The Development Dimension Migration Remittances And Development

This publication presents the current situation with regard to the magnitude and economic impact of migrants’ remittances to their countries of origin.

This publication presents the current situation with regard to the magnitude of migrants? remittances to their countries of origin. In 2004, remittances exceeded official development aid in several emigration countries: they totalled USD 126 billion according to IMF estimates. Can remittances stimulate productive investments in the countries of origin? Can they spur economic and social development?The impact of remittances on the economic development of sending countries is examined. The book surveys the channels used to collect these funds, the role of banking systems and other financial institutions, and the introduction of new technologies and their impact on fund collection, how the funds are transferred; and how to reduce the costs. Focus is also placed on the different ways in which migrants themselves participate, together with non-governmental organisations, host countries and sending countries, to open up new avenues for policies on development aid and co-development. The direct role that migrants can play at the local level is highlighted.Several countries and regions are illustrated: Southern European countries, Mexico, Turkey, North African and sub-Saharan African countries, the Philippines and some Latin American countries.

Remittances remain a key source of funds for developing countries, far exceeding official development assistance and even foreign direct investment. Remittances have proved to be more stable than private debt and portfolio equity flows, and less volatile than official aid flows, and their annual flow can match or surpass foreign exchange reserves in many small countries. Even in large emerging markets, such as India, remittances are equivalent to at least a quarter of total foreign exchange reserves. India, China, Philippines and Mexico are the top recipients of migrant remittances. The Migration and Remittances Factbook 2016 attempts to present numbers and facts behind the stories of international migration and remittances, drawing on authoritative, publicly available data. It provides a snapshot of statistics on immigration, emigration, skilled emigration, and remittance flows for 210 countries and 15 regional and income groups. The Migration and Remittances Factbook 2016 updates the 2011 edition of the Factbook with additional data on bilateral migration and remittances and second generation diasporas, collected from various sources, including national censuses, labor force surveys, population registers, and other national sources.

Highlights the ways in which the development potential of remittances could be most effiectively used, while avoiding the possible risks. In doing so, it seeks to help promote a more balanced approach to the issue of remittances and development, which, as indicated above, is now high on the global economic agenda.

Interrelations between Public Policies, Migration and Development is the result of a project carried out by the European Union and the OECD Development Centre in ten partner countries: Armenia, Burkina Faso, Cambodia, Costa Rica, Côte d'Ivoire, the Dominican Republic, Georgia, Haiti, Morocco and the Philippines. The project aimed to provide policy makers with evidence on the way migration influences specific sectors - labour market, agriculture, education, investment and financial services, and social protection and health - and, in turn, how sectoral policies affect migration. The report addresses four dimensions of the migration cycle: emigration, remittances, return and immigration. The results of the empirical work confirm that migration contributes to the development of countries of origin and destination. However, the potential of migration is not yet fully exploited by the ten partner countries. One explanation is that policy makers do not sufficiently take migration into account in their respective policy areas. To enhance the contribution of migration to development, home and host countries therefore need to adopt a more coherent policy agenda to better integrate migration into development strategies, improve co-ordination mechanisms and strengthen international co-operation.

Workers' remittances have become a major source of financing for developing countries and are especially important in Latin America and the Caribbean, which is at the top of the ranking of remittance receiving regions in the world. While there has been a recent surge in analytical work on the topic, this book is motivated by the large heterogeneity in migration and remittance patterns across countries and regions, and by the fact that existing evidence for Latin America and the Caribbean is restricted to only a few countries, such as Mexico and El Salvador. Because the nature of the phenomenon varies across countries, its development impact and policy implications are also likely to differ in ways that are still largely unknown. This book helps fill the gap by exploring, in the specific context of Latin America and Caribbean countries, some of the main questions faced by policymakers when trying to respond to increasing remittances flows. The book relies on cross-country panel data and household surveys for 11 Latin American countries to explore the development impact of remittance flows along several dimensions: growth, poverty, inequality, schooling, health, labor supply, financial development, and real exchange rates.

This book provides a strong multidisciplinary examination of the links between migration, remittances and sustainable development in Africa. It makes evidence-based policy recommendations on migration to help achieve the Sustainable Development Goals. The key themes examined are migration and remittances, and their relations with the following issues: economic transformation, education and knowledge, corruption and conflict. Cross-cutting issues such as gender equality and youth are weaved throughout the chapters, and a rich range of country contexts are presented. The volume also discusses challenges in managing migration flows. It will be of interest to advanced students, academics and policy makers in development economics and sustainable development.

Manuel Orozco moves beyond the numbers to provide a uniquely comprehensive, historically informed overview and analysis of the complex role of migrant remittances in the global economy. How do patterns of migration and remittances differ across regions? What kinds of regulatory and institutional frameworks best support the contributions of remittances to local development? What has been the impact of remittances on migrants and their families? Drawing on empirical data from five continents and firmly grounded in theory, Orozco¿s work reflects the evolution of our understanding about the importance of migrant remittances and the policies that govern them.