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Do Workers Remittances Promote Financial Development
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Book Synopsis Do Workers' Remittances Promote Financial Development? by : Reena Aggarwal
Download or read book Do Workers' Remittances Promote Financial Development? written by Reena Aggarwal and published by World Bank Publications. This book was released on 2006 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Workers' remittances to developing countries have become the second largest type of flows after foreign direct investment. The authors use data on workers' remittance flows to 99 developing countries from 1975-2003 to study the impact of remittances on financial sector development. In particular, they examine whether remittances contribute to increasing the aggregate level of deposits and credit intermediated by the local banking sector. This is an important question considering the extensive literature that has documented the growth-enhancing and poverty-reducing effects of financial development. The findings provide strong support for the notion that remittances promote financial development in developing countries."--World Bank web site.
Book Synopsis Do Workers' Remittances Promote Financial Development? by : Reena Aggarwal
Download or read book Do Workers' Remittances Promote Financial Development? written by Reena Aggarwal and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Workers' remittances to developing countries have become the second largest type of flows after foreign direct investment. The authors use data on workers' remittance flows to 99 developing countries from 1975-2003 to study the impact of remittances on financial sector development. In particular, they examine whether remittances contribute to increasing the aggregate level of deposits and credit intermediated by the local banking sector. This is an important question considering the extensive literature that has documented the growth-enhancing and poverty-reducing effects of financial development. The findings provide strong support for the notion that remittances promote financial development in developing countries.
Book Synopsis Do Workers??? Remittances Promote Financial Development? by : Reena Aggarwal
Download or read book Do Workers??? Remittances Promote Financial Development? written by Reena Aggarwal and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Workers' remittances to developing countries have become the second largest type of flows after foreign direct investment. The authors use data on workers' remittance flows to 99 developing countries from 1975-2003 to study the impact of remittances on financial sector development. In particular, they examine whether remittances contribute to increasing the aggregate level of deposits and credit intermediated by the local banking sector. This is an important question considering the extensive literature that has documented the growth-enhancing and poverty-reducing effects of financial development. The findings provide strong support for the notion that remittances promote financial development in developing countries.
Book Synopsis Do Workers' Remittances Promote Economic Growth? by : Michael T. Gapen
Download or read book Do Workers' Remittances Promote Economic Growth? written by Michael T. Gapen and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-07-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decades, workers' remittances have grown to become one of the largest sources of financial flows to developing countries, often dwarfing other widely-studied sources such as private capital and official aid flows. While it is undeniable that remittances have poverty-alleviating and consumption-smoothing effects on recipient households, a key empirical question is whether they also serve to promote long-run economic growth. This study tackles this question and addresses the main shortcomings of previous empirical work, focusing on the appropriate measurement, and incorporating an instrument that is both correlated with remittances and would only be expected to affect growth through its effect on remittances. The results show that, at best, workers' remittances have no impact on economic growth.
Book Synopsis Do Workers' Remittances Promote Economic Growth? by :
Download or read book Do Workers' Remittances Promote Economic Growth? written by and published by . This book was released on 2009 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Economic Prospects 2006 written by and published by World Bank Publications. This book was released on with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.
Book Synopsis Do Workers' Remittances Bring Economic Growth to Receiving Countries? by : Anna Miller
Download or read book Do Workers' Remittances Bring Economic Growth to Receiving Countries? written by Anna Miller and published by GRIN Verlag. This book was released on 2013-05-13 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Job market economics, grade: 64%, University of Nottingham (Economics), course: MSc in Applied Economics and Financial Economics, language: English, abstract: Besides foreign direct investment (FDI) and capital market flows, workers’ remittances are another external channel for capital flows. According to the OECD, remittances to developing countries amounted to US$ 149.4 billion in the year 2002. However, whereas FDI and capital market flows are subject to variation due to recessions in home countries, remittances are steadily rising every year (OECD, 2006), reaching an amount of about UD$ 300 billion in the year 2007 (Barajas et al., 2009). To give a brief definition, remittances are money transfers from migrants working abroad to their families in their home countries. Yet, the question is, do these remittances contribute to or boost economic growth in receiving countries or are they only a means to increase the migrants’ families’ welfare by directly reducing their poverty and raising the living standard (Rao and Hassan, 2011). In other words, are remittances mostly used for consumption or do they rather flow in education, and thereby contribute to the human capital, and in investments, thus increasing the capital stock in the economy (Giuliano and Ruiz-Arranz, 2009)? From the growth theory we know that consumption does not have any impact on growth, only investments, either in production or in human capital, can affect long-run growth. Evidence from Indonesia, Ecuador, and Argentina (Sayan, 2006) shows that remittances indirectly reduce volatility of growth of output in times of crises and increase the growth rate thereby (Rao and Hassan, 2011). In contrast, Sayan (2006) found that remittances are moving procyclically with out in recipient countries, boosting incomes during booms, but reducing them even more during recessions and thus magnifying the economic crisis. This paper examines the relationship between remittances and GDP growth using in a macro panel with 67 countries and a time period of 28 years, from 1975 through 2002, as well as a cross-section analysis for comparison. The goal of this analysis is to determine whether, and to what extent, remittances have an impact on long-term economic growth and, if so, whether this relation is significant or not.
