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Impact of oil prices on remittances to Pakistan from GCC countries: evidence from panel asymmetric analysis

Shujaat Abbas ()

MPRA Paper from University Library of Munich, Germany

Abstract: International migration and remittances from oil-exporting Gulf countries are important sources of employment, income, and foreign exchange for Pakistan. This study investigates the asymmetric impact of oil prices on remittances to Pakistan from GCC countries, over the period 1980 to 2018, by employing the recently advanced non-linear panel Pooled Mean Group (PMG) model. The findings show that oil prices and remittance are asymmetrically associated. The increasing oil prices have a significant positive effect only in the long run; whereas, reducing oil prices reveal a significant negative effect only in the short run. Findings of other explanatory variables show that the economic condition in host countries, exchange rate, and trade relations have positive effects only in the long run; whereas the economic condition in the home country has significant negative effects in the long run and positive effect in the short run. This study urges oil exports to stabilize oil supply and prices, and Pakistan to enhance trade relations, exchange rate adjustments, and financial development

Keywords: Energy prices; remittances flow; asymmetric analysis; panel data; Pakistan (search for similar items in EconPapers)
JEL-codes: F22 F24 Q4 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-ene, nep-fdg and nep-int
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Published in OPEC Energy Review 2.44(2020): pp. 205-223

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