1,057
Views
57
CrossRef citations to date
0
Altmetric
Original Articles

Remittances and financial development: empirical evidence from heterogeneous panel of countries

, &

References

  • Acosta, P., C. Calderón, P. Fajnzylber, and H. Lopez. 2008. “What Is the Impact of International Remittances on Poverty and Inequality in Latin America?” World Development 36 (1): 89–114.
  • Acosta, P. A., P. Fajnzylber, and H. Lopez. 2007. “The Impact of Remittances on Poverty and Human Capital: Evidence from Latin American Household Surveys.” World Bank Policy Research Working Paper (4247).
  • Adams, R. H. 2009. “The Determinants of International Remittances in Developing Countries.” World Development 37 (1): 93–103.
  • Adams, R. H., and J. Page. 2005. “Do International Migration and Remittances Reduce Poverty in Developing Countries?” World Development 33 (10): 1645–1669.
  • Adu, G., G. Marbuah, and J. T. Mensah. 2013. “Financial Development and Economic Growth in Ghana: Does the Measure of Financial Development Matter?” Review of Development Finance 3 (4): 192–203.
  • Aggarwal, R., A. Demirgüç-Kunt, and M. S. M. Pería. 2011. “Do Remittances Promote Financial Development?” Journal of Development Economics 96 (2): 255–264.
  • Al Mamun, M., K. Sohag, N. Samargandi, and F. Yasmeen. 2016. “Does Remittance Fuel Labour Productivity in Bangladesh? the Application of an Asymmetric Non-Linear ARDL Approach” Applied Economics 48 (50): 4861–4877.
  • Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek. 2004. “FDI and Economic Growth: The Role of Local Financial Markets.” Journal of International Economics 64 (1): 89–112.
  • Alfaro, L., S. Kalemli‐Ozcan, and S. Sayek. 2009. “FDI, Productivity and Financial Development.” The World Economy 32 (1): 111–135.
  • Amsler, C., and J. Lee. 1995. “An Lm Test for a Unit Root in the Presence of a Structural Change.” Econometric Theory 11 (02): 359–368.
  • Amuedo-Dorantes, C., T. Sainz, and S. Pozo. 2007. “Remittances and Healthcare Expenditure Patterns of Populations in Origin Communities: Evidence from Mexico.” Working Paper Itd= Documento De Trabajo ITD; 25: BID-INTAL.
  • Anzoategui, D., A. Demirgüç-Kunt, and M. S. M. Pería. 2014. “Remittances and Financial Inclusion: Evidence from El Salvador.” World Development 54: 338–349.
  • Ashraf, N., D. Karlan, and W. Yin. 2010. “Female Empowerment: Impact of a Commitment Savings Product in the Philippines.” World Development 38 (3): 333–344.
  • Azman-Saini, W. N. W., S. H. Law, and A. H. Ahmad. 2010. “FDI and Economic Growth: New Evidence on the Role of Financial Markets.” Economics Letters 107 (2): 211–213.
  • Banerjee, A., M. Marcellino, and C. Osbat. 2004. “Some Cautions on the Use of Panel Methods for Integrated Series of Macroeconomic Data.” The Econometrics Journal 7 (2): 322–340.
  • Beck, T., R. Levine, and N. Loayza. 2000. “Finance and the Sources of Growth.” Journal of Financial Economics 58 (1): 261–300.
  • Bojanic, A. N. 2012. “The Impact of Financial Development and Trade on the Economic Growth of Bolivia.” Journal of Applied Economics 15 (1): 51–70.
  • Brown, R. P. C., F. Carmignani, and G. Fayad. 2013. “Migrants’ Remittances and Financial Development: Macro‐and Micro‐Level Evidence of a Perverse Relationship.” The World Economy 36: 636–660.
  • Campbell, J. Y., and P. Perron. 1991. “Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots” NBER macroeconomics annual 6: 141–201.
