The impact of global economic crisis on remittances in the Commonwealth of Independent States

O'Hara, S., Ivlevs, A. and Gentile, M. (2009) The impact of global economic crisis on remittances in the Commonwealth of Independent States. Eurasian Geography and Economics, 50 (4). pp. 447-463. ISSN 1538-7216

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Publisher's URL: http://dx.doi.org/10.2747/1539-7216.50.4.447

Abstract

Two European geographers and an economist analyze the impact of the 2008–2009 global economic recession on remittances in the Commonwealth of Independent States. Drawing on balance-of-payments data as well as information on money transfers to and from the region, they detail the annual growth of remittances since 2001, illustrating the growing importance of this income stream to a number of countries in the region. Using quarterly data, they then provide details of the impact of the financial crisis on remittances starting with the 2007 credit crunch and intensifying with the collapse of global markets in 2008. Based on the impact of the 1998 Russian Crisis, they suggest that by 2012, remittances to the region could fall to only one-third the 2008 level, and that a return to pre-crisis levels of remittances could take almost a decade.

Item Type:Article
Uncontrolled Keywords:Russia, CIS, Kazakhstan, remittances, migrant workers, global economic crisis, balance of payments, FDI
Faculty/Department:Faculty of Business and Law > Department of Accounting, Economics and Finance
ID Code:11579
Deposited By: Dr A. Ivlevs
Deposited On:15 Nov 2010 16:06
Last Modified:27 Jun 2014 09:27

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