[1] Adams, Jr, Richard. (1998). Remittances, Investment and Rural Asset Accumulation in Pakistan. Economic Development and Cultural Change, 47 (1): 155-173.

[2] Adams, R.H. (2004). Remittances and poverty in Guatemala. World Bank Policy Research Working Paper No.3418. WorldBank,Washington.

[3] Aggrawal, R., Demirguc-Kunt, A., and Martinez Peria, M.S. (2010). Do Remittances Promote Financial Development?” Journal of Development Economics. Doi:10.1016/j. jdeveco. 2010.10.00 (forthcoming).

[4] AITE. 2005. Consumer Money Transfers: Powering Global Remittances.

[5] Bannerjee, A., J. Dolado and R. Mestre. (1998). Error-correction mechanism tests for cointegration in single equation framework. Journal of Time Series Analysis, 19: 267-83.

[6] Beck, T., Demirguc-Kunt, A and Levine, R. (2010). Financial Institutions and Markets Across Countries and over Time: The Updated Financial Development and Structure Database. The World Bank Economic Review, Vol. 24, No.1, pp. 77-92.

[7] Beck, Thorsten. (2009). The Econometrics of Finance and Growth. In Terrence Mills and Kerry Patterson, eds., Palgrave Handbook of Econometrics. Vol.2.. Hampshire, U.K.: Palgrave Macmillan.

[8] Bollerslev, T. (1986). Generalised Autoregressive Conditional Heteroskedasticity, Journal of Econometrics 31, 307–27.

[9] Boyd, J., R. Levine, and B. Smith. (2001). The Impact of Inflation on Financial Sector Performance. Journal of Monetary Economics 47: 221-248.

[10] Chinn, Menzie D., Ito, Hiro, (2002). Capital Account Liberalization, Institutions, and Financial Development: Cross Country Evidence. NBER Working Paper, p. 8967.

[11] Chinn, Menzie D., Ito, Hiro, (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics 81, 163—192.

[12] Conway, Dennis, and Jeffrey H. Cohen. (1998). Consequences of Return Migration and Remittances for Mexican Transnational Communities. Economic Geography 74(1):26-44.

[13] Cox, E. A., Ureta, M. (2003). International migration, remittances, and schooling: evidence from El- Salvador. Journal of Development Economics 72, 429—461.

[14] Demirgüç-Kunt, A., Cordova, E.L, Peria, S.M and Woodruff, C. (2010). Remittances and banking sector breadth and depth: Evidence from Mexico”, Journal of Development Economics. doi:10.1016/j.jdeveco.2010.04.002.

[15] Elliot, G., T.J. Rothenberg and J.H. Stock. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64: 813-36.

[16] Esquivel, Gerardo, and Huerta-Pineda, Alejandra. (2007). Remittances and poverty in Mexico: a propensity score matching approach. Integration & Trade Journal: 27, 45—71.

[17] Fajnzylber, P., López, H. (2008). Remittances and Development: Lessons from Latin America. World Bank, Washington, DC.

[18] Freund, C. L. and N. Spatafora, (2005) “Remittances: Costs, Determinants, and Informality,“ World Bank Policy Research Working Paper No. 3704, Washington, DC.

[19] Ghatak S. and J. Siddiki. (2001). The use of ARDL approach in estimating virtual exchange rates in India. Journal of Applied Statistics., 28: 573-583.

[20] Giuliano, P, and Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics 90 (1), 141—152.

[21] Gulde, A. M., Pattillo, C., Christensen, J., Carey, K., & Wagh, S. (2006). Sub-Saharan Africa: Financial sector challenges. Washington, DC: International Monetary Fund.

[22] Gujarati, D. N. (1995) Basic Econometric, (3rd eds), New York: McGraw-Hill.

[23] Gupta S, Pattillo C.A and Wagh S. (2009). Effect of Remittances on Poverty and Financial Development in Sub-Saharan Africa. World Development. Volume 37, No. 1, pp. 104 — 115.

[24] Hildebrandt, N., McKenzie, D.J. (2005). The effects of migration on child health in Mexico. World Bank Policy Research Working Paper 3573. World Bank, Washington.

[25] Kablan, S. (2010). Banking Efficiency and Financial Development in Sub-Saharan Africa. IMF Working Paper series WP/10/136 International Monetary Fund.

[26] Ketkar, S., Ratha, D. (2001). Development financing during a crisis: securitization of future receivables. Policy Research Working Paper. vol. 2582. World Bank, Washington, DC.

