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150128 ||| eng |
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|a 9781451872385
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| 100 |
1 |
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|a Hakura, Dalia
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| 245 |
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|a Remittances
|b An Automatic Output Stabilizer?
|c Dalia Hakura, Ralph Chami, Peter Montiel
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2009
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| 300 |
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|a 31 pages
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| 700 |
1 |
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|a Chami, Ralph
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| 700 |
1 |
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|a Montiel, Peter
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451872385.001
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| 856 |
4 |
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|u http://elibrary.imf.org/view/journals/001/2009/091/001.2009.issue-091-en.xml
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a Remittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the drop in remittance income into developing and emerging markets will have a destabilizing effect on these economies. The paper estimates the impact of remittances on output stability for countries that are dependent on these income flows. Using a sample of 70 countries, including 16 advanced economies and 54 developing countries, we find robust evidence that remittances have a negative effect on output growth volatility of recipient countries. This result supports the notion that remittance flows are a stabilizing influence on output. Thus, the fall in remittances precipitated by the ongoing global financial crisis could potentially increase output variability in recipient countries. This would present a hard challenge for governments in those countries already suffering from the crisis: they must resort to an already stressed and limited set of policy instruments, such as fiscal policy, to counter the resulting adverse economic and social impacts of lower remittances
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