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REMITTANCES AS A DETERMINANT OF FINANCIAL SECTOR DEVELOPMENT

Year 2014, Volume 3, Issue 4, 0 - 0, 08.11.2015

Abstract

 This paper studies the impact of remittances on financial sector development. Remittances sent across countries have increased enormously in the last three decades. For instance in 1980 remittances sent globally amounted to $47 billion, $102 in 1990, $321 billion in 2010, $529 billion in 2012 and $550 billion in 2013. A significant portion of remittances are received in lump sum and channelled through financial institutions which increases bank deposits, revenue for banks through transaction costs and enabling households access other financial services. Data on remittances, financial sector development and the control variables for the 31 countries for the period between 1980 and 2012 was used. General Moment Method (GMM) was used to analyse the data. The results show that remittances have an adverse effect on domestic credit to private sector and foreign direct. However the study further found that impact of remittances on bank deposit was positive though statistically insignificant. The study concludes that remittances can support financial sector development if financial institutions are effective in converting deposits to credit

 

References

  • Abdul, R. (2006). Public-Private Sector Development Linkage in Pakistan. South
  • Asia Economic Journal, 7, 219.  Adams and Cuecuecha. (2008). Remittances, Consumption and Investment in
  • Ghana. World Bank: Development Economics Department.  Adolfo, B., Ralph, C., Connel, F., Michael, G., Peter, M.(2009) Do Workers’
  • Remittances Promote Economic Growth? International Monetary Fund WP/09/153  African Development Bank Group(2012) Private sector development strategy of the African Development Bank Group 2012-2017 
  • Agarwal, R., & Horowitz, A. (2002). Are International Remittances Altruism or Insurance? Evidence from Guyana Using Multiple-Migrants Household. World Development, 30, 2033-2044. 
  • Ahlstrom, D., &Bruton, G. (2006). Venture Capital in emerging economies;
  • Networks and institutional change. Entrepreneurship Theory and Practice, 30(2), 299-320  Alba, M. A. (2008). Economic Models on the Motives behind Migrant Worker’s
  • Remittances. Discussion Paper, School of Economics, University of Philippines, No 2008, 07. 
  • Alberto, B. (2010, June 17). Sigue Su Casita. El Universal.
  • Amuedo-Dorantes, C., &Pozo, S. (2010). International Remittances and Migrant
  • Portfolio Interests. San Diego State University: Department of Economics. Atje, R., &Boyan, J. (1993). Stock Markets and Development. European Economic Review, 37, 
  • Ayadi et al (2013) Determinants of Financial Development acrosstheMediterraneanRymAyadi, Emrah Arbak, Sami Ben
  • NaceurandWillemPieter De Groen MEDPRO Technical Report No. 29/February 2013
  • Ayeni, RaphaelKolade (2014)MacroeconomicDeterminants of
  • PrivateSectorInvestmentNigeriaStateUniversity. Buencamino, L., &Gorbunov, S. (2002). Informal Money Transfer Systems:
  • Opportunities and Challenges for Development Finance. Discussion paper of the United Nations Department of Economic and Social Affairs (DESA) no 26 Burgess, R., &Rohini, P. (2005). Do Rural Banks Matter? Evidence from the Indian
  • Social Financial Experiment. American Economic Review 95,(3), 780-795. Cersin, S. B. (2003). Migrant Remittances to Developing Countries. UK:
  • Department of International Development. Chami, R., Fullenkamp, C., &Jahjah, S. (2003). Are Immigrants Remittances Flows a Source of Capital for Development? International Monetary Fund (IMF) working paper 03/189. Washington DC.
  • Christian, D., &Mestres, J. (2010). Savings, Assets holding, and Temporary
  • Migration, Centre for Research and Analysis of Migration, Discussion Paper No. 05/10, 2010 Scotia Capital, A Securitization Primer ,Toronto; Scotia Capital, June 2000
  • ConnelJ.,& Conway D. (2000). Migration And Remittances in Island Microstates; A
  • Comparative Perspective on the South Pacific and the Caribbean. International Journal of Urban and Regional Research, 24, 52-78. Cox, D., & Jimenez, E. (1998). Risk Sharing and Private Transfers: What about
  • Urban Households? Economic Development and Cultural Change, 46(3), 621-637. Demirgüç-Kunt, A., & Ross, L. (1996). Stock Markets, Corporate Finance, and Economic Growth: An Overview. World Bank Economic Review, 10, 341-69.
  • Demirguç-Kunt, Córdova, Pería& Woodruff. (2010). Remittances and Financial
  • Sector Breadth and Depth: Evidence from Mexico. Washington D.C: World Bank Deodat, E.A., Meshach, J.A., & Matthew, K.O. (2011). The changing impact of macroeconomic environment on remittance inflows in sub-Saharan Africa.
