Money Transfers among Banked and Unbanked Mexican Immigrants
AbstractThe recent recognition of the matrícula consular as an acceptable form of alien identification by financial institutions has increased undocumented Mexican immigrants' access to U.S. banking services. Usage of the banking system's low-cost wiring and money-transfer services may encourage Mexican immigrants to save and potentially transfer more money to Mexico. We use data from the Mexican Migration Project (MMP107) to examine the hypothesis that immigrants with access to banking services in the United States between 1970 and 2004 sent back more funds to Mexico than their unbanked counterparts. We find that banking among Mexican immigrants in our sample is limited. While having a U.S. bank account does not appear to significantly raise monthly remittance flows by Mexican immigrants, it does help boost the amount brought back home. Thus, our analysis sheds light on the potential effects of matrícula cards on the future flow of remittances to Mexico.
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Bibliographic InfoArticle provided by Southern Economic Association in its journal Southern Economic Journal.
Volume (Year): 73 (2006)
Issue (Month): 2 (October)
Find related papers by JEL classification:
- F22 - International Economics - - International Factor Movements and International Business - - - International Migration
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- J61 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Geographic Labor Mobility; Immigrant Workers
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
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- Sabates-Wheeler, Rachel, 2009. "The Impact of Irregular Status on Human Development Outcomes for Migrants," MPRA Paper 19209, University Library of Munich, Germany.
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- Richard P C Brown & Fabrizio Carmignani & Ghada Fayad, 2011. "Migrants' Remittances and financial Development: Macro- and Micro-level Evidence of a Perverse Relationship," OxCarre Working Papers 059, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
- Simeon Karafolas & Nikolaos Sariannidis, 2009. "The Banking Network as a Transmission Channel of Migrant Remittances: The Case of Greek and Italian Banks in Albania," Transition Studies Review, Springer, vol. 15(4), pages 674-684, February.
- Tigran A. Melkonyan & David A. Grigorian, 2008. "Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest," IMF Working Papers 08/19, International Monetary Fund.
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