  • Chami, R., D. S. Hakura, and P. J. Montiel. 2012. “Do Worker Remittances Reduce Output Volatility in Developing Countries?” Journal of Globalization and Development 3 (1).
  • Clemens, M. A., and D. J. McKenzie. 2014. “Why Don’t Remittances Appear to Affect Growth?” World Bank Policy Research Working Paper (6856).
  • Clemente, J., A. Montanes, and M. Reyes. 1998. “Testing for a Unit Root in Variables with a Double Change in the Mean.” Economics Letters 59 (2): 175–182.
  • Demetriades, P. O., and K. A. Hussein. 1996. “Does Financial Development Cause Economic Growth? Time-Series Evidence from 16 Countries.” Journal of Development Economics 51 (2): 387–411.
  • Donou-Adonsou, F., and S. Lim. 2016. “An Empirical Analysis of Remittance Flows into West African Economic and Monetary Union: A Panel Time-Series Approach.” Applied Economics 48 (11): 1018–1029.
  • Dumitrescu, E.-I., and C. Hurlin. 2012. “Testing for Granger Non-Causality in Heterogeneous Panels.” Economic Modelling 29 (4): 1450–1460.
  • Dupas, P., and J. Robinson. 2013. “Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya.” American Economic Journal: Applied Economics 5 (1): 163–192.
  • Durham, J. B. 2004. “Absorptive Capacity and the Effects of Foreign Direct Investment and Equity Foreign Portfolio Investment on Economic Growth.” European Economic Review 48 (2): 285–306.
  • Freund, C. L., and N. Spatafora. 2005. “Remittances: Transaction Costs, Determinants, and Informal Flows.” World Bank Policy Research Working Paper (3704).
  • Giuliano, P., and M. Ruiz-Arranz. 2009. “Remittances, Financial Development, and Growth.” Journal of Development Economics 90 (1): 144–152.
  • Goldsmith, R. 1969. Financial Structure and Economic Development. New Haven: Yale University Pres.
  • Greenwood, J., and B. Jovanovic. 1990. “Financial Development, Growth, and the Distribution of Income.” The Journal of Political Economy 98 (5, Part 1): 1076–1107.
  • Gupta, S., C. A. Pattillo, and S. Wagh. 2009. “Effect of Remittances on Poverty and Financial Development in Sub-Saharan Africa.” World Development 37 (1): 104–115.
  • Gurley, J. G., and E. S. Shaw. 1967. “Financial Structure and Economic Development.” Economic Development and Cultural Change 15 (3): 257–268.
  • Hansen, P. 2012. “Revisiting the Remittance Mantra: A Study of Migration–Development Policy Formation in Tanzania.” International Migration 50 (3): 77–91.
  • Hanson, G. H., and C. Woodruff. 2003. Emigration and Educational Attainment in Mexico. Mimeo: University of California at San Diego.
  • Hassan, G. M., and M. J. Holmes. 2015. “Do Remittances Facilitate a Sustainable Current Account?” The World Economy. 39(11): 1834-1853.
  • Hermes, N., and R. Lensink. 2003. “Foreign Direct Investment, Financial Development and Economic Growth.” The Journal of Development Studies 40 (1): 142–163.
  • Hsueh, S.-J., Yu-Hau Hu, and Chien-Heng Tu. 2013. “Economic Growth and Financial Development in Asian Countries: A Bootstrap Panel Granger Causality Analysis.” Economic Modelling 32: 294–301.
  • Jung, W. S. 1986. “Financial Development and Economic Growth: International Evidence.” Economic Development and Cultural Change 34 (2): 333–346.
  • King, R. G., and R. Levine. 1993a. “Finance, Entrepreneurship and Growth.” Journal of Monetary Economics 32 (3): 513–542.
  • King, R. G., and R. Levine. 1993b. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108 (3): 717.
  • Kumar, Ronald Ravinesh. 2013. “Remittances and Economic Growth: A Study of Guyana.” Economic Systems 37: 462–472.
