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Are Workers' Remittances a Hedge Against Macroeconomic Shocks? The Case of Sri Lanka

Are Workers' Remittances a Hedge Against Macroeconomic Shocks? The Case of Sri Lanka by Marta Ruiz-Arranz
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We estimate a vector error correction (VEC) model for Sri Lanka to determine the response of remittance receipts to macroeconomic shocks. This is the first attempt of its kind in the literature. We find that remittance receipts are procyclical and decline when the island's currency weakens, undermining their usefulness as shock absorber. On the other hand, remittances increase in response to oil price shocks, reflecting the fact that most overseas. Sri Lankan are employed in the Gulf states. The procyclicality of remittances calls into question the notion that remittances are largely motivated by altruism.
International Monetary Fund; February 2007
14 pages; ISBN 9781452798561
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Title: Are Workers' Remittances a Hedge Against Macroeconomic Shocks? The Case of Sri Lanka
Author: Marta Ruiz-Arranz; Erik Lueth
 
ISBNs
1451910398
9781451865868
9781451910391
9781452798561