Transferts de fonds des migrants et croissance économique : une analyse comparative entre le Cameroun et le Sénégal

Narcisse, Cha'ngom and Luc, Nembot Ndeffo and Isaac, Tamba (2017): Transferts de fonds des migrants et croissance économique : une analyse comparative entre le Cameroun et le Sénégal.

Abstract

The purpose of this research is to assess the effect of remittances on growth in Cameroon and Senegal, main beneficiaries respectively in CEMAC and UEMOA regions. The role played by institutions in the mecanism is highlighted through property right protection. Results indicates that a 1% increase in remittances leads 0,41% to a marginal increase in the GDP per capita growth in Senegal compared to 0.08% increase in Cameroon. Moreover, taking into account the protection of property right, it appears that the impact of a 1% increase in remittances on per capita GDP growth rise to 0.85% for Senegal and 0.21% for Cameroon respectively. We then recommend to Cameroonian authorities to improve property right protection which create more incentives for productive investments of remittances.

• Item Type: MPRA Paper
• English Title: Remittances and economic growth: a comparative analysis between Cameroon and Senegal
• Language: French
• Keywords: remittances, economic growth, property rights, Cameroon, Senegal
• Subjects: F - International Economics > F3 - International Finance > F39 - Other; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O43 - Institutions and Growth; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence

References

Abdih Y., Chami R., Dagher J., et Montiel P. (2008). Remittances and Institutions: Are Remittances a Curse?. IMF Working Paper; 2008 International Monetary Fund ; WP/08/29.

Acemoglu, D.; Johnson, S. and Robinson, J. A. (2004), Institutions as the Fundamental Cause of Long-Run Growth, National Bureau of Economic Research, Working Paper 10481.

Acosta, P. (2006). Labor supply, school attendance, and remittances from international migration: the case of El Salvador. openknowledge.worldbank.com

Acosta, P. A., Lartey, E. K., &Mandelman, F. S. (2007). Remittances and the Dutch disease. Journal of international economics, 79(1), 102-116.

Aggarwal R., Demirgüç-Kunt A., Pena Martinez S. M. (2006). Do workers Remittances Promote financial development? MCdonough School of Business, Georgtown University and the World Bank. G. 04 Old North, Washington D. C. 20057. WPS 3957.

Amuedo-Dorantes C. and Pozo S.. (2008), Remittance Volatility and Asset Accumulation, Unpublished manuscript.

Amuedo-Dorantes, Catalina and Susan Pozo,(2004) Workers’ remittances and the real exchange rate: a paradox of gifts, World Development, 2004, 32 (8), 1407–1417.

Azam, J. P. and F.Gubert (2006). Migrants Remittance and the Households in Africa: A review of the Evidence. Journal of African Economies, Vol. 15, AERC supplement 2, pp. 426-462.

Balde, Y. (2010), The Impact of Remittances and Foreign Aid on Savings/Investment in Sub-Saharan Africa, African Development Review, 23(2), 247-262.

Barajas A., Chami R., and Yousefi S. R. (2013). The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?.IMF Working Paper, 2013 International Monetary Fund.WP/13/130.

Barajas A., Chami R., Fullenkamp C., Gapen M. T, and Montiel P., (2009) Do workers’ remittances promote economic growth?, IMF Working Paper 09/153, International Monetary Fund 2009.

Barro, R. (1996). Determinants of Economic Growth: A Cross-Country Empirical Study, NBER Working Paper 5698, National Bureau of Economic Research.

Barro, R. and Sala-i-Martin X. (1995), Economic Growth, McGraw-Hill, Cambridge, MA.

Besley, T. and Ghatak, M., (2009). Property rights and economic development. In: D. Rodrik and M. Rosenzweig, eds., Handbook of Development Economics. Elsevier, pp.4525–4595. BM (2006), Trends, Determinants, and Macroeconomic Effects of Remittances, Global EconomicProspects 2006, pp. 85-115, (Washington: World Bank).

