Financial development, remittances, and real exchange rate appreciation

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Remittances and Household Consumption Instability in Developing Countries (2011, background): “5 Two external instruments are added: the ratio of remittances to GDP of all other recipient countries located in the same region and the log weighted GDP per capita for each of the migrant host countries (Aggarwal et al, 2006; Acosta et al., 2009).”
Remittances flow and financial development in Bangladesh (2011, background): “An efficient and wide spread financial sector can facilitate the mobilisation of excess funds from remittance recipient saver families to the investors, which in turn can improve economic growth of a country (Acosta et al., 2009; IMF, 2005).”