Regulating capital: setting standards for the international financial system
In: Cornell studies in money
In: Cornell paperbacks
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In: Cornell studies in money
In: Cornell paperbacks
In: MIT Political Science Department Research Paper No. 2012-23
SSRN
Working paper
In: American political science review, Band 104, Heft 2, S. 307-323
ISSN: 0003-0554
World Affairs Online
In: American Political Science Review, Band 104, Heft 2
SSRN
In: American political science review, Band 104, Heft 2, S. 307-323
ISSN: 1537-5943
This article argues that the international financial consequences of immigration exert a substantial influence on the choice of exchange rate regimes in the developing world. Over the past two decades, migrant remittances have emerged as a significant source of external finance for developing countries, often exceeding conventional sources of capital such as foreign direct investment and bank lending. Remittances are unlike nearly all other capital flows in that they are stable and move countercyclically relative to the recipient country's economy. As a result, they mitigate the costs of forgone domestic monetary policy autonomy and also serve as an international risk-sharing mechanism for developing countries. The observable implication of these arguments is that remittances increase the likelihood that policy makers adopt fixed exchange rates. An analysis of data onde factoexchange rate regimes and a newly available data set on remittances for up to 74 developing countries from 1982 to 2006 provides strong support for these arguments. The results are robust to instrumental variable analysis and the inclusion of multiple economic and political variables.
In: Global governance: a review of multilateralism and international organizations, Band 15, Heft 1, S. 23-28
ISSN: 2468-0958, 1075-2846
In: Perspectives on politics, Band 6, Heft 1
ISSN: 1541-0986
In: Perspectives on politics: a political science public sphere, Band 6, Heft 1, S. 207-208
ISSN: 1537-5927
In: Perspectives on politics: a political science public sphere, Band 6, Heft 1, S. 207
ISSN: 1537-5927
In: International organization, Band 58, Heft 3
ISSN: 1531-5088
In: Comparative political studies: CPS, Band 37, Heft 5, S. 617-620
ISSN: 1552-3829
In: International Organization, Band 58, Heft 3
SSRN
In: International organization, Band 58, Heft 3, S. 531-565
ISSN: 0020-8183
World Affairs Online
In: Comparative political studies: CPS, Band 37, Heft 5, S. 617-620
ISSN: 0010-4140
In: MIT Political Science Department Research Paper No. 2017-28
SSRN
Working paper