The post-2008 crisis has altered migration and remittance sending patterns in Greece. It has entailed an increase of emigration rates on the one hand and a decrease of the remittances inflows on the other. The aim of this paper is to measure and understand the factors explaining this rather paradoxical development that goes against the traditional countercyclical assumption. To account for that we conducted a two-step statistical model. First, we assessed the impact of the crisis on the established diaspora whose remitting behaviour changed dramatically in response to the crisis. We argue that the decrease of trust in the political, institutional and financial systems is positively correlated with a diminution of remittances inflows. Second, we argue that the post-crisis diaspora’s demography is an important factor influencing the new emigrant’s remitting behaviour. More specifically, the economic background and the familial sociocultural profile of the emigrant’s household seems to be determinant. At the theoretical level the paper builds on Faini’s (2006) assumptions and expands his static model in the dynamic context of the crisis. Remittances as emigrant’s migration mental equation is also addressed.
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