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  • Transaction costs and recorded remittances in the post-Soviet economies: Evidence from a new dataset on bilateral flows

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    KakhkharovPUB3592.pdf (378.9Kb)
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    Author(s)
    Kakhkharov, Jakhongir
    Akimov, Alexandr
    Rohde, Nicholas
    Griffith University Author(s)
    Akimov, Alexandr
    Rohde, Nicholas
    Year published
    2017
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    Abstract
    Labour migrants' remittances are a rapidly growing phenomenon in the countries of the former Soviet Union. The size and growth of remittances in the countries of the recipients brought the issue under the scrutiny of researchers and policymakers. In this paper we investigate the main factors behind the growing volume of remittances in the post-Soviet space. By applying panel data techniques we found that a reduction in transaction costs and a depreciation of the currency in the host country were the main factors that influenced the growth of recorded remittances. The size of transaction costs remains a significant predictor ...
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    Labour migrants' remittances are a rapidly growing phenomenon in the countries of the former Soviet Union. The size and growth of remittances in the countries of the recipients brought the issue under the scrutiny of researchers and policymakers. In this paper we investigate the main factors behind the growing volume of remittances in the post-Soviet space. By applying panel data techniques we found that a reduction in transaction costs and a depreciation of the currency in the host country were the main factors that influenced the growth of recorded remittances. The size of transaction costs remains a significant predictor of the volume of formal remittances, even after correcting for endogeneity using an instrumental variable estimator. The inverse relationship between transaction costs and recorded remittances suggests that migrants switch from informal channels to formal channels to send remittances when costs are low. Thus lower transaction costs may help curb the proportion of informal flows and lead to increased use of remittances in the formal economy.
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    Journal Title
    Economic Modelling
    Volume
    60
    DOI
    https://doi.org/10.1016/j.econmod.2016.09.011
    Copyright Statement
    © 2017 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
    Subject
    Applied economics
    Applied economics not elsewhere classified
    Econometrics
    Banking, finance and investment
    Publication URI
    http://hdl.handle.net/10072/342034
    Collection
    • Journal articles

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