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Workers' Remittances: An Overlooked Channel of International Business Cycle Transmission?

Workers' Remittances: An Overlooked Channel of International Business Cycle Transmission? by Adolfo Barajas
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This paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest of the world. Using both aggregate and bilateral remittances data in a panel data setting, the study demonstrates that this effect is robust and causal. Moreover, the econometric analysis reveals that remittance flows are more effective in channeling economic downturns than upswings from the sending countries to remittance-receiving economies. The analysis suggests that measures of openness and spillovers could be enhanced by accounting for the role of the remittances channel.
International Monetary Fund; October 2012
25 pages; ISBN 9781475599886
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Title: Workers' Remittances: An Overlooked Channel of International Business Cycle Transmission?
Author: Adolfo Barajas; Ralph Chami; Christian Ebeke; Sampawende J.-A. Tapsoba
 
ISBNs
1475599889
9781475535822
9781475563764
9781475599886