Disentangling the relationship between remittances and financial development: evidence from Jamaica

References

• Abdih, Y., R. Chami, J. Dagher, and P. Montiel. 2012. “Remittances and Institutions: Are Remittances a Curse?” World Development 40 (4): 657–666. doi:10.1016/j.worlddev.2011.09.014.
   Web of Science ®Google Scholar
• Aggarwal, R., A. Demirgüç-Kunt, and M. S. M. Pería. 2011. “Do Remittances Promote Financial Development?” Journal of Development Economics 96 (2): 255–264. doi:10.1016/j.jdeveco.2010.10.005.
   Web of Science ®Google Scholar
• Ambrosius, C., and A. Cuecuecha. 2016. “Remittances and the Use of Formal and Informal Financial Services.” World Development 77: 80–98. doi:10.1016/j.worlddev.2015.08.010.
   Web of Science ®Google Scholar
• Amuedo-Dorantes, C., and S. Pozo. 2010. “Accounting for Remittance and Migration Effects on Children’s Schooling.” World Development 38 (12): 1747–1759. doi:10.1016/j.worlddev.2010.05.008.
   Web of Science ®Google Scholar
• Ang, J. B. 2008. “Are Financial Sector Policies Effective in Deepening the Malaysian Financial System?” Contemporary Economic Policy 26 (4): 623–635. doi:10.1111/j.1465-7287.2008.00110.x.
   Web of Science ®Google Scholar
• Ang, J. B., and W. J. McKibbin. 2007. “Financial Liberalization, Financial Sector Development and Growth: Evidence from Malaysia.” Journal of Development Economics 84 (1): 215–233. doi:10.1016/j.jdeveco.2006.11.006.
   Web of Science ®Google Scholar
• Azizi, S. 2018. “The Impacts of Workers’ Remittances on Human Capital and Labor Supply in Developing Countries.” Economic Modelling 75: 377–396. doi:10.1016/j.econmod.2018.07.011.
   Web of Science ®Google Scholar
• Balli, F., and F. Rana. 2015. “Determinants of Risk Sharing through Remittances.” Journal of Banking & Finance 55: 107–116. doi:10.1016/j.jbankfin.2015.02.003.
   Web of Science ®Google Scholar
• Bank of Jamaica. 2018. “Bank of Jamaica | Statistics.” http://www.boj.org.jm/statistics/econdata/
   Google Scholar
• Beck, T., A. Demirgüç-Kunt, and R. Levine. 2000. “A New Database on the Structure and Development of the Financial Sector.” The World Bank Economic Review 14 (3): 597–605. doi:10.1093/wber/14.3.597.
   Web of Science ®Google Scholar
• Benhabib, J., and M. M. Spiegel. 2000. “The Role of Financial Development in Growth and Investment.” Journal of Economic Growth 5 (4): 341–360. doi:10.1023/A:1026599402490.
   Web of Science ®Google Scholar
• Berdiev, A. N., Y. Kim, and C.-P. Chang. 2013. “Remittances and Corruption.” Economics Letters 118 (1): 182–185. doi:10.1016/j.econlet.2012.10.008.
   Web of Science ®Google Scholar
• Bettin, G., R. Lucchetti, and A. Zazzaro. 2012. “Financial Development and Remittances: Micro-Econometric Evidence.” Economics Letters 115 (2): 184–186. doi:10.1016/j.econlet.2011.12.026.
   Web of Science ®Google Scholar
• Bhattacharya, M., J. Inekwe, and S. R. Paramati. 2018. “Remittances and Financial Development: Empirical Evidence from Heterogeneous Panel of Countries.” Applied Economics 50 (38): 4099–4112. doi:10.1080/00036846.2018.1441513.
   Web of Science ®Google Scholar
• Breitung, J., and B. Candelon. 2006. “Testing for Short- and Long-run Causality: A Frequency-domain Approach.” Journal of Econometrics 132 (2): 363–378. doi:10.1016/j.jeconom.2005.02.004.
   Web of Science ®Google Scholar
• Brown, R. P. C., and F. Carmignani. 2015. “Revisiting the Effects of Remittances on Bank Credit: A Macro Perspective.” Scottish Journal of Political Economy 62 (5): 454–485. doi:10.1111/sjpe.2015.62.issue-5.
   Web of Science ®Google Scholar
• 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 (5): 636–660. doi:10.1111/twec.12016.
   Web of Science ®Google Scholar
• Catrinescu, N., M. Leon-Ledesma, M. Piracha, and B. Quillin. 2009. “Remittances, Institutions, and Economic Growth.” World Development 37 (1): 81–92. doi:10.1016/j.worlddev.2008.02.004.
