The Role of Remittances in Financing the Current Account Deficit: The Case of Serbia

  • Božidar Čakajac
  • Nenad Janković
  • Stevan Luković
Ključne besede: nakazila, tekoči račun, plačilna bilanca, Srbija

Povzetek

Migracijska gibanja domačega prebivalstva, predvsem v razvita gospodarstva Zahodne Evrope, so vplivala na to, da nakazila predstavljajo zelo pomemben vir dohodkov iz tujine. Ekonomska literatura in tudi pogledi vodilnih mednarodnih finančnih institucij kažejo, da so nakazila bistveno bolj stabilna oblika pritoka sredstev iz tujine za države v razvoju v primerjavi z drugimi oblikami pretoka kapitala. Poleg pozitivnih ekonomskih učinkov nakazil igrajo pomembno vlogo tudi z vidika nevtralizacije plačilnobilančnega neravnovesja. Skladno s tem se predmet raziskave nanaša na preučitev vloge nakazil pri financiranju primanjkljaja tekočega računa v Srbiji, s ciljem ugotoviti, ali je v opazovanem obdobju prišlo do povečanja pomena nakazil kot dejavnika pri nevtralizaciji plačilnobilančnega neravnovesja v Republiki Srbiji. Rezultati raziskave kažejo, da so nakazila v opazovanem obdobju pridobila dodaten pomen, saj financirajo večji del primanjkljaja tekočega računa plačilne bilance v primerjavi z začetkom opazovanega časovnega intervala.

Prenosi

Podatki o prenosih še niso na voljo.

Biografije avtorja

Božidar Čakajac

doktorski študent na Univerzi v Kragujevcu, Liceja Kneževine Srbije 3, 34000 Kragujevac, Srbija
E-pošta: bcakajac@gmail.com

Nenad Janković

Univerza v Kragujevcu, Fakulteta za ekonomijo, Liceja Kneževine Srbije 3, 34000 Kragujevac, Srbija
E-pošta: njankovic@kg.ac.rs

Stevan Luković

Univerza v Kragujevcu,Fakulteta za ekonomijo, Liceja Kneževine Srbije 3, 34000 Kragujevac, Srbija
E-pošta: slukovic@kg.ac.rs

Literatura

Abduvaliev M., Bustillo R., (2020). Impact of remittances on economic growth and poverty reduction amongst CIS countries. Post-Communist Economies, 32(4), 525-546. DOI: 10.1080/14631377.2019.1678094

Arandarenko, M. (2021). Serbia country study: understanding interaction between migration, human capital and labour market. European Training Foundation, The Vienna Institute for International Economic Studies. Retrieved from https://www.etf.europa.eu/en/publications-and-resources/publications/how-migration-human-capital-and-labour-market-interact

Barajas, A., Chami, R., Fullenkamp, C., Gapen, M., & Montiel, P. (2009). Do Workers’ Remittances Promote Economic Growth? IMF Working Paper, No. 153. Washington: International Monetary Fund

Bucevska, V. (2022). Impact of remittances on economic growth: empirical evidence from South-East European Countries. South EastEuropean Journal of Economics and Business, 17(1), 79-94 DOI: 10.2478/jeb-2022-0006

Buch, C. M., & Kuckulenz, A. (2010). Worker Remittances and Capital Flows to Developing Countries, International Migration, 48(5), 89–117.

Bugamelli, M., & Paterno, F. (2009). Do Workers’ Remittances Reduce the Probability of Current Account Reversals? World Development,37(12), 1821–1838. DOI: 10.1016/j.worlddev.2009.04.002

Bukvić, R. (2016). Remittances: Between consumption and accumulation. Serbian Science Today, 1(1), 55–65.

Catrinescu, N., Leon-Ledesma, M, Piracha, M., & Quillin, B. (2009). Remittances, Institutions, and Economic Growth. World Development,37, 81–92. DOI: 10.1016/j.worlddev.2008.02.004

Chami, R., Fullenkamp, C., & Jahjah, S. (2005). Are Immigrant Remittance Flows a Source of Capital for Development? IMF Staff Papers, 2, 55-81.

Daianu, D., Voinea, L., & Tolici, M. (2001). Balance of payments financing in Romania- the role of remittances. Romanian center for economic policies. Working Paper, 28, 1-30.

Đukić, M., Bodroža D.(2022). Diaspora Contribution to the Economic Development of the Republic of Serbia: Remittances and Investments. In: Redžepagić, S. et al. (Eds), Economic and Financial Implications of Covid-19 Crises (pp. 181-199). Nica: Université Côte d'Azur.

Ekanayake, E., & Moslares, C. (2020). Do remittances promote economic growth and reduce poverty? Evidence from Latin American Countries, Economies, 8(2), 1-26. DOI: 10.3390/economies8020035

Faini, R. (2007). Migration and Remittances: The Impact on the Countries of Origin. In Migration and Development: Mutual Benefits? Proceedings of the Fourth AFD-EUDN Conference (pp. 185-216). Rome: University of Rome.

Fayissa, B., & Nsiah, C. (2010). The impact of remittances on economic growth and development in Africa. The American Economist, 55(2), 92-103. DOI: 10.1177/056943451005500210

Gapen, M., Chami, R., Montiel, P., Barajas, A., & Fullenkamp, C. (2009), Do workers remittances promote economic growth? IMF Working Paper, 153, 1-22.

