The interactive effects of remittances on economic growth and inequality in Western Balkan countries
Abstract
Hardly any studies have investigated the impact of migrant remittances on economic growth (EG) and inequality in the Western Balkans as a whole (WB6). Using the method of instrumental variables (VI), the findings show that while remittances influence economic growth, their inflow also promotes a high level of migration and absorbs a large workforce by influencing the labor market and encouraging uncontrolled individual relocation. This paper also reveals that although remittances have eased income inequalities the share of remittances in a country’s economy has declined over the years. After testing for the endogeneity of remittances and controlling for various variables, the results indicate that migrant workers’ remittances do not provide strong support for economic growth and inequality. For the sample average, a 1-percent rise in the share of remittances in the economy (i.e., to GDP) will lead to a 0.10-percent rise in the economic cycle i.e. GDP growth, respectively will lead to a 0.05-percent drop in the share of people living in inequality. The findings also show that the interactive effect of remittances and foreign direct investment is lower on economic growth and inequality than the individual effect of each factor.
Keyword : economic growth, international migration, remittances, inequalities, poverty reduction, foreign direct investments
How to Cite
Bajra, U. Q. (2021). The interactive effects of remittances on economic growth and inequality in Western Balkan countries. Journal of Business Economics and Management, 22(3), 757-775. https://doi.org/10.3846/jbem.2021.14587
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bajra, U. & Čadež, S. (2020). Alternative regulatory policies, compliance and corporate governance quality. Baltic Journal of Management, 15(1), 42–60. https://doi.org/10.1108/BJM-11-2018-0373
Baškot, B. (2020). Capital flows impact on labor market: how do FDIs and remittances effect youth employment in Bosnia and Herzegovina? Economic Research-Ekonomska Istraživanja, 33(1), 2633– 2647. https://doi.org/10.1080/1331677X.2020.1761418
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Bertoli, S., & Marchetta, F. (2014). Migration, remittances and poverty in ecuador. The Journal of Development Studies, 50(8), 1067–1089. https://doi.org/10.1080/00220388.2014.919382
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Cismaș, L. M., Curea-Pitorac, R. I., & Vădăsan, I. (2019). The impact of remittances on the receiving country: Some evidence from Romania in European context. Economic Research-Ekonomska Istraživanja, 33(1), 1073–1094. https://doi.org/10.1080/1331677X.2019.1629328
Clemens, M. A., & McKenzie, D. (2018). Why don’t remittances appear to affect growth? The Economic Journal, 128(612), 179–209. https://doi.org/10.1111/ecoj.12463
Combes, J. L., Ebeke, C. H., Etoundi, S. M. N., & Yogo, T. U. (2014). Are remittances and foreign aid a hedge against food price shocks in developing countries? World Development, 54, 81–98. https://doi.org/10.1016/j.worlddev.2013.07.011
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Dominese, G., Yakubovskiy, S., Tsevukh, J., & Rodionova, T. (2020). Impact of international migration flows on the European union and Ukraine. Transition Studies Review, 27(2), 83–98. https://doi.org/10.14665/1614-4007-27-2-007
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Erman, L., & te Kaat, D. M. (2019). Inequality and growth: industry-level evidence. Journal of Economic Growth, 24(3), 283–308. https://doi.org/10.1007/s10887-019-09169-z
Etonam Adetou, A., & Fiodendji, K. (2019). Finance, institutions, remittances and economic growth: New evidence from a dynamic panel threshold analysis. Journal of Applied Finance & Banking, 9(2), 1792–6599.
Gapen, M. T., Chami, R., Montiel, P., Barajas, A., & Fullenkamp, C. (2009). Do workers’ remittances promote economic growth? IMF Working Papers, 2009/153. https://doi.org/10.5089/9781451873009.001
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Haas, H., Czaika, M., Flahaux, M., Mahendra, E., Natter, K., Vezzoli, S., & Villares‐Varela, M. (2019). International migration: Trends, determinants, and policy effects. Population and Development Review, 45(4), 885–922. https://doi.org/10.1111/padr.12291
Haller, A., Butnaru, R., & Butnaru, G. (2018). International migrant remittances in the context of economic and social sustainable development. a comparative study of Romania-Bulgaria. Sustainability, 10(4), 1156. https://doi.org/10.3390/su10041156
Hanushek, E. A. (2013). Economic growth in developing countries: The role of human capital. Economics of Education Review, 37, 204–212. https://doi.org/10.1016/j.econedurev.2013.04.005
Hye, Q. M. A., & Lau, W.-Y. (2014). Trade openness and economic growth: Empirical evidence from India. Journal of Business Economics and Management, 16(1), 188–205. https://doi.org/10.3846/16111699.2012.720587
Imai, K. S., Gaiha, R., Ali, A., & Kaicker, N. (2014). Remittances, growth and poverty: New evidence from Asian countries. Journal of Policy Modeling, 36(3), 524–538. https://doi.org/10.1016/j.jpolmod.2014.01.009
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Karpestam, R. P. D. (2012). Dynamic multiplier effects of remittances in developing countries. Journal of Economic Studies, 39(5), 512–536. https://doi.org/10.1108/01443581211259455
Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1). https://doi.org/10.1080/23322039.2017.1332820
King, R., & Vullnetari, J. (2009). Remittances, return, diaspora: Framing the debate in the context of Albania and Kosova. Journal of Southeast European and Black Sea, 9(4), 385–406. https://doi.org/10.1080/14683850903314907
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Kuznets, S. (2019). Economic growth and income inequality. In The gap between rich and poor (pp. 25–37). Routledge. https://doi.org/10.4324/9780429311208-4
Lartey, E. K. K. (2013). Remittances, investment and growth in sub-Saharan Africa. The Journal of International Trade & Economic Development, 22(7), 1038–1058. https://doi.org/10.1080/09638199.2011.632692
Mccallum, B. T. (1996). Neoclassical vs. endogenous growth analysis: An overview. FRB Richmond Economic Quarterly, 82(4), 41–71. https://doi.org/10.3386/w5844
Mehedintu, A., Soava, G., & Sterpu, M. (2019). Remittances, migration and gross domestic product from Romania’s perspective. Sustainability, 12(1), 212. https://doi.org/10.3390/su12010212
Mendoza, C. (2020). Southern Europe skilled migration into Mexico: the impact of the economic crisis. Regional Studies, 54(4), 495–504. https://doi.org/10.1080/00343404.2018.1447101
Organisation for Economic Co-operation and Development. (2013). International migration outlook 2013. OECD. https://doi.org/10.1787/migr_outlook-2013-en
Peterson, E. W. F. (2017). The role of population in economic growth. SAGE Open, 7(4), 1–15. https://doi.org/10.1177/2158244017736094
Polat, B., & Rodríguez Andrés, A. (2019). Do emigrants’ remittances cause Dutch disease? A developing countries case study. The Economic and Labour Relations Review, 30(1), 59–76. https://doi.org/10.1177/1035304619828560
Pradhan, G., Upadhyay, M., & Upadhyaya, K. (2008). Remittances and economic growth in developing countries. The European Journal of Development Research, 20(3), 497–506. https://doi.org/10.1080/09578810802246285
Rausser, G., Strielkowski, W., Bilan, Y., & Tsevukh, Y. (2018). Migrant remittances and their impact on the economic development of the Baltic states. Geographica Pannonica, 22(3), 165–175. https://doi.org/10.5937/gp22-16988
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