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Remittances and Economic Development: Evidence from the Caribbean

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This article empirically examines whether and how remittances impact
economic development in eleven Caribbean countries over the period
1975–2011. We employ the bounds test and ARDL framework to assess the
existence of long-run relationships and causality, and adopt a countryspecific
approach to accommodate differences among countries. We find
evidence of heterogeneous long-run causal relationships in seven
countries. Our findings contradict recent studies on the developmental
impact of remittances in the Caribbean, and suggest that remittances may
have a role, along with relevant policies, in the economic advancement of
the region.

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