Remittances and Vulnerability in Developing Countries
利用2005-2011年意大利103个省份向79个发展中国家汇款的面板数据，发现汇款与接收国经济周期负相关，在遭受外部冲击时增加，且金融发展水平越低汇款越多，表明汇款缓解了信贷约束。
This paper examines how international remittances are affected by structural characteristics, macroeconomic conditions, and adverse shocks in recipient economies. We exploit a novel, rich panel data set, covering bilateral remittances from 103 Italian provinces to seventy-nine developing countries over the period 2005-2011. We find that remittances are negatively correlated with the business cycle in recipient countries and in particular increase in response to adverse exogenous shocks, such as large terms-of-trade declines. This effect is stronger where the migrant communities have a larger share of newly arrived migrants. Finally, we show that recipient-country financial development is negatively associated with remittances, suggesting that remittances help alleviate credit constraints.