Remittances and Development: Lessons from Latin America

Pablo Fajnzylber, J. Humberto Lopez

World Bank Publications, 08‏/02‏/2008 - 408 من الصفحات

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.

معاينة هذا الكتاب »

الصفحات المحددة

المحتوى

1 THE DEVELOPMENT IMPACT OF REMITTANCES INLATIN AMERICA	1

2 HOW IMPORTANT ARE REMITTANCES IN LATIN AMERICA?	21

FIGURE 21 REGIONAL DISTRIBUTION OF REMITTANCES IN 2005	23

FIGURE 22 ANNUAL GROWTH RATE OF RECORDED REMITTANCES 19802005	24

FIGURE 23 INTERNATIONAL FINANCIAL FLOWS 1990 AND 2005	25

FIGURE 24 REMITTANCES IN LATIN AMERICA 19802005	26

FIGURE 25 Remittances in Latin America in 2005	28

Table 22 Remittances to Latin American and Caribbean Countries US millions	29

FIGURE 510 Labor Force Participation of Adults 2059 Years Old by Gender and RemittancesRecipient Status	161

Table 57 Access to Remittances and Hours Worked	162

Table 58 Remittances and Labor Force Participation with Instrumental Variables	163

Table 59 Remittances and Labor Force Participation by Educational Levels with Instrumental Variables	164

6 DO REMITTANCES AFFECT RECIPIENT COUNTRIES FINANCIAL DEVELOPMENT?	171

FIGURE 61 Remittances and Financial Development in Latin American Countries	175

Table 61 Correlations between Remittances and Indicators of Financial Development	179

Table 62 Panel Estimates of the Impact of Remittances on Financial Development with Interactions for Different Latin American Country Groupings	182

FIGURE 26 Share of Households Receiving Remittances 2001	31

FIGURE 27 Households Receiving Remittances by Income Distribution Quintile	32

FIGURE 28 Households Receiving Remittances by Quintile of Nonremittances Income Distribution	34

FIGURE 29 Households Receiving Remittances by Quintile of Total Income Distribution	35

FIGURE 210 Educational Characteristics of Households Receiving Remittances	37

Table 23 Percentage of Households with Migrants by Average Years of Adult Education 1665 Years Old in the Household	38

FIGURE 211 Average Annual Amount Reported by Recipients	39

FIGURE 212 Income Share of Remittances by Income Quintile Recipients Only	41

FIGURE 213 Income Share of Remittances by Income Quintile All Households	42

FIGURE 214 Income and Remittances Distribution by Income Quintile	43

FIGURE 215 BOPBased versus Household SurveyBased Remittances	46

PATTERNS AND DETERMINANTS	51

FIGURE 31 Latin American Migrants	54

FIGURE 32 Major Destinations of Latin American Migrants	57

FIGURE 33 Major European Destinations of Latin American Migrants 2000	58

FIGURE 35 Current Age Profile of Latin American Migrants	59

FIGURE 36 Education Profile of 1990s Latin American and Caribbean Migrants Age 22 and Older	60

FIGURE 37 Education Profile of Native Population versus Migrants from Latin American and Caribbean Countries	61

FIGURE 38 Share of Migrants in the United States with Tertiary Education	63

FIGURE 39 Share of Educated Workers Who Migrate	64

FIGURE 310 Share of CollegeEducated Workers in the United States Who Received Their Degrees at Home	65

FIGURE 312 Occupational Distribution of Migrants in the United States Older than 22 at Time of Arrival Current Age 22+	66

FIGURE 313 Occupational Distribution of Migrants in the United States Who Were Younger than 17 at Time of Arrival Current Age 22+	67

Home Tertiary Educated Migrants in the United States Who Were Older than 25 on Arrival	68

FIGURE 315 Remittances as a Share of GDP	70

FIGURE 316 Remittances Received Per Capita	71

FIGURE 318 Migrants as a Share of Population	72

FIGURE 319 Share of Female Migrants	73

FIGURE 320 Share of College Graduate Migrants	74

FIGURE 321 Ratio of Bank Deposits to GDP	75

Table 3B1 Regression Results for Determinants of Remittances to Latin America and the Caribbean Ratio of Remittances to GDP 19862000	83

Table 3B2 Regression Results for Determinants of Remittances to Latin America and the Caribbean Log of Remittances per Capita 19862000	84

Table 3B3 Regression Results for Determinants of Remittances to Latin America and Caribbean Log of Remittances 19862000	85

