The Global Financial Crisis And Workers Remittances To Africa

Author : Mr.Ralph Chami
Publisher : International Monetary Fund
ISBN 13 : 145196241X
Total Pages : 23 pages
Book Rating : 4.13/5 ( download)

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Download or read book The Global Financial Crisis and Workers' Remittances to Africa written by Mr.Ralph Chami and published by International Monetary Fund. This book was released on 2010-01-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts remittance declines into African countries of between 3 and 14 percentage points, with migrants to Europe hardest hit while migrants within Africa relatively unaffected by the crisis. The estimated impact on GDP for relatively remittance-dependent countries is 2 percent for 2009, but will likely be short-lived, as host country income is projected to rise in 2010.

Author :
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.24/5 ( download)

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Download or read book The Global Financial Crisis and Workers' Remittances to Africa written by and published by . This book was released on 2010 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Ibrahim Sirkeci
Publisher : World Bank Publications
ISBN 13 : 0821388266
Total Pages : 471 pages
Book Rating : 4.66/5 ( download)

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Download or read book Migration and Remittances During the Global Financial Crisis and Beyond written by Ibrahim Sirkeci and published by World Bank Publications. This book was released on 2012-05-30 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally. Data analyzed by the book reveals three trends. First, The more diversified the destinations and the labour markets for migrants the more resilient are the remittances sent by migrants. Second, the lower the barriers to labor mobility, the stronger the link between remittances and economic cycles in that corridor. And third, as remittances proved to be relatively resilient in comparison to private capital flows, many remittance-dependent countries became even more dependent on remittance inflows for meeting external financing needs. There are several reasons for migration and remittances to be relatively resilient to the crisis. First, remittances are sent by the stock (cumulative flows) of migrants, not only by the recent arrivals (in fact, recent arrivals often do not remit as regularly as they must establish themselves in their new homes). Second, contrary to expectations, return migration did not take place as expected even as the financial crisis reduced employment opportunities in the US and Europe. Third, in addition to the persistence of migrant stocks that lent persistence to remittance flows, existing migrants often absorbed income shocks and continued to send money home. Fourth, if some migrants did return or had the intention to return, they tended to take their savings back to their country of origin. Finally, exchange rate movements during the crisis caused unexpected changes in remittance behavior: as local currencies of many remittance recipient countries depreciated sharply against the US dollar, they produced a “sale” effect on remittance behavior of migrants in the US and other destination countries.

Author : Ibrahim Sirkeci
Publisher : World Bank Publications
ISBN 13 : 0821388274
Total Pages : 470 pages
Book Rating : 4.73/5 ( download)

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Download or read book Migration and Remittances during the Global Financial Crisis and Beyond written by Ibrahim Sirkeci and published by World Bank Publications. This book was released on 2012-05-31 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally. Data analyzed by the book reveals three trends. First, The more diversified the destinations and the labour markets for migrants the more resilient are the remittances sent by migrants. Second, the lower the barriers to labor mobility, the stronger the link between remittances and economic cycles in that corridor. And third, as remittances proved to be relatively resilient in comparison to private capital flows, many remittance-dependent countries became even more dependent on remittance inflows for meeting external financing needs. There are several reasons for migration and remittances to be relatively resilient to the crisis. First, remittances are sent by the stock (cumulative flows) of migrants, not only by the recent arrivals (in fact, recent arrivals often do not remit as regularly as they must establish themselves in their new homes). Second, contrary to expectations, return migration did not take place as expected even as the financial crisis reduced employment opportunities in the US and Europe. Third, in addition to the persistence of migrant stocks that lent persistence to remittance flows, existing migrants often absorbed income shocks and continued to send money home. Fourth, if some migrants did return or had the intention to return, they tended to take their savings back to their country of origin. Finally, exchange rate movements during the crisis caused unexpected changes in remittance behavior: as local currencies of many remittance recipient countries depreciated sharply against the US dollar, they produced a sale effect on remittance behavior of migrants in the US and other destination countries.

