Articles published

Migrant Remittances and Economic Growth: the role of financial development & institutional quality

This paper investigate the conditionel effect of remittances on economic growth in 14 Middle East and North Africa (MENA) countries. Using unbalanced panel data over the period 1984-2015, we study the hypothesis that the effect of re- mittances on economic growth varies depending on the level of financial devel- opment and institutional environment in recipient countries. We use Two-Stage Least Squares (2SLS/IV) instrumental variables method in which we address the endogeneity of remittances. Our results reveal a complementary relationship among financial development and remittances to ensure economic growth. The estimations show that remittances promote growth in countries with a developed financial sys- tem and a strong institutional environment.

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Do political institutions improve the effect of remittances on economic growth? Evidence South-Mediterranean countries

This paper examines the link between remittances, institutions quality and economic growth for 11 South- Mediterranean countries (SMC) over the period 1984–2014. Based on a Generalized Method of Moment (GMM) estimation, the empirical analysis reveals three findings: institutions quality have a positive effect on economic growth, there is no direct link between remittances and economic growth and remittances and institutional quality are complements in enhancing economic growth.

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Working Paper

Migrant Remittances and Economic Growth: the role of financial development & institutional quality

This paper investigate the conditionel effect of remittances on economic growth in 14 Middle East and North Africa (MENA) countries. Using unbalanced panel data over the period 1984-2015, we study the hypothesis that the effect of re- mittances on economic growth varies depending on the level of financial devel- opment and institutional environment in recipient countries. We use Two-Stage Least Squares (2SLS/IV) instrumental variables method in which we address the endogeneity of remittances. Our results reveal a complementary relationship among financial development and remittances to ensure economic growth. The estimations show that remittances promote growth in countries with a developed financial sys- tem and a strong institutional environment.

click here for the most recent version of the paper

Work in progress

Poverty, Economic Volatility and Remittances : the case of subsaharien countries

The increase in the volume of international migration over recent decades has led to an unprecedented increase in financial flows to labor-exporting countries. Indeed, international migrant remittances have begun to be a significant source of external financing for developing countries. They may reduce the volatility of income, promote the financial sector and increase the quality of institutions. They can also promote both human and physical capital investment. The combination of remittances and the institutional quality and remittance can moderate the effect of macroeconomic volatility and poverty. So, we try to analyze this relationship on 40 countries in the Sub-Saharan African region over the period from 1996 to 2016. The GARCH models of Engle (1982) and Bollerslev (1986) are employed to model the volatility of macroeconomic uncertainty. The dynamic panel model estimation of Arellano and Bond (1991) and Blundell and Bond (1998).

Poverty, Economic Volatility and Remittances : the case of subsaharien countries

The increase in the volume of international migration over recent decades has led to an unprecedented increase in financial flows to labor-exporting countries. Indeed, international migrant remittances have begun to be a significant source of external financing for developing countries. They may reduce the volatility of income, promote the financial sector and increase the quality of institutions. They can also promote both human and physical capital investment. The combination of remittances and the institutional quality and remittance can moderate the effect of macroeconomic volatility and poverty. So, we try to analyze this relationship on 40 countries in the Sub-Saharan African region over the period from 1996 to 2016. The GARCH models of Engle (1982) and Bollerslev (1986) are employed to model the volatility of macroeconomic uncertainty. The dynamic panel model estimation of Arellano and Bond (1991) and Blundell and Bond (1998).

External aid versus remittances: which works better: the case of a selected MENA countries

International migrant remittances have begun as a significant of external financing for developing countries. Only considering remittances passing through formal channels, the World Bank estimates that remittances reached 440.1 billion dollar US in 2010 (Fact Book, 2011). In fact, remittances sent to developing countries have increased spectacularly over the last three decades to represent the large majority of remittances flows today. According to the World Bank (2011), formally recorded remittances sent to developing countries reached 325.5 billion in 2010 dollar US. After a modest decline in 2009, because of the global financial crisis, remittances flows to developing countries are expect to grow at a lower but sustainable rate of 7-8 percent annually during 2011-2013 to reach 450 billion dollar US by 2016. However, remittances benefit some regions more than others. With 73 billion dollars us of remittances, the MENA region is one of the top remittance recipients in the world after East Asia and Pacific, and Latin America and the Caribbean. In this region, the countries are at the same time recipients of external foreign aid. Consequently, the Low and Middle Income MENA’s countries could be very interesting for analyzing the relative efficiency of external aid and remittances. The labor sending countries, which are more dependent on remittances, are experiencing a relatively higher growth of GDP per capita over the years. In contrast, the Low Income Countries in, which are more dependent on aid, are lagging behind. These raise the question about the role of these external finances. In this paper we investigated whether less dependence on foreign aid and more dependence on enhanced remittance earnings could better accelerate capital accumulation and growth of recipient countries.