Comparative Analysis of the Effect of Remittances and Foreign Aid Inflows on Economic Growth in ECOWAS Sub Region

Izevbigie, John Norense; Ighodaro, Clement Atewe; Sowemimo, Esosa J.

doi:10.31841/kjems.2021.39

Cited by 2 publications

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“…The discussion on international migration has become a significant part of globalization and a topical issue in international relations. People in developing nations have taken to international migration as a means to cope with the poverty level in their home countries and also be able to explore international opportunities (Mokoswa, 2016; Olayungbo and Quadri, 2019; Izevbigie, 2020; Chintamani and Kulkarni, 2023). Most of these developing countries are faced with challenges of political instability, unemployment, economic instability, tribal and religious conflicts etc.…”

Section: Introductionmentioning

confidence: 99%

Does financial market development really drive migrant remittances’ flow in Sub-Saharan Africa?

Ikpesu

2023

IJSE

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PurposeThe discussion on international migration has become a significant part of globalization and a topical issue in international relations, especially in developing economies which mostly relies on migrant remittances. The purpose of the study is to examine whether financial market development (equity market development and banking sector development) really drives migrant remittance flow in Sub-Saharan Africa (SSA).Design/methodology/approachThe study employs the dynamic heterogeneous panel data approach-the pool mean group (PMG) and the mean group (MG) techniques in analyzing the model based on data obtained from 27 SSA countries covering the period 2000–2020.FindingsThe findings of the study revealed that financial market development (equity market development and banking sector development) is a key driver of migrant remittances flows in the SSA region. In addition, the study revealed that the following macroeconomic variables such as real interest rate, unemployment rate, global growth, emigration, and economic growth are also determinants of migrant remittances flows in the SSA region.Originality/valueThe reviewed empirical literature revealed that several studies documents that the macroeconomic determinants of migrant remittances include inflation, GDP, interest rate, exchange rate, population growth, financial sector development and unemployment rate. Most of these studies fail to capture both equity market development and robust banking sector development (financial market development) as critical drivers of migrant remittances flow in SSA. Also, this study uses a robust measure of equity market development and banking sector development, unlike previous studies.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0361

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Section: Introductionmentioning

confidence: 99%

Does financial market development really drive migrant remittances’ flow in Sub-Saharan Africa?

Ikpesu

2023

IJSE

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Migrant remittances, financial market development, and per capita real growth in sub-Saharan Africa

Olapeju

2023

J. Account. Taxation

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Comparative Analysis of the Effect of Remittances and Foreign Aid Inflows on Economic Growth in ECOWAS Sub Region

Cited by 2 publications

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Does financial market development really drive migrant remittances’ flow in Sub-Saharan Africa?

Does financial market development really drive migrant remittances’ flow in Sub-Saharan Africa?

Migrant remittances, financial market development, and per capita real growth in sub-Saharan Africa

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