Rainfall, financial development, and remittances: Evidence from Sub-Saharan Africa

• 成果类型: Article
• 署名作者: Arezki, Rabah; Brueckner, Markus
• 署名单位: International Monetary Fund; National University of Singapore
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2011.12.010
• 发表日期: 2012
• 页码: 377-385
• 关键词: Transitory income shocks; remittances; financial development

摘要

We use annual variations in rainfall to examine the effects that exogenous, transitory income shocks have on remittances in a panel of 41 Sub-Saharan African countries during the period 1970-2007. Our main finding is that on average rainfall shocks have an insignificant contemporaneous effect on remittances. However, the marginal effect is significantly decreasing in the share of domestic credit to GDP. So much so, that at high levels of credit to GDP rainfall shocks have a significant negative effect on remittances, while at low levels of credit to GDP the effect of rainfall on remittances is significantly positive. (C) 2012 Published by Elsevier B.V.