Financial development and dynamic investment behavior: Evidence from panel VAR

https://www.nber.org/system/files/working_papers/w8245/w8245.pdf

Does Financial Liberalization Spur Growth

Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

This paper describes the correlations between inequality and the growth rates in cross-country data. Using non-parametric methods, we show that the growth rate is an inverted U-shaped function of net changes in inequality: Changes in inequality (in any direction) are associated with reduced growth in the next period. The estimated relationship is robust to variations in control variables and estimation methods. This inverted U-curve is consistent with a simple political economy model, although, as we point out, efforts to interpret this model causally run into difficult identification problems. We show that this non-linearity is sufficient to explain why previous estimates of the relationship between the level of inequality and growth are so different from one another.

Inequality and Growth: What Can the Data Say?

This is the second edition of the Migration and Remittances Factbook. This report provides a comprehensive picture of emigration, skilled emigration, immigration, and remittance flows for 210 countries and 15 country groups, drawing on authoritative, publicly available data. The current edition of the factbook updates the information in the popular 2008 edition with additional data for 71 countries collected from various sources, including national censuses, labor force surveys, population registers, and other national sources. In addition, it provides selected socioeconomic characteristics such as population, labor force, age dependency ratio, gross national income (GNI) per capita, and poverty headcount for each country and regional grouping. More frequent and timely monitoring of migration and remittance trends can provide policy makers, researchers, and the development community with the tools to make informed decisions. The factbook makes an important contribution to this effort by providing the latest available data and facts on migration and remittance trends worldwide in a comprehensive and readily accessible format.

Migration and Remittances Factbook 2011

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Capital inflows and capital outflows: measurement, determinants, consequences

Preliminary estimates, based on data on bilateral migrant stocks for 2010 and assumptions about migrant incomes, suggest that annual diaspora savings of developing countries could be in the range of $400 billion. Diaspora saving as a share of Gross Domestic Product (GDP) is estimated to be 2.3 percent in middle-income countries and as high as 9 percent in low-income countries.

Preliminary estimates of diaspora savings

The financial crisis has highlighted the need for forecasts of remittance flows in many developing countries where these flows have proved to be a lifeline to the poor people and the economy. This note describes a simple methodology for forecasting country-level remittance flows in a manner consistent with the medium-term outlook for the global economy. Remittances are assumed to depend on bilateral migration stocks and income levels in the host country and the origin country. Changes in remittance costs, shifts in remittance channels, global exchange rate movements, and unpredictable immigration controls in the migrant-destination countries pose risks to the forecasts. Much remains to be done to improve the forecast methodology, data on bilateral flows, and high-frequency monitoring of migration and remittance flows.

/pdf/forecasting-migrant-remittances-during-the-global-financial-1osqyy0b9t.pdf

Forecasting migrant remittances during the global financial crisis

Along with international trade and foreign direct investment (FDI), international migration is an important channel for the transmission of technology and knowledge. However, the direction and scale of technology flows that result from international migration are less clear than for FDI and trade. Remittances to developing countries have grown steadily in recent years, reaching an estimated $240 billion in 2007, and are now larger than FDI and equity inflows in many countries, especially small, low-income countries. Remittances can support the diffusion of technology by reducing the credit constraints of receiving households and encouraging investment and entrepreneurship. Remittance flows have also contributed to the extension of banking services (often by using innovative technologies), including microfinance, to previously unserved, often rural sectors.

International migration and technological progress

Remittances provide the most tangible link between migration and development. Remittances have proved to be a large and stable resource flow for developing countries. Recorded remittance inflows to developing countries are estimated to have reached $325 billion in 2010, three times the size of official development assistance (Figure 1). The true size of remittances including unrecorded flows through formal and informal channels is likely to be even higher. In many developing countries, these flows exceed foreign direct investment (FDI) and portfolio equity and private debt flows. In Egypt, remittances exceed the revenue from the Suez Canal; in Morocco and Nepal, they exceed tourism revenue; and in Sri Lanka, they exceed tea exports.


Keywords:

poverty;
development;
migration;
economic development;
banking, international;
foreign investment;
diaspora

Sanket Mohapatra

Papers

Capital inflows and capital outflows: measurement, determinants, consequences

Preliminary estimates of diaspora savings

Forecasting migrant remittances during the global financial crisis

International migration and technological progress

Remittances and Development