By Pablo Fajnzylber, J. Humberto Lopez
While employees remittances became an incredible resource of financing for Latin the United States and the Caribbean, there's nonetheless restricted proof at the improvement effect of these flows around the major recipient international locations within the quarter. to aid fill this hole, Remittances and improvement: classes from Latin the USA combines the research of cross-country panel info with that of family surveys for as many as eleven nations. between different matters, this booklet investigates the profile of Latin American migrants and remittances recipients, and analyzes the impression of these flows on development, poverty, inequality, education, exertions offer, monetary improvement, and actual trade charges. one of many major conclusions of the examine carried out in Remittances and improvement: classes from Latin the US is that remittances do are inclined to decrease poverty and inequality they usually have numerous confident growth-enhancing results e.g. larger reductions, human capital investments, entrepreneurship, and financial institution deposits. besides the fact that, those confident results have a tendency be fairly modest in comparison to the improvement demanding situations confronted via so much nations within the sector. in addition, remittances may also decrease hard work provide and bring about genuine alternate expense over-valuations. total, in response to the ebook, it seems that a fit coverage stance is that of mixing measures to lessen unwanted effects on competitiveness, with a spotlight on complementary growth-enhancing rules and enhancements within the regulatory atmosphere geared toward selling safe and coffee fee remittances prone.
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Additional resources for Remittances and Development: Lessons from Latin America (Latin American Development Forum) (Latin American Development Forum)
Example text
2006. Global Economic Prospects 2006: Economic Implications of Remittances and Migration. Washington, DC: World Bank. 2 How Important Are Remittances in Latin America? Pablo Acosta, Pablo Fajnzylber, and J. Humberto López Workers’ remittances have become a major source of financing in developing countries, reaching levels that are comparable to those of foreign direct investment (FDI) and doubling those of official development assistance (ODA). However, there are a number of questions that are critical for determining the development impact of remittances in Latin America: How important are those flows in the regional context, and how have they evolved over the past years?
The results suggest that remittances tend to reduce poverty to a larger extent in Latin America than elsewhere in the developing world, partly because they lead to less income inequality, while the opposite is observed for other regions. We also use a cross-country approach to look at the growth-remittances link. We do so while correcting for reverse causality and other sources of endogeneity in remittances flows, for which we employ external and time-varying instrumental variables. Our results suggest that remittances have a positive and significant impact on growth, even after controlling for per-capita income, education, financial depth, openness to trade, the quality of institutions, government expenditures, inflation, and real exchange rate overvaluation.
These results should help dispel concerns that CCTs could be displacing private networks and informal insurance schemes and therefore add little to the utility of the recipient parties. In particular, it appears that as long as transferred amounts continue to be small, and programs are targeted to those who are more likely to be poor (and therefore less likely to receive remittances), CCTs are not likely to crowd out remittances and other forms of private insurance. The Regulatory Framework: How to Facilitate Remittances Flows For migrants who send money home, remittances services are still expensive, with fees of up to 20 percent of the principal sent, depending on the size and type of the transfer, as well as on its origin and destination.