  • Nelson Mandela Metropolitan University Port Elizabeth, South Africa Donald, W. S. (1996). Foreign Aid and Private Sector Development in Developing
  • Economies. School of Economics and Business Administration, Saint Mary's College, Moraga, CA 94575.
  • Doorn, J. V. (2002). Globalization, Remittances and Development. ILO: Social Finance Unit.
  • Durand, J (1996). International Migration and Development in Mexican communities. Demography, 249-64
  • Elbadawi, I.A., & Rocha, R.R. (1992). Determinants of Expatriate Workers’
  • Remittances in North Africa and Europe. World Bank Policy Research Working Paper 1038 (Washington: World Bank).
  • Emmanuel, K.K., Lartey, Federico, S.M., & Pablo, A.A. (2008) Remittances,
  • Exchange Rate Regimes, and the Dutch Disease: A Panel Data Analysis Working Paper 2008-12
  • Fayissa, B., & Christian, N. (2012). Financial Development and Remittances in
  • Africa and the Americas: A Panel Unit-Root Tests and Panel Co-integration Analysis. Department of Economics and Finance, Middle Tennessee State University Francis, N., Desmond, T.A., & Joseph, M.F. (2012). A Time Series Analysis of
  • Determinants of Private Investment in Ghana (1960-2010) Journal of Economics and Sustainable Development Vol.3, No.13, 2012
  • Fuller, K., & Lightfoot. (1990). Urban Ties of Rural Thais. International Migration Review, 24(3):534-562.
  • Funkhouser, E. (1995). Remittances from International Migration: A Comparison of El Salvador and Nicaragua. Review of Economics and Statistics, 77(1), 137-46.
  • Giuliano, P., & Ruiz-Arranz, M. (2006). Remittances, Financial Development and Growth. IZA Discussion Paper, No 2160.
  • Giuliano, P., & Ruiz-Arranz, M. (2006). Remittances, Financial Development and Growth. IZA Discussion Papers, No. 2160 Institute for the Study of Labour (IZA) 
  • HaraldFingerandHeikoHesse(2009) Lebanon—Determinants of Commercial Bank
  • Deposits in a Regiona  Helen, T., &Lensik, R. (2007). Remittances and Financial Inclusion in Development.
  • Research paper, UN- WIDER, United Nation University(UNU), No 2007/49.
  • Higgins, M., Hysenbegasi, A., &Pozo, S. (2004). Exchange-rate Uncertainty and Workers’ Remittances. Applied Financial Economics, 14(6), 403–411. 
  • Hoddinott, J. (1994). A Model of Migration and Remittances Applied to Western
  • Kenya. Oxford Economic Papers, 46, 459-47.  Holmstrom, B., &Tirole, J. (1993). Market Liquidity and Performance Monitoring.
  • Journal of Political Economy 101(4, August),678-709.  IFC &McKinsey&Company(2010) ‘TwoTrillion&Counting’ www.mckinsey.com/clientservice/.../ Two_trillion_and_counting.ashx
  • IMF (International Monetary Fund) (2005). Two Current Issues Facing Developing
  • Countries. World Economic Outlook: Globalization and External Imbalances. International Monetary Fund, Washington, DC. IOM (International Organization for Migration) International Finance Corporation (2011) International financial institutions and Development Through the Private Sector
  • Joppe, M. (2000). The Research Process. Retrieved July 04 2012, from http://www.ryerson.ca/~mjoppe/rp.htm
  • Juthathip, J. (2007) Workers’ Remittances, Economic Growth and Poverty in
  • Developing Asia and the Pacific Countries UNESCAP Working Paper. WP/07/01 Kadir, K. (2009). Workers’ Remittances and Economic Growth: Evidence from
  • Turkey. Journal of Yasar University, 4(13), 1891-1908
  • KashifImra (2012) “Determinants of Bank Credit in Pakistan: A Supply Side
  • Approach”, Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6)
  • Kehinde, A., Adekunjo, O., Felix, O., Kadiri, K., &Falana, A.A. (2012) The Determinants of Domestic Private Investment in Nigeria Journal of Humanities and Social Science (JHSS) Volume 2, Issue 6 (Sep-Oct. 2012), PP 46-54
  • Khan, M., &Rinluhart, C. (1990). Private Sector Development and Economic
  • Growth in Developing Countries. IMF Staff Papers, 29, 295-320. Kyle, A.S. (1984). Market Structure, Information, Futures Markets, and Price
  • Formation. In G.G. Storey, A. Schmitz and A.H. Sarris (eds.), Inter-national Agricultural Trade: Advanced Readings in Price Formation, Market Structure, and Price Instability. Boulder, Colo.: Westview.  LéonceNdikumana (2003). Financial Development, Financial Structure, andDomesticInvestment: International Evidence. Department of
  • EconomicsUniversity of Massachusetts Levine, R., &Renelt, D. (1992).A Sensitivity Analysis of Cross-Country Growth
  • Regressions. American Economic Review, 82 (4), 942-963. Lika BA, Farid and Paul (2010) IS the level of financial sector development a key determinant of private investment in power sector TSE working paper series
  • Looney. (1997). Government Investment in Manufacturing: Stimulus or Hindrance to Pakistani’s Private Sector? International Journal of Social Economics, 26
