This paper examines the behavior of remittances over the business cycle and their potential to act as a stabilizer during periods of high business cycle volatility. Four main findings are reported. First, in theory, the cyclical behavior of remittances depends on the motives to remit. Second, remittances are less volatile than other foreign currency flows but do not appear to systemically co-move with business cycle fluctuations. Third, remittances are relatively stable even during episodes of sharp business cycle volatility, such as those associated with sudden stops and financial crises. Finally, remittances can help support consumption stability over the business cycle.

中文翻译：

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商业周期内的汇款：理论和证据

本文研究了汇款在整个业务周期中的行为及其在高业务周期波动期间充当稳定剂的潜力。报告了四个主要发现。首先，从理论上讲，汇款的周期性行为取决于汇款动机。其次，汇款的波动性不如其他外币流量大，但似乎并不能与商业周期的波动系统地同步。第三，即使在商业周期剧烈波动的时期，例如与突然停止和金融危机有关的汇款，汇款也相对稳定。最后，汇款可以帮助支持整个业务周期内的消费稳定。