Table 2 Tabular Summary of the Literature Review
Author/Year | Sample | Variables Employed | Methodology | Outcomes |
|---|---|---|---|---|
Chami et al. (2003) | 113 countries, 1970 to 1998 | Remittance /GDP, M2/GDP and GDP per capita | Panel OLS | Negative effects of remittances on growth |
Faini (2005) | Europe and USA | Migration figure, Remittances/GDP and Poverty | Questionnaire | Positive effects of remittances on growth. |
Giuliano and Ruiz-Arranz (2005) | 100 countries, 1975 to 2002 | Remittances/GDP, M2/GDP, private credit to GDP and GDP per capita | Panel OLS | Positive effects of remittances on growth. |
Richard et al. (2005) | 71 Developing countries 1987 to1996 | Gini Coefficient, Per capita GDP and International Migration figure. | Pooled OLS and IV Estimate | International Migration and remittances reduce poverty |
Guilano and Ruiz-Arranz (2009) | 100 Developing countries | Remittances/GDP Private credit to GDP and Investment | IV Estimate | Positive effects of remittances on Growth. |
Karagoz 2009 | Turkey, from 1970 to 2005 | Remittances/GDP capital formation/ GDP, FDI, net private flow and FDI. | Cointegration and OLS | Negative effects of remittances on growth. |
Siddique et al. (2010) | 1976 to 2006 Bangladesh, India and Sri Lanks | Per capita remittances, Export and GDP per capita | VAR Granger Causality test | Two way causality test existed in Sri Lanka. |
Khan and Azam (2011) | 1995 to 2010 Azerbajan and Armenia | Gdp and remittance/GDP | Simple Log Linear regression | Positive effects of remittances on growth |
Jayaraman, Choong and Kumar (2011) | Samoa and Tonga, 1981 to 2008 | Remittance to GDP, M2/GDP, private sector credit to gdp and FDI. | Bound Test | Positive effects of remittances on growth. |
Jayaraman, Choong and Kumar (2012) | 1970 to 2009 Pacific Island | Remittance/GDP per worker, FDI and private sector credit to GDP, | Bound Test | Positive effects of remittances on growth. |
Javid et al. (2012) | 1973 to 2010 Pakistan | Real GDP, remittance/GDP, investment to GDP, income inequality and trade openess. | ARDL | Positive effects of remittances on growth. |
Kumar (2012) | Sub-Saharan Africa, 1970 to 2010. | Remittance/GDP, private sector credit to GDP, telephone lines per 100 people, and ODA to GDP. | ARDL Bound Test. | Negative effects of remittances, Financial Development and ICT on growth |
Nyamongo et al. (2012) | Africa, 1980 to 2009. | GDP per capita, remittances and financial development. | Pooled OLS fixed effect. | Remittances promote economic growth. |
Cooray (2012) | 94 Non-OECD, 1990 to 2010 | Remittances, financial sector size and government bank ownership. | Pooled OLS and System GMM | Remittances promote financial sector development. |
Akonji and Wakili (2013) | Nigeria, 1980 to 2010. | Real GDP per capita, remittance/GDP and M2/GDP | Seemingly unrelated regression (SUR) and ECM | Remittances promotes economic growth. |
Akkoyunlu (2013) | Turkey, 1963 to 2009. | Remittances/GDP, bank deposit, private credit/GDP | Toda Yamamoto Non-Granger Causality test. | No causality between financial development and remittances |
Koay and Choog (2013) | Malaysia | GDP remittance/GDP and M2/GDP. | ARDL and Granger Causality test. | Remittances promotes growth and causality runs from finance to remittances |
Alkhathlan (2013) | Saudi Arabia, 1970 to 2010. | Real GDP, Remittance/GDP and Export. | ARDL | Negative effects of remittances on growth. |
Meyer and Shera (2013) | Albania, 1992 to 2012. | GDP, Remittance/ GDP and M2/GDP. | ARDL and ECM | Positive effects of remittances on growth |
Goschin (2013) | Romania, 1994 to 2011. | GDP, Remittance/ GDP and M2/GDP. | Multi-factorial regression models | Positive effects of remittances on growth |
Kumar (2013) | Guyana, 1982 to 2010. | RealGDP, remittances/GDP, ODA/GDP, M2/GDP | ARDL bound Test. | Positive and long run effect of remittances on growth |
Kumar and Stanvermann (2014) | Kenya, 1978 to 2010. | Tourism, remittances/GDP and real GDP | Bound Test approach | Positive effects of remittances on growth. |
Kumar and Stanvermann (2014) | Lithuania, 1980 to 2012 | Real GDP, remittances/GDP and M2/GDP | ARDL | Positive effects of remittances on growth. |
Kumar and Stanvermann (2014) | Bangladesh, 1979 to 2012 | Real GDP, remittances/GDP and M2/GDP | ARDL Bound procedure | Positive effects of remittances on growth |
Imai et al. (2014) | 24 Asia and pacific countries, 1980 to 2009. | Real GDP per capita, remittance/GDP, M2/GDP, Volatility of remittance and FDI. | Panel 2 stage Least Square. | Positive effects of remittances on growth |
Sarker and Datta (2014) | Bangladesh, 1975 to 2011 | GDP, remittances/GDP, M2/GDP and other control variables | ARDL and Causality | No relationship exists between remittances and GDP. |
Blouchoutzi and Nikas (2014) | Moldova and Albania, 1990 to 2010. | Remittance/GDP, consumption, GDP, and import. | OLS | Remittances promote growth in both countries. |
Feeny et al. (2014) | 136 states including 25 SIDS, 1971 to 2010. | GDP per capita, remittance/GDP and other control variables | GMM Estimates | Positive effects of remittances for SIDS countries. |
Sibindi (2014) | Lesotho, 1975 to 2010. | Remittances/GDP, M2/GDP and real GDP. | VECM and Granger causality. | Causality running from remittances to growth. |
Adarkwa (2015) | Cameroon, Cape Verde, Nigeria and Senegal, 2000 to 2010. | GDP per capita, remittance inflow and outflow | OLS | Positive effects of remittances on growth in Nigeria and Senegal only. |
Coulibaly (2015) | 19 sub-Saharan African countries. 1980 to 2010. | GDP per capita, remittances, liquidity liability and FDI | Panel Granger causality test | No evidence of causal relationship in SSA |
Sobiech (2015) | 54 Developing countries, 1970 to 2010. | Remittances/GDP, M2/GDP, Private credit/GDP and GDP per capita | GMM Panel Analysis. | Negative effects of remittances on growth |
Karikari et al. (2016) | 50 developing countries, 1990 to 2011 | Remittances/GDP, M2/GDP, Private credit/GDP, FDI and GDP per capita | Panel VECM causality techniques. | Remittances promotes financial development. |