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Remittances

In: Overcoming Productivity Challenges in Small Countries

Author

Listed:
  • Andre Haughton

    (University of the West Indies)

  • Wendel Ivey

    (Bank of Jamaica)

Abstract

People who migrate send remittance back to their home countries. This chapter analyses remittance inflows in regions such as South Asia, Sub-Saharan Africa, Latin America and the Caribbean, placing emphasis on Jamaica. The chapter gives a brief overview of the benefits of remittances inflows in small countries across the globe. The remittance and productivity dilemma is also put under the microscope. A summary of the impact of both the Global Financial Crisis and the COVID-19 pandemic on remittance flows to Jamaica is also provided which shows that remittance flows increased in the COVID-19 pandemic while it went down in the Global Financial Crisis. Possible explanations are provided for these contradicting performances. Finally, an Autoregressive Distributed Lag (ARDL) model is estimated to determine the impact of remittances inflows on Jamaica’s economic growth. The model results indicate that in the long run, remittance inflows reduce GDP growth in Jamaica.

Suggested Citation

  • Andre Haughton & Wendel Ivey, 2023. "Remittances," Springer Books, in: Overcoming Productivity Challenges in Small Countries, chapter 0, pages 183-208, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-23301-2_7
    DOI: 10.1007/978-3-031-23301-2_7
    as

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