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Remittance flows and US monetary policy
Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of US monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been studied...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer Berlin Heidelberg
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9510564/ http://dx.doi.org/10.1007/s10290-022-00478-x |
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author | Machasio, Immaculate Tillmann, Peter |
author_facet | Machasio, Immaculate Tillmann, Peter |
author_sort | Machasio, Immaculate |
collection | PubMed |
description | Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of US monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been studied. We estimate a series of panel local projections for remittance inflows into eight countries. A surprise change in US monetary conditions has a strong and highly significant negative effect on inflows. Our finding remains robust if we change the sample period or include additional variables. Hence, our paper establishes a remittance-channel through which the Fed affects the business cycle abroad. |
format | Online Article Text |
id | pubmed-9510564 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Springer Berlin Heidelberg |
record_format | MEDLINE/PubMed |
spelling | pubmed-95105642022-09-26 Remittance flows and US monetary policy Machasio, Immaculate Tillmann, Peter Rev World Econ Original Paper Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of US monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been studied. We estimate a series of panel local projections for remittance inflows into eight countries. A surprise change in US monetary conditions has a strong and highly significant negative effect on inflows. Our finding remains robust if we change the sample period or include additional variables. Hence, our paper establishes a remittance-channel through which the Fed affects the business cycle abroad. Springer Berlin Heidelberg 2022-09-24 /pmc/articles/PMC9510564/ http://dx.doi.org/10.1007/s10290-022-00478-x Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) . |
spellingShingle | Original Paper Machasio, Immaculate Tillmann, Peter Remittance flows and US monetary policy |
title | Remittance flows and US monetary policy |
title_full | Remittance flows and US monetary policy |
title_fullStr | Remittance flows and US monetary policy |
title_full_unstemmed | Remittance flows and US monetary policy |
title_short | Remittance flows and US monetary policy |
title_sort | remittance flows and us monetary policy |
topic | Original Paper |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9510564/ http://dx.doi.org/10.1007/s10290-022-00478-x |
work_keys_str_mv | AT machasioimmaculate remittanceflowsandusmonetarypolicy AT tillmannpeter remittanceflowsandusmonetarypolicy |