Measuring the macroeconomic impact of workers’ remittances in a data-rich environment

Carlos Vargas-Silva

Applied Financial Economics Letters, 2007, vol. 3, issue 6, 359-363

Abstract: This article uses 85 monthly time series from Mexico to study the macroeconomic impact of workers’ remittances. The estimation approach is based on the two-step factor augmented vector autoregression methodology used by Bernanke et al. (2005). The results show that Mexico's inward remittances have a positive impact on prices, the stock market, interest rates and various measures of economic activity.

Date: 2007
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DOI: 10.1080/17446540600993878

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