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Mr. Jacques Bouhga-Hagbe
This paper provides a model on how altruism, "attachment" to the home country, and portfolio diversification may act as potential motives behind workers' remittances. It shows that the level of workers' remittances depends on how great are their degrees of altruism and "attachment" to their home country, and should also depend on interest rate differentials between the home country and the country of residence if portfolio diversification motives are significant in the decision to remit. The model is applied to Morocco using co-integration techniques. The paper then discusses the stability of remittances in Morocco and the policy implications in light of the empirical findings.
Mr. Jacques Bouhga-Hagbe

also be seen in a broader context of the overall economic environment, which affects economic agents’ levels of confidence in the country’s policies. In this regard, the paper argues that the fact that remittances in Morocco are mostly channeled toward real estate construction, even though many of the workers who remit are likely to be entrepreneurs, should give an additional incentive to Moroccan authorities to accelerate economic reforms in order to further enhance the country’s potential as an investment destination. The literature on remittances can be divided

International Monetary Fund
This Selected Issues paper analyzes the recent developments in the Moroccan economy and its policy challenges over the medium term. It assesses the sustainability of public debt in Morocco. The paper uses the analytical framework for assessing debt sustainability in emerging market countries endorsed by the IMF Executive Board and compares Morocco’s vulnerabilities with those of the average emerging market country. The paper also examines the effects on Morocco’s trade pattern of the ongoing integration with the European Union within the Barcelona process.
Mr. Jacques Bouhga-Hagbe

Front Matter Page Middle East and Central Asia Department Authorized for distribution by Erik De Vrijer Contents I. Introduction II. The Model and Its Main Implications III. The Empirical Investigation A. Remittances in Morocco B. Empirical Findings for Morocco IV. Conclusion and Policy Implications References Text Tables 1. Morocco: Balance of Payments (1996–2003) Text Figures 1. Workers’ Remittances Appendix A. Solving the Model B. A Summary of the Econometric Details Appendix Tables 2. ADF (4) Statistics for

International Monetary Fund

Dynamics Equation Reference II. Impact of the Barcelona Process on Morocco’s Trade A. Introduction B. Development in Trade Patterns Since 1990 C. Conclusion Appendix II Tables 1. Estimated Results from the Gravity Model, Excluding Regional Trade Dummies 2. Gravity Model Estimations with Regional Trade Dummies Figures 1. Trade Creation Effects with the EU 2. Estimated Regional Trade Effects III. On the Long-Term Determinants of Workers’ Remittances in Morocco A. Introduction B. Workers’ Remittances in Morocco C

International Monetary Fund

III. O n T he L ong -T erm D eterminants O f W orkers ’ R emittances I n M orocco 27 A. Introduction 40. Transfers from Moroccans living abroad play an important role in the current strength of Morocco’s external position and have a significant impact on the balance of payments and the conduct of monetary policy . Workers’ remittances in Morocco now stand at about 9 percent of GDP, up from an average of 5 percent per year before 2000 ( Figure 1 ). They almost offset the trade deficit, and strongly contribute to the current account and overall

International Monetary Fund

access to land. Together with further steps in liberalizing the transport sector, these measures have significantly increased attractiveness of Morocco to domestic and foreign investors. The authorities also find the Selected Issues paper useful in analyzing the trends and factors underlying workers remittances in Morocco. The findings that these remittances are explained by altruism and attachment to the home country confirms the authorities’ longstanding view on the sustainability of these remittances and the very low risk for their decline or reversal. These

International Monetary Fund

-run determinants of workers’ remittances in Morocco. There is no evidence that portfolio diversification motives are significant among the long-run explanatory factors of providing workers’ remittances to the home country. These findings suggest that the risks of a sudden end or reversal of transfers from Moroccans living abroad are limited in a foreseeable future. The evidence also indicates that Morocco could further take advantage of its potential as an investment destination in general and for its citizens living abroad in particular. The acceleration of the authorities

Amr Hosny
This paper contributes to the literature by introducing the role of geographic concentration of the source of remittances. Specifically, using data over 2010-2015 for 72 developing countries, we study the impact of (i) large remittances and (ii) the geographic concentration of the source of remittances on economic volatilities. Results suggest that while (i) large remittances can be stabilizing on average, (ii) high remittance concentration from source countries can aggravate economic volatilities in recipient countries. Results are robust to global shocks affecting both source and recipient countries, and volatility in the remittance-sending country.
Amr Hosny

) find that remittances in Morocco can smooth growth volatility, while FDI flows can aggravate it, providing empirical support to the theoretical notion of the counter-cyclicality of remittances as opposed to other FX flows. III. An Initial Look at the data Remittances represent an important source of foreign currency for several developing countries . As a share of GDP, Tajikistan has the highest share; slightly above 40 percent of its GDP on average over 2010–2015, followed by Kyrgyz Republic, Liberia, Nepal and Comoros. Figure 1 shows countries with an