Purpose

The discussion on international migration has become a significant part of globalization and a topical issue in international relations, especially in developing economies which mostly relies on migrant remittances. The purpose of the study is to examine whether financial market development (equity market development and banking sector development) really drives migrant remittance flow in Sub-Saharan Africa (SSA).

Design/methodology/approach

The study employs the dynamic heterogeneous panel data approach-the pool mean group (PMG) and the mean group (MG) techniques in analyzing the model based on data obtained from 27 SSA countries covering the period 2000–2020.

Findings

The findings of the study revealed that financial market development (equity market development and banking sector development) is a key driver of migrant remittances flows in the SSA region. In addition, the study revealed that the following macroeconomic variables such as real interest rate, unemployment rate, global growth, emigration, and economic growth are also determinants of migrant remittances flows in the SSA region.

Originality/value

The reviewed empirical literature revealed that several studies documents that the macroeconomic determinants of migrant remittances include inflation, GDP, interest rate, exchange rate, population growth, financial sector development and unemployment rate. Most of these studies fail to capture both equity market development and robust banking sector development (financial market development) as critical drivers of migrant remittances flow in SSA. Also, this study uses a robust measure of equity market development and banking sector development, unlike previous studies.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0361

中文翻译：

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金融市场的发展真的能推动撒哈拉以南非洲地区的移民汇款流动吗？

目的

关于国际移民的讨论已成为全球化的重要组成部分和国际关系中的热门问题，特别是在主要依赖移民汇款的发展中经济体中。该研究的目的是检验金融市场发展（股票市场发展和银行业发展）是否真正推动了撒哈拉以南非洲（SSA）的移民汇款流。

设计/方法论/途径

该研究采用动态异质面板数据方法——合并平均组（PMG）和平均组（MG）技术，根据27个SSA国家2000年至2020年期间获得的数据来分析模型。

发现

研究结果表明，金融市场发展（股票市场发展和银行业发展）是撒哈拉以南非洲地区移民汇款流动的关键驱动力。此外，研究还表明，实际利率、失业率、全球增长、移民和经济增长等宏观经济变量也是SSA地区移民汇款流量的决定因素。

原创性/价值

回顾的实证文献显示，一些研究表明，移民汇款的宏观经济决定因素包括通货膨胀、GDP、利率、汇率、人口增长、金融部门发展和失业率。大多数这些研究未能将股票市场发展和银行业强劲发展（金融市场发展）视为撒哈拉以南非洲移民汇款流动的关键驱动力。此外，与之前的研究不同，本研究使用了股市发展和银行业发展的稳健衡量标准。

同行评审

本文的同行评审历史记录位于：https://publons.com/publon/10.1108/IJSE-05-2023-0361