[27] Klein, M.W., Olivei, G. (1999). Capital account liberalization, financial depth and economic growth. NBER Working Paper No. 7384.

[28] Levine, R. (2005). Finance and growth: Theory and evidence. in P. Aghion and S. N. Durlauf (eds.) Handbook of Economic Growth North-Holland.

[29] López Córdova, Ernesto, 2005. Globalization, migration, and development: the role of Mexican migrant remittances. Economía 6, 217—245 (Fall).

[30] Martínez Pería, M.S.; Y. Mascaró and F; Moizeszowicz. (2007). Do Remittances Affect Recipient Countries'Financial Development?. In Remittances and Development: Lessons from Latin America. Fajnzylber, P. and H. López, eds. Washington DC: The World Bank: 171-215.

[31] Massey, D., Parrado, E. (1998). International migration and business formation in Mexico. Social Science Quarterly 79, 1—20.

[32] Mundaca, Gabriela B. (2005). Can Remittances Enhance Economic Growth? The Role of Financial Markets Development.” Mimeo. University of Oslo.

[33] Narayan, P. K. (2004a). The saving and investment nexus for China: Evidence from cointegration test. Applied economics, 37,1979—1990.

[34] Narayan, P. K. (2004b). The structure of tourist expenditure in Fiji: Evidence from unit root structural break tests. Applied Economics, 37, 1157—1161.

[35] Narayan, P. K. (2005) Reformulating critical values for the bounds F-statistics approach to cointegration: an application to the tourism demand model for Fiji. Department of Economics Discussion Papers N0.02/04, Monash University, Melbourne, Australia.

[36] Orozco, Manuel and Rachel Fedewa. (2005). Leveraging Efforts on Remittances and Financial Intermediation. Report Commissioned by the Inter-American Development Bank.

[37] Pesaran, M.H., Shin, Y., (1995), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis”, DAE Working Paper no 9514. Department of Applied Economics, University of Cambridge.

[38] Pesaran, M. H., & Pesaran, B. (1997). Working with Microfit 4.0: Interactive econometric analysis. Oxford: Oxford University Press.

[39] Pesaran, M.H., and Y. Shin. (1999). An autoregressive distributed lag modelling approach to cointegration analysis”. In S. Strom (ed), Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge, Cambridge University Press.

[40] Pesaran, M.H., Shin, Y., Smith, R.J. (1996). Testing for the Existence of a Long Run Relationship. University of Cambridge, Cambridge.

[41] Pesaran, M. H., Shin, Y. C., & Smith, R. (2001). Bound testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289—326.

[42] Pill, H. R., and M. Pradhan. (1995). Financial Indicators in Africa and Asia. IMF Working Paper 95/123 (Washington: International Monetary Fund).

[43] Rapoport, H. and Docquier, F. (2005). ‘The economics of migrants' remittances', IZA Discussion Paper No. 1531, IZA, Bonn.

[44] Robinson, J. (1952). The generalization of the general theory, in the rate of interest and other essays. London: Macmillan.

[45] Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98, S71—S102.

[46] Shahbaz, M., Qureshi, M.N., and Aamir, N. (2007). Remittances and Financial Sector's Performance: Under Two Alternative Approaches for Pakistan. International Research Journal of Finance and Economics. Issue 12. EuroJounals Publishing, Inc.

[47] Stem, N. (1989). The economics of development: A survey. The Economic Journal, 100, 597—685.

[48] Taylor, J.E. (1992). Remittances and Inequality Reconsidered: Direct, INDirect and Intertemporal Effects. Journal of Policy Modelling, vol. 14, no. 2. 187-208.

[49] Woodruff, C. and R. Zenteno. (2001). Remittances and microenterprises in Mexico. UCSD Graduate School of International Relations and Pacific Studies Working Paper. San Diego, CA.

[50] Woodruff, C. and R. Zenteno. (2007). Migration Networks and Microenterprises in Mexico. Journal of Development Economics 82, 509-528.

[51] World Bank.(2009). Migration and Remittances Factbook 2008 (Washington: World Bank).

[52] World Bank. (2011). Migration and Remittances Factbook 2011 (Washington: World Bank).

[53] Yang, D. (2005). International migration, human capital, and entrepreneurship: evidence from Philippine migrants' exchange rate shocks. World Bank Policy Research Working Paper 3578. WorldBank, Washington.