BM (2015).World Development Indicators 2015.Washington, DC: World Bank.

BM (2016). Migration and Remittances Fact book 2016 (3rd ed.). World Bank Publication.World Bank.(2014). Remittance Prices.Worldwide, 9.

BM(2000), The Quality of Growth, New York: Oxford University Press for the World Bank.

BM(2006). Global Economic Prospects 2006. Economic Implications of Remittances and Migration, World Bank, Washington DC

Bourdet, Y., and H. Falck (2006), Emigrants’ Remittances and Dutch Disease in Cape Verde. International Economic Journal, 20, 267-284.

Bugamelli, M. et Paterno, F. (2008). Output growth volatility and remittances. Bank of Italy, Economic Research Department.

Catrinescu N., Leon-Ledesma M., Piracha M., and Quillin B., (2006) Remittances, institutions, and economic growth World Development, 2006, 37 (1), 81– 30 92.Center for Latin American Monetary Studies (CEMLA) International Remittances in El Salvador. Inter-American Development Bank, Washington, D.C.http://www.cemlaremesas.org/informes/report-elsalvador.pdf, 2006.

Chami R. et Fullencamp C. (2013) Au delàs de la famille. Finances & Développement Septembre 2013

Chami, R., Fullenkamp C., and Jahjah S., (2003), Are Immigrant Remittance Flows a Source of Capital for Development? IMF Staff Papers, Vol. 25 (Washington: International Monetary Fund).

CNUCED (2013a), World Investment Report. New York et Genève: Conférence des Nations Unies sur le Commerce et le Développement.

CNUCED (2013b), Commerce intra-africain : libérer le dynamisme du secteur privé, le développement économique en Afrique, Rapport 2013, pp172.

CNUCED(2012), World Investment Report. New York et Genève: Conférence des Nations Unies sur le Commerce et le Développement.

Coiffard, M. (2011). Les déterminants et impacts macroéconomiques des transferts de fonds des migrants : une analyse du cas des pays fortement dépendants. Thèse de Doctorat en Sciences économiques ; université de Grenoble. Dec 2011

De Haas, H. (2007) Remittances, Migration and Social Development. UNRISD Program Paper.

De Gregorio, J. (1992), Economic growth in Latin America, Journal of Development Economics, 39, pp. 58-84.

Drinkwater, S., P. Levine et E. Lotti. (2003). The Labour Market Effects of Remittances, FLOWENLA Discussion Paper no 6, Hamburg Institute of International Economics, Hamburg.

El-Sakka, M. (1997). Migration Remittances: Policy Options for Host and Countries of Origin. Department of Economics, Kuwait University.

El-Sakka, M. et McNabb, R. (1999). The Macroeconomic Determinants of Emigrant RemittancesWorld Development, 27 (8): 1493-1502.

Faini R. (2002), Development, Trade, and Migration, proceedings from the ABCDE Europe Conference, 1-2: 85-116.

Giuliano, P. et M. Ruiz-Arranz. (2006). Remittances, Financial Development, and Growth, International Monetary Fund, Working Paper 05/234

Greene W. (2005). Econométrics, Pearson Education, 5ème edition.

Jadotte, E. (2009), International Migration, Remittances and Labour Supply. The Case of the Republic of Haiti. United Nations University. World Institute for Development Economics Research. UNU-WIDER. Research Paper No. 2009/28.

Johansen, S. (1991). Estimation and hypothesis testing of co-integrating vectors in Gaussian vector autoregressive models. Econometrica, 59, 1551–1580. http://dx.doi.org/10.2307/2938278

Kapur, D., (2004), Remittances: The New Development Mantra? G24 Discussion Paper No 29.

Kireyev, A. (2006). The Macroeconomics of Remittances: the Case of Tajikistan. IMF Working Paper, (06/02), International Monetary Fund.

