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| Tekijä: | Bugamelli, M. Paternó, F. |
| Otsikko: | Output growth volatility and remittances |
| Lehti: | Economica
2011 : JUL, VOL. 78:311 p. 480-500 |
| Asiasana: | growth volatility poverty welfare trade migration developing countries |
| Kieli: | eng |
| Tiivistelmä: | Output growth volatility has negative impacts on growth, poverty and welfare. The empirical literature has thereby searched for country-specific factors influencing volatility and focused on financial development, policy distortions, trade and financial openness. Using the same empirical framework, this paper focuses on migrants' remittances which can help to reduce output growth volatility thanks to their size, stability and low procyclicality. In a cross-section of about 60 emerging and developing economies over the period 1980-2003, it is shown that indeed remittances are negatively correlated to output growth volatility. Instrumental variable estimation indicates that the effect of remittances is of a causal nature. |
SCIMA