Remittances Development Impact and Future Prospects

by Maimbo, Samuel Munzele; Ratha, Dilip

• ISBN13: 9780821357941
• ISBN10: 0821357948
• Format: Paperback
• Copyright: 2005-06-01
• Publisher: World Bank Publications

Summary

Re-mit-tance n. 1. The sending of money to someone at a distance. 2. The sum of money sent.New research shows the astonishing scope of remittances, with formally documented flows now estimated at US$90 billion for 2003. Globally, remittances now constitute the largest source of financial flows to developing countries after foreign direct investment (FDI). Indeed, in many countries they now exceed FDI flows.Remittances: Development Impact and Future Prospects explores policy options for enhancing the poverty alleviation impact of remittance money in recipient countries, and addressees concerns about increasing migration and inequality. It looks at new technologies that allow remittance service providers to reduce direct transaction costs and open new channels, enhancing convenience for remitters and improving levels of transparency and accountability for regulators and policy makers.The book also establishes a baseline for further research and collaborative effort, showing the areas where the international financial institutions, particularly the World Bank, can add value to enhance the positive impact of remittance flows and minimize less welcome effects.Edited by Samuel Munzele Maimbo, who has already published authoritative articles on this subject, and Dilip Ratha, who first revealed the global significance of remittances, this book is intended for remittance service providers, as well as policy makers and researchers interested in financial sector, migration and development issues.

Table of Contents

Foreword	ix
Acknowledgments	xi
Contributors	xiii
Remittances: An Overview	1	(16)
Samuel Munzele Maimbo and Dilip Ratha
PART I REMITTANCE TRENDS AND DETERMINANTS	17	(64)
Chapter 1 Workers' Remittances: An Important and Stable Source of External Development Finance	19	(34)
Dilip Ratha
Chapter 2 Migrant Remittances in Africa: A Regional Perspective	53	(28)
Cerstin Sander and Samuel Munzele Maimbo
PART II MAXIMIZING THE DEVELOPMENT IMPACT OF REMITTANCES	81	(76)
Chapter 3 The Socioeconomic Impact of Remittances on Poverty Reduction	83	(20)
Admos O. Chimhowu, Jenifer Piesse, and Caroline Pinder
Chapter 4 Remittances and Economic Development in India and Pakistan	103	(16)
Roger Ballard
Chapter 5 Migrant Workers' Remittances: A Source of Finance for Micro-Enterprise Development in Bangladesh?	119	(14)
Abul Kalam Azad
Chapter 6 Migration and Development: The Philippine Experience	133	(10)
I.F. Bagasao
Chapter 7 Remittances from Canada to Central America and the Caribbean	143	(14)
Barnabé Ndarishikanye
PART III STRENGTHENING THE FORMAL FINANCIAL INFRASTRUCTURE FOR REMITTANCES	157	(52)
Chapter 8 Exploring the Credit Union Experience with Remittances in the Latin American Market	159	(16)
David C. Grace
Chapter 9 Remittances and Pyramid Investment Schemes in Albania	175	(18)
James P. Korovilas
Chapter 10 International Remittances: Delivering Fair Value	193	(16)
Norbert Bielefeld and Antonique Koning
PART IV INCREASING TRANSPARENCY IN THE INFORMAL FINANCIAL INFRASTRUCTURE FOR REMITTANCES	209	(66)
Chapter 11 The Regulation and Supervision of Informal Funds Transfer Systems	211	(16)
Samuel Munzele Maimbo and Nikos Passas
Chapter 12 Regulation and Supervision in a Vacuum: The Story of the Somali Remittance Sector	227	(16)
Abdusalam Omer and Gina El Koury
Chapter 13 A Proposed Framework to Analyze Informal Funds Transfer Systems	243	(32)
Raul Hernandez-Coss
PART V MIGRATION, DEVELOPMENT, AND REMITTANCES	275	(86)
Chapter 14 The Impact of International Migration and Remittances on Poverty	277	(30)
Richard H. Adams Jr. and John Page
Chapter 15 Transnationalism and Development: Trends and Opportunities in Latin America	307	(24)
Manuel Orozco
Chapter 16 Remittances: The New Development Mantra?	331	(30)
Devesh Kapur
Index	361