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Personal Remittances and Financial Development for Economic Growth in Economic Transition Countries

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  • Shijun Cao
  • Sung Jin Kang

Abstract

This study investigates the effect of personal remittance inflows and financial development on the economic growth of 29 economic transition countries for the period of 2000–2015. Dynamic panel system GMM estimation results show that there is a positive relationship between remittance inflows and economic growth. It also shows that remittances and the level of financial development have a substitute relationship in promoting economic growth. So the remittance inflows have a positive effect on economic growth for the countries with low levels of financial development, but they have a negative effect on such growth for countries with moderate to high levels of financial development.

Suggested Citation

  • Shijun Cao & Sung Jin Kang, 2020. "Personal Remittances and Financial Development for Economic Growth in Economic Transition Countries," International Economic Journal, Taylor & Francis Journals, vol. 34(3), pages 472-492, July.
    • Handle: RePEc:taf:intecj:v:34:y:2020:i:3:p:472-492
    DOI: 10.1080/10168737.2020.1765187
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    Cited by:

    1. Ololade Periola & Monsurat Foluke Salami, 2024. "Remittance outflow, financial development and macroeconomic indicators: evidence from the UK," Future Business Journal, Springer, vol. 10(1), pages 1-12, December.
    2. Muhammad Ahsan Ali Raza & Chen Yan & Hafiz Syed Mohsin Abbas & Sara Ilahi, 2024. "Do Remittance Inflows, Investment Attributes, and Regional Integration Accelerate Sustainable Economic Growth in Asia?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1302-1317, March.
    3. Ronald Ravinesh Kumar & Peter Josef Stauvermann, 2023. "Tourism and economic growth in the Pacific region: evidence from five small island economies," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 28(3), pages 894-921, July.
    4. Aroua Robbana & Abdessamad Raghibi & AbdulGafar Olawale Fahm, 2024. "Revisiting Socioeconomic Development Hypothesis: Does Zakat Matter for OIC Member Countries?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 14379-14404, September.
    5. Bakari, Sayef, 2024. "Unlocking Prosperity: Fresh Insights into Economic Growth Through Financial Development, Domestic Investment, and Corruption Trends in LAC Countries," MPRA Paper 120411, University Library of Munich, Germany.
    6. Ichiro Iwasaki & Shigeki Ono, 2024. "Economic development and the finance–growth nexus: a meta-analytic approach," Applied Economics, Taylor & Francis Journals, vol. 56(57), pages 8021-8038, December.
    7. Imen Mohamed Sghaier, 2021. "Remittances and Economic Growth in MENA Countries: The Role of Financial Development," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 43-59, March.
    8. James Temitope Dada & Taiwo Akinlo, 2023. "Remittances-Finance-Growth Trilogy: Do Remittance And Financial Development Complement Or Substitute Each Other To Affect Growth In Nigeria?," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 68(236), pages 105-138, January –.

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