NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Are Bilateral Remittances Countercyclical?

Jeffrey A. Frankel

NBER Working Paper No. 15419
Issued in October 2009

---- Acknowledgements -----

Presented at a panel on “Macroeconomic Impacts of Migration and Remittances,” May 26, 2009, at conference on Immigration and Global Development: Research Lessons on How Immigration and Remittances Affect Prosperity Around the World, co-hosted by the Center for Global Development in Washington DC and the Center for International Development at Harvard University. The author wishes to thank Olga Romero for dedicated research assistance; Erik Lueth and Marta Ruiz-Arranz for generously making data available; Maurice Kugler, Hillel Rapoport and conference participants for comments; and Robert Hildreth, Harvard’s Center for International Development, and the MacArthur Foundation for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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