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Remittances: The New Development Mantra?

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  • Devesh KAPUR
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    Abstract

    Remittances have emerged as an important source of external development finance for developing countries in recent years. This paper examines the causes and implications of remittance flows. It first highlights the severe limitations in remittance data, in sharp contrast to other sources of external finance. It then examines the key trends in remittance flows, and their importance relative to other sources of external finance. The paper subsequently analyses the many complex economic and political effects of remittances. It highlights the fact that remittances are the most stable source of external finance and play a critical social insurance role in many countries afflicted by economic and political crises. While remittances are generally pro-poor, their effects are greatest on transient poverty. However, the long-term effects on structural poverty are less clear, principally because the consequences of remittances on long-term economic development are not well understood. The paper then concludes with some policy options. It suggests a role for an international organization to intermediate these flows to lower transaction costs and increase transparency, which would both enhance these flows and maximize their benefits

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    Bibliographic Info

    Paper provided by United Nations Conference on Trade and Development in its series G-24 Discussion Papers with number 29.

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    Date of creation: 2004
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    Handle: RePEc:unc:g24pap:29

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    Cited by:
    1. Farid MAKHLOUF, 2014. "Propriétés cycliques des transferts de fonds des migrants marocains," Working Papers 2013-2014_9, CATT - UPPA - Université de Pau et des Pays de l'Adour, revised Feb 2014.
    2. Anneke Kosse & Robert Vermeulen, 2013. "Migrants' Choice of Remittance Channel: Do General Payment Habits Play a Role?," DNB Working Papers 375, Netherlands Central Bank, Research Department.
    3. Prachi Mishra, 2006. "Emigration and Brain Drain," IMF Working Papers 06/25, International Monetary Fund.
    4. Chinmay, Tumbe, 2011. "Remittances in India: Facts and Issues," MPRA Paper 29983, University Library of Munich, Germany.
    5. Catrinescu, Natalia & Leon-Ledesma, Miguel & Piracha, Matloob & Quillin, Bryce, 2006. "Remittances, Institutions and Economic Growth," IZA Discussion Papers 2139, Institute for the Study of Labor (IZA).
    6. Sylvain Dessy & Tiana Rambeloma, 2009. "Immigration Policy, Remittances, and Growth in the Migrant-Sending Country," Cahiers de recherche 0915, CIRPEE.
    7. Farid MAKHLOUF & Adil NAAMANE, 2013. "The Impact of Remittances on Economic Growth. The Evidence from Morocco," Working Papers 2013-2014_3, CATT - UPPA - Université de Pau et des Pays de l'Adour, revised Sep 2013.
    8. Eckstein, Susan, 2010. "Remittances and Their Unintended Consequences in Cuba," World Development, Elsevier, vol. 38(7), pages 1047-1055, July.
    9. de Haan, Arjan, 2006. "Migration in the Development Studies Literature: Has It Come Out of Its Marginality?," Working Paper Series RP2006/19, World Institute for Development Economic Research (UNU-WIDER).
    10. Dahlberg , Elisabet, 2005. "Insights into migration and spending patterns based on a small-scale study of garment workers in Phnom Penh," EIJS Working Paper Series 220, The European Institute of Japanese Studies.
    11. Dahlberg, Elisabet, 2005. "Insights Into Migration And Spending Patterns Based On A Small-Scale Study Of Garment Workers In Phnom Penh," EIJS Working Paper Series 221, The European Institute of Japanese Studies.
    12. Hulya Ulku, 2010. "Remitting Behaviour of Turkish Migrants: Evidence from Household Data in Germany," Brooks World Poverty Institute Working Paper Series 11510, BWPI, The University of Manchester.
    13. Yaw Nyarko & Kwabena Gyimah-Brempon, 2011. "Social Safety Nets: The Role of Education, Remittances and Migration," RSCAS Working Papers 2011/26, European University Institute.
    14. Oliver Bakewell, 2009. "Migration, Diasporas and Development: Some Critical Perspectives," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 229(6), pages 787-802, December.
    15. Azam, Jean-Paul & Berlinschi, Ruxanda, 2008. "The Aid-Migration of Trade-Off," IDEI Working Papers 538, Institut d'Économie Industrielle (IDEI), Toulouse.

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