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"Migrant remittances Developing countries."
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The Canada-Caribbean remittance corridor : fostering formal remittances to Haiti and Jamaica through effective regulation
Several economies in the Caribbean region, especially from the lower income group, are highly dependent on remittances. Between 1991 and 2006, the combined flows of total remittances reaching the Caribbean have seen almost a 17% average annual growth rate, surpassing USD 6billion in 2005 and overtaking ODA and FDI into the region. In addition, remittances represent more than 20% of the domestic gross domestic product (GDP) in some Caribbean countries and have played a significant role in lessening both balance of payment deficits and the impact of natural disasters to which the region is particularly vulnerable. Given the importance of such remittance flows, this study undertakes an analysis of the various dynamics underlying the Canada-Caribbean remittance corridor, including Caribbean migration issues, remittance market landscapes and regulatory frameworks. This study is intended to assist Canadian and Caribbean national authorities in their mandate of providing incentives for the continued growth and competitiveness of their remittance industries, while protecting remittance markets from being abused by criminals.
eBook
The U.S.-Honduras remittance corridor : acting on opportunities to increase financial inclusion and foster development of a transnational economy
This report on the U.S.- Honduras remittance corridor describes the remittance regulatory and market environment, financial inclusion strategies by financial institutions, transnational economic activities, and the impacts of remittances on the Honduran economy. Six areas provide the focus of this report: (i) regulatory reforms for the remittance market are urgent in order to improve clarity in regulations as well as to include money transfer companies in the regulatory framework; (ii) money service businesses will benefit from an examination of state regulation and their subsequent harmonization and coordination; (iii) rural areas need to improve distributive infrastructure to better reap the benefits of the remittance flows; (iv) financial education and awareness for Honduran migrant communities are critical components with the overall remittance flow equation; (v) the regulatory environment of remittance flows would be greatly enhanced through the promotion, inclusion, and expansion of proper identification; and (vi) public policies can be directed to building an environment for diaspora investments in the community and local business developments for exports to Honduran communities abroad.
eBook
The Malaysia-Indonesia remittance corridor : making formal transfers the best option for women and undocumented migrants
In Malaysia, Indonesian migrants are showing an increasingly clear preference for informal transfer mechanisms compared to their counterparts in other countries. A little less than half of all Indonesian migrants overseasthought to be around 2 millionare working in Malaysia. An increasing number of migrants are women, and the corridor is also marked by a high number of undocumented migrants. Despite the increasing flows of migrants, only about 10 percent of the estimated flow of remittances into Indonesia from Malaysia is transferred through the formal system. The extent of the preference for the informal sector is unique in this corridor. Indonesian migrants in other countries are using the formal sector far more than the migrants in Malaysia. In addition, Indonesian women and undocumented migrants in Malaysia especially find formal sector transfers either hard to access or inappropriate for their needs. To this end, the study assists policymakers efforts to increase the impact of remittances on economic development and poverty reduction in Indonesia and to investigate options for attracting more migrants to use the formal financial sector. The report provides a descriptive overview of the MalaysiaIndonesia remittance corridor and suggests policy avenues for improving access to formal remittance transfer channels; increasing the transparency of the flows and the cost structure; and facilitating remittance transfers, particularly for undocumented and female migrant workers.
eBook
Migrant Remittances
This article is about the economics of migrant remittances sent to developing countries. I review the overall magnitude of remittances and what current research reveals about the motivations for migrant remittances and what effects they have. I discuss field experimental evidence on migrant desires for control over the uses of their remittances. I highlight some key distinctive characteristics of remittances—such as their high frequency and relatively small individual magnitudes—as well as recent experimental evidence on the effect of reductions in remittance transaction fees, and outline a research agenda on the microeconomics of remittance decision making. Finally, I discuss what the future holds for remittances, considering aggregate trends but also approaches likely to be taken by international development agencies, national governments, the private sector, and academic economists.