  • Michel, B., Elisabetta, L., & Robert, V. (2009). Remittances and Financial Openness
  • De Nederlandsche Bank NV Working Paper No. 317 Miller, M. (1988). Financial Markets and Economic Growth. Journal of Applied
  • Corporate Finance, 11(5), 8−15. Muhammad, H., & Mohamed, N. (2011). Role of Private sector development in
  • Economic Development of Pakistan. International Review of Business Research Papers Vol.7. No.1. January 2011. Pp. 420 – 439
  • Osili, U. (2004). “Migrants and Housing Investment: Theory and Evidence from
  • Nigeria, “Economic Development and Cultural Changes 821-849
  • Osman, T., Aydas, B.N., &Kivilcim, M. (2003). Determinants of Workers’
  • Remittances: The Case ofTurkey.Bilkent University 06800 Bilkent
  • Ouattara, B. (2005) Modelling the Long Run Determinants of Private Investment in Senegal. University of Manchester
  • Per, U., & Dane, R. (2012). Micro-Level Determinants of Remittances from Recent Migrants to Canada
  • Raju, J.S., Markus, H., Kyung-woo, L., & Mae, I. (2010). Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa. Journal of African
  • Economies, Vol. 20, number 2, pp. 312–340 Ramon, A., Castillo, P., Victor, T.P., & Jose, L.M.R. (2008) Macroeconomic
  • Determinants of Remittances: the Case of El Salvador California State University, Los Angeles and Universidad Autónoma de Baja California. Rapoport, H., &Docquier, F. (2005). The Economics of Migrants’ Remittances. 
  • Ratha, D. (2005) Workers’ Remittances: An Important and Stable Source of
  • External Development Finance. Economics Seminar Series. Paper 9 Reena, A., Demirgüç-Kunt, A. & Maria, S.M.(2010) Do Remittances Promote
  • Financial Development. World Bank Richard, P.C., &Fabrizio, C. (2011). Migrants‘ Remittances and Financial
  • Development: Macro- and Micro-level Evidence of a Perverse Relationship. GhadaFayadOxcarre, Department of Economics, Oxford University Russel, S. (1992). Migrants Remittances and Development, International
  • Migration. Quarterly Review, 30(3), 267-2987 
  • Samuel, M.M. 2004). The regulation and Supervision of Informal Remittances System
  • Schneider, B. (2003). Measuring Capital Flight: Estimates and Interpretations.
  • Working paper 194. London: Overseas Development Institute. Schoar, A., & Lin, R. (2009). Scale Matters. Free Exchange,
  • Economist.comblogs.Available:http://www.economist.com/blogs/freeexchange/l in_roundtable.  Sencer, E., & Andrea, T. (2010). An Econometric Analysis of The Remittance
  • Determinants Among Ghanaians and Nigerians in The United States, United Kingdom, and Germany Sofranko, J., & Khan, I. (1999) Use of Overseas Migrants' Remittances to the Extended Family for Business Investment: A Research Note. Department of
  • Human and Community Development University of Illinois, Urbana, Illinois 61801
  • Solimano, A. (2003). ‘‘Remittances by emigrants: issues and evidence’’, Discussion
  • Paper No. 2003 ⁄ 89, World Institute for Development Economics Research (WIDER), Helsinki
  • Stark, O., & Bloom, D. (1985). The New Economics of Labour Migration “American Economic Review 75:173
  • Suhas, K., &Dilip, R. (2009),”Future Flow Securitization for Development Finance” in innovative Financing for Development. eds. SuhasKetkar and DilipRatha
  • (Washington, DC: World Bank, 25-57
  • Temitope, W.O. (1994). Macroeconomic Determinants of Domestic Private sector development in Africa, Journal of Economic Development and Cultural Change, Vol. 42, No. 3, pp 573-596
  • Thanh, L. (2008). Trade, Remittances, Institutions, and Economic Growth. School of Economics, University of Queensland.
  • Thoma, M., & Lin, R. (2009). Small Banks Need Help. Free Exchange,
  • Economist.comblogs.Available:http://www.economist.com/blogs/freeexchange/l in_roundtable USAID (2007) Financial Sector Constraints on Private Sector Development in Mozambique
  • Valeer, P. (2011). Immigrant remittances and the venture investment environment in developing countries. Journal of International Business Studies.
  • Van Dalen, H.P., Groenewold, G., &Tineke, F. (2005). The Effect of Remittances on
  • Emigration Intentions in Egypt, Morocco, and Turkey. Netherlands Interdisciplinary Demographic Institute, L Erasmus University, Rotterdam. Wilson, J.F. (2002). Hawala and other informal payments systems: an economic perspective. Washington DC: International Monetary Fund.
  • Woodruff, C., &Zenteno, R. (2001). Remittances and Microenterprise in Mexico. Mimeo
  • Yoko, N., &Çağlar, Ö. (2006). Migration and Remittances: Causes and Linkages.
  • World Bank World Bank Policy Research Working Paper 4087, December 2006 www.sba.gov/advocacy/847. 
  • Financial Center IMF workingpaper 09/195 Appendix 1: Descriptive Statistic Period Average 1980-2012 FDI 1023 2.366346 3.510459 -6.897609 35.23495

