The effect of remittances on poverty and economic growth in Jordan: evidence from augmented autoregressive distributed lag model
Abstract
This study investigates the effects of remittances on poverty and economic growth in Jordan from 1970 to 2022. The study makes use of the augmented autoregressive distributed lag (AARDL) cointegration method to investigate the relationships between remittances, poverty, and economic growth. The study also incorporates control variables including foreign direct investment, inflation, interest rates, government expenditures, and the composite trade index to take into consideration their potential impact on the outcomes. The findings support remittances’ role as an economic development accelerator by demonstrating their strong positive impact on Jordan’s economic growth. Remittances have a detrimental impact on poverty as well, suggesting a potential role for them in efforts to eradicate it. The research also confirms the anticipated impacts of the control variables, indicating that while inflation, interest rates, and the composite trade index have favourable effects on poverty, government expenditures and foreign direct investment have negative consequences. The policymakers and stakeholders in Jordan will need to consider the implications of these findings carefully. Policymakers can create measures to draw in and successfully channel remittance flows by recognising the beneficial effects of remittances on economic growth and poverty alleviation. The findings also highlight how important it is to encourage foreign direct investment, control inflation and interest rates, and facilitate trade diversification in order to boost economic growth and lower poverty.
First published online 28 August 2024
Keyword : AARDL, economic growth, poverty, remittances, Jordan
How to Cite
AlBataineh, A. (2024). The effect of remittances on poverty and economic growth in Jordan: evidence from augmented autoregressive distributed lag model. Technological and Economic Development of Economy, 1-23. https://doi.org/10.3846/tede.2024.21845
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Ahmad, A. U., Abdallah, A., Sulong, Z., & Abdullahi, A. T. (2015a). An autoregressive distributive lag for the analysis of macroeconomic variables on stock market returns in Nigeria. In Advances in environmental biology (pp. 481–502). American-Eurasian Network for Scientific Information.
Ahmad, A. U., Abdullah, A., Abdullahi, A. T., & Muhammad, U. A. A. (2015b). Stock market returns and macroeconomic variables in Nigeria: Testing for dynamic linkages with a structural break. Scholars Journal of Economics, Business and Management, 2(8A), 816–828.
Ahmad, A. U., Loganathan, N., Streimikiene, D., & Hassan, A. A. G. (2018). Financial instability, trade openness and energy prices on leading African countries sustainable growth. Economic Computation and Economic Cybernetics Studies and Research, 52(1), 127–142. https://doi.org/10.24818/18423264/52.1.18.08
Ahmad, A. U., Umar, M. B., Dayyabu, S., Ahmad, U. G., & Danlami, M. R. U. (2015c). Impact of macroeconomic variables on stock market development in Nigeria: Empirical evidence with known structural break. Scholars Journal of Economics, Business and Management, 2(10A), 971–994.
Ali, S. W., Shoaib, M., & Waseem, M. (2022). Impact of remittances on economic growth: Time series evidence from Pakistan. Jahan-e-Tahqeeq, 5(2), 218–227.
Alsamara, M., & Mrabet, Z. (2023). Investigating the impact of remittance outflows and oil price on economic growth in Gulf Cooperation Council countries. Resources Policy, 82, Article 103557. https://doi.org/10.1016/j.resourpol.2023.103557
Alshirah, M. H., Alfawareh, F. S., Alshira’h, A. F., Al-Eitan, G., Bani-Khalid, T., & Alsqour, M. D. (2022). Do corporate governance and gender diversity matter in firm performance (ROE)? Empirical evidence from Jordan. Economies, 10(4), Article 84. https://doi.org/10.3390/economies10040084
Amaka, C. M., Kalu, C. U., & Machi, I. O. (2023). Remittance and poverty reduction in Nigeria: Further evidence from Nigeria. Social Science Research, 9(1), 36–55.