   Web of Science ®Google Scholar
• Chinn, M. D., and H. Ito. 2006. “What Matters for Financial Development? Capital Controls, Institutions, and Interactions.” Journal of Development Economics 81 (1): 163–192. doi:10.1016/j.jdeveco.2005.05.010.
   Web of Science ®Google Scholar
• Chowdhury, M. B. 2011. “Remittances Flow and Financial Development in Bangladesh.” Economic Modelling 28 (6): 2600–2608. doi:10.1016/j.econmod.2011.07.013.
   Web of Science ®Google Scholar
• Combes, J.-L., and C. Ebeke. 2011. “Remittances and Household Consumption Instability in Developing Countries.” World Development 39 (7): 1076–1089. doi:10.1016/j.worlddev.2010.10.006.
   Web of Science ®Google Scholar
• Coulibaly, D. 2015. “Remittances and Financial Development in Sub-Saharan African Countries: A System Approach.” Economic Modelling 45: 249–258. doi:10.1016/j.econmod.2014.12.005.
   Web of Science ®Google Scholar
• De Gregorio, J., and P. E. Guidotti. 1995. “Financial Development and Economic Growth.” World Development 23 (3): 433–448. doi:10.1016/0305-750X(94)00132-I.
   Web of Science ®Google Scholar
• Demirgüç-Kunt, A., T. Beck, and P. Honohan. 2008. Finance for All? Policies and Pitfalls in Expanding Access. Washington, DC: World Bank.
   Google Scholar
• Deonanan, R., and B. Ramkissoon. 2018. “Remittances and Economic Development: Evidence from the Caribbean.” Social and Economic Studies 67 (2–3): 95–132.
   Google Scholar
• Deonanan, R., and K. Williams. 2017. “The Effect of Remittances on Democratic Institutions.” Applied Economics 49 (5): 403–416. doi:10.1080/00036846.2016.1200180.
   Web of Science ®Google Scholar
• Do, Q. T., and A. A. Levchenko. 2007. “Comparative Advantage, Demand for External Finance, and Financial Development.” Journal of Financial Economics 86 (3): 796–834. doi:10.1016/j.jfineco.2006.11.004.
   Web of Science ®Google Scholar
• Freund, C., and N. Spatafora. 2008. “Remittances, Transaction Costs, and Informality.” Journal of Development Economics 86 (2): 356–366. doi:10.1016/j.jdeveco.2007.09.002.
   Web of Science ®Google Scholar
• Fromentin, V. 2017. “The Long-Run and Short-Run Impacts of Remittances on Financial Development in Developing Countries.” The Quarterly Review of Economics and Finance 66: 192–201. doi:10.1016/j.qref.2017.02.006.
   Web of Science ®Google Scholar
• Fromentin, V. 2018. “Remittances and Financial Development in Latin America and the Caribbean Countries: A Dynamic Approach.” Review of Development Economics 22 (2): 808–826. doi:10.1111/rode.2018.22.issue-2.
   Web of Science ®Google Scholar
• Fromentin, V., and F. Leon. 2019. “Remittances and Credit in Developed and Developing Countries: A Dynamic Panel Analysis.” Research in International Business and Finance 48: 310–320. doi:10.1016/j.ribaf.2018.12.010.
   Web of Science ®Google Scholar
• Gregory, A. W., and B. E. Hansen. 1996. “Residual-based Tests for Cointegration in Models with Regime Shifts.” Journal of Econometrics 70 (1): 99–126. doi:10.1016/0304-4076(69)41685-7.
   Web of Science ®Google Scholar
• 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. doi:10.1016/j.worlddev.2008.05.007.
   Web of Science ®Google Scholar
• Pesaran, M. H., and Y. Shin. 1999. “An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis.” In Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, edited by S. Strøm, 371–413. Cambridge: Cambridge University Press.
   Google Scholar
• Pesaran, M. H., Y. Shin, and R. J. Smith. 2001. “Bounds Testing Approaches to the Analysis of Level Relationships.” Journal of Applied Econometrics 16 (3): 289–326. doi:10.1002/jae.616.
   Web of Science ®Google Scholar
• Hauner, D. 2009. “Public Debt and Financial Development.” Journal of Development Economics 88 (1): 171–183. doi:10.1016/j.jdeveco.2008.02.004.
   Web of Science ®Google Scholar
• Hellmann, T. F., K. C. Murdock, and J. E. Stiglitz. 2000. “Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?” American Economic Review 90 (1): 147–165. doi:10.1257/aer.90.1.147.
   Web of Science ®Google Scholar
• Hurley, G. 2015. “Financing for Development and Small Island Developing States: A Snapshot and Ways Forward.” https://www.undp.org/content/undp/en/home/librarypage/poverty-reduction/FfD-SIDS-UNDP-OHRLLS.html
   Google Scholar
• IFAD, and World Bank. 2015. “The Use of Remittances and Financial Inclusion.” https://www.ifad.org/en/web/knowledge/publication/asset/40187416
   Google Scholar
• IMF. 2018. IMF Country Report No. 18/103 - Jamaica: 2018 Article IV Consultation. Washington, DC: International Monetary Fund.