  • Le, T., and P. M. Bodman. 2011. “Remittances or Technological Diffusion: Which Drives Domestic Gains from Brain Drain?” Applied Economics 43 (18): 2277–2285.
  • Levine, R. 1997. “Financial Development and Economic Growth: Views and Agenda.” Journal of Economic Literature 35 (2): 688–726.
  • McKenzie, D., and H. Rapoport. 2007. “Network Effects and the Dynamics of Migration and Inequality: Theory and Evidence from Mexico.” Journal of Development Economics 84 (1): 1–24.
  • Mundaca, B. G. 2009. “Remittances, Financial Market Development, and Economic Growth: The Case of Latin America and the Caribbean.” Review of Development Economics 13 (2): 288–303.
  • Musumba, M., J. W. Mjelde, and N. C. Adusumilli. 2015. “Remittance Receipts and Allocation: A Study of Three African Countries.” Applied Economics 47 (59): 6375–6389.
  • Neusser, K., and M. Kugler. 1998. “Manufacturing Growth and Financial Development: Evidence from Oecd Countries.” Review of Economics and Statistics 80 (4): 638–646.
  • Nyamongo, E. M., and R. N. Misati. 2011. “Remittances and Banking Sector Development in Sub Saharan Africa.” Paper read at Global Development Forum, Dubai, United Arab Emirates, November.
  • Omran, M., and A. Bolbol. 2003. “Foreign Direct Investment, Financial Development, and Economic Growth: Evidence from the Arab Countries.” Review of Middle East Economics and Finance 1 (3): 231–249.
  • Otchere, I., I. Soumaré, and P. Yourougou. 2015. “FDI and Financial Market Development in Africa.” The World Economy. 39(5): 651-678
  • Patrick, H. T. 1966. “Financial Development and Economic Growth in Underdeveloped Countries.” Economic Development and Cultural Change 14 (2): 174–189.
  • Pesaran, M. H. 2004. General Diagnostic Tests for Cross Section Dependence in Panels. Bonn, Germany: Institute for the Study of Labor (IZA).
  • Pesaran, M. H. 2007. “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence.” Journal of Applied Econometrics 22 (2): 265–312.
  • Rapoport, H., and F. Docquier. 2006. “The Economics of Migrants’ Remittances.” Handbook of the Economics of Giving, Altruism and Reciprocity 2: 1135–1198.
  • Schmidt, P., and P. C. B. Phillips. 1992. “Lm Tests for a Unit Root in the Presence of Deterministic Trends.” Oxford Bulletin of Economics and Statistics 54 (3): 257–287.
  • Schumpeter, J. A. 1934. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Vol. 55. Transaction publishers.
  • Shahbaz, M., M. Bhattacharya, and M. K. Mahalik. 2017. “Finance and Income Inequality in Kazakhstan: Evidence since Transition with Policy Suggestions.” Applied Economics 49 (52): 5337–5351.
  • Soumaré, I., and F. T. Tchana. 2015. “Causality between FDI and Financial Market Development: Evidence from Emerging Markets.” The World Bank Economic Review 29 (Suppl 1): S205–S216.
  • Uddin, G. S., B. Sjö, and M. Shahbaz. 2013. “The Causal Nexus between Financial Development and Economic Growth in Kenya.” Economic Modelling 35: 701–707.
  • Westerlund, J. 2007. “Testing for Error Correction in Panel Data.” Oxford Bulletin of Economics and Statistics 69 (6): 709–748.
  • Westerlund, J., and D. L. Edgerton. 2008. “A Simple Test for Cointegration in Dependent Panels with Structural Breaks.” Oxford Bulletin of Economics and Statistics 70 (5): 665–704.
  • WorldBank. 2016. Migration and Remittances Fact Book 2016. Advance Edition. Washington D.C: World Bank Group.
  • Yang, D. 2011. “Migrant Remittances.” The Journal of Economic Perspectives 25 (3): 129–151.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.