Atiku, A. M., Ismail, S., & Ahmad, A. U., (2021). Energy trade amidst sustainable economic growth in regional cooperation of West African States: Fresh evidence from panel CS-ARDL. International Journal of Energy Economics and Policy, 11(6), 262–269. https://doi.org/10.32479/ijeep.11598
Atiku, A. M., Ismail, S., Roslan, F., & Ahmad, A. U. (2022). The effect of electricity distribution loos, electricity power consumption, electricity intensity on energy consumption in West Africa. International Journal of Energy Economics and Policy, 12(5), 361–369. https://doi.org/10.32479/ijeep.13386
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
Barkat, K., Alsamara, M., & Mimouni, K. (2023). Can remittances alleviate energy poverty in developing countries? New evidence from panel data. Energy Economics, 119, Article 106527. https://doi.org/10.1016/j.eneco.2023.106527
Batool, Z., Haroon, M., Ali, S., & Ahmad, R. (2022). Remittances and economic growth: Exploring the role of financial development. iRASD Journal of Management, 4(1), 127–134. https://doi.org/10.52131/jom.2022.0401.0067
Bucevska, V. (2022). Impact of remittances on economic growth: Empirical evidence from South-East European countries. South East European Journal of Economics and Business, 17(1), 79–94. https://doi.org/10.2478/jeb-2022-0006
Butkus, M., Matuzevičiūtė, K., & Raupytė, K. (2020). Effects of remittances on poverty: Evidence in CEE countries. Organizations and Markets in Emerging Economies, 11(1), 69–82. https://doi.org/10.15388/omee.2020.11.24
Carpiniello, B. (2023). The mental health costs of armed conflicts – A review of systematic reviews conducted on refugees, asylum-seekers and people living in war zones. International Journal of Environmental Research and Public Health, 20(4), Article 2840. https://doi.org/10.3390/ijerph20042840
Chowdhury, E. K., Dhar, B. K., & Gazi, M. A. I. (20232). Impact of remittance on economic progress: Evidence from low-income Asian frontier countries. Journal of the Knowledge Economy, 14, 382–407. https://doi.org/10.1007/s13132-022-00898-y
Coffie, A. (2022). Channels for financial and non-financial remittances from the Ghanaian diaspora toward development. In Governing migration for development from the global souths (pp. 111–132). Brill Nijhoff. https://doi.org/10.1163/9789004522770_006
Cui, X., Umair, M., Gayratovich, G. I., & Dilanchiev, A. (2023). Do remittances mitigate poverty? An empirical evidence from 15 selected Asian economies. The Singapore Economic Review (SER), 68(04), 1447–1468. https://doi.org/10.1142/S0217590823440034
Djeunankan, R., Njangang, H., Tadadjeu, S., & Kamguia, B. (2023). Remittances and energy poverty: Fresh evidence from developing countries. Utilities Policy, 81, Article 101516. https://doi.org/10.1016/j.jup.2023.101516
Dujava, D. (2020). Do remittances matter for economic growth?. Ekonomický časopis, 68(9), 869–894. https://doi.org/10.31577/ekoncas.2020.09.01
Ekanayake, E. M., & Moslares, C. (2020). Do remittances promote economic growth and reduce poverty? Evidence from Latin American countries. Economies, 8(2), Article 35. https://doi.org/10.3390/economies8020035
Farmer, K. (2021). Are there limits to public debt in neo-classical growth models with involuntary unemployment? In Public debt: Impact, management and challenges, (pp. 115–161). Nova Science Publishers.
Hosan, S., Rahman, M. M., Karmaker, S. C., Chapman, A. J., & Saha, B. B. (2023). Remittances and multidimensional energy poverty: Evidence from a household survey in Bangladesh. Energy, 262, Article 125326. https://doi.org/10.1016/j.energy.2022.125326
Ibrahim, G., Mansor, N., & Ahmad, A. U. (2020). The mediating effect of internal audit committee on the relationship between firms financial audits and real earnings management. International Journal of Scientific & Technology Research, 9(04), 816–822.
Islam, M. S. (2022). Do personal remittances influence economic growth in South Asia? A panel analysis. Review of Development Economics, 26(1), 242–258. https://doi.org/10.1111/rode.12842
Ismail, S., Roslan, F., Endut, W. A., Ismail, F. N., Atiku, A. M., & Ahmad, A. U. (2024). Causal link between financial globalisation uncertainty, economic growth, environmental degradation and energy consumption in ASEAN+3 countries. International Journal of Energy Economics and Policy, 14(1), 1–5. https://doi.org/10.32479/ijeep.14606
Jayaraman, T. K., & Makun, K. (2022). Impact of COVID-19 pandemic on remittance inflow-economic growth-nexus in India: Lessons from an asymmetric analysis. Remittances Review, 7(1), 91–116. https://doi.org/10.33182/rr.v7i1.1480
Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration – with appucations to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
Kamalu, K., Binti Wan Ibrahim, W. H., & Umar Ahmad, A. (2022). The effect of remittance on human development in the organization of islamic cooperation member countries: Evidence from DCCE AND CS-ARDL. Iranian Journal of Management Studies, 15(2), 405–424.
