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This study examines the nexus between trade, financial development, remittances and economic growth in Zimbabwe using time-series data collected from the World Bank Worldwide Development Indicators database from 1980 to 2022. Vector autoregression models were estimated using Stata/SE 14.2 to analyse “short-run” relationships among the four variables. The results obtained showed the non-existence of cointegration equations in the series. The significant findings are the positive “short-run” causal effects of first lag GDP regressor on GDP at 0.05%, first lag remittances regressor on GDP, first lag financial development regressor on financial development, and first lag trade and remittances regressors on remittances, at 0.01% level of significance. Moreover, the Granger causality test showed that the remittances Granger causes GDP and trade Granger causes remittances in the “short-run”, while the opposite is true for other variables. This study is essential to researchers and policymakers. It is recommended that the government formulate policies that promote the inflow of remittances, trade, and financial development for meaningful economic growth. [ABSTRACT FROM AUTHOR]

Capital investment financing has been cited as a critical element in economic growth the world over although there is no consensus regarding the significance, direction, and magnitude of the relationship.

This study examines the impact of governance and financial inclusion on remittances in Zimbabwe using time series data collected from the World Bank database for the period 2009 to 2021. A vector error correction model was conducted using Stata/SE 14.2 to analyse the short- and long-run relationships between the variables. The results demonstrate the existence of cointegration in the model. The Johansen normalization long-run output showed a negative impact of governance on remittances, as well as a positive impact of financial inclusion on remittances. Both coefficients are statistically significant at the 1% level. Furthermore, the results show that governance and financial inclusion in Zimbabwe have asymmetric effects on remittances in the long run, on average, ceteris paribus. This study is important in policy formulation and implementation. The government should create a conducive environment for remittances through improved governance and financial inclusion policies. [ABSTRACT FROM AUTHOR]

AbstractThis study investigates the impact of economic policy uncertainty (EPU) on foreign remittances and whether it affects them symmetrically or asymmetrically. The ARDL model is employed to examine the short-run and long-run symmetric impact of EPU on foreign remittances, while the NARDL model is utilized to examine the short-run and long-run asymmetric impact of EPU on foreign remittances, using monthly data for the BRIC economies (Brazil, Russia, India, and China). The results indicate that in the short-run, EPU has a positive and significant impact only on the inflows of foreign remittances received in Russia. Additionally, the short-run asymmetric impact of EPU on foreign remittances is found in Russia and India. Meanwhile, the long-run asymmetric impact of EPU on foreign remittances is observed in the BRIC economies. In particular, the results show that the non-linear response of EPU varies among the sampled countries. The findings of this study enhance our understanding of the role of policy uncertainty in overseas remittances. This information would be beneficial for policymakers, migrants, and recipients, as they are directly involved in making decisions about policies and the transfer of remittances, respectively.

AbstractThe main objective of this quantitative study is to ascertain the effect of foreign direct investment, real exchange rate, remittances, and import on economic growth in Ghana. Secondary data on gross domestic product, foreign direct investment, real exchange rate, remittances, import, and gross capital formation from 1980 to 2018 were analyzed. The study employed Autoregressive Distributed Lag for the econometrics analysis. The study found that foreign direct investment, real exchange rate, remittances, import, and gross capital formation cointegrates with economic growth. The main findings are that foreign direct investment, real exchange rate, import, and remittances matter from growth perspective. Remittances have a positive and significant effect on economic growth in Ghana both for the short run and the long run. The study also revealed that foreign direct investment, real exchange rate, and imports have a negative and significant effect on the growth process of Ghana’s economy for both the short run and the long run. The study recommends that the Ministry of Finance, Ghana, financial analysts and other policy makers should undertake steps to reduce imports and attract more remittances inflows to attain long-run economic growth. In addition, the economy must concentrate on viable exchange rate policies such as undervaluation of currency to stimulate sustainable economic growth.

