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Ekonomik Yaklasim. 2019; 30(110): 1-24

The Effect of Remittances on Financial Development: Dynamic Panel Data Analysis on Developing Countries

Şerife Özşahin, Gulbahar Ucler.

Remittances defined as the money transfer that the individuals working abroad make to their families in their homelands are different from the other type of capital flows as they do not fluctuate even during the periods of economic and financial crisis, and they are stable sources. The volume of this capital has increased five times particularly during the last two decades. Thus, there has been an increase in the number of studies examining the relationship between remittances and many macroeconomic variables such as growth, financial development, exchange rate, and poverty. This study aims to examine the effect of remittances on financial development using dynamic panel data analysis methods. According to the 2018 World Bank data, eight countries receiving the highest amount of remittance and were able to continuous data for the 1982-2018 period were included in the study. The findings obtained through the AMG estimator, which is used to calculate long-run coefficients, revealed that remittances made a positive contribution to the financial development of the country receiving remittances and that the effect of remittances on financial development was statistically significant in five of the eight countries.

Key words: Anahtar Kelimeler: Göçmen Gönderileri, Finansal Gelişme, Gelişmekte Olan Ülkeler, AMG Tahmincisi. JEL Kodları: G15, J15, P33 Keywords: Remittances, Financial Development, Developing Countries, AMG Estimator. JEL Classification: G15, J15, P33

Article Language: Turkish English

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