Kamalu, K., Wan Ibrahim, W. H., Ahmad, A. U., & Mustapha, U. A. (2019). Causal link between financial developments, financial inclusion and economic growth in Nigeria. International Journal of Scientific and Technology Research, 8(12), 2757–2763.
Kersan-Škabić, I., & Tijanić, L. (2022). The impact of remittances on economic development in the Central and Eastern European Countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 40(2), 281–296. https://doi.org/10.18045/zbefri.2022.2.281
Khan, I. (2023). Analyzing the impact of positive and negative remittance inflow shocks on economic growth of India. Journal of Economic Studies, 51(2), 338–356. https://doi.org/10.1108/JES-02-2023-0089
Narayan, P., & Smyth, R. (2005). Trade liberalization and economic growth in Fiji. An empirical assessment using the ARDL approach. Journal of the Asia Pacific Economy, 10(1), 96–115. https://doi.org/10.1080/1354786042000309099
Nyasha, S., & Odhiambo, N. M. (2022). The impact of remittances on economic growth: Empirical evidence from South Africa. International Journal of Trade and Global Markets, 15(2), 254–272. https://doi.org/10.1504/IJTGM.2022.121457
Olaniyan, T. O., Ijaiya, M. A., & Kolapo, F. T. (2022). Remittances, financial sector development, institutions and economic growth in the ECOWAS region. Migration Letters, 19(2), 207–234. https://doi.org/10.33182/ml.v19i2.1143
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Rexhepi, B. R. (2023). Impact of remittances on Kosovo’s economic development and poverty reduction. Calitatea, 24(195), 347–359. https://doi.org/10.47750/QAS/24.195.41
Saliba, C. B., Hassanein, F. R., Athari, S. A., Dördüncü, H., Agyekum, E. B., & Adadi, P. (2022). The dynamic impact of renewable energy and economic growth on CO2 emissions in China: Do remittances and technological innovations matter? Sustainability, 14(21), Article 14629. https://doi.org/10.3390/su142114629
Sam, C. Y., McNown, R., & Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
Squalli, J., & Wilson, K. (2011). A new measure of trade openness. The World Economy, 34(10), 1745–1770. https://doi.org/10.1111/j.1467-9701.2011.01404.x
Tchekoumi, L. B., & Nya, P. D. (2023). Remittances and economic growth: What lessons for the CEMAC zone? Cogent Economics & Finance, 11(1), Article 2191448. https://doi.org/10.1080/23322039.2023.2191448
Tung, L. T., & Thang, P. N. (2022, March). Impact of remittances on income inequality: Empirical evidence from emerging economies. In International Conference on Business Excellence (pp. 287–297). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-19886-1_21
Umair, U. (2023). Does foreign remittances plays a critical role in the determination of economic growth? SSRN. https://doi.org/10.2139/ssrn.4332855
Umar, M. B., Dayyabu, S., Gambo, A., Danlami, M., & Ahmad, A. (2015). An empirical study on the relationship between financial intermediaries and economic growth in Nigeria: A cointegration and causality analysis. Journal of Economics and Finance, 6(4), 15–31.
