The U.S.-Honduras Remittance Corridor
The U.S.-Honduras Remittance Corridor

Author: Isaku Endo

Publisher: World Bank Publications

Published: 2010-03-12

Total Pages: 99

ISBN-13: 0821381466

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This paper provides an overview of remittances and migration between Honduras and the United States and analyzes the remittance regulatory and market environment, including financial inclusion strategies, transnational economic activities, and the impact of remittances on the Honduran economy. 'The U.S.-Honduras Remittance Corridor' makes policy recommendations to the authorities of Honduras and the United States, especially for regulatory reforms that promote the integrity and efficiency of money transfer businesses. We also recommend the development of financial infrastructures in rural areas for better distribution of remittances. Furthermore, we suggest that public policy should be more focused on building an environment for investment in the community and developing local businesses that export to Honduran communities abroad.

The United States-Honduras Remittance Corridor
The United States-Honduras Remittance Corridor

Author: Sarah Hirsch

Publisher:

Published: 2009

Total Pages:

ISBN-13:

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The report is part of the Bilateral Remittance Corridor Analysis (BRCA) initiative. The report US-Honduras Remittance Corridor: Acting on Opportunity to Increase Financial Inclusion and Foster Development of a Transnational Economy provides an overview of remittances and migration between the Honduras and the United State. The report analyzes the remittance regulatory and market environment, financial inclusion strategies by financial institutions, transnational economic activities, and the impacts of remittances on the Honduran economy. The chapter 2 provides analysis of remittance market environment including factors that influence migrants' choices of remittance channels, remittance market by type of remittance service providers, and cost of sending remittances. The chapter also analyzes regulatory frameworks including detailed requirements for financial institutions to conduct remittance services and requirements to comply with the anti-money laundering and combating the financing of terrorism framework in both the United States and Honduras. The chapter 3 examines remittances and access to financial services as well as financial inclusion strategies by financial institutions. The chapter four analyzes the development impact of remittances in rural Honduras through transnational economy, networks and diaspora engagement. These analyses of the U.S.-Honduras remittance corridor have led to a set of policy recommendations for the authorities of Honduras and the United States. Regulatory reforms in the remittance markets are urgently recommended in order to promote the integrity and efficiency of money transfer businesses. The report also recommends the development of financial infrastructures in rural areas for better distributions of remittances. It is recommended that public policy be directed to building an environment for diaspora's investments in the community and local business for exports to Honduran communities abroad.

Migration and Remittances Factbook 2016
Migration and Remittances Factbook 2016

Author: Dilip Ratha

Publisher: World Bank Publications

Published: 2016-04-08

Total Pages: 299

ISBN-13: 146480320X

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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.

Global Economic Prospects 2006
Global Economic Prospects 2006

Author:

Publisher: World Bank Publications

Published:

Total Pages: 182

ISBN-13: 082136345X

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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.

Remittance Markets in Africa
Remittance Markets in Africa

Author: Sanket Mohapatra

Publisher: World Bank Publications

Published: 2011-01-01

Total Pages: 380

ISBN-13: 0821385534

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Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corridors. At the same time, the remittance landscape in Africa is rapidly changing with the introduction of new remittance technologies, in particular mobile money transfers and branchless banking. This book presents findings of surveys of remittance service providers conducted in eight Sub-Saharan African countries and in three key destination countries. It looks at issues relating to costs, competition, innovation and regulation, and discusses policy options for leveraging remittances for development in Africa.

The Remittance Market in India
The Remittance Market in India

Author: Gabi G. Afram

Publisher: World Bank Publications

Published: 2012-01-09

Total Pages: 139

ISBN-13: 0821389343

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This book analyzes the remittance market in India and attempts to identify some of the key actions and public policy measures for the improvement and future development of this market.

No Easy Solution: A Smorgasbord of Factors Drive Remittance Costs
No Easy Solution: A Smorgasbord of Factors Drive Remittance Costs

Author: Tito Nícias Teixeira da Silva Filho

Publisher: International Monetary Fund

Published: 2021-07-30

Total Pages: 62

ISBN-13: 1513592955

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There has been a global push to decrease the cost of remittances since at least 2009, which has culminated with its inclusion in the Sustainable Development Goals in 2015. Despite this effort and the emergence of new business models, remittance costs have been decreasing very slowly, disproving predictions that sharp declines would be just around the corner. In addition, remitting to poorer countries remains very expensive. Oddly, this situation has not been able to elicit academic interest on the drivers of remittance costs. This paper delved deeply into the remittances ecosystem and found a very complex, heterogenous and unequal environment, one in which costs are driven by a myriad of factors and where there are no easy and quick solutions available, which explains the disappointing outcome so far. Nonetheless, it also shows that while policymakers have limited room to act they still have a very important role to play.

Defying the Odds: Remittances During the COVID-19 Pandemic
Defying the Odds: Remittances During the COVID-19 Pandemic

Author: Mr. Kangni R Kpodar

Publisher: International Monetary Fund

Published: 2021-07-16

Total Pages: 35

ISBN-13: 1513578456

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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.

The Canada-Vietnam Remittance Corridor
The Canada-Vietnam Remittance Corridor

Author: Raúl Hernández-Coss

Publisher: World Bank Publications

Published: 2005

Total Pages: 94

ISBN-13:

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Examining the experience of the Canada-Vietnam remittances corridor over the past several years, this title is a first step towards identifying the main features and pointing out some of the areas and issues that researchers and authorities should examine more closely. In contrast to the large size and advanced level of development of the U.S.-Mexico remittances corridor, examined in the first case study, the Canada-Vietnam corridor is small in absolute terms and still at a nascent stage of shifting from informal to formal systems. For purposes of discussion, 'The Canada-Vietnam Remittance Corridor' breaks down the remittance process into three stages: - the First Mile, when decisions are in the hands of the remittance sender; - the Intermediary Stage, comprising the systems that facilitate the cross-border transfer of funds, and; - the Last Mile, where the funds reach the hands of the remittance recipient. By analyzing the objectives, obstacles, incentives, and changes occurring at each of these stages in the Canada-Vietnam corridor, lessons are drawn for other remittance sending and receiving countries that seek to encourage formalization of the flows.