   Google Scholar
• Issahaku, H., J. Y. Abor, and S. K. Harvey. 2017. “Remittances, Banks and Stock Markets: Panel Evidence from Developing Countries.” Research in International Business and Finance 42: 1413–1427. doi:10.1016/j.ribaf.2017.07.080.
   Web of Science ®Google Scholar
• Jadotte, E., and X. Ramos. 2016. “The Effect of Remittances on Labour Supply in the Republic of Haiti.” The Journal of Development Studies 52 (12): 1810–1825. doi:10.1080/00220388.2016.1156089.
   Web of Science ®Google Scholar
• Lee, J., and M. C. Strazicich. 2003. “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks.” The Review of Economics and Statistics 85 (4): 1082–1089. doi:10.1162/003465303772815961.
   Web of Science ®Google Scholar
• Lee, J., and M. C. Strazicich. 2013. “Minimum LM Unit Root Test with One Structural Break.” Economics Bulletin 33 (4): 2483–2492.
   Google Scholar
• McKinnon, R. I., and H. Pill. 1997. “Credible Economic Liberalizations and Overborrowing.” American Economic Review 87 (2): 189–193.
   Web of Science ®Google Scholar
• Mookerjee, R., and J. Roberts. 2011. “Banking Services, Transaction Costs and International Remittance Flows.” Applied Economics Letters 18 (3): 199–205. doi:10.1080/13504851003614146.
   Web of Science ®Google Scholar
• Mooney, H. 2018. Jamaica: Financial Development, Access, and Inclusion: Constraints and Options. Washington, DC: Inter-American Development Bank.
   Google Scholar
• Moore, W., and R. Craigwell. 2002. “Market Power and Interest Rate Spreads in the Caribbean.” International Review of Applied Economics 16 (4): 391–406. doi:10.1080/02692170210161138.
   Google Scholar
• Narayan, P. K. 2005. “The Saving and Investment Nexus for China: Evidence from Cointegration Tests.” Applied Economics 37 (17): 1979–1990. doi:10.1080/00036840500278103.
   Web of Science ®Google Scholar
• Sobiech, I. 2019. “Remittances, Finance and Growth: Does Financial Development Foster the Impact of Remittances on Economic Growth?” World Development 113: 44–59. doi:10.1016/j.worlddev.2018.08.016.
   Google Scholar
• Statistical Institute of Jamaica. 2018. “STATINJA National Accounts.” http://statinja.gov.jm/NationalAccounting/nationalaccountsnotes.aspx
   Google Scholar
• Stock, J. H., and M. W. Watson. 2002. “Forecasting Using Principal Components from a Large Number of Predictors.” Journal of the American Statistical Association 97 (460): 1167–1179. doi:10.1198/016214502388618960.
   Web of Science ®Google Scholar
• Toda, H. Y., and T. Yamamoto. 1995. “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” Journal of Econometrics 66 (1–2): 225–250. doi:10.1016/0304-4076(94)01616-8.
   Web of Science ®Google Scholar
• Uchenna, E., O. S. Evans, and O. Stephen. 2015. “One Dollar, One Bank Account: Remittance and Bank Breadth in Nigeria.” Journal of International Migration and Integration 16 (3): 761–781. doi:10.1007/s12134-014-0358-0.
   Web of Science ®Google Scholar
• United Nations. 2017. “World Population Prospects: The 2017 Revision.” https://population.un.org/wpp/Download/Standard/Migration/
   Google Scholar
• United Nations. 2018. “Global Compact for Safe, Orderly and Regular Migration.” https://refugeesmigrants.un.org/sites/default/files/180713_agreed_outcome_global_compact_for_migration.pdf
   Google Scholar
• United Nations. 2019. “National Accounts Main Aggregates Database.” https://unstats.un.org/unsd/snaama/dnlList.asp
   Google Scholar
• World Bank. 2015a. Financial Sector Assessment: Jamaica. Washington, DC: World Bank.
   Google Scholar
• World Bank. 2015b. Global Economic Prospects January 2015. Washington, DC: World Bank.
   Google Scholar
• World Bank. 2018. “Global Financial Development Database.” https://data.worldbank.org/data-catalog/global-financial-development
   Google Scholar
• World Bank. 2019. “World Development Indicators.” https://data.worldbank.org/data-catalog/world-development-indicators
   Google Scholar
• Zivot, E., and D. W. K. Andrews. 1992. “Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis.” Journal of Business & Economic Statistics 10 (3): 251–270.
   Web of Science ®Google Scholar