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Remittances And Economic Growth In Africa, Asia, And Latin American-Caribbean Countries: A Panel Unit Root And Panel Cointegration Analysis

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Executive Summary

This paper estimates the macroeconomic impact of remittances and some control variables such as openness of the economy, capital/labor ratio, and economic freedom on the economic growth of African, Asian, and Latin American-Caribbean countries using newly developed panel unit-root tests, cointegration tests, and Panel Fully Modified OLS (PFMOLS). The authors use annual panel data from 1985- 2007for 64 countries consisting of 29 from Africa, 14 from Asia, and 21 from Latin America and the Caribbean region, respectively.

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