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Remittances and Development : Lessons from Latin America

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  • Pablo Fajnzylber
  • J. Humberto López
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    Abstract

    There are four main messages that emerge from this book. First, no matter how authors look at the issue, remittances are extremely important in the Latin American context. With remittances estimated to have topped more than US$50 billion in 2006, Latin America is now the main destination of these flows. Second, remittances generate a number of important positive contributions to economic development. In particular, they tend to reduce poverty and inequality in recipient countries, as well as increase aggregate investment and growth. Third, even though remittances have a positive impact on the development indicators of the recipient economies, the magnitude of the estimated changes tends to be modest. Fourth, policy makers may take actions to enhance the development impact of remittances. One important message of this book is that the way countries benefit from remittances appears to be positively related to the countries' own institutional and macroeconomic environments.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/6911/426990PUB0Remi1disclosed02125120081.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 6911 and published in 2008.

    ISBN: 978-0-8213-6870-1
    Handle: RePEc:wbk:wbpubs:6911

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Public Sector Economics Infrastructure Economics and Finance - Infrastructure Economics Banks and Banking Reform Transport Economics Policy and Planning Finance and Financial Sector Development - Non Bank Financial Institutions Public Sector Development Transport;

    References

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    1. Guillermo E. Perry & Omar S. Arias & J. Humberto López & William F. Maloney & Luis Servén, 2006. "Poverty Reduction and Growth : Virtuous and Vicious Circles," World Bank Publications, The World Bank, number 6997.
    2. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment Updates and Implications," NBER Working Papers 7911, National Bureau of Economic Research, Inc.
    3. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June.
    4. Norman Loayza & Pablo Fajnzylber & César Calderón, 2005. "Economic Growth in Latin America and the Caribbean : Stylized Facts, Explanations, and Forecasts," World Bank Publications, The World Bank, number 7315.
    5. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2004. "Growth Volatility and Financial Liberalization," NBER Working Papers 10560, National Bureau of Economic Research, Inc.
    6. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(2), pages 274-98, April.
    7. Levin, Andrew & Raut, Lakshmi K, 1997. "Complementarities between Exports and Human Capital in Economic Growth: Evidence from the Semi-industrialized Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 46(1), pages 155-74, October.
    8. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
    9. César Calderón & Rodrigo Fuentes, 2006. "¿Cuánto explican las reformas y la calidad de las instituciones del crecimiento chileno?: una comparación internacional," Monetaria, Centro de Estudios Monetarios Latinoamericanos, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 119-149, abril-jun.
    10. Samuel Munzele Maimbo & Dilip Ratha, 2005. "Remittances: Development Impact and Future Prospects," World Bank Publications, The World Bank, number 7339.
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    Citations

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    Cited by:
    1. Augusto de la Torre & Eduardo Levy Yeyati & Samuel Pienknagura, . "Latin America’s Deceleration and the Exchange Rate Buffer : LAC Semiannual Report, October 2013," World Bank Other Operational Studies 16107, The World Bank.
    2. Martin-Mayoral, Fernando & Proaño, Maria Belén, 2012. "Las remesas en América Latina, ¿amenaza u oportunidad?
      [Remittances in Latin America, a threat or an opportunity?]
      ," MPRA Paper 43730, University Library of Munich, Germany.
    3. Dorothee Crayen & Christa Hainz & Christiane Stöh de MartÍnez, 2013. "Remittances, Banking Status and the Usage of Insurance Schemes," Journal of Development Studies, Taylor & Francis Journals, vol. 49(6), pages 861-875, June.
    4. Gray Molina, George & Yañez, Ernesto, 2009. "The Moving Middle: Migration, Place Premiums and Human Development in Bolivia," MPRA Paper 19229, University Library of Munich, Germany.
    5. Acosta, Pablo & Kim, Namsuk & Melzer, Illana & Mendoza, Ronald U. & Thelen, Nina, 2011. "Business and human development in the base of the pyramid: Exploring challenges and opportunities with market heat maps," Journal of World Business, Elsevier, vol. 46(1), pages 50-60, January.
    6. Garcia, Pablo M & Rodriguez-Montemayor, Eduardo, 2010. "A primer of international migration: The Latin American experience and a proposal for a research agenda," MPRA Paper 24147, University Library of Munich, Germany.
    7. Eduardo Rodríguez-Montemayor & Pablo M. García, 2009. "A Primer of International Migration: The Latin American Experience," IDB Publications 9327, Inter-American Development Bank.
    8. Acosta, Pablo A. & Lartey, Emmanuel K.K. & Mandelman, Federico S., 2009. "Remittances and the Dutch disease," Journal of International Economics, Elsevier, vol. 79(1), pages 102-116, September.
    9. Ganesh Seshan & Dean Yang, 2014. "Motivating Migrants: A Field Experiment on Financial Decision-Making in Transnational Households," NBER Working Papers 19805, National Bureau of Economic Research, Inc.
    10. María Dolores de la Mata & Luis Eduardo Arango & Nataly Obando, 2014. "Echoes of the crises in Spain and US in the Colombian labor market: a differences-in-differences approach," DOCUMENTOS DE TRABAJO 012047, UNIVERSIDAD DEL ROSARIO.
    11. Luis E. Arango & Dolores de la Mata & Nataly Obando, 2014. "Echoes of the crises in Spain and US in the Colombian labor market: a differences-in-differences approach," BORRADORES DE ECONOMIA 011837, BANCO DE LA REPÚBLICA.
    12. repec:idb:brikps:69798 is not listed on IDEAS
    13. Abida Zouheir & Imen Mohamed Sghaier, 2014. "Remittances, Financial Development and Economic Growth: The Case of North African Countries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 17(51), pages 137-170, March.
    14. Jeffrey A. Edwards & Jennis J. Biser, 2011. "The interactive effect of remittances and civil liberties on investment and consumption," International Journal of Development Issues, Emerald Group Publishing, Emerald Group Publishing, vol. 10(1), pages 20-33, April.
    15. Taiwo Ajilore & Sylvanus Ikhide, 2012. "A Bounds Testing Analysis of Migrants Remittances and Financial Development in Selected Sub-Sahara African Countries," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 4(2), pages 079-096, December.
    16. López-Videla, Bruno & Machuca, Carlos Emilio, 2014. "The Effects of Remittances on Poverty at the Household Level in Bolivia: A Propensity Score Matching Approach," MPRA Paper 55201, University Library of Munich, Germany.

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