4 DO REMITTANCES LOWER POVERTY LEVELS INLATIN AMERICA?	87

Table 41 Income Gini Coefficient Before and After Remittances	89

Table 42 Poverty Head Counts Before and After Remittances	91

Table 43 Income Gini Coefficient in Counter factual Scenario of No Migration	95

Table 44 Poverty Head Counts in Counter factual Scenario of No Migration	97

Table 45 Poverty Head Counts among Recipient Households in Counter factual Scenario of No Migration	101

Table 46 The Impact of Remittances on Growth and Changes in Inequality	105

Table 47 Poverty Elasticity of Remittances in Latin America	108

FIGURE 41 Scatter Plots of Remittances Growth and Investment	111

Table 48 Remittances and Economic Growth	112

Table 49 Remittances and Investment	116

Table 410 The Cyclical Behavior of Remittances in Latin America	119

FIGURE 42 Remittances Sensitivity to Output Fluctuations in Recipient Countries	120

FIGURE 43 Remittances Sensitivity to Output Fluctuations in Sending Countries	121

FIGURE 45 The Response of Remittances to Macroeconomic Crises	123

Table 411 Remittances and Growth Volatility	124

Table 412 Volatility Effects of External and Policy Shocks by Remittances Levels	126

EVIDENCEFOR LATIN AMERICA	133

FIGURE 51 Differences in Savings Rates by RemittancesRecipient Status	135

Table 51 Savings Rates by Income Quintile and Remittances Recipient Status	137

FIGURE 52 Expenditure Patterns by RemittancesRecipient StatusRural Regions	140

FIGURE 53 Expenditure Patterns by RemittancesRecipient StatusUrban Regions	141

Table 52 Access to Remittances and Expenditure Shares	142

Table 53 Remittances and Expenditure Shares by Counter factual Household Income Quintiles	144

Mexico	147

Nicaragua	148

FIGURE 56 Average Years of Education for Adults 2265 Years Old	150

Table 54 Access to Remittances and Childrens EducationOLS	152

Table 55 Remittances and Childrens Education by Mothers Education	153

Guatemala	157

Table 56 Remittances and Health Outcomes	159

Table 63 Factors that Might Affect the Impact of Remittances on Financial Development	186

Table 64 Testing for Differences in the Use of Banking Services by Remittances Recipients and Nonrecipients	190

Probit Estimations for El Salvador	193

Fixed Effects Probit and Instrumental Variables Probit Estimations for El Salvador	194

OLS Estimations Clustered by State	197

Instrumental Variables Estimations	199

7 REMITTANCES THE REAL EXCHANGE RATE AND THE DUTCH DISEASE PHENOMENON	217

Table 71 Remittances and the Real Exchange Rate	224

FIGURE 71 Remittances and the Real Exchange Rate	226

FIGURE 72 Exports and the Real Exchange Rate	227

FIGURE 73 Imports and the Real Exchange Rate	229

Table 72 The Impact of Remittances on the Real Exchange Rate	233

Table 73 The Impact of Remittances on Real Exchange Rate Misalignment	235

Table 74 Macroeconomic Results of a Remittances Shock and a Payroll Tax for Jamaica	238

Table 7B1 List of Accounts for Jamaica SAM 2002	245

FIGURE 7B1 Production Structure of the Jamaica CGE Model	247

8 DO CONDITIONAL CASH TRANSFER PROGRAMS CROWD OUT PRIVATE TRANSFERS?	253

BOX 81 CONDITIONAL CASH TRANSFERS IN COLOMBIA	257

Table 81 Summary Statistics of Eligible Households Surveyed in Nicaragua in 2000 2001 and 2002	261

Table 82 Summary Statistics of Eligible Households Surveyed in Honduras in 2000 and 2002	266

Private Food Transfer Remittances and Food or Money Donation from Nongovernmental Organizations	268

Private Food Transfer Remittances and Food or Money Donation from Nongovernmental Organizations	270

Table 85 The Impact of RPS on the Incidence of Receiving Remittances	272

Table 86 The Impact of PRAFII on the Incidence of Receiving Remittances	274

Table 87 The Impact of RPS on the Amount of Remittances Received	276

Table 88 The Impact of PRAFII on the Amount of Remittances Received	278

Table 89 The Impact of RPS on the Incidence of Receiving Food	280

Table 810 The Impact of PRAFII on the Incidence of Receiving Food	282

Table 811 The Impact of PRAFII on the Amount of Food Received	284

Table 812 The Impact of RPS on the Incidence of Receiving Food Money Transfer or Both from Nongovernmental Organizations	286

