Remittances, Capital Flows and Financial Development During the Mass Migration Period, 1870‐1913

European Review of Economic History, Vol. 15, No. 3, December 2011

36 Pages Posted: 18 Mar 2012

See all articles by Rui Esteves

Rui Esteves

Graduate Institute of International and Development Studies (IHEID)

David Khoudour-Castéras

Centre d'Etudes Prospectives et d'Info. Internationales (CEPII); Organization for Economic Co-Operation and Development (OECD) - Development Centre (DEV)

Date Written: 2011

Abstract

This article addresses the question whether the substantial financial flows received by emigration countries contributed to domestic financial development in peripheral Europe before 1914. We quantify a sizable and significant relation between remittances and measures of financial development that is both larger than the contribution of other international capital flows and the best estimates of the same relation today. Given that financial development is regularly included among the conditions for economic growth and catch-up of developing nations, this article adds to our understanding of the multiple impacts of the mass migration phenomenon on the economies of emigration countries.

Keywords: Financial Sector, Emerging Economies, Emigrants, Remittances, Pre-1913

JEL Classification: G21, J61, N13, N23, N33

Suggested Citation

Esteves, Rui and Khoudour-Castéras, David, Remittances, Capital Flows and Financial Development During the Mass Migration Period, 1870‐1913 (2011). European Review of Economic History, Vol. 15, No. 3, December 2011, Available at SSRN: https://ssrn.com/abstract=2025019

Rui Esteves (Contact Author)

Graduate Institute of International and Development Studies (IHEID) ( email )

PO Box 136
Geneva, CH-1211
Switzerland

David Khoudour-Castéras

Centre d'Etudes Prospectives et d'Info. Internationales (CEPII) ( email )

Organization for Economic Co-Operation and Development (OECD) - Development Centre (DEV) ( email )

94, rue Chardon Lagache
Paris, 75775
France

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
30
Abstract Views
481
PlumX Metrics