Lartey E.K.K. (2011) Remittances, investment and growth in sub-Saharan Africa, The Journal of International Trade & Economic Development: An International and Comparative Review, 22:7, 1038-1058, DOI:10.1080/09638199.2011.632692

Lartey, E.K.K., Mandelman, F. et Acosta, P.A. (2008). Remittances, Exchange Rate Regimes, and the Dutch Disease: a Panel Data Analysis. Working Paper, (12), Federal Reserve Bank of Atlanta.

León-Ledesma, M., and Piracha, M. (2001). International migration and the role of remittances in Eastern Europe. University of Kent Discussion Paper, No. 01/13, Canterbury, University of Kent.

Lipton M., (1980). Migration from rural areas of poor countries: the impact on rural productivity and income distribution. World Dev. 8 (1), 1-24.

Mesnard, Alice (2004). Temporary migration and capital market imperfections. Oxford EconomicPapers (Oxford, England), vol. 56 (April), pp. 242-262.

Mijiyawa A. G. (2010). Institutions et développement : analyse des effets macroéconomiques des institutions et de reformes institutionnelles dans les pays en développement. Sciences de l'homme et société. Université d'auvergne - Clermont-Ferrand i, 2010.

Mishra, P. (2005), Macroeconomic Impact of Remittances in the Caribbean, Unpublished paper, International Monetary Fund, Washington, DC.

North, D. C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, UK.

North, D. C. (1994), Economic Performance Through Time, American Economic Review, 84, no. 3, June, pp. 359-368.

Pesaran, M. H. (1997), The Role of Economic Theory in Modelling the Long-Run, The Economic Journal, 107: 178-191.

Pesaran, M. H. and Shin, Y. (2001), An Autoregressive Distributed Lag Modelling Approach to Cointegration, in Strom S. (ed.), Econometrics and Economic Theory in the 20th Century : The Ragnar Frisch Centennial Symposium, Chapter 11, Cambridge University Press.

Powell B. (2002). Private property rights, economic freedom and well-being. Mercatus Center; George Mason University.Working paper.

Ramirez, D.M. (2013). Do financial and institutional variables enhance the impact of remittances on economic growth in Latin America and the Caribbean? A panel cointegration analysis. International Atlantic Economic Society, Vol. 19, 273-288

Ratha D. and Mohapatra S. (2007). Increasing the Macroeconomic Impact of Remittances on Development. Development Prospects Group, The World Bank. Washington D.C. 20433. November 26, 2007

Ratha D., Mohapatra S., Özden C., Plaza S., Shaw W., and Shimeles A. (2011). Leveraging Migration for Africa.Remittances, Skills and Investments. World Bank, Washington DC.

Ratha, D. 2003. Worker’s Remittances: An Important and Stable Source of External Development Finance, Global Developing Finance 2003, World Bank, pp. 157-175.

Ratha, D. 2013. The impact of remittances on economic growth and poverty reduction. Migration Policy Institute. No 8, September 2013.

Rodrik, D. (1999), Institutions for High-Quality Growth: What They Are and How to Acquire them, Harvard University, paper prepared for the International Monetary Fund Conference on Second-Generation Reforms, Washington.

Rodrik, D. 2000a. Trade Policy Reform as Institutional Reform in Handbook on Developing Countries and the Next Round of WTO Negotiations, edited by Bernard Hoekman

Romer, P.M. (1986), Increasing Returns and Long Run Growth, Journal of Political Economy, 94, pp. 1002-1037.

Russell, S.S. (1995). Remittances from International Migration: A Review in Perspectives. World Development, 14 (6): 677-696.

Singh, Raju Jan, Markus Haacker, Kyung woo Lee, (2009) Determinants and macroeconomic impact of remittances in Sub-Saharan Africa, IMF Working paper, 2009, Washington DC.

Singh, Raju Jan, Markus Haacker, Kyung woo Lee, and Maëlan Le Goff, (2011) Determinants and macroeconomic impact of remittances in Sub-Saharan Africa. Journal of African Economies, 2011, 20 (2), 312–340.