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Remittances by emigrants: issues and evidence

Author

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  • Solimano, Andrés
Abstract
Remittances are, currently, the second most important source of external finance to developing countries, after foreign direct investment. They do surpass foreign aid. Remittances tend to be more stable than volatile capital flows such as portfolio investment and international bank credit. Remittances are also an international redistribution from low-income migrants to their families in the home country. World-wide, remittances are relatively concentrated in a group of developing countries: the top 20-recipients countries of workers remittances capture around 80 percent of total workers remittances to the developing countries. The three main source countries of remittances are the U.S, Saudi Arabia and Germany. The three main recipient countries, in terms of value, are India, Mexico and the Philippines. The international market for remittances is segmented and costly for migrants. Money transmitter operators dominating the market charge high fees and use overvalued exchange rates for money transfers. Commercial banks of both source and recipient countries have a low share of the global remittances market.

Suggested Citation

  • Solimano, Andrés, 2003. "Remittances by emigrants: issues and evidence," Macroeconomía del Desarrollo 5390, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col037:5390
    Note: Includes bibliography
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    File URL: http://repositorio.cepal.org/handle/11362/5390
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    References listed on IDEAS

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    1. John Micklewright & Anna Wright, 2003. "Private Donations for International Development," WIDER Working Paper Series DP2003-82, World Institute for Development Economic Research (UNU-WIDER).
    2. Poirine, Bernard, 1997. "A theory of remittances as an implicit family loan arrangement," World Development, Elsevier, vol. 25(4), pages 589-611, January.
    3. Barham, Bradford & Boucher, Stephen, 1998. "Migration, remittances, and inequality: estimating the net effects of migration on income distribution," Journal of Development Economics, Elsevier, vol. 55(2), pages 307-331, April.
    4. Oded Stark, 1991. "The Migration of Labor," Blackwell Books, Wiley Blackwell, number 1557860300, April.
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