Ur Rehman, N., & Hysa, E. (2021). The effect of financial development and remittances on economic growth. Cogent Economics & Finance, 9(1), Article 1932060. https://doi.org/10.1080/23322039.2021.1932060
Vasile, V., Bunduchi, E., Stefan, D., & Comes, C. A. (2023). Are remittances a real promoter of economic growth in origin countries? Case study: Romania vs. Republic of Moldova. In International labour mobility: How remittances shape the labour migration model (pp. 105–138). Springer International Publishing. https://doi.org/10.1007/978-3-031-18683-7_6
Virak, K., & Bilan, Y. (2022). The role of formal and informal remittances as the determinants of formal and informal finan-cial services. Equilibrium. Quarterly Journal of Economics and Economic Policy, 17(3), 727–746. https://doi.org/10.24136/eq.2022.025
World Bank. (2023). World Development Indicators. https://databank.worldbank.org/source/world-development-indicators
Wu, A., Neilson, J., & Connell, J. (2023). Remittances and social capital: livelihood strategies of Timorese workers participating in the Australian Seasonal Worker Programme. Third World Quarterly, 44(1), 96–114. https://doi.org/10.1080/01436597.2022.2131519
Yameogo, C. E., & Omojolaibi, J. A. (2022). Regional economic integration and its impact on income distribution and the poverty level: The case of the WAEMU zone. Quaestiones Geographicae, 41(2), 21–35. https://doi.org/10.2478/quageo-2022-0014
Zaman, S., Wang, Z., & Zaman, Q. U. (2021). Exploring the relationship between remittances received, education expenditures, energy use, income, poverty, and economic growth: fresh empirical evidence in the context of selected remittances receiving countries. Environmental Science and Pollution Research, 28, 17865–17877. https://doi.org/10.1007/s11356-020-11943-1
Ahmad, A. U., Abdullah, A., Abdullahi, A. T., & Muhammad, U. A. A. (2015b). Stock market returns and macroeconomic variables in Nigeria: Testing for dynamic linkages with a structural break. Scholars Journal of Economics, Business and Management, 2(8A), 816–828.
Ahmad, A. U., Loganathan, N., Streimikiene, D., & Hassan, A. A. G. (2018). Financial instability, trade openness and energy prices on leading African countries sustainable growth. Economic Computation and Economic Cybernetics Studies and Research, 52(1), 127–142. https://doi.org/10.24818/18423264/52.1.18.08
Ahmad, A. U., Umar, M. B., Dayyabu, S., Ahmad, U. G., & Danlami, M. R. U. (2015c). Impact of macroeconomic variables on stock market development in Nigeria: Empirical evidence with known structural break. Scholars Journal of Economics, Business and Management, 2(10A), 971–994.
Ali, S. W., Shoaib, M., & Waseem, M. (2022). Impact of remittances on economic growth: Time series evidence from Pakistan. Jahan-e-Tahqeeq, 5(2), 218–227.
Alsamara, M., & Mrabet, Z. (2023). Investigating the impact of remittance outflows and oil price on economic growth in Gulf Cooperation Council countries. Resources Policy, 82, Article 103557. https://doi.org/10.1016/j.resourpol.2023.103557
Alshirah, M. H., Alfawareh, F. S., Alshira’h, A. F., Al-Eitan, G., Bani-Khalid, T., & Alsqour, M. D. (2022). Do corporate governance and gender diversity matter in firm performance (ROE)? Empirical evidence from Jordan. Economies, 10(4), Article 84. https://doi.org/10.3390/economies10040084
Amaka, C. M., Kalu, C. U., & Machi, I. O. (2023). Remittance and poverty reduction in Nigeria: Further evidence from Nigeria. Social Science Research, 9(1), 36–55.
Atiku, A. M., Ismail, S., & Ahmad, A. U., (2021). Energy trade amidst sustainable economic growth in regional cooperation of West African States: Fresh evidence from panel CS-ARDL. International Journal of Energy Economics and Policy, 11(6), 262–269. https://doi.org/10.32479/ijeep.11598
Atiku, A. M., Ismail, S., Roslan, F., & Ahmad, A. U. (2022). The effect of electricity distribution loos, electricity power consumption, electricity intensity on energy consumption in West Africa. International Journal of Energy Economics and Policy, 12(5), 361–369. https://doi.org/10.32479/ijeep.13386
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
Barkat, K., Alsamara, M., & Mimouni, K. (2023). Can remittances alleviate energy poverty in developing countries? New evidence from panel data. Energy Economics, 119, Article 106527. https://doi.org/10.1016/j.eneco.2023.106527