Year 2014, Volume 3, Issue 4, 0 - 0, 08.11.2015

Abstract

References

  • Abdul, R. (2006). Public-Private Sector Development Linkage in Pakistan. South
  • Asia Economic Journal, 7, 219.  Adams and Cuecuecha. (2008). Remittances, Consumption and Investment in
  • Ghana. World Bank: Development Economics Department.  Adolfo, B., Ralph, C., Connel, F., Michael, G., Peter, M.(2009) Do Workers’
  • Remittances Promote Economic Growth? International Monetary Fund WP/09/153  African Development Bank Group(2012) Private sector development strategy of the African Development Bank Group 2012-2017 
  • Agarwal, R., & Horowitz, A. (2002). Are International Remittances Altruism or Insurance? Evidence from Guyana Using Multiple-Migrants Household. World Development, 30, 2033-2044. 
  • Ahlstrom, D., &Bruton, G. (2006). Venture Capital in emerging economies;
  • Networks and institutional change. Entrepreneurship Theory and Practice, 30(2), 299-320  Alba, M. A. (2008). Economic Models on the Motives behind Migrant Worker’s
  • Remittances. Discussion Paper, School of Economics, University of Philippines, No 2008, 07. 
  • Alberto, B. (2010, June 17). Sigue Su Casita. El Universal.
  • Amuedo-Dorantes, C., &Pozo, S. (2010). International Remittances and Migrant
  • Portfolio Interests. San Diego State University: Department of Economics. Atje, R., &Boyan, J. (1993). Stock Markets and Development. European Economic Review, 37, 
  • Ayadi et al (2013) Determinants of Financial Development acrosstheMediterraneanRymAyadi, Emrah Arbak, Sami Ben
  • NaceurandWillemPieter De Groen MEDPRO Technical Report No. 29/February 2013
  • Ayeni, RaphaelKolade (2014)MacroeconomicDeterminants of
  • PrivateSectorInvestmentNigeriaStateUniversity. Buencamino, L., &Gorbunov, S. (2002). Informal Money Transfer Systems:
  • Opportunities and Challenges for Development Finance. Discussion paper of the United Nations Department of Economic and Social Affairs (DESA) no 26 Burgess, R., &Rohini, P. (2005). Do Rural Banks Matter? Evidence from the Indian
  • Social Financial Experiment. American Economic Review 95,(3), 780-795. Cersin, S. B. (2003). Migrant Remittances to Developing Countries. UK:
  • Department of International Development. Chami, R., Fullenkamp, C., &Jahjah, S. (2003). Are Immigrants Remittances Flows a Source of Capital for Development? International Monetary Fund (IMF) working paper 03/189. Washington DC.
  • Christian, D., &Mestres, J. (2010). Savings, Assets holding, and Temporary
  • Migration, Centre for Research and Analysis of Migration, Discussion Paper No. 05/10, 2010 Scotia Capital, A Securitization Primer ,Toronto; Scotia Capital, June 2000
  • ConnelJ.,& Conway D. (2000). Migration And Remittances in Island Microstates; A
  • Comparative Perspective on the South Pacific and the Caribbean. International Journal of Urban and Regional Research, 24, 52-78. Cox, D., & Jimenez, E. (1998). Risk Sharing and Private Transfers: What about
  • Urban Households? Economic Development and Cultural Change, 46(3), 621-637. Demirgüç-Kunt, A., & Ross, L. (1996). Stock Markets, Corporate Finance, and Economic Growth: An Overview. World Bank Economic Review, 10, 341-69.
  • Demirguç-Kunt, Córdova, Pería& Woodruff. (2010). Remittances and Financial
  • Sector Breadth and Depth: Evidence from Mexico. Washington D.C: World Bank Deodat, E.A., Meshach, J.A., & Matthew, K.O. (2011). The changing impact of macroeconomic environment on remittance inflows in sub-Saharan Africa.
  • Nelson Mandela Metropolitan University Port Elizabeth, South Africa Donald, W. S. (1996). Foreign Aid and Private Sector Development in Developing
