Working Papers 5-2011

"Accounting for the time pattern of remittances in
the Spanish context", by Alfonso Echazarra

It is now well established that the time pattern of migrants’ remittances presents an inverted “U” shape,
reaching its maximum level after 5 to 10 years of migration experience. From a macro perspective, however,
remittances are believed to be a stable source of international revenue for developing countries. Global
economic growth, continuous migrant flows, and an inclination to focus on success stories have enabled
scholars to elude this obvious paradox; that of remittances fading at the individual level but increasing at the
aggregate level. This article will address this paradox specifically by providing evidence of the inverted “U”
shape and, more importantly, by investigating the microfoundations of declining remittances in Madrid and
the Balearic Islands.

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