Batool, Z., Haroon, M., Ali, S., & Ahmad, R. (2022). Remittances and economic growth: Exploring the role of financial development. iRASD Journal of Management, 4(1), 127–134. https://doi.org/10.52131/jom.2022.0401.0067
Bucevska, V. (2022). Impact of remittances on economic growth: Empirical evidence from South-East European countries. South East European Journal of Economics and Business, 17(1), 79–94. https://doi.org/10.2478/jeb-2022-0006
Butkus, M., Matuzevičiūtė, K., & Raupytė, K. (2020). Effects of remittances on poverty: Evidence in CEE countries. Organizations and Markets in Emerging Economies, 11(1), 69–82. https://doi.org/10.15388/omee.2020.11.24
Carpiniello, B. (2023). The mental health costs of armed conflicts – A review of systematic reviews conducted on refugees, asylum-seekers and people living in war zones. International Journal of Environmental Research and Public Health, 20(4), Article 2840. https://doi.org/10.3390/ijerph20042840
Chowdhury, E. K., Dhar, B. K., & Gazi, M. A. I. (20232). Impact of remittance on economic progress: Evidence from low-income Asian frontier countries. Journal of the Knowledge Economy, 14, 382–407. https://doi.org/10.1007/s13132-022-00898-y
Coffie, A. (2022). Channels for financial and non-financial remittances from the Ghanaian diaspora toward development. In Governing migration for development from the global souths (pp. 111–132). Brill Nijhoff. https://doi.org/10.1163/9789004522770_006
Cui, X., Umair, M., Gayratovich, G. I., & Dilanchiev, A. (2023). Do remittances mitigate poverty? An empirical evidence from 15 selected Asian economies. The Singapore Economic Review (SER), 68(04), 1447–1468. https://doi.org/10.1142/S0217590823440034
Djeunankan, R., Njangang, H., Tadadjeu, S., & Kamguia, B. (2023). Remittances and energy poverty: Fresh evidence from developing countries. Utilities Policy, 81, Article 101516. https://doi.org/10.1016/j.jup.2023.101516
Dujava, D. (2020). Do remittances matter for economic growth?. Ekonomický časopis, 68(9), 869–894. https://doi.org/10.31577/ekoncas.2020.09.01
Ekanayake, E. M., & Moslares, C. (2020). Do remittances promote economic growth and reduce poverty? Evidence from Latin American countries. Economies, 8(2), Article 35. https://doi.org/10.3390/economies8020035
Farmer, K. (2021). Are there limits to public debt in neo-classical growth models with involuntary unemployment? In Public debt: Impact, management and challenges, (pp. 115–161). Nova Science Publishers.
Hosan, S., Rahman, M. M., Karmaker, S. C., Chapman, A. J., & Saha, B. B. (2023). Remittances and multidimensional energy poverty: Evidence from a household survey in Bangladesh. Energy, 262, Article 125326. https://doi.org/10.1016/j.energy.2022.125326
Ibrahim, G., Mansor, N., & Ahmad, A. U. (2020). The mediating effect of internal audit committee on the relationship between firms financial audits and real earnings management. International Journal of Scientific & Technology Research, 9(04), 816–822.
Islam, M. S. (2022). Do personal remittances influence economic growth in South Asia? A panel analysis. Review of Development Economics, 26(1), 242–258. https://doi.org/10.1111/rode.12842
Ismail, S., Roslan, F., Endut, W. A., Ismail, F. N., Atiku, A. M., & Ahmad, A. U. (2024). Causal link between financial globalisation uncertainty, economic growth, environmental degradation and energy consumption in ASEAN+3 countries. International Journal of Energy Economics and Policy, 14(1), 1–5. https://doi.org/10.32479/ijeep.14606
Jayaraman, T. K., & Makun, K. (2022). Impact of COVID-19 pandemic on remittance inflow-economic growth-nexus in India: Lessons from an asymmetric analysis. Remittances Review, 7(1), 91–116. https://doi.org/10.33182/rr.v7i1.1480
Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration – with appucations to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
Kamalu, K., Binti Wan Ibrahim, W. H., & Umar Ahmad, A. (2022). The effect of remittance on human development in the organization of islamic cooperation member countries: Evidence from DCCE AND CS-ARDL. Iranian Journal of Management Studies, 15(2), 405–424.
Kamalu, K., Wan Ibrahim, W. H., Ahmad, A. U., & Mustapha, U. A. (2019). Causal link between financial developments, financial inclusion and economic growth in Nigeria. International Journal of Scientific and Technology Research, 8(12), 2757–2763.