Giuliano, P., & Ruiz-Arranz, M. (2009). Remittances, Financial Development and Growth. Journal of Development Economics, 90, 144-152. DOI: 10.1016/j.jdeveco.2008.10.005

Gligorić, M., & Janković, I. (2013). Opportunities for greater remittances' channeling into savings and investments in Serbia. Ekonomski vidici, 18(4), 495-506.

Gligorić M., & Janković I. (2015). Improvement Possibilities of Remittances Economic Potential in Serbia. Quartal Monitor, 43, 48-55.

Hassan, G., & Holmes, M. (2015). Do remittances facilitate a sustainable current account? World Economy, 39(11), 1-21. DOI: 10.1111/ twec.12361

Janković, N., & Stanišić, N. (2013). The current account deficit as a limiting factor for development of the Republic of Serbia. In Leković, V. (Ed.) Institucionalne promene kao determinanta privrednog razvoja Republike Srbije (pp. 225-242). Kragujevac: Faculty of Economics.

Janković, N., Čakajac, B., Luković, S., & Mitrašević, M. (2022). The tourism sector as a determinant of reducing the balance of payments deficit in the Republic of Serbia. Hotel and Tourism Management, 10(2), 137-151. DOI: 10.5937/menhottur2202137J

Karapetyan, L., & Harutyunyan, L. (2013). The development and the side effects of remittances in CIS countries: the case of Armenia. Migration Policy Centre, CARIM-East Research Report.

Kovačević, R. (2020). The causal relationship between current account and financial account balance in Western Balkan countries: The case of Serbia. Banking, 49(4), 9-41. DOI: 10.5937/bankarstvo2004009K

Lacheheb, Z., & Ismail, N. W. (2020). The Impact of Remittance on Economic Growth in Low- and Middle-Income Countries. International Journal of Academic Research in Economics & Management Sciences, 9(2), 61-70. DOI: 10.6007/IJAREMS/v9-i2/7503

Lartey, E. (2019). The effect of remittances on the current account in developing and emerging economies, Economic Notes, 48(3), 1-17. DOI: 10.1111/ecno.12149

Lim, S., & Simmons, W. (2015). Do Remittances Promote Economic Growth in the Caribbean Community and Common Market? Journal of Economics and Business, 77, 42–59. DOI: 10.1016/j.jeconbus.2014.09.001

Meyer, D., & Shera, A. (2015). Remittances' impact on the labor supply and the deficit of current account. BERG Working Paper Series, 97. Bamberg University.

Meyer, D., & Shera, A. (2017). The impact of remittances on economic growth: An econometric model. Economia, 18(2), 147-155. DOI: 10.1016/j.econ.2016.06.001

Milovanović M., (2021). Financial remittances and election turnout in the municipalities of the Republic of Serbia: the economy of voting. Demografia, 63-64(5), 41-71. DOI: 10.21543/DEE.2020–21.2

Ministry of Finance of Serbia (2022). Public Finance Bulletin, No. 209. Retrieved from https://www.mfin.gov.rs/aktivnosti/bilten-javnih-finansija

National Bank of Serbia (2023). Balance of Payments. Retrieved from https://nbs.rs/sr_RS/drugi-nivo-navigacije/statistika/platni_bilans/ Nikolić, M. (2006). Macroeconomic effects of subsidies and remittances. National Bank of Serbia, Working Papers, 4, 1-42.

Osakwe, P., & Verick, S. (2009). Current account deficit in Sub-Saharan Africa: Do they matter? Proceedings of the African Economic Conference, 241-257. Retrieved from https://www.semanticscholar.org/paper/Current-Account-Deficits-in-Sub-Saharan-Africa%3A-Do-Osakwe-Verick/cd5a477091abf0f7673d3ec3e70bd469106565d8

Rao, B., & Hassan, G. (2009). Are the direct and indirect growth effects of remittances significant? MPRA Paper No. 18641, 1-28.

Rodima-Taylor, D., & Grimes, W. (2019). International remittance rails as infrastructures: embeddedness, innovation and financial access in developing economies. Review of International Political Economy, 26(5), 839-862. DOI: 10.1080/09692290.2019.1607766

Salisu, M. (2005). The role of capital flight and remittances in current account sustainability in Sub-Saharian Africa. African Development Review, 17(3), 382-404. DOI: 10.1111/j.1017-6772.2006.00121.x

Sevencan, A. (2023). Remittances, unemployment, growth and development: a panel cointegration approach, Applied Economics Letters, 30(5), 663-668. DOI: 10.1080/13504851.2021.2009755

Sutradhar, S. (2020). The impact of remittances on economic growth in Bangladesh, India, Pakistan and Sri Lanka. International Journal of Economic Policy Studies, 14, 275-295. DOI: 10.1007/s42495-020-00034-1

World Bank (2023). Personal remittances, received (% of GDP). Retrieved from https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?view=chart

Ziesemer, T. (2006). Worker Remittances and Growth: The Physical and Human Capital Channels. UNU-MERIT Working Paper Series, 020. Tokyo: United Nations University.

Objavljeno
2023-09-29
Kako citirati
Čakajac B., Janković N., & Luković S. (2023). The Role of Remittances in Financing the Current Account Deficit: The Case of Serbia. Naše gospodarstvo/Our Economy, 69(3), 35-44. https://doi.org/10.18690/10.2478/ngoe-2023-0016