Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 30174
The Global Crisis, Remittance Transfers, and Livelihoods of the Poor

Authors: Craig Loschmann

Abstract:

With the global financial crisis turning into what more and more appears to be a prolonged “Great Recession", we are witnessing marked reductions in remittance transfers to developing countries with the likely possibility that overall flows will decline even further in the near future. With countless families reliant on remittance inflows as a source of income maintaining their economic livelihood, a reduction would put many at risk of falling below or deeper into poverty. Recognizing the importance of remittance inflows as a lifeline to the poor, policy should aim to (1) reduce the barriers to remit in both sending and receiving nations thus easing the decline in transfers; (2) leverage the development impacts of remittances; and (3) buffer vulnerable groups dependent on remittance transfers as a source of livelihood through sound countercyclical macroeconomic policies.

Keywords: crisis, migration, remittance, livelihood.

Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1079486

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1382

References:


[1] Ratha, Dilip, Sanket Mohapatra and Zhimei Xu. "Outlook for Remittance Flows 2008-2010: Growth expected to moderate significantly, but flows to remain resilient". Migration and Development Brief 8. Migration and Remittances Team, Development Prospects Group, the World Bank. November 11, 2008.
[2] Fritz, Allison. "Economic crisis just one of many intersecting variables determining remittance trends". Inter-American Dialogue. November 10, 2008.
[3] Institute for International Finance. "2009 to see sharp declines in capital flows to emerging markets, says IIF". IIF Press Release. January 27, 2009.
[4] Wilke Meins, Robert, Natasha Bajuk and Greg Watson. "IDB estimates of 2008 remittance flows to Latin America and the Caribbean: Remittances contributing less to regional family income for first time". Inter-American Development Bank. October 2008.
[5] Banco Central de Mexico. "Las Remesas Familiares en 2008". January 27, 2009.
[6] Pew Hispanic Centre. "Unemployment Rose Sharply Among Latino Immigrants in 2008". Pew Research Center. February 12, 2009.
[7] Adams, Jr., Richard. "The Demographic, Economic and Financial Determinants of International Remittances in Developing Countries". World Bank Policy Research Working Paper 4583. Washington, DC: World Bank. March 2008.
[8] Faini, Riccardo. "Remittances and the Brain Drain: Do More Skilled Migrants Remit More?". World Bank Economic Review, Vol. 21(2): 177- 191. May 2007.
[9] Pew Hispanic Centre. "Hispanics and the Economic Downturn: Housing Woes and Remittance Cuts". Pew Research Center. January 8, 2009.
[10] Pinneda, Mikka. "How Far Will Remittances to the Philippines Fall in 2009?". RGE Monitor. March 2, 2009.
[11] Haan, Arjan de. "Migrants, Livelihoods, and Rights: the Relevance of Migration in Development Policies". Social Development Department. Social Development Working Paper No.4. February 2000.
[12] Ellis, Frank. "A Livelihoods Approach to Migration and Poverty Reduction". Overseas Development Group, University of East Anglia. November 2003.
[13] Delgado-Wise, Ra├║l and Luis Eduardo Guarnizo. "Migration and Development: Lessons from the Mexican Experience". Migration Policy Institute. 2007.
[14] World Bank. Global Economic Prospects: Economic Implications of Remittances and Migration. Washington D.C. 2006.
[15] Yang, Dean. "International Migration, human capital and entrepreneurship: Evidence from Philippine migrants- exchange rate shocks." Ford School of Public Policy Working Paper No. 02-011. Ann Arbor, Michigan, University of Michigan. 2004.
[16] Edwards, Alexandra Cox and