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Remittance And Economic Development Essay

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CHAPTER ONE INTRODUCTION

1.1 Background to the study
There have been heated debates on the sources of economic growth of developing economies for more than half a century (Lewis, 1954, Solow, 1956, Lenery and Strout, 1996, Denison,1967, Myrdal, 1968, Harris-Todaro, 1970, Schultz, 1979, Fields, 1980, Romer, 1986, Lukas, 1988, Barro, 1991 and Easterly, 2001). These perceived sources of economic growth have ranged from physical capital investment to surplus labour and technological change, foreign aid, investment in human capital, foreign direct investment (FDI), and …show more content…

This is evident in their poor ranking in the Human Development Indices. It is for this reason that the search for the most reliable strategy to propel rapid economic growth and sustainable development is still continuing (Gubert, …show more content…

For example, Stark and Lucas (1988); Taylor (1992); and Faini (2002) found positive relationship between remittances and economic growth in their works. While Acosta (2009) and Gupta, Pattillo, and Wagh (2009) are of the opinion that large inflow of remittance can appreciate the exchange rate and hinder growth rate as a result of increase in the prices of tradable goods. Large remittances can also reduce the supply of labour due to the choice of some individual to work less, having relied much more on remittances (Lucas, 1987). The above shows that the effect of remittances on economic growth has been an issue of contention amongst

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