Remittances And Macroeconomic Volatility In African Countries
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Remittances and Macroeconomic Volatility in African Countries
Author | : Ahmat Jidoud |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2015-03-02 |
Genre | : Business & Economics |
ISBN | : 1498300944 |
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This paper investigates the channels through which remittances affect macroeconomic volatility in African countries using a dynamic stochastic general equilibrium (DSGE) model augmented with financial frictions. Empirical results indicate that remittances—as a share of GDP—have a significant smoothing impact on output volatility but their impact on consumption volatility is somewhat small. Furthermore, remittances are found to absorb a substantial amount of GDP shocks in these countries. An investigation of the theoretical channels shows that the stabilization impact of remittances essentially hinges on two channels: (i) the size of the negative wealth effect on labor supply induced by remittances and, (ii) the strength of financial frictions and the ability of remittances to alleviate these frictions.
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