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Remittances in the CIS: Their Economic Implications and a New Estimation Procedure

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  • Robert Shelburne

    () (United Nations Economic Commission for Europe)

  • Jose Palacin

    () (United Nations Economic Commission for Europe)

Abstract

Migrant remittances are an increasingly important type of international financial flow for providing both additional resources for development as well as consumption expenditures for poverty alleviation. One geographical area where these flows are quite significant is in the CIS economies both in terms of their sheer size as well as their economic importance in providing a source of external finance for the recipient countries. Data on remittances generally, but especially in this region, are often of poor reliability due to the fact that these flows often move through unofficial and unmonitored channels. Data for the CIS are limited in that several countries do not provide this information in their balance of payment statistics and in those that do, it is often only partially reported and poorly collected or estimated. In this paper the characteristics, trends, and importance of remittances in the CIS are discussed and a new approach for estimating remittance flows in the CIS is developed based upon a new set of financial data recently released by the Central Bank of Russia and unpublished data obtained from the central banks of Kazakhstan, Moldova and Ukraine.

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Bibliographic Info

Paper provided by UNECE in its series ECE Discussion Papers Series with number 2007_5.

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Length: 52 pages
Date of creation: Oct 2007
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2007_5
Handle: RePEc:ece:dispap:2007_5

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Keywords: remittances; migration; CIS; Russia; external finance; financial flows;

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References

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  1. Jose Palacin & Robert Shelburne, 2005. "The Private Housing Market in Eastern Europe and the CIS," ECE Discussion Papers Series 2005_5, UNECE.
  2. Alvin P. Ang, 2007. "Workers’ Remittances and Economic Growth in the Philippines," DEGIT Conference Papers c012_029, DEGIT, Dynamics, Economic Growth, and International Trade.
  3. de Luna Martinez, Jose, 2005. "Workers'remittances to developing countries : a survey with central banks on selected public policy issues," Policy Research Working Paper Series 3638, The World Bank.
  4. Ralph Chami & Connel Fullenkamp & Samir Jahjah, 2005. "Are Immigrant Remittance Flows a Source of Capital for Development?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 55-81, April.
  5. McCormick, Barry & Wahba, Jackline, 2000. "Overseas Employment and Remittances to a Dual Economy," Economic Journal, Royal Economic Society, vol. 110(463), pages 509-34, April.
  6. Claudia M. Buch & Anja Kuckulenz & Marie-Helene Le Manchec, 2002. "Worker Remittances and Capital Flows," Kiel Working Papers 1130, Kiel Institute for the World Economy.
  7. Schrooten, Mechthild, 2006. "Workers' Remittances to Former Soviet States," Discussion Paper Series a476, Institute of Economic Research, Hitotsubashi University.
  8. James Korovilas, 1999. "The Albanian Economy in Transition: The Role of Remittances and Pyramid Investment Schemes," Post-Communist Economies, Taylor and Francis Journals, vol. 11(3), pages 399-415.
  9. Banco Interamericano de Desarrollo (BID) & International Fund for Agricultural Development (IFAD), 2007. "Sending Money Home: Worldwide Remittance Flows to Developing Countries," IDB Publications 7298, Inter-American Development Bank.
  10. Robert Shelburne & Oksana Pidufala, 2006. "Evolving Trade Patterns in the CIS: The Role of Manufacturing," ECE Discussion Papers Series 2006_2, UNECE.
  11. Robert Burgess & V. Haksar, 2005. "Migration and Foreign Remittances in the Philippines," IMF Working Papers 05/111, International Monetary Fund.
  12. Nicolas J. Peridy, 2006. "Welfare Magnets, Border Effects or Policy Regulations: What Determinants Drive Migration Flows into the EU?," Global Economy Journal, De Gruyter, vol. 6(4), pages 3.
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Cited by:
  1. Robert Shelburne & Jose Palacin, 2008. "Remittance Flows in the Transition Economies: Levels, Trends, and Determinants," ECE Discussion Papers Series 2008_5, UNECE.

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