AbstractRemittances have become an increasingly important source of external financing for the low-income countries of Central Asia. The impact of Foreign remittances upon poverty alleviation has received substantial importance in academic writings, but very few studies have investigated the Central Asian region. Tajikistan was one of the poorest state of the former Soviet Republics, and it was further devastated by the twin shocks of the post-Soviet transition in 1991 and the civil war from to 1992–1997. The labors of Tajikistan mainly migrate to Russia and other countries of Central Asia for earning their livelihoods. The remittances from Russia to Tajikistan amounted to approximately $ 2.5 Billion in 2019 (accounting for 33% of their GDP). In this study we explored the impact of remittances on poverty alleviation of Tajikistan by taking the data for the variables like remittances, poverty size, capital formation, Per Capita GDP, inflation, and unemployment. We took the data from the World Development Bank Indicators for the time period 2010–2019. Initially, we ran the diagnostic tests including the unit root test for stationarity, the Pearson correlation test for multicollinearity, the Bruesch-Pagan/Cook-Weisberg test for heteroscedasticity, and the Wooldridge test for autocorrelation. After running the diagnostic test we applied the gowth-poverty model for gauging the relationship between the remittances and the poverty and we found a significant negative relationship between foreign remittances and poverty alleviation in case of Tajikistan.

Purpose: This article examined the impact of governance, gross capital formation, and foreign remittances on economic growth in Zimbabwe between 1996 and 2021. Approach: The study pursued a deductive approach to collect and analyse data secondary data collected from World Bank Development Indicators. The study used a multiple linear regression model to examine the data. Data were collected from 1996 to 2021. Findings: The regression coefficients depicted a direct relationship between the dependent variable and the three independent variables. The study findings also revealed that governance has the highest contribution to Zimbabwe's gross domestic product compared to the other two independent variables in the period under review. The coefficients of determination of the independent variables, R² to Zimbabwe's gross domestic product are 0.6876, 0.5274 and 0.4876 respectively. Practical implications: This study has practical implications for policy formulation and implementation as well as for further future research in Zimbabwe given the important role of governance, gross capital formation and foreign remittances on economic growth. Importantly, these are policies that attract foreign remittances as well as encourage good governance and gross capital formation in the country. Foreign remittances have become a huge source of foreign currency in the last decades in Zimbabwe. Originality/value: Literature has shown a lack of consensus regarding the impact of governance, gross capital formation, and foreign remittances on economic growth thereby creating some knowledge gaps in the field, particularly in developing countries. This article, therefore, seeks to close this gap by looking at the impact of the three variables on economic growth in Zimbabwe from 1996 to 2021. [ABSTRACT FROM AUTHOR]

The main objective of this quantitative study is to ascertain the effect of foreign direct investment, real exchange rate, remittances, and import on economic growth in Ghana. Secondary data on gross domestic product, foreign direct investment, real exchange rate, remittances, import, and gross capital formation from 1980 to 2018 were analyzed. The study employed Autoregressive Distributed Lag for the econometrics analysis. The study found that foreign direct investment, real exchange rate, remittances, import, and gross capital formation cointegrates with economic growth. The main findings are that foreign direct investment, real exchange rate, import, and remittances matter from growth perspective. Remittances have a positive and significant effect on economic growth in Ghana both for the short run and the long run. The study also revealed that foreign direct investment, real exchange rate, and imports have a negative and significant effect on the growth process of Ghana's economy for both the short run and the long run. The study recommends that the Ministry of Finance, Ghana, financial analysts and other policy makers should undertake steps to reduce imports and attract more remittances inflows to attain long-run economic growth. In addition, the economy must concentrate on viable exchange rate policies such as undervaluation of currency to stimulate sustainable economic growth. [ABSTRACT FROM AUTHOR]

This study investigates the impact of economic policy uncertainty (EPU) on foreign remittances and whether it affects them symmetrically or asymmetrically. The ARDL model is employed to examine the short-run and long-run symmetric impact of EPU on foreign remittances, while the NARDL model is utilized to examine the short-run and long-run asymmetric impact of EPU on foreign remittances, using monthly data for the BRIC economies (Brazil, Russia, India, and China). The results indicate that in the short-run, EPU has a positive and significant impact only on the inflows of foreign remittances received in Russia. Additionally, the short-run asymmetric impact of EPU on foreign remittances is found in Russia and India. Meanwhile, the long-run asymmetric impact of EPU on foreign remittances is observed in the BRIC economies. In particular, the results show that the non-linear response of EPU varies among the sampled countries. The findings of this study enhance our understanding of the role of policy uncertainty in overseas remittances. This information would be beneficial for policymakers, migrants, and recipients, as they are directly involved in making decisions about policies and the transfer of remittances, respectively. [ABSTRACT FROM AUTHOR]

Remittances have always played a central role in strengthening the economies of low-income and middle-income developing countries. The remittances have also provided a phenomenal support to the economy of Uzbekistan, which is the third leading recipient country of foreign remittances in the Central Asian region after Kyrgzstan and Tajikistan. There is a strong need to investigate the impact of foreign remittances upon poverty reduction in case of Uzbekistan. This study has empirically investigated the impact of remittances on poverty in Uzbekistan by taking the variables like remittances, poverty size, capital formation, per capita GDP, savings and unemployment for the period of 2008-2019. Ordinary Least Square Regression was applied, and the results show an insignificant relationship between foreign remittances and poverty reduction. The reason could be that remittances in Uzbekistan are not pro-poor as mostly the workers from the rich families migrate to Russia. Furthermore most of the migrant workers prefer to settle down in Russia along with their families.

