ASYMMETRIC EFFECTS OF OIL PRICES ON REMITTANCES: EVIDENCE FROM SUB-SAHARAN AFRICA

[...]an increase in the prices of oil will lead to high cost of living working through increased production cost and rising price level. The need to answer these questions constitutes the main objective of this paper. [...]this paper addresses the gap in existing research by examining the asymmetric effects of oil price shocks on remittances in SSA. According to the World Bank (2020a), remittance inflows climbed from $29 billion in 2009 to $48 billion in 2019. According to the World Bank (2019), there were 266 million international migrants and refugees in 2018, with 240 million (90 percent) of them being economic migrants.