  • Economies. School of Economics and Business Administration, Saint Mary's College, Moraga, CA 94575.
  • Doorn, J. V. (2002). Globalization, Remittances and Development. ILO: Social Finance Unit.
  • Durand, J (1996). International Migration and Development in Mexican communities. Demography, 249-64
  • Elbadawi, I.A., & Rocha, R.R. (1992). Determinants of Expatriate Workers’
  • Remittances in North Africa and Europe. World Bank Policy Research Working Paper 1038 (Washington: World Bank).
  • Emmanuel, K.K., Lartey, Federico, S.M., & Pablo, A.A. (2008) Remittances,
  • Exchange Rate Regimes, and the Dutch Disease: A Panel Data Analysis Working Paper 2008-12
  • Fayissa, B., & Christian, N. (2012). Financial Development and Remittances in
  • Africa and the Americas: A Panel Unit-Root Tests and Panel Co-integration Analysis. Department of Economics and Finance, Middle Tennessee State University Francis, N., Desmond, T.A., & Joseph, M.F. (2012). A Time Series Analysis of
  • Determinants of Private Investment in Ghana (1960-2010) Journal of Economics and Sustainable Development Vol.3, No.13, 2012
  • Fuller, K., & Lightfoot. (1990). Urban Ties of Rural Thais. International Migration Review, 24(3):534-562.
  • Funkhouser, E. (1995). Remittances from International Migration: A Comparison of El Salvador and Nicaragua. Review of Economics and Statistics, 77(1), 137-46.
  • Giuliano, P., & Ruiz-Arranz, M. (2006). Remittances, Financial Development and Growth. IZA Discussion Paper, No 2160.
  • Giuliano, P., & Ruiz-Arranz, M. (2006). Remittances, Financial Development and Growth. IZA Discussion Papers, No. 2160 Institute for the Study of Labour (IZA) 
  • HaraldFingerandHeikoHesse(2009) Lebanon—Determinants of Commercial Bank
  • Deposits in a Regiona  Helen, T., &Lensik, R. (2007). Remittances and Financial Inclusion in Development.
  • Research paper, UN- WIDER, United Nation University(UNU), No 2007/49.
  • Higgins, M., Hysenbegasi, A., &Pozo, S. (2004). Exchange-rate Uncertainty and Workers’ Remittances. Applied Financial Economics, 14(6), 403–411. 
  • Hoddinott, J. (1994). A Model of Migration and Remittances Applied to Western
  • Kenya. Oxford Economic Papers, 46, 459-47.  Holmstrom, B., &Tirole, J. (1993). Market Liquidity and Performance Monitoring.
  • Journal of Political Economy 101(4, August),678-709.  IFC &McKinsey&Company(2010) ‘TwoTrillion&Counting’ www.mckinsey.com/clientservice/.../ Two_trillion_and_counting.ashx
  • IMF (International Monetary Fund) (2005). Two Current Issues Facing Developing
  • Countries. World Economic Outlook: Globalization and External Imbalances. International Monetary Fund, Washington, DC. IOM (International Organization for Migration) International Finance Corporation (2011) International financial institutions and Development Through the Private Sector
  • Joppe, M. (2000). The Research Process. Retrieved July 04 2012, from http://www.ryerson.ca/~mjoppe/rp.htm
  • Juthathip, J. (2007) Workers’ Remittances, Economic Growth and Poverty in
  • Developing Asia and the Pacific Countries UNESCAP Working Paper. WP/07/01 Kadir, K. (2009). Workers’ Remittances and Economic Growth: Evidence from
  • Turkey. Journal of Yasar University, 4(13), 1891-1908
  • KashifImra (2012) “Determinants of Bank Credit in Pakistan: A Supply Side
  • Approach”, Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6)
  • Kehinde, A., Adekunjo, O., Felix, O., Kadiri, K., &Falana, A.A. (2012) The Determinants of Domestic Private Investment in Nigeria Journal of Humanities and Social Science (JHSS) Volume 2, Issue 6 (Sep-Oct. 2012), PP 46-54
