APHES Award 2007

Conference paper awarded:

“A fantastic rain of gold: European migrants’ remittances and balance of payments adjustment during the Gold Standard period”, da autoria conjunta de Rui Pedro Esteves e David Khoudour-Castéras.

Jury panel report:

The panel has decided to award the APHES prize to a conference paper which combines a solid theoretical and methodological framework with an elegant presentation of its arguments. It is a work that analyses and discusses the economic and financial impact of money sent by emigrants, namely in how it is translated into consumption and investment, as well as its positive impact in financial fluxes in the economic development at the regional and national levels. Through an innovative empirical analysis, the paper concludes that the existence of adjustment effects in peripherical countries of the gold-standard, in particular with regards to the role that money sent by emigrants has in mediating financial crisis. In other words, the importance of this money to obtain financial and political stability.


Álvaro Ferreira da Silva
Ângela Barreto Xavier
José Luís Cardoso
José Vicente Serrão
Maria Eugénia Mata
Pedro Pita Barros