Book Synopsis Defying the Odds: Remittances During the COVID-19 Pandemic by : Mr. Kangni R Kpodar
Download or read book Defying the Odds: Remittances During the COVID-19 Pandemic written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-07-16 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an early assessment of the dynamics and drivers of remittances during the COVID-19 pandemic, using a newly compiled monthly remittance dataset for a sample of 52 countries, of which 16 countries with bilateral remittance data. The paper documents a strong resilience in remittance flows, notwithstanding an unprecedent global recession triggered by the pandemic. Using the local projection approach to estimate the impulse response functions of remittance flows during Jan 2020-Dec 2020, the paper provides evidence that: (i) remittances responded positively to COVID-19 infection rates in migrant home countries, underscoring its role as an important automatic stabilizer; (ii) stricter containment measures have the unintended consequence of dampening remittances; and (iii) a shift from informal to formal remittance channels due to travel restrictions appears to have also played a role in the surge in formal remittances. Lastly, the size of the fiscal stimulus in host countries is positively associated with remittances as the fiscal response cushions the economic impact of the pandemic.
Book Synopsis Migration and Remittances During the Global Financial Crisis and Beyond by : Ibrahim Sirkeci
Download or read book Migration and Remittances During the Global Financial Crisis and Beyond written by Ibrahim Sirkeci and published by World Bank Publications. This book was released on 2012-05-30 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally. Data analyzed by the book reveals three trends. First, The more diversified the destinations and the labour markets for migrants the more resilient are the remittances sent by migrants. Second, the lower the barriers to labor mobility, the stronger the link between remittances and economic cycles in that corridor. And third, as remittances proved to be relatively resilient in comparison to private capital flows, many remittance-dependent countries became even more dependent on remittance inflows for meeting external financing needs. There are several reasons for migration and remittances to be relatively resilient to the crisis. First, remittances are sent by the stock (cumulative flows) of migrants, not only by the recent arrivals (in fact, recent arrivals often do not remit as regularly as they must establish themselves in their new homes). Second, contrary to expectations, return migration did not take place as expected even as the financial crisis reduced employment opportunities in the US and Europe. Third, in addition to the persistence of migrant stocks that lent persistence to remittance flows, existing migrants often absorbed income shocks and continued to send money home. Fourth, if some migrants did return or had the intention to return, they tended to take their savings back to their country of origin. Finally, exchange rate movements during the crisis caused unexpected changes in remittance behavior: as local currencies of many remittance recipient countries depreciated sharply against the US dollar, they produced a “sale” effect on remittance behavior of migrants in the US and other destination countries.
Book Synopsis The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages by : Hector Perez-Saiz
Download or read book The Impact of Remittances on Economic Activity: The Importance of Sectoral Linkages written by Hector Perez-Saiz and published by International Monetary Fund. This book was released on 2019-08-16 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household’s remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy.
Book Synopsis Remittances, Financial Development, and Growth by : Paola Giuliano
Download or read book Remittances, Financial Development, and Growth written by Paola Giuliano and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-12-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been little systematic empirical study on the relationship between remittances and growth. This paper attempts to examine this relationship. Using a newly constructed crosscountry of data series for remittances covering a large sample of developing countries, we relate the interaction between remittances and financial development and its impact on growth. We analyze how a country's capacity to use remittances and its effectiveness in doing so might be influenced by local financial sector conditions. Given the difficulty of borrowing in developing countries, we explore the hypothesis that remittances can substitute for a lack of financial development and hence promote growth. The empirical analysis shows that remittances can promote growth in less financially developed countries. This relationship controls for the endogeneity of remittances and financial development using a Generalized Method of Moments (GMM) approach, does not depend on the particular measure of financial sector development used, and is robust to a number of sensitivity tests.