  • Khan, M., &Rinluhart, C. (1990). Private Sector Development and Economic
  • Growth in Developing Countries. IMF Staff Papers, 29, 295-320. Kyle, A.S. (1984). Market Structure, Information, Futures Markets, and Price
  • Formation. In G.G. Storey, A. Schmitz and A.H. Sarris (eds.), Inter-national Agricultural Trade: Advanced Readings in Price Formation, Market Structure, and Price Instability. Boulder, Colo.: Westview.  LéonceNdikumana (2003). Financial Development, Financial Structure, andDomesticInvestment: International Evidence. Department of
  • EconomicsUniversity of Massachusetts Levine, R., &Renelt, D. (1992).A Sensitivity Analysis of Cross-Country Growth
  • Regressions. American Economic Review, 82 (4), 942-963. Lika BA, Farid and Paul (2010) IS the level of financial sector development a key determinant of private investment in power sector TSE working paper series
  • Looney. (1997). Government Investment in Manufacturing: Stimulus or Hindrance to Pakistani’s Private Sector? International Journal of Social Economics, 26
  • Michel, B., Elisabetta, L., & Robert, V. (2009). Remittances and Financial Openness
  • De Nederlandsche Bank NV Working Paper No. 317 Miller, M. (1988). Financial Markets and Economic Growth. Journal of Applied
  • Corporate Finance, 11(5), 8−15. Muhammad, H., & Mohamed, N. (2011). Role of Private sector development in
  • Economic Development of Pakistan. International Review of Business Research Papers Vol.7. No.1. January 2011. Pp. 420 – 439
  • Osili, U. (2004). “Migrants and Housing Investment: Theory and Evidence from
  • Nigeria, “Economic Development and Cultural Changes 821-849
  • Osman, T., Aydas, B.N., &Kivilcim, M. (2003). Determinants of Workers’
  • Remittances: The Case ofTurkey.Bilkent University 06800 Bilkent
  • Ouattara, B. (2005) Modelling the Long Run Determinants of Private Investment in Senegal. University of Manchester
  • Per, U., & Dane, R. (2012). Micro-Level Determinants of Remittances from Recent Migrants to Canada
  • Raju, J.S., Markus, H., Kyung-woo, L., & Mae, I. (2010). Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa. Journal of African
  • Economies, Vol. 20, number 2, pp. 312–340 Ramon, A., Castillo, P., Victor, T.P., & Jose, L.M.R. (2008) Macroeconomic
  • Determinants of Remittances: the Case of El Salvador California State University, Los Angeles and Universidad Autónoma de Baja California. Rapoport, H., &Docquier, F. (2005). The Economics of Migrants’ Remittances. 
  • Ratha, D. (2005) Workers’ Remittances: An Important and Stable Source of
  • External Development Finance. Economics Seminar Series. Paper 9 Reena, A., Demirgüç-Kunt, A. & Maria, S.M.(2010) Do Remittances Promote
  • Financial Development. World Bank Richard, P.C., &Fabrizio, C. (2011). Migrants‘ Remittances and Financial
  • Development: Macro- and Micro-level Evidence of a Perverse Relationship. GhadaFayadOxcarre, Department of Economics, Oxford University Russel, S. (1992). Migrants Remittances and Development, International
  • Migration. Quarterly Review, 30(3), 267-2987 
  • Samuel, M.M. 2004). The regulation and Supervision of Informal Remittances System
  • Schneider, B. (2003). Measuring Capital Flight: Estimates and Interpretations.
  • Working paper 194. London: Overseas Development Institute. Schoar, A., & Lin, R. (2009). Scale Matters. Free Exchange,
  • Economist.comblogs.Available:http://www.economist.com/blogs/freeexchange/l in_roundtable.  Sencer, E., & Andrea, T. (2010). An Econometric Analysis of The Remittance
