THE CYCLICALITY OF REMITTANCES IN SUB-SAHARAN AFRICA
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This paper investigates the cyclicality of remittances to make inferences about whether they are sent for altruistic or self-interest reasons. The results show that remittances are procyclical, and therefore, do not support the general altruistic motive for sending remittances to sub-Saharan Africa. The results also do not lend credence to the portfolio choice hypothesis. Thus, the findings suggest that remittances to the sub-region may be driven by some other self-interest motives or family arrangements. These results, however, do not diminish the fact that remittances remain an important source of external finance to the sub-region, as evidenced in the literature.
Abstract
This paper investigates the cyclicality of remittances to make inferences about whether they are sent for altruistic or self-interest reasons. The results show that remittances are procyclical, and therefore, do not support the general altruistic motive for sending remittances to sub-Saharan Africa. The results also do not lend credence to the portfolio choice hypothesis. Thus, the findings suggest that remittances to the sub-region may be driven by some other self-interest motives or family arrangements. These results, however, do not diminish the fact that remittances remain an important source of external finance to the sub-region, as evidenced in the literature.
참고문헌 (19)
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