Front Matter

Front Matter

Connel Fullenkamp, Thomas Cosimano, Michael Gapen, Ralph Chami, Peter Montiel, and Adolfo Barajas
Published Date:
March 2008
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    © 2008 International Monetary Fund

    Production: IMF Multimedia Services Division

    Typesetting: Choon Lee

    Figures: Julio Prego

    Cataloging-in-Publication Data

    Macroeconomic consequences of remittances / Ralph Chami… [et al.] — Washington, DC : International Monetary Fund, 2008.

    p. cm. — (Occasional paper ; 259)

    Includes bibliographical references.

    ISBN 978-1-58906-701-1

    1. Emigrant remittances. 2. Macroeconomics. 3. Emigrant remittances — Government policy. I. Chami, Ralph. II. International Monetary Fund. III. Series (Occasional paper (International Monetary Fund)); 259

    JV6118 .M337 2008

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    The following conventions are used in this publication:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

    • An en dash (−) between years or months (for example, 2005–06 or January-June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

    • “Billion” means a thousand million; “trillion” means a thousand billion.

    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    As used in this publication, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.


    Macroeconomic Consequences of Remittances was prepared in response to the growth of cross-country remittance flows and the request of the IMF’s Executive Board for a thorough investigation of remittances and remittance systems, including their effect on poverty and macroeconomic performance. This Occasional Paper is the product of a team led by Ralph Chami of the IMF Institute and composed of Adolfo Barajas of the IMF Institute, Thomas Cosimano of the University of Notre Dame, Connel Fullenkamp of Duke University, Michael Gapen of the IMF Institute, and Peter Montiel of Williams College. Michael Harrup of the External Relations Department edited and coordinated production of the publication.

    The authors would like to express their gratitude to Anastasia Guscina for providing outstanding research support and data analysis. The publication of this Occasional Paper would not have been possible without her efforts. The authors would also like to thank Yasser Abdih, Badi Baltagi, Eric Clifton, Jihad Dagher, Andrew Feltenstein, Dalia Hakura, Leslie Lipschitz, and Jens Reinke for helpful comments and suggestions. Deanna Ford, Chi Nguyen, and Pinn Siraprapasiri provided excellent research assistance, and Asmahan Bedri and Yasmina Zinbi provided excellent administrative support. Finally, the authors would like to thank Leslie Lipschitz for providing guidance and support and the IMF Institute for providing financial assistance during the preparation of this paper.

    This Occasional Paper should not be reported as representing the views of the IMF. The opinions expressed in this paper are solely those of the authors and do not necessarily reflect the views of the International Monetary Fund or its Executive Directors or IMF policy.

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