This paper analyzes the long-run impact of remittances on socio-economic development in the Caribbean Community and Common Market (CARICOM) between 1970 and 2013. We find that remittances have improved the health indicators, reducing infant and child mortality, and food deficit and improving life expectancy, and sanitation and water sources, especially in the rural areas. However, remittance inflows have no significant impact on education and communication infrastructure. Neither do they contribute to any demographic changes.
AdamsH.The determinants of international remittances in developing countries. World Dev.2009; 37(1): 93–101.
2.
AcostaP., AlderonC C., FajnzylberP., LopezH.Remittances and development in Latin America. World Econ.2006; 29(7): 957–87.
3.
AcostaP., AlderonC C., FajnzylberP., LopezH.What is the impact of international remittances on poverty and inequality in Latin America. World Dev.2008; 36(1): 89–114.
4.
AlleyneD., KirtonC.D., FigueroaM.Macroeconomic determinants of migrant remittances to Caribbean countries: panel roots and Co-integration. J Dev Areas.2008; 41(2): 137–53.
5.
BarajasA., ChamiR., FullenkampC., GapenM., MontielP.Do workers' remittances promote economic growth? IMF Working Paper 153. International Monetary Fund; 2009.
6.
CatrinescuN., León-LedesmaM., PirachaM., QuillinB.Remittances, institutions, and economic growth. IZA Discussion Paper No. 2139. Institute for the Study of Labor; 2006.
7.
ChamiR., FullenkampC., JahjahS.Are immigrant remittance flows source of capital for development?IMF Staff Papers; 2005. pp. 33–41.
8.
Donou-AdonsouF., LimS.An empirical analysis of remittance flows into west African economic and monetary union: a panel time-series approach. Appl Econ.2016; 48(1): 1018–29.
9.
FainiR.Migration and remittances: the impact on the countries of origin. In migration and development: mutual benefits? Proceedings of the 4th AFD-EUDN Conference, 2006; 2007. pp. 185–216.
10.
ForanL.Policy options for enhancing the development impact of remittances. African Development Bank Group; 2006.
FullerW.A.Some properties of a modification of the limited information estimator. Econometrica.1977; 45(4): 939–53.
13.
GiulianoP., Ruiz-ArranzM.Remittances, financial development, and growth. J Dev Econ.2009; 90(1): 144–52.
14.
GuptaP.Macroeconomic determinants of remittances: evidence from India. IMF Working Papers 05/004; 2005.
15.
ImaiK.S., GaihaR., LiA A., KaickerN.Remittances, growth and poverty: new evidence from Asian countries. J Policy Model.2014; 36: 524–38.
16.
International Monetary Fund (IMF). Two current issues facing developing countries, chapter 2 in world economic outlook: Globalization and external imbalances.Washington, DC: IMF; 2005.
17.
ItzigsohnJ.Migrant remittances, labor markets, and household strategies: a comparative analysis of low-income household strategies in the Caribbean Basin. Soc Forces.1995; 74(2): 633–55.
18.
KimN.The impact of remittances on labor supply: the case of Jamaica. In: World Bank policy research working paper 4120.Washington D.C.: World Bank; 2007.
19.
KleibergenF., PaapR.Generalized reduced rank tests using the singular value decomposition. J Econ.2006; 133: 97–126.
20.
KroegerA., AndersonK.H.Remittances and the human capital of children: new evidence from Kyrgyzstan during revolution and financial crisis. J Comp Econ.2014; 42: 770–85.
21.
LimS., MorshedAKMM. International migration, migrant stock, and remittances: reexamining the motivations to remit. Q Rev Econ Finance.2014; doi: 10.1016/j.qref.2014.10.001.
22.
LimS., SimmonsW.O.Do remittances promote economic growth in the Caribbean community and common market?J Econ Bus.2015; 77: 42–59.
23.
LucasR.E.B., StarkO.Motivation to remit: evidence from Botswana. J Polit Econ.1985; 93: 901–18.
24.
LuethE., Ruiz-ArranzM.Determinants of bilateral remittance flows. BE J Macroecon.2008; 8(1): 1–21. Article 26
25.
MankiwG. N.Brief principles of macroeconomics.Seven Edition.Cengage Learning; 2015.
26.
MundacaG.B.Remittances, financial market development, and economic growth: the case of Latin America and the Caribbean. Rev Dev Econ.2009; 13(2): 288–303.
27.
NsiahC., FayissaB.Remittances and economic growth in Africa, Asia, and Latin American-Caribbean countries: a panel unit root and panel cointegration analysis. J Econ Financ.2013; 37(3): 424–41.
28.
OrozcoM.Remittances in the Latin American and the Caribbean Region: a review of its economic impact.Washington, DC: Inter-American Dialogue; 2005.
29.
RamirezM.D.Do financial and institutional variables enhance the impact of remittances on economic growth in Latin America and the Caribbean? A panel cointegration analysis. Int Adv Econ Res.2013; 19(3): 273–88.
30.
RamirezM. D., SharmaH.Remittances and growth in Latin America: a panel unit root and panel cointegration analysis. Economics Development Working Paper No. 51. Yale University; 2008.
31.
RapoportH., DocquierF.The economics of migrants' remittances. In: KolmS.C., YthierJ.M., editors. Handbook of the economics of giving, altruism and reciprocity, vol. 2, chapter 17. Amsterdam; 2006. pp. 1135–1198.
32.
RathaD.Worker remittances: an important and stable source of external. Development finance. Global Development Finance:The World Bank, Washington, D.C.; 2003.
33.
SalasV.B.International remittances and human capital formation. World Dev.2014; 59: 224–37.
34.
SamuelW.The contribution of remittances to social and economic development in the Caribbean.St Kitts: Eastern Caribbean Central Bank (ECCB); 1996.
35.
SinghR. J., HaackerM., LeeK.Determinants and macroeconomic impact of remittances in Sub-Saharan Africa. IMF Working Paper WP/09/216; 2009.
36.
StockJ.H., YogoM.Testing for weak instruments in linear IVregression. In: AndrewsD.W.K., StockJ.H., editors. In identification and inference for econometric models: essays in honor of Thomas Rothenberg.Cambridge UK: Cambridge University Press; 2005. p. 80–108.
WilsonS.R., TerryD.F.Beyond small change: making remittances count.Washington, D.C: Inter-American Development Bank; 2015.
39.
World Bank. The development impact of workers' remittances in Latin America. Vol. 2: detailed findings. Report no. 37026. Washington: World Bank; 2006.
World Bank. Migration and development brief 24. Migration and Remittances Team, Development Prospect Group: Washington D.C; 2015.
42.
YangD.International migration, remittances and household investment: evidence from Philippine migrants' exchange rate shocks. Econ J.2008; 118: 591–630.
43.
ZiesemerT. H. W.Worker remittances and growth: the physical and human capital channels. UNU-MERIT working Paper Series, No.020.Netherlands: Maastricht; 2006.
44.
ZiesemerT.H.W.Worker remittances, migration, accumulation and growth in poor developing countries: survey and analysis of direct and indirect effects. Econ Model.2012; 29: 103–18.