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dc.contributor.authorBeine, Michelen_US
dc.contributor.authorLodigiani, Elisabettaen_US
dc.contributor.authorVermeulen, Roberten_US
dc.date.accessioned2010-06-24en_US
dc.date.accessioned2010-08-18T11:19:23Z-
dc.date.available2010-08-18T11:19:23Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/39003-
dc.description.abstractRemittances have greatly increased during recent years, becoming an important and reliable source of funds for many developing countries. Therefore, there is a strong incentive for receiving countries to attract more remittances, especially through formal channels that turn to be either less expensive or less risky. One way of doing so is to increase their financial openness, but this policy option might generate additional costs in terms of macroeconomic volatility. In this paper we investigate the link between remittance receipts and financial openness. We develop a small model and statistically test for the existence of such a relationship with a sample of 66 mostly developing countries from 1980-2005. Empirically we use a dynamic generalized ordered logit model to deal with the categorical nature of the financial openness policy. We apply a two-step method akin to two stage least squares to deal with the endogeneity of remittances and potential measurement errors. We find a strong positive statistical and economic effect of remittances on financial openness.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper Monetary Policy and International Finance 3090en_US
dc.subject.jelE60en_US
dc.subject.jelF24en_US
dc.subject.jelF41en_US
dc.subject.jelO10en_US
dc.subject.ddc330en_US
dc.subject.keywordremittancesen_US
dc.subject.keywordfinancial opennessen_US
dc.subject.keywordgovernment policyen_US
dc.subject.stwRücküberweisung (Migranten)en_US
dc.subject.stwKapitalmarktliberalisierungen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwSchwellenländeren_US
dc.titleRemittances and financial opennessen_US
dc.typeWorking Paperen_US
dc.identifier.ppn630009260en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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