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Macroeconomic environment and remittances in post-independent Sub-Saharan Africa: Magnitudes, trends and stylised facts

Deodat Adenutsi (), Meshach Aziakpono () and Matthew Ocran

MPRA Paper from University Library of Munich, Germany

Abstract: This paper examines macroeconomic performance and policy environment of post-independent sub-Saharan Africa (SSA) vis-à-vis remittance flows to the sub-region. The paper finds that SSA is the only developing region in the world that still depends on foreign aid as its leading external non-debt capital and attracts the least remittances, notwithstanding the positive growth trend since the pursuit of economic policy reforms in the 1980s. In general, low inflation, higher real income growth, domestic savings, investment, exports, financial development, and fiscal policy effectiveness strongly and positively correlate with remittance inflows. This implies remittances are likely to be driven by sound macroeconomic environment in recipient countries. An affirmation of this finding is that, in SSA, (and, indeed, for all developing economies), remittances are pro-cyclical and positively correlate with macroeconomic performance and stability.

Keywords: Macroeconomic Performance; Remittances; Developing Economies; Correlation; Sub-Saharan Africa (search for similar items in EconPapers)
JEL-codes: F22 O15 N17 F54 F24 (search for similar items in EconPapers)
Date: 2011-09-20
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Published in Studies in Economics and Economterics 2.36(2012): pp. 1-22

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