The Role of Remittances in the Development of Higher Education: Evidence from Top Remittance Receiving Countries

This study attempts to investigate the influence of remittances on the development of higher education in top remittances receiving countries. Using annual data from 1994 to 2013 from top eight middle income group remittances receiving countries, a hypothesized model was tested. We used income per capita as a controlled variable and applied panel unit root, panel co-integration, and panel ARDL techniques. Panel unit root tests and Panel co-integration test supported the long term relationship between studied variables. Coefficients of pooled mean group (PMG) (panel ARDL) proved that remittances are highly influential in the higher education development.