Financial liberalization and remittances: Recent panel evidence
Financial liberalization and remittances: Recent panel evidence
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DOI：
10.1080/09638199.2014.1001772
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发表时间：
2015-11-17
影响因子：
2.1
通讯作者：
Wunnava, Phanindra V.
中科院分区：
文献类型：
--
作者：
Bang, James T.;Mitra, Aniruddha;Wunnava, Phanindra V.
我们调查了 1986 年至 2005 年间金融自由化对 84 个国家汇款的影响。明确考虑金融改革的多维性，我们发现不同的维度对汇款的影响不同：金融部门经济自由度的提高，体现在政府对信贷分配缺乏直接控制，具有积极和直接的影响。然而，证券市场的发展、银行监管质量的提高、利率和国际资本严格限制的取消等所体现的金融市场稳健性的提高，具有负面和滞后的影响。净综合效应表明，从长远来看，金融自由化可能对汇款产生适度的负面影响。
We investigate the impact of financial liberalization on remittances to 84 countries over the period 1986-2005. Explicitly accounting for the multidimensionality of financial reform, we find that the various dimensions impact remittances differently: Increased economic freedom in the financial sector, as captured by absence of direct government control over the allocation of credit, has a positive and immediate impact. However, the improved robustness of financial markets, as captured by the development of security markets, improvement in the quality of banking supervision, and removal of stringent restrictions on interest rates and international capital, has a negative and lagged effect. The net combined effect reveals that financial liberalization may have a modest negative impact on remittances in the long run.