Does migration raise agricultural investment? An empirical analysis for rural Mexico
利用墨西哥农村面板数据，通过工具变量法控制内生性，发现国际移民汇款显著增加了农业资产积累，但对畜牧业资本无显著影响，表明移民收入主要用于克服生存性生产的流动性约束。
Abstract The effect of remittances on capital accumulation remains a contested topic. This article uses a panel data set from rural Mexico to investigate the impact of remittances on agriculture and livestock investments. After controlling for the endogeneity of migration through an instrumental variable estimation our empirical results show that international migration has a significantly positive effect on the accumulated agricultural assets but not on livestock capital. This suggests that households use the capital obtained from international migration only to overcome liquidity constraints for subsistence production whereas migration itself seems to be the superior investment option compared to other productive activities such as livestock husbandry.