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Do Remittances to Latin America Depend on the U.S. Business Cycle?

Author/Editor: Roache, Shaun K. | Gradzka, Ewa
Authorized for Distribution: December 1, 2007
Electronic Access: Free Full Text (PDF file size is 505KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: We use a range of methods and remittance data from 1990 to 2007 to assess the strength and significance of linkages between remittance flows to Latin America and the U.S. business cycle. All of the evidence suggests that remittance flows are relatively insensitive to fluctuations in the U.S. cycle, underlining their role as a stable source of external financing, in good times and bad. A number of factors, notwithstanding uncertainties related to official remittance data reliability, might explain this result, including remittance smoothing and flexible immigrant labor markets.
Series: Working Paper No. 07/273
Subject(s): Workers remittances | Latin America | Labor markets
Author's keyword(s): Remittances | business cycles | Latin America
    Published:   December 1, 2007        
            Format:   Paper
    Stock No:   WPIEA2007273   Pages:   32
    Price:   US$18.00
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