Yaping Liu, 1 Asad Amin, 1 Samma Faiz Rasool, 2 Qamar Uz Zaman 3 1Business School, Guangxi University Nanning, Guangxi, 530004, People’s Republic of China; 2Postdoctoral Station of Statistical, School of Innovation and Entrepreneurship, Entrepreneurship Institute, Guangzhou University, Guangzhou 510006, People’s Republic of China; 3Postdoctoral Station of Management Science and Engineering, College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 211100, People’s Republic of ChinaCorrespondence: Asad AminBusiness School, Guangxi University, Daxue E Road, Xixiangtang, Nanning, Guangxi 530004, People’s Republic of ChinaTel +86 15676785744Email asad_amin146@yahoo.comSamma Faiz RasoolPostdoctoral Station of Statistical, School of Innovation and Entrepreneurship, Entrepreneurship Institute, Guangzhou University, 230 Wai Huan Xi Road, Guangzhou 510006, People’s Republic of ChinaTel +86 19821829207Email samma@gzhu.edu.cnBackground: This study examines the role of the agriculture and foreign remittances in mitigating rural poverty in Pakistan.Methods: The data used relate to the period 1980– 2017 and are sourced from the World Bank and the Economic Survey of Pakistan produced annually by the Ministry of Finance. The ARDL technique was used to calculate the effects of agriculture and foreign remittances on rural poverty.Results: The results of this study indicate that agriculture helps to mitigate rural poverty in the long run, but that foreign remittances are more effective in reducing rural poverty in the short run. In this paper, results confirm the existence of correlations between agriculture, foreign remittances and rural poverty.Conclusion: The outcomes of this study support the call for the government to introduce agricultural credit schemes for the rural population of Pakistan. Moreover, the government should take steps to enhance diplomatic relations with other countries and simplify policies and visa application procedures for Pakistani workers. Finally, this study suggests the government should simplify procedures for the transfer of foreign remittances to Pakistan.Keywords: foreign remittances, rural poverty, agriculture, Pakistan

The people from developing countries like Pakistan move to developed countries to earn their bread and butter. Consequently, such migrants remit a handsome part of their earnings to their dependents living in homeland. Foreign remittances have multidimensional impact on the economy of a developing country. The study evaluates the impact of foreign remittances on income inequality in Pakistan by estimating the set of fixed effect and random effect models using the pooled data from eight household income and expenditure surveys between 1998/99 and 2015/16. Gini coefficient as well as generalized entropy measure is used to estimate income inequality, but the results remain intact. It is observed that foreign remittances have statistically significant favorable impacts on income inequality in Pakistan. Further, the results are robust and insensitive to control variables (e.g. income and poverty measures, headcount ratio, poverty gap and squared poverty gap). The policy measure is that Bureau of Emigration and Overseas Employment (BEOE) should be empowered to explore the job opportunities in developed countries. The government should assist the migrants through subsidizing the visa and migration processes to capitalize the foreign remittances. [ABSTRACT FROM AUTHOR]

Islamic finance presents a new avenue as a novel alternative to the conventional financial set-up in this country. The purpose of this study is to find out the prospects of Islamic banking in India. The objectives of this study have been met by conducting a survey to elicit the responses from retail customers of both private and public sector banks in four cities of South India. The survey was carried out among both Muslims and non-Muslims to find out about the awareness levels, patronage, motivation and perception towards Islamic banking in India. The results reveal that the respondents have a favorable perception towards Islamic banking, especially from the city of Hyderabad, since it has got a lot of institutions that run courses on Islamic banking. In the current study, it is found that Islamic banking is having low level of awareness among the respondents. However, the attitude towards adoption of Islamic Banking seems encouraging, as reflected in the study. The findings of this research gain significance due to the fact that this sample represents a segment of the entire population of South India and thus, acts as a pre-cursor to a detailed study involving various other such demographic denominations. The future directions for this research could be carried out by drawing such clusters across the rest of the country. This may help to understand and get a better and broader perspective of the need for Islamic banking and hence, its prospects in India.

