TY  - RPRT
        AU  - Naufal, George S
AU  - Termos, Ali
        TI  - The Responsiveness of Remittances to the Oil Price: The Case of the GCC
        PY  - 2009/Jul/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 4277
        UR  - https://www.iza.org/publications/dp4277
        AB  - We investigate the responsiveness of remittances from the Gulf Cooperation Council (GCC) countries to the changes in the price of crude oil. Most of the GCC countries rank in the top 20 remitting countries in the world. We find that oil price elasticity of remittances is around 0.4. While most studies have examined the impact of remittances on the real economic activities in the receiving countries, this study emphasises the impact of remittances on the remitting countries. We examine various policy implications with regard to macroeconomic shocks, monetary policy and fiscal policy of the GCC countries.
        KW  - oil price
KW  - remittances
KW  - elasticity
KW  - GCC
        ER  -