Title: Effect of Remittances on Poverty and Financial Development in Sub-Saharan Africa
Abstract: This paper assesses the effect of the steadily growing remittance flows to sub-Saharan Africa. Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to sub-Saharan Africa swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty-mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty, and financial development. The paper posits that formalizing such flows can serve as an effective access point for “unbanked” individuals, and households.
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 705
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot