International Migration, Remittances and Household Investment: Evidence from Philippine Migrants’ Exchange Rate Shocks
利用1997年亚洲金融危机期间菲律宾海外移民所在国货币对菲律宾比索的汇率变动，发现移民汇款对汇率弹性为0.60，正向冲击提高了原籍家庭的人力资本积累和创业活动。
How do households respond to overseas members' economic shocks? Overseas Filipinos in dozens of countries experienced sudden, heterogeneous changes in exchange rates during the 1997 Asian financial crisis. Appreciation of a migrant's currency against the Philippine peso leads to increases in household remittances from overseas. The estimated elasticity of Philippine-peso remittances with respect to the exchange rate is 0.60. Positive migrant shocks lead to enhanced human capital accumulation and entrepreneurship in origin households. Child schooling and educational expenditure rise, while child labour falls. Households also work more hours in self-employment, and become more likely to start relatively capital-intensive household enterprises. Copyright © 2008 The Author(s).