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An empirical analysis of remittance flows into West African Economic and Monetary Union: a panel time-series approach

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  • Ficawoyi Donou-Adonsou
  • Sokchea Lim

Abstract

The article empirically analyses the motivations and long-run economic outcomes of remittance inflows into the West African Economic and Monetary Union. Using Westerlund’s (2007) ECM for panel time series and data spanning 1975--2011, the results show that there is no evidence of a long-run impact of remittances on income per capita in the region. The inflows seem to be motivated by investment, but the money may be used to promote consumption instead. This phenomenon could be characterized by information asymmetry between migrants and the recipients.

Suggested Citation

  • Ficawoyi Donou-Adonsou & Sokchea Lim, 2016. "An empirical analysis of remittance flows into West African Economic and Monetary Union: a panel time-series approach," Applied Economics, Taylor & Francis Journals, vol. 48(11), pages 1018-1029, March.
    • Handle: RePEc:taf:applec:v:48:y:2016:i:11:p:1018-1029
    DOI: 10.1080/00036846.2015.1093080
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    References listed on IDEAS

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    1. International Monetary Fund, 2014. "West African Economic and Monetary Union (WAEMU): Staff Report on Common Policies for Member Countries," IMF Staff Country Reports 2014/084, International Monetary Fund.
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    Cited by:

    1. Lim, Sokchea, 2021. "Policy to promote overseas migrant work: A macro-dynamic framework," Mathematical Social Sciences, Elsevier, vol. 109(C), pages 113-125.
    2. Agbahey Johanes & Siddig Khalid & Grethe Harald & McDonald Scott, 2020. "Labor exports from Palestine to Israel: a boon or bane for the West Bank economy?," IZA Journal of Labor Policy, Sciendo & Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 10(1), pages 1-25, March.
    3. Joseph Siani, 2020. "International remittances, poverty and growth into WAEMU countries: evidence from panel cointegration approach," Economics Bulletin, AccessEcon, vol. 40(2), pages 1446-1456.
    4. Lim, Sokchea & Khun, Channary, 2022. "Macroeconomic impacts of remittances: A two-country, two-sector model," Journal of Macroeconomics, Elsevier, vol. 73(C).
    5. Siti Mas’udah, 2020. "Remittances and Lifestyle Changes Among Indonesian Overseas Migrant Workers’ Families in Their Hometowns," Journal of International Migration and Integration, Springer, vol. 21(2), pages 649-665, June.
    6. Shreya Pal, 2023. "Does Remittance and Human Capital Formation Affect Financial Development? A Comparative Analysis Between India and China," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(2), pages 387-426, June.
    7. Lim, Sokchea & Mahbub Morshed, A.K.M., 2017. "Fiscal policy in a small open economy with cross-border labor mobility," Journal of Macroeconomics, Elsevier, vol. 52(C), pages 147-174.
    8. Lim, Sokchea & Morshed, A.K.M. Mahbub & Turnovsky, Stephen J., 2023. "Endogenous labor migration and remittances: Macroeconomic and welfare consequences," Journal of Development Economics, Elsevier, vol. 163(C).
    9. Lim, Sokchea & Basnet, Hem C., 2017. "International Migration, Workers’ Remittances and Permanent Income Hypothesis," World Development, Elsevier, vol. 96(C), pages 438-450.

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