Mita Bhattacharya|John Nkwoma Inekwe|Sudharshan Reddy Paramati
Remittances and financial development: empirical evidence from heterogeneous panel of countries
Monash University|Macquarie University|University of Dundee
remittances second largest source external finance foreign direct investment developing economies study analyse role incoming remittances financial development 57 highest remittance recipient economies long run equilibrium relationship established remittances three alternative indicators financial development estimates dynamic systemgeneralized method moments reflect lower elasticity values developing countries compared developed ones findings robust across countries highlight necessity strengthening institutional setups increase inflow remittances enhance financial development across countries role foreign direct investment found significant cases