Author : Alexis Arieff
Publisher : DIANE Publishing
ISBN 13 : 1437932789
Total Pages : 34 pages
Book Rating : 4.82/5 ( download)

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Download or read book Global Economic Crisis written by Alexis Arieff and published by DIANE Publishing. This book was released on 2010-08 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan Africa has been strongly affected by the global recession, despite initial optimism that the global financial system would have few spillover effects on the continent. Contents of this report: (1) Recent Develop.; (2) Congressional Interest; (3) African Economies; Trends Prior to the Crisis; Develop. Challenges; (4) How the Crisis is Affecting Africa: Internat. Trade: Trade with the U.S., and with China; Capital Flows: Migrant Remittances; Foreign Aid; (5) Implications of the Crisis in Africa; Sub-Regional Variations; Fiscal and Trade Balances; Poverty Reduction; Food Security; Political Stability; (6) Internat. Efforts to Address the Impact of the Crisis on Africa; Developed Countries; Internat. Financial Inst.; World Bank; ADB; IMF; African Gov¿ts.

Author : John Connell
Publisher :
ISBN 13 : 9781783479467
Total Pages : 0 pages
Book Rating : 4.69/5 ( download)

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Download or read book Migration and Remittances written by John Connell and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this title, the editors draw together key articles by leading scholars which investigate the significance and role of remittances in economic and social development. They examine topics including reflections on methodology, the motives and determinants of remittances, their socio-economic impacts (especially at the household level), the role of community organisations and social remittances, and the broad social and cultural impacts of remittances. Special attention is given to small island and Central Asian states, where remittances are of particular significance. The collection traces the recent historical evolution of remittances and concludes with an examination of policy implications in both sending and receiving countries.

Author : Sanket Mohapatra
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.05/5 ( download)

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Download or read book Remittance Markets in Africa written by Sanket Mohapatra and published by World Bank Publications. This book was released on 2011 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: A substantive literature suggests that migration generates benefits for migrants, the host societies, and the countries of origin. The economic benefits for the countries of origin are realized primarily through the receipt of remittances. These large and stable resource flows remained relatively resilient during the global financial crisis compared to steep declines in private capital flows, and they have quickly recovered to the pre crisis levels. African countries are estimated to have received $40 billion in officially recorded flows in 2010, but the true size is believed to be far larger. Remittances are associated with reduction in poverty, improved education and health outcomes, and increased availability of funds for small business investments. Remittances represent a positive and relatively noncontroversial outcome of migration. This volume brings together studies of remittance markets in eight Sub-Saharan African countries and two key destinations for African migrants outside the African continent. It provides an overview of the remittance markets, and the policy and institutional environments in both sending and receiving countries. Based on primary surveys of remittance service providers about the types of remittance services, barriers to entry and exit, legal and regulatory environment, remittance costs, and innovative technologies, the chapters of this volume provide a unique window into the functioning of remittance markets in this region. the volume, measures to reduce remittance fees, increase market competition and consumer protection, increase the involvement of post offices and other non-bank institutions, and encourage the extension of mobile money transfer services to cross-border remittances will benefit the ultimate clients, the people of Africa. I hope that the findings of this volume will motivate more research, improved data collection, and policy action in the area of migrant remittances in Africa.

Author : Mr. Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1513578456
Total Pages : 35 pages
Book Rating : 4.53/5 ( download)

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Download or read book Defying the Odds: Remittances During the COVID-19 Pandemic written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-07-16 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an early assessment of the dynamics and drivers of remittances during the COVID-19 pandemic, using a newly compiled monthly remittance dataset for a sample of 52 countries, of which 16 countries with bilateral remittance data. The paper documents a strong resilience in remittance flows, notwithstanding an unprecedent global recession triggered by the pandemic. Using the local projection approach to estimate the impulse response functions of remittance flows during Jan 2020-Dec 2020, the paper provides evidence that: (i) remittances responded positively to COVID-19 infection rates in migrant home countries, underscoring its role as an important automatic stabilizer; (ii) stricter containment measures have the unintended consequence of dampening remittances; and (iii) a shift from informal to formal remittance channels due to travel restrictions appears to have also played a role in the surge in formal remittances. Lastly, the size of the fiscal stimulus in host countries is positively associated with remittances as the fiscal response cushions the economic impact of the pandemic.

Author : İbrahim Sirkeci
Publisher :
ISBN 13 : 9786613693327
Total Pages : 437 pages
Book Rating : 4.24/5 ( download)

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Download or read book Migration and Remittances During the Global Financial Crisis and Beyond written by İbrahim Sirkeci and published by . This book was released on 2012 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally.

Author :
Publisher : World Bank Publications
ISBN 13 : 082136345X
Total Pages : 182 pages
Book Rating : 4.54/5 ( download)

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Download or read book Global Economic Prospects 2006 written by and published by World Bank Publications. This book was released on with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.