  • Determinants Among Ghanaians and Nigerians in The United States, United Kingdom, and Germany Sofranko, J., & Khan, I. (1999) Use of Overseas Migrants' Remittances to the Extended Family for Business Investment: A Research Note. Department of
  • Human and Community Development University of Illinois, Urbana, Illinois 61801
  • Solimano, A. (2003). ‘‘Remittances by emigrants: issues and evidence’’, Discussion
  • Paper No. 2003 ⁄ 89, World Institute for Development Economics Research (WIDER), Helsinki
  • Stark, O., & Bloom, D. (1985). The New Economics of Labour Migration “American Economic Review 75:173
  • Suhas, K., &Dilip, R. (2009),”Future Flow Securitization for Development Finance” in innovative Financing for Development. eds. SuhasKetkar and DilipRatha
  • (Washington, DC: World Bank, 25-57
  • Temitope, W.O. (1994). Macroeconomic Determinants of Domestic Private sector development in Africa, Journal of Economic Development and Cultural Change, Vol. 42, No. 3, pp 573-596
  • Thanh, L. (2008). Trade, Remittances, Institutions, and Economic Growth. School of Economics, University of Queensland.
  • Thoma, M., & Lin, R. (2009). Small Banks Need Help. Free Exchange,
  • Economist.comblogs.Available:http://www.economist.com/blogs/freeexchange/l in_roundtable USAID (2007) Financial Sector Constraints on Private Sector Development in Mozambique
  • Valeer, P. (2011). Immigrant remittances and the venture investment environment in developing countries. Journal of International Business Studies.
  • Van Dalen, H.P., Groenewold, G., &Tineke, F. (2005). The Effect of Remittances on
  • Emigration Intentions in Egypt, Morocco, and Turkey. Netherlands Interdisciplinary Demographic Institute, L Erasmus University, Rotterdam. Wilson, J.F. (2002). Hawala and other informal payments systems: an economic perspective. Washington DC: International Monetary Fund.
  • Woodruff, C., &Zenteno, R. (2001). Remittances and Microenterprise in Mexico. Mimeo
  • Yoko, N., &Çağlar, Ö. (2006). Migration and Remittances: Causes and Linkages.
  • World Bank World Bank Policy Research Working Paper 4087, December 2006 www.sba.gov/advocacy/847. 
  • Financial Center IMF workingpaper 09/195 Appendix 1: Descriptive Statistic Period Average 1980-2012 FDI 1023 2.366346 3.510459 -6.897609 35.23495

Details

Journal Section Articles
Authors

Peter Nderitu GİTHAİGA This is me


Charles Githinji KABİRU This is me

Publication Date November 8, 2015
Published in Issue Year 2014, Volume 3, Issue 4

Cite

APA Githaiga, P. N. & Kabiru, C. G. (2015). REMITTANCES AS A DETERMINANT OF FINANCIAL SECTOR DEVELOPMENT . Journal of Business Economics and Finance , 3 (4) , 0-0 . Retrieved from https://dergipark.org.tr/en/pub/jbef/issue/32409/360444

Journal of Business, Economics and Finance (JBEF) is a scientific, academic, double blind peer-reviewed, quarterly and open-access journal. The publication language is English. The journal publishes four issues a year. The issuing months are March, June, September and December. The journal aims to provide a research source for all practitioners, policy makers and researchers working in the areas of business, economics and finance. The Editor of JBEF invites all manuscripts that that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JBEF charges no submission or publication fee.



Ethics Policy - JBEF applies the standards of Committee on Publication Ethics (COPE). JBEF is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).


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