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

Author

Listed:
  • 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in the CIS is developed based upon a new set of financial data recently released by the Central Bank of Russia and unpublished data obtained from the central banks of Kazakhstan, Moldova and Ukraine.

Suggested Citation

  • Robert Shelburne & Jose Palacin, 2007. "Remittances in the CIS: Their Economic Implications and a New Estimation Procedure," ECE Discussion Papers Series 2007_5, UNECE.
  • Handle: RePEc:ece:dispap:2007_5
    as

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    File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2007-5.pdf
    File Function: First version, 2007
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    References listed on IDEAS

    as
    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. Ali Mansoor & Bryce Quillin, 2007. "Migration and Remittances : Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 6920, August.
    5. 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.
    6. McCormick, Barry & Wahba, Jackline, 2000. "Overseas Employment and Remittances to a Dual Economy," Economic Journal, Royal Economic Society, vol. 110(463), pages 509-534, April.
    7. World Bank, 2006. "Tajikistan Policy Note : Enhancing the Development Impact of Remittances," World Bank Other Operational Studies 19457, The World Bank.
    8. Schrooten, Mechthild, 2006. "Workers' Remittances to Former Soviet States," Discussion Paper Series a476, Institute of Economic Research, Hitotsubashi University.
    9. James Korovilas, 1999. "The Albanian Economy in Transition: The Role of Remittances and Pyramid Investment Schemes," Post-Communist Economies, Taylor & Francis Journals, vol. 11(3), pages 399-415.
    10. Buch, Claudia M. & Kuckulenz, Anja & Le Manchec, Marie-Helene, 2002. "Worker Remittances and Capital Flows," Kiel Working Papers 1130, Kiel Institute for the World Economy (IfW).
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    13. Robert M Burgess & V. Haksar, 2005. "Migration and Foreign Remittances in the Philippines," IMF Working Papers 05/111, International Monetary Fund.
    14. Peridy Nicolas J, 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 1-34, November.
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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.
    2. Kakhkharov, Jakhongir & Akimov, Alexandr & Rohde, Nicholas, 2017. "Transaction costs and recorded remittances in the post-Soviet economies: Evidence from a new dataset on bilateral flows," Economic Modelling, Elsevier, vol. 60(C), pages 98-107.

    More about this item

    Keywords

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

    JEL classification:

    • P25 - Economic Systems - - Socialist Systems and Transition Economies - - - Urban, Rural, and Regional Economics
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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