Blessing or curse: The stabilizing role of remittances compared with other financial flows
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http://dx.doi.org/10.1177/0973174115624774 |
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Título
Blessing or curse: The stabilizing role of remittances compared with other financial flowsFecha de publicación
2016Editor
SAGE PublicationsISSN
0973-1741; 0973-1733Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://journals.sagepub.com/doi/abs/10.1177/0973174115624774Palabras clave / Materias
Resumen
Flows of remittances to Pakistan are being increasingly viewed as a relatively
attractive source of external finance, which can help to foster development and
manage economic shocks. Remittances have become a major ... [+]
Flows of remittances to Pakistan are being increasingly viewed as a relatively
attractive source of external finance, which can help to foster development and
manage economic shocks. Remittances have become a major source of revenue,
surpassing the volume of foreign direct investment (FDI) and official development
assistance (ODA) that the country receives. This study focuses primarily
on the stability, cyclicality and stabilization impacts of remittances to Pakistan. It
is evident that foreign flows exhibit different types of volatility; remittances are
found to be a less volatile source of external finance than FDI and ODA; they
are also found to be counter-cyclical and stabilizing, thus serving to stabilize
the recipient economy in times of economic downturns. ODA appears to be
a-cyclical and stabilizing, whereas FDI emerges as pro-cyclical and destabilizing.
Furthermore, remittances are insensitive to cyclical fluctuations in the sending
countries. We also consider a structural vector autoregressive (SVAR)-based
identification in order to examine the responses of financial flows to innovation
in receiving and sending economies. We confirm the counter-cyclical mechanism
of remittances with respect to Pakistani output. In particular, our results indicate
that remittance flows to Pakistan are mainly explained by the economic conditions
in the country. [-]
Publicado en
Journal of South Asian Development, 2016, 11(1) 38–66Derechos de acceso
© 2016 Sage Publications India
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