Kersan-Škabić, I., & Tijanić, L. (2022). The impact of remittances on economic development in the Central and Eastern European Countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 40(2), 281–296. https://doi.org/10.18045/zbefri.2022.2.281
Khan, I. (2023). Analyzing the impact of positive and negative remittance inflow shocks on economic growth of India. Journal of Economic Studies, 51(2), 338–356. https://doi.org/10.1108/JES-02-2023-0089
Narayan, P., & Smyth, R. (2005). Trade liberalization and economic growth in Fiji. An empirical assessment using the ARDL approach. Journal of the Asia Pacific Economy, 10(1), 96–115. https://doi.org/10.1080/1354786042000309099
Nyasha, S., & Odhiambo, N. M. (2022). The impact of remittances on economic growth: Empirical evidence from South Africa. International Journal of Trade and Global Markets, 15(2), 254–272. https://doi.org/10.1504/IJTGM.2022.121457
Olaniyan, T. O., Ijaiya, M. A., & Kolapo, F. T. (2022). Remittances, financial sector development, institutions and economic growth in the ECOWAS region. Migration Letters, 19(2), 207–234. https://doi.org/10.33182/ml.v19i2.1143
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Rexhepi, B. R. (2023). Impact of remittances on Kosovo’s economic development and poverty reduction. Calitatea, 24(195), 347–359. https://doi.org/10.47750/QAS/24.195.41
Saliba, C. B., Hassanein, F. R., Athari, S. A., Dördüncü, H., Agyekum, E. B., & Adadi, P. (2022). The dynamic impact of renewable energy and economic growth on CO2 emissions in China: Do remittances and technological innovations matter? Sustainability, 14(21), Article 14629. https://doi.org/10.3390/su142114629
Sam, C. Y., McNown, R., & Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130–141. https://doi.org/10.1016/j.econmod.2018.11.001
Squalli, J., & Wilson, K. (2011). A new measure of trade openness. The World Economy, 34(10), 1745–1770. https://doi.org/10.1111/j.1467-9701.2011.01404.x
Tchekoumi, L. B., & Nya, P. D. (2023). Remittances and economic growth: What lessons for the CEMAC zone? Cogent Economics & Finance, 11(1), Article 2191448. https://doi.org/10.1080/23322039.2023.2191448
Tung, L. T., & Thang, P. N. (2022, March). Impact of remittances on income inequality: Empirical evidence from emerging economies. In International Conference on Business Excellence (pp. 287–297). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-19886-1_21
Umair, U. (2023). Does foreign remittances plays a critical role in the determination of economic growth? SSRN. https://doi.org/10.2139/ssrn.4332855
Umar, M. B., Dayyabu, S., Gambo, A., Danlami, M., & Ahmad, A. (2015). An empirical study on the relationship between financial intermediaries and economic growth in Nigeria: A cointegration and causality analysis. Journal of Economics and Finance, 6(4), 15–31.
Ur Rehman, N., & Hysa, E. (2021). The effect of financial development and remittances on economic growth. Cogent Economics & Finance, 9(1), Article 1932060. https://doi.org/10.1080/23322039.2021.1932060
Vasile, V., Bunduchi, E., Stefan, D., & Comes, C. A. (2023). Are remittances a real promoter of economic growth in origin countries? Case study: Romania vs. Republic of Moldova. In International labour mobility: How remittances shape the labour migration model (pp. 105–138). Springer International Publishing. https://doi.org/10.1007/978-3-031-18683-7_6
Virak, K., & Bilan, Y. (2022). The role of formal and informal remittances as the determinants of formal and informal finan-cial services. Equilibrium. Quarterly Journal of Economics and Economic Policy, 17(3), 727–746. https://doi.org/10.24136/eq.2022.025
World Bank. (2023). World Development Indicators. https://databank.worldbank.org/source/world-development-indicators
Wu, A., Neilson, J., & Connell, J. (2023). Remittances and social capital: livelihood strategies of Timorese workers participating in the Australian Seasonal Worker Programme. Third World Quarterly, 44(1), 96–114. https://doi.org/10.1080/01436597.2022.2131519
Yameogo, C. E., & Omojolaibi, J. A. (2022). Regional economic integration and its impact on income distribution and the poverty level: The case of the WAEMU zone. Quaestiones Geographicae, 41(2), 21–35. https://doi.org/10.2478/quageo-2022-0014
Zaman, S., Wang, Z., & Zaman, Q. U. (2021). Exploring the relationship between remittances received, education expenditures, energy use, income, poverty, and economic growth: fresh empirical evidence in the context of selected remittances receiving countries. Environmental Science and Pollution Research, 28, 17865–17877. https://doi.org/10.1007/s11356-020-11943-1