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The Nexus between Remittances and Economic Growth: Empirical Evidence from Guyana

Bollers, Elton and Pile, Dennis (2015): The Nexus between Remittances and Economic Growth: Empirical Evidence from Guyana.

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Abstract

Remittances to developing countries generally arrive in large volumes, and Guyana is no exception. One important policy concern is the impact of remittances on economic growth. This paper explores the empirical impact of remittances on economic growth in Guyana using time series data from 1993 to 2013. Recorded remittances inflow to Guyana in 2014 amounted to 329.7 million dollars (approximately 12% of GDP). The model used by Karagoz (2009) was adopted to conduct this study. The results indicate that remittances positively impact economic growth. It was also found that foreign direct investment positively impacts growth.

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