, 41(26), pp.2769~2775 (2006)
  17. Remittances: Transaction Costs, Determinants, and Informal Flows, "Freund, C. L.", World Bank, ~, pp.Policy Research Working Paper No. 3704 (2005)
  18. Higgins, M., "Exchange-rate Uncertainty and Workers’ Remittances", Applied Financial Economics, 14, pp.403~411 (2004)
  19. Jackman, M., "Macroeconomic Determinants of Remittance Volatility: An Empirical Test", International Migration, 51(1) (2013)
  20. Kremers, J. J., "The Power of Cointegration Tests", Oxford Bulletin of Economics and Statistics, 54(3), pp.325~348 (1992)
  21. Lianos, T. P., "Factors Determining Migrant Remittances : The Case of Greece", International Migration Review, 31(1), pp.72~87 (1997)
  22. Lucas, R., "Motivations to Remit : Evidence from Botswana", Journal of Political Economy, 93, pp.901~918 (1985)
  23. McCracken, S., "A Gravity Model of Remittance Determinants : Evidence from Latin America and the Caribbean", Regional Studies, 51(5), pp.737~749 (2017)
  24. Mohapatra, S., "Remittances and Natural Disasters : Ex-post Response and Contribution to Ex-ante Preparedness", Environment, Development, and Sustainability, 14(3), pp.365~387 (2012)
  25. Narayan, P. K., "The Saving and Investment Nexus for China : Evidence from Cointegration Tests", Applied Economics, 37, pp.1979~1990 (2005)
  26. Parks, R. W., "Efficient Estimation of a System of Regression Equations When Disturbances Are Both Serially and Contemporaneously Correlated", Journal of the American Statistical Association, 62, pp.500~509 (1967)
  27. Pesaran, H., "Bounds Testing Approaches to the Analysis of Level Relationships", Journal of Applied Econometrics, 16, pp.289~326 (2001)
  28. Peters, C. A., "Assessing the Causes of Remittance Flows to Guyana: A Macroeconomic Approach", Social and Economic Studies, 64, pp.127~152 (2015)
  29. Workers’ Remittances: An Important and Stable Source of External Development Finance, "Ratha, D.", ~, pp.World Development Finance Report, Chapter 7 (2003)
  30. Ratha, A., "Asian Financial Crisis and the J-Curve : Evidence from South Korea", Contemporary Economic Policy, 32(4), pp.862~877 (2013)
  31. Determinants of Workers’ Remittances - Evidence from the European Neighbouring Region, "Schiopu, I.", European Central Bank, ~, pp.Working Paper Series 688 (2006)
  32. Singh, R., "Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa", Journal of African Economies, 20(2), pp.312~340 (2011)
  33. Straubhaar, T., "The Determinants of Workers’ Remittances: The Case of Turkey", Weltwirtschaftl Archiv, 122(4), pp.728~740 (1986)
  34. International Migrant Workers’ Remittances: Issues and Prospects, "Swamy, G.", World Bank, ~, pp.Staff Working Paper No. 481 (1981)
  35. Vargas-Silva, C., "Are Remittances Manna from Heaven? A Look at the Business Cycle Properties of Remittances", The North American Journal of Economics and Finance, 19(3), pp.290~303 (2008)
  36. Vargas-Silva, C., "Macroeconomic Determinants of Workers’Remittances: Host Versus Home Country’s Economic Conditions", Journal of International Trade and Economic Development, 15(81-99) (2006)
  37. World Bank, "Migration and Development Brief", ~ (2019)

관련 논문AI추천

The Dynamic Interaction among Remittances and Macroeconomic Variables: Evidence from Sub-Saharan AfricaJoseph J. French, Michael Martin, Wei-Xuan Li사람과세계경영학회 · Global Business and Finance Review2014 · 제19권 제2호THE EFFECT OF REMITTANCES UPON SKILLED EMIGRATION: AN EMPIRICAL STUDYDAMBAR UPRETY, KEVIN SYLWESTER경제연구소 · Journal of Economic Development2017 · 제42권 제2호Nexus between Remittance and Household Consumption: Fresh Evidence from Symmetric or Asymmetric InvestigationMd. Qamruzzaman, Wei Jianguo경제연구소 · Journal of Economic Development2020 · 제45권 제3호THE CYCLICALITY OF REMITTANCES IN SUB-SAHARAN AFRICAEMMANUEL K.K. LARTEY경제연구소 · Journal of Economic Development2016 · 제41권 제1호HOW DO INTERNATIONAL REMITTANCES AFFECT POVERTY IN DEVELOPING COUNTRIES? A QUANTILE REGRESSION ANALYSIS김동훈, MOISES NEIL V. SERINO경제연구소 · Journal of Economic Development2011 · 제36권 제4호FINANCING GROWTH: COMPARING THE EFFECTS OF FDI, ODA, AND INTERNATIONAL REMITTANCESKEVIN LEHNERT, MAMOUN BENMAMOUN경제연구소 · Journal of Economic Development2013 · 제38권 제2호

이 간행물의 다른 논문 (4건)

Nexus between Remittance and Household Consumption: Fresh Evidence from Symmetric or Asymmetric InvestigationWei Jianguo, Md. Qamruzzamanpp. 1-27The Effects of Human Capital and Social Factors on the Household Income of Bangladesh: An Econometric AnalysisAl Mamun, MD. Arfanuzzamanpp. 29-49Current Account Behavior, Real Exchange Rate Adjustment and Relative Output in NigeriaMohammed Shuaibu, Ibrahim K. Sulepp. 77-99Financial Inclusion in Burundi: The Use of Microfinance Services in Semi-Urban AreasBazira Bigawa Abelpp. 101-116
원문 보기