Journal Article
Migration and Remittances Factbook 2011
There are more than 215 million international migrants in the world. Recorded remittances received by developing countries, estimated to be US$325 billion in 2010, far exceed the volume of official aid flows and constitute more than 10 percent of gross domestic product (GDP) in many developing countries. Migration and remittances factbook 2011 provides a comprehensive picture of emigration, skilled emigration, immigration, and remittance flows for 210 countries and 15 country groups, drawing on authoritative, publicly available data. The current edition of the factbook updates the information in the popular 2008 edition with additional data for 71 countries collected from various sources, including national censuses, labor force surveys, population registers, and other national sources. In addition, it provides selected socioeconomic characteristics such as population, labor force, age dependency ratio, gross national income (GNI) per capita, and poverty headcount for each country and regional grouping. More frequent and timely monitoring of migration and remittance trends can provide policy makers, researchers, and the development community with the tools to make informed decisions. The factbook makes an important contribution to this effort by providing the latest available data and facts on migration and remittance trends worldwide in a comprehensive and readily accessible format.
eBook
Leveraging migration for Africa : remittances, skills, and investments
A joint effort led by the African Development Bank and the World Bank, 'Leveraging Migration for Africa' is the first comprehensive publication on harnessing migration, remittances, and other diaspora resources for the development of Africa. It comes at a time when countries in Africa and elsewhere are grappling with difficult choices on how to manage migration.Policy makers can help leverage the contributions of migrants to the development of Africa, reduceremittance costs, improve the efficiency of remittance markets in both origin and destination countries, and address the needs of the origin countries without restricting the emigration of high-skilled professionals. Innovative financing mechanisms such as issuance of diaspora bonds and securitization of future remittance flows can help finance big-ticket projects, such as railways, roads, power plants, and institutions of higher learning that will, step by step, help to transform Africa. This volume contributes to a greater understanding of migration and its potential role in Africa?s development.
eBook
Remittances, ethnic diversity, and entrepreneurship in developing countries
This paper examines the moderating influence of home-country ethnic diversity in the relationship between migrant remittances and new business creation in developing countries. By employing the theories of transaction cost, social network, social identity, and trust, we argue that ethnic diversity is negatively associated with new business creation; nevertheless, it strengthens the positive association between migrant remittances and new business creation in developing countries. We test our hypotheses on 64 developing countries over an 11-year period (2006–2016). This paper contributes to entrepreneurship literature by emphasizing the importance of home-country ethnic diversity in channeling migrants’ remittances to new business creation in developing countries.Plain English Summary Ethnic diversity leads to a stronger positive link between remittances and new business creation in developing countries. We show that higher remittance-receiving countries create a higher number of new firms on average. Furthermore, this positive relationship is stronger in countries with ethnically diverse societies. Our results underline the importance of the ethnic structure of the country for entrepreneurship and economic development.
Journal Article
WHY DON'T REMITTANCES APPEAR TO AFFECT GROWTH?
While measured remittances by migrant workers have recently soared, macroeconomic studies have difficulty detecting their effect on economic growth. We propose three new explanations for this puzzle. First, a large majority of the recent rise in measured remittances may be illusory - arising from changes in measurement. Second, cross-country regressions may lack power to detect such growth effects. Third, remittances rise primarily with rising emigration, whose opportunity cost to GDP creates endogeneity bias. Migration and remittances clearly have first-order effects on poverty, migrant households' welfare and global GDP but detecting the effect of remittances on economic growth faces important challenges.
Journal Article
The Economics of Temporary Migrations
Many migrations are temporary—a fact that has often been ignored in the economic literature on migration. Such omission may be serious in that expected migration temporanness can impart a distinct dynamic element to immigrants' economic behavior, generating possible consequences for nonmigrants in both home and host countries. In this paper, we provide a thorough examination of the various aspects of temporary migrations that matter for the analysis of economic phenomena. We demonstrate the extent of temporary migrations in population movements. We show how temporanness can affect the various economic choices and how better data have improved both the measurement of nonpermanent migrations and the analyses of various aspects of migrant behavior. We propose a general theoretical framework for modeling temporary migration decisions, based on which we outline the vanous motives for temporanness while simultaneously reviewing related literature and available data sources. We discuss the possible consequences of migration temporanness for nonmigrants in both home and host countries.
Journal Article