Table 813 The Impact of PRAFII on the Incidence of Receiving Food Money Transfer or Both from Nongovernmental Organizations	288

9 FACILITATING REMITTANCES FLOWS AND SECURITY IN THE SYSTEM	299

BOX 91 The General Principles for International Remittances Services	301

BOX 92 The AMLCFT Regulations	303

BOX 93 Regulatory Requirements in the United States as Barriers to Entry	305

FIGURE 91 Channels for Remittances 2004	310

Table 91 Types of Remittances Service and Accessibility Considerations	311

FIGURE 92 Reasons for Not Having a Bank Account	312

Table 92 Requirements to Open a Bank Account in the United States March 2006	313

FIGURE 93 Perceptions on Why the Total Cost of Remittances Transfers Are Higher than the Flat Commissions Paid by Senders	314

FIGURE 94 Cost of Sending a US 300 Remittance from Chicago to Mexico March 2006	315

FIGURE 95 Fees as Percentage of RemittanceIllinoisto El Salvador March 2006	316

BOX 94 Money in Minutes or Next Day	317

BOX 95 Official Efforts for Transparency in the USMexico Remittances Market	318

FIGURE 97 Range of Prices of Remittance Services in the USMexico Corridor 19992005 Percent of Amount Sent	320

BOX 96 Linking Credit Unions through the International Remittance Network IRnet	322

THE ROLE OF COMPLEMENTARY POLICIES	335

The Bracero Program	336

FIGURE 101 Secondary Net Enrollment Deficit in Selected Latin American Countries	339

FIGURE 102 Institutional and Per Capita Income Levels	340

FIGURE 103 Domestic Credit to the Private Sector	343

BOX 102 Control Set in the Empirical Model	345

Table 101 Remittances Education and Economic Growth	346

Impact of a One Standard Deviation Increase in Remittances	348

Table 102 Remittances Institutions and Economic Growth	351

Impact of a One Standard Deviation Increase in Remittances	354

Table 103 Remittances the Financial Sector and Economic Growth	355

Table 104 Remittances the Policy Environment and Economic Growth	359

Growth Impact of a One Standard Deviation Increase in Remittances	361

BOX 103 Control Set in the Empirical Model for the Investment Rate	362

Table 105 Remittances Complementary Policies and Investment	363

Index	369

حقوق النشر

طبعات أخرى - عرض جميع المقتطفات

Remittances and Development: Lessons from Latin America
<span dir=ltr>World Bank</span>‏
عرض مقتطف - 2008

عبارات ومصطلحات مألوفة

Author’s calculations average before/after Caribbean CCTs chapter coefficient consumption Demirgüç-Kunt deposits Diff Dominican Republic dummy Economic Growth Ecuador effect of remittances El Salvador estimates exchange rate appreciation expenditures Figure financial development financial institutions financial sector GDP per capita Gini Gini coefficient Guatemala Haiti higher Honduras household surveys impact of remittances Incidence of Receiving income quintiles increase in remittances indicates inequality instrumental variables investment Jamaica labor supply Latin America Latin American countries Latin American migrants logs López macroeconomic Martínez Pería Mexican Mexico migrants Nicaragua nonrecipients Nonremittances income Paraguay payments system per-capita percentage points Peru poverty PRAF-II private transfers Quintile Quintile Quintile ratio real exchange rate region regression remittances and financial remittances flows remittances recipients remittances services remittances to GDP remittances-recipient reports RSPs Salvador savings senders share significant Source Statistics Table tances Total income U.S. Census Bureau United Washington workers World Bank

معلومات المراجع

العنوان	Remittances and Development: Lessons from Latin America Latin American Development Forum
المُحررون	Pablo Fajnzylber, J. Humberto Lopez
الإصدار	مزود بصور توضيحية
الناشر	World Bank Publications, 2008
رقم ISBN (الرقم الدولي المعياري للكتاب)	0821368710, 9780821368718
عدد الصفحات	408 من الصفحات

تصدير الاقتباس	BiBTeX EndNote RefMan

معلومات حول كتب Google - سياسة الخصوصية - بنود الخدمة - معلومات للناشرين - الإبلاغ عن مشكلة - مساعدة - صفحة ‏Google الرئيسية