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|z 9781451872385
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|a Hakura, Dalia.
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|a Remittances :
|b An Automatic Output Stabilizer? /
|c Dalia Hakura, Ralph Chami, Peter Montiel.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
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|a 1 online resource (31 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Chami, Ralph.
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|a Montiel, Peter.
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|a IMF Working Papers; Working Paper ;
|v No. 2009/091
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/091/001.2009.issue-091-en.xml
|z IMF e-Library
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