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Macroeconomic Consequences of Remittances

Macroeconomic Consequences of Remittances »

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

DOI: http://dx.doi.org/10.5089/9781589067011.084

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses...

On the Determinants of First-Time Sovereign Bond Issues

On the Determinants of First-Time Sovereign Bond Issues »

Source: On the Determinants of First-Time Sovereign Bond Issues

Volume/Issue: 2003/184

Series: IMF Working Papers

Author(s): David Grigorian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451859386

Keywords: sovereign bonds, first-time market access, bond, bonds, bond issues, international capital markets, sovereign bond, International Lending and Debt Problems,

In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto ackn...

Rethinking Financial Deepening

Rethinking Financial Deepening »

Source: Rethinking Financial Deepening : Stability and Growth in Emerging Markets

Volume/Issue: 2015/8

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Martin Cihak , Papa N'Diaye , Adolfo Barajas , Diana Ayala Pena , Ran Bi , Yuan Gao , Annette Kyobe , Lam Nguyen , Christian Saborowski , Katsiaryna Svirydzenka , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2015

ISBN: 9781498312615

Keywords: Economic growth, Emerging markets, Financial stability, financial development, financial deepening, financial inclusion, finance, General, Government Policy and Regulation, Estabilidad financiera; Crecimiento económico; Desarrollo del mercado de capitales; Acceso a los mercados de capitales; Mercados emergentes

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn f...

Rethinking Financial Deepening: Stability and Growth in Emerging Markets

Rethinking Financial Deepening: Stability and Growth in Emerging Markets »

Source: Rethinking Financial Deepening : Stability and Growth in Emerging Markets

Volume/Issue: 2015/8

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Martin Cihak , Papa N'Diaye , Adolfo Barajas , Diana Ayala Pena , Ran Bi , Yuan Gao , Annette Kyobe , Lam Nguyen , Christian Saborowski , Katsiaryna Svirydzenka , and Reza Yousefi

Publisher: Bank of Communications/New Finance

Publication Date: 04 May 2015

Language: Chinese

ISBN: 9781513533308

Keywords: Economic growth, Emerging markets, Financial stability, financial development, financial deepening, financial inclusion, finance, General, Government Policy and Regulation, Estabilidad financiera; Crecimiento económico; Desarrollo del mercado de capitales; Acceso a los mercados de capitales; Mercados emergentes

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn f...

I Introduction

I Introduction »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Immigrant remittances are truly a force to be reckoned with in the global economy. These private, unrequited transfers of money from migrants to the family members they leave behind, often sent a few hundred...

II Remittances: Measurement Matters

II Remittances: Measurement Matters »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Why Study the Macro Effects of Remittances? The unique characteristics of remittances and their potential economic impact have attracted the attention of policymakers and researchers...

III Remittances: Stylized Facts

III Remittances: Stylized Facts »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Given the findings of the previous chapter, the next logical step is to establish a new set of stylized facts about remittances derived from properly measured data. Because stylized facts identify the basic...

IV What Drives Remittance Flows?

IV What Drives Remittance Flows? »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Understanding the motivations for remitting is necessary for analyzing the wider economic consequences of remittances, for at least two reasons. First, the amount that a migrant transfers to family members r...

V Macroeconomic Implications of Remittances: Theory

V Macroeconomic Implications of Remittances: Theory »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

Previous chapters have documented the rising importance of workers’ remittances as resource flows to developing countries. As with earlier surges in other types of resource flows to such countries, this chan...

VI Macroeconomic Implications of Remittances: A General Equilibrium Model with Money

VI Macroeconomic Implications of Remittances: A General Equilibrium Model with Money »

Source: Macroeconomic Consequences of Remittances

Series: Occasional Papers

Author(s): Connel Fullenkamp , Thomas Cosimano , Michael Gapen , Ralph Chami , Peter Montiel , and Adolfo Barajas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2008

ISBN: 9781589067011

Keywords: Debt sustainability, Capital inflows, Economic models, Economic growth, Real effective exchange rates, Income, Migration, Labor markets, Workers remittances, remittances

The existing literature has largely been silent concerning the impact of remittances on the functioning of government policy and the macroeconomy. In the absence of a unified framework for evaluating this im...