The present study aims to analyze the impact of foreign remittance on source of economic growth, namely the physical capital, human capital and the total factor productivity (TFP). There is a substantial literature related to the impact of foreign remittance on economic growth of Pakistan, but there has been dearth of related literature to the impact of foreign remittance on sources of economic growth. The study covers the time span of 1972 to 2013 and employed three estimation techniques, namely, the OLS, FMOLS, and the GMM, to execute empirical testing. Results of the study indicate that, foreign remittance significantly contribute in building physical and human capital of the country, along with improving the TFP. [ABSTRACT FROM AUTHOR]

The developing countries like Pakistan are facing the problem of low girls’ school enrolment rate. The study estimates the determinants of girls’ school enrolment by employing Binary Probit modal using the PSLM data 2010/11.The results show that though the education of both mother and father affect positively the girls’ school enrolment, yet the former affects it more as compared to the latter. The relationship between age of children and school enrolment is of inverted ‘U’ shaped. Foreign remittances and land ownership have more chances to affect the female school enrolment. School distance and poverty are major problems for female school enrolment. Further, females have more chances of school enrolment in urban areas as compared to rural ones. The results at provincial level reveal that mother’s education has more chances to affect the probability of girls’ enrolment in Sindh followed by Punjab as compared to KPK and Baluchistan. At a policy level government should pay more attention on girls’ school enrolment who are to become mothers tomorrow. The government should provide schools as near as possible to their homes. Free education should be provided especially for the poor. The ministry of Overseas Pakistanis and Human Resource Development should be made more effective in searching out jobs abroad. [ABSTRACT FROM AUTHOR]

Achieving higher level of economic growth in order to enhance social welfare is one of the primary motives of every country. However, developing countries have yet not achieved the desirable level of economic growth due to several socioeconomic and political factors prevailing domestically as well as globally. Therefore, the main purpose of this study is to empirically examine the effects of various external sources namely foreign remittances, foreign direct investment (FDI) and some other notable variables exports and investment on economic growth measured by real GDP per capita in 12 countries from Europe and Central Asia (ECA). This study utilizes annual panel data over the period of 1993-2013 for empirical investigation. After checking stationary properties of the data, Panel Ordinary Least Squares, Fully Modified OLS and Dynamic OLS methods have been employed as analytical techniques for parameters estimation. Empirical result reveals that foreign remittances and FDI inflows have significant positive effects on economic growth in ECA during the period under the study. In addition, the empirical results show that exports and investment also accelerate economic growth. The results of Dumitrescu and Hurlin causality test demonstrate that foreign remittances cause economic growth and economic growth causes FDI inflows. The feedback effect exists between external debt and economic growth. Economic growth leads exports validating growth-led exports hypothesis. Incoming FDI causes exports and exports cause FDI in Granger sense. Furthermore, the feedback hypothesis is valid for foreign aid and external debt, exports and external debt, exports and investment. The main points emerging from this study purport that both foreign remittances and FDI inflows are vital sources of economic growth in ECA. The findings are expected to guide the management authorities with reference to the effects of foreign remittances and incoming FDI on ECA economic growth and development. Moreover, ensuring macroeconomic stability in the recipient countries can help to create environment conducive to investment, thus, encourage immigrants and foreign investors to transfer remittances and make investments with higher degree of confidence. Consequently, it would have a positive multiplier effect on the entire macroeconomic performance of ECA economies. [ABSTRACT FROM AUTHOR]

This study was carried out to investigate the effects of foreign remittances on social festivities by the beneficiary households in District Kurrum, Khyber Pakhtunkhwa Province of Pakistan. A total of 206 households were selected by using the proportional allocation sampling technique. A semi-structured questionnaire was used to collect data. The effects of foreign remittances on social festivities were determined by using multiple regression analysis. Results of the regression model show that foreign remittances have a positively significant effect on social festivities as confirmed by the coefficient of 0.739 and p<0.000. ANOVA for regression was also performed to check the overall significance of the model. The results of ANOVA confirmed that the estimated model was highly significant as shown by the F-values greater than the critical value and p<0.001. The study concludes that foreign remittances are very important sources of households' participation in social festivities. [ABSTRACT FROM AUTHOR]