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The B.E. Journal of Macroeconomics

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International business cycles and remittance flows

Arusha Cooray1 / 2

1School of Economics, University of Wollongong, Wollongong, NSW 2522, Australia

2School of Accounting, Economics and Finance, 70 Elgar Road, Burwood, Victoria 3125, Australia, and Alfred Deakin Research Institute

Corresponding author: Debdulal Mallick, School of Accounting, Economics and Finance, 70 Elgar Road, Burwood, Victoria 3125, Australia, and Alfred Deakin Research Institute, e-mail:

Citation Information: The B.E. Journal of Macroeconomics. Volume 13, Issue 1, Pages 515–547, ISSN (Online) 1935-1690, ISSN (Print) 2194-6116, DOI: 10.1515/bejm-2013-0030, September 2013

Publication History

Received:
2013-02-11
Accepted:
2013-08-25
Published Online:
2013-09-26

Abstract

In this paper, we study the macroeconomic determinants of remittance flows. We place particular attention to fluctuations in remittance flows over the international business cycles. Estimating a dynamic panel data model using the system-GMM method over the period 1970–2007, we document that remittance inflows decrease with home country volatility. Contrarily, remittance inflows increase with the volatility in host countries, especially for middle-income countries. Lower interest rates in host countries lead to larger remittance outflows. Trade and capital account openness are the most important factors that determine both remittance inflows and outflows. We conclude that macroeconomic factors of both home and host countries are important for understanding remittance flows.

Keywords: dynamic panel data; international business cycle; remittance; volatility; JEL Classification Codes: C23; E32; F22; F24

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[1]
Giulia Bettin, Andrea Presbitero, and Nicola Spatafora
IMF Working Papers, 2014, Volume 14, Number 13, Page 1

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