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.
Download or read book Remittances Financial Development and Growth written by Paola Giuliano and published by . This book was released on 2008 with total page 41 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 cross-country 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.
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.
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.
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.
Download or read book Financing Africa s Development written by Diery Seck and published by Springer Nature. This book was released on 2020-06-24 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the impact of financing on Africa’s economic development. By exploring various financial instruments including the role of alternative sources of funding like migrant remittances and illicit flows, it analyses the role of financing for Africa’s macroeconomic development and other development indicators such as infrastructure, transport, global trade, industrialisation, social services, external indebtedness and governance. By presenting and examining case studies on various African countries and regions, the respective contributions investigate the capacity of institutions to facilitate and structure the economy’s funding activities, and to strengthen the ties between finance and development. Furthermore, they discuss various regional aspects, such as the integration of infrastructure, harmonization of fiscal policy, integration of financial markets, and the facilitation of intra-regional trade and movement of capital. Given its scope, the book will appeal to scholars of economics and development studies with an interest in the economic development of Africa.
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.
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.
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Download or read book Remittances and Financial Development written by Giulia Bettin and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies indicate that the effect of migrants' remittances on the economic growth of receiving countries depends negatively on the level of development of the domestic financial sector. In this paper, we introduce a new indicator of financial development to measure the efficiency of the domestic banking system, and find the existence of complementarity between remittances and bank efficiency in economic growth, such that remittances promote growth only in countries whose banks function well. This result is robust to controls for other traditional measures of financial depth and institutional quality indicators.
Download or read book Migrant Remittances and Development in the Global Economy written by Manuel Orozco and published by Lynne Rienner Pub. This book was released on 2013 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuel Orozco moves beyond the numbers to provide a uniquely comprehensive, historically informed overview and analysis of the complex role of migrant remittances in the global economy. How do patterns of migration and remittances differ across regions? What kinds of regulatory and institutional frameworks best support the contributions of remittances to local development? What has been the impact of remittances on migrants and their families? Drawing on empirical data from five continents and firmly grounded in theory, Orozco¿s work reflects the evolution of our understanding about the importance of migrant remittances and the policies that govern them.
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.
Download or read book Remittances Financial Development and Economic Growth of South Asia written by Nabila Kausar and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades remittances inflow rise and it became a prominent source of international capital inflow for South Asian countries, no one can refused its importance in South Asia. Remittance ignored in past, a few empirical studies on importance of remittance in growth, but the impact of remittance on growth in existence of financial development still not well understood in South Asia. This study is an attempt to investigate the impact of remittances on growth in the existence of financial development with panel data set of 7 South Asian countries over the period 1972-2013, the study used the OLS regression, FEM and REM. Remittances can promote growth when financial system is less developed, it work as a substitute of financial development.
Download or read book Migration and Remittances Factbook 2016 written by Dilip Ratha and published by World Bank Publications. This book was released on 2016-04-08 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Remittances remain a key source of funds for developing countries, far exceeding official development assistance and even foreign direct investment. Remittances have proved to be more stable than private debt and portfolio equity flows, and less volatile than official aid flows, and their annual flow can match or surpass foreign exchange reserves in many small countries. Even in large emerging markets, such as India, remittances are equivalent to at least a quarter of total foreign exchange reserves. India, China, Philippines and Mexico are the top recipients of migrant remittances. The Migration and Remittances Factbook 2016 attempts to present numbers and facts behind the stories of international migration and remittances, drawing on authoritative, publicly available data. It provides a snapshot of statistics on immigration, emigration, skilled emigration, and remittance flows for 210 countries and 15 regional and income groups. The Migration and Remittances Factbook 2016 updates the 2011 edition of the Factbook with additional data on bilateral migration and remittances and second generation diasporas, collected from various sources, including national censuses, labor force surveys, population registers, and other national sources.
Download or read book Remittances and Financial Development written by Giulia Bettin and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: A recent study by Giuliano and Ruiz-Arranz (2006) has provided evidence of substitutability between remittances and financial development in fostering economic growth in developing countries. In this paper, we introduce a new qualitative inefficiency indicator of the domestic banking system and show that migrants' remittances positively affect economic growth only in countries where domestic banks are sufficiently efficient. This complementarity result is robust to controls for other financial development and institutional quality indicators.
Download or read book Remittances and Economic Growth written by Unbreen Qayyum and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
