Migration, Remittances and Capital Accumulation: Evidence from Rural Mexico
Migration, Remittances and Capital Accumulation: Evidence from Rural Mexico
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DOI：
10.1080/00220388.2012.688817
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发表时间：
2012-01-01
影响因子：
2.9
通讯作者：
Montes-Rojas, Gabriel
中科院分区：
文献类型：
--
作者：
Chiodi, Vera;Jaimovich, Esteban;Montes-Rojas, Gabriel
本文研究了 1997 年至 2006 年期间墨西哥贫困农村家庭的移民、汇款和资产积累之间的联系。在金融市场不完善的背景下，移民可以替代不完善的信贷和保险供应（通过移民汇款），从而对投资产生积极影响。然而，汇款很可能被用于增加消费和休闲商品。利用家庭变异和工具变量策略，我们表明移民确实加速了生产性资产的积累。然而，当我们审视移民对非生产性资产（耐用品）的影响时，我们发现了负面影响。我们的研究结果表明，贫困农村家庭将移民作为缓解阻碍他们投资生产性资产的限制的一种方式。
This article studies the link between migration, remittances and asset accumulation for a panel of poor rural households in Mexico over the period 1997-2006. In a context of financial markets' imperfections, migration may act as a substitute for imperfect credit and insurance provision (through remittances from migrants) and, thus, exert a positive effect on investment. However, it may well be the case that remittances are channelled towards increasing consumption and leisure goods instead. Exploiting within family variation and an instrumental variable strategy, we show that migration indeed accelerates productive assets' accumulation. However, when we look at the effect of migration on non-productive assets (durable goods), we find a negative effect. Our results then suggest that poor rural families resort to migration as a way to mitigate constraints that prevent them from investing in productive assets.