Book Synopsis Macroeconomic Consequences of Remittances by : Connel Fullenkamp
Download or read book Macroeconomic Consequences of Remittances written by Connel Fullenkamp and published by International Monetary Fund. This book was released on 2008-03-11 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses the two main issues of interest to policymakers with regard to remittances--how to manage their macroeconomic effects, and how to harness their development potential--by reporting the results of the first global study of the comprehensive macroeconomic effects of remittances on recipient economies. In broad terms, the findings of this paper tend to confirm the main benefit cited in the microeconomic literature: remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. The findings also yield a number of important caveats and policy considerations, however, that have largely been overlooked. The main challenge for policymakers in countries that receive significant flows of remittances is to design policies that promote remittances and increase their benefits while mitigating adverse side effects. Getting these policy prescriptions correct early on is imperative. Globalization and the aging of developed economy populations will ensure that demand for migrant workers remains robust for years to come. Hence, the volume of remittances likely will continue to grow, and with it, the challenge of unlocking the maximum societal benefit from these transfers.
Book Synopsis Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa by : Sanjeev Gupta
Download or read book Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa written by Sanjeev Gupta and published by International Monetary Fund. This book was released on 2007-02 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA.
Book Synopsis Remittance Markets in Africa by : Sanket Mohapatra
Download or read book Remittance Markets in Africa written by Sanket Mohapatra and published by World Bank Publications. This book was released on 2011-01-01 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corridors. At the same time, the remittance landscape in Africa is rapidly changing with the introduction of new remittance technologies, in particular mobile money transfers and branchless banking. This book presents findings of surveys of remittance service providers conducted in eight Sub-Saharan African countries and in three key destination countries. It looks at issues relating to costs, competition, innovation and regulation, and discusses policy options for leveraging remittances for development in Africa.
Book Synopsis Remittances and Development by : Pablo Fajnzylber
Download or read book Remittances and Development written by Pablo Fajnzylber and published by World Bank Publications. This book was released on 2008-02-08 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Workers' remittances have become a major source of financing for developing countries and are especially important in Latin America and the Caribbean, which is at the top of the ranking of remittance receiving regions in the world. While there has been a recent surge in analytical work on the topic, this book is motivated by the large heterogeneity in migration and remittance patterns across countries and regions, and by the fact that existing evidence for Latin America and the Caribbean is restricted to only a few countries, such as Mexico and El Salvador. Because the nature of the phenomenon varies across countries, its development impact and policy implications are also likely to differ in ways that are still largely unknown. This book helps fill the gap by exploring, in the specific context of Latin America and Caribbean countries, some of the main questions faced by policymakers when trying to respond to increasing remittances flows. The book relies on cross-country panel data and household surveys for 11 Latin American countries to explore the development impact of remittance flows along several dimensions: growth, poverty, inequality, schooling, health, labor supply, financial development, and real exchange rates.
Book Synopsis International Transactions in Remittances by : International Monetary Fund
Download or read book International Transactions in Remittances written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-09-14 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Transactions in Remittance: Guide for Compilers and Users (RCG) presents concepts, definitions, and classifications related to remittances. It is consistent with the new standards for measuring balance of payments transactions, as contained in the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). These standards are used globally to compile comprehensive and comparable data. The RCG identifies the main remittances compilation methods currently being used by compilers and discusses in detail the strengths and weaknesses of each method. It is the first manual providing compilation guidance for remittances and is also the first compilation guide based on concepts set out in BPM6. Although the RCG is primarily aimed at remittances data compilers, it may also be useful for users who wish to understand remittances data.
Book Synopsis Remittances by : Samuel Munzele Maimbo
Download or read book Remittances written by Samuel Munzele Maimbo and published by World Bank Publications. This book was released on 2005 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Migrants have long faced unwarranted constraints to sending money to family members and relatives in their home countries, among them costly fees and commissions, inconvenient formal banking hours, and inefficient domestic banking services that delay final payment to the beneficiaries. Yet such remittances are perhaps the largest source of external finance in developing countries. Officially recorded remittance flows to developing countries exceeded US$125 billion in 2004, making them the second largest source of development finance after foreign direct investment. This book demonstrates that governments in developing countries increasingly recognize the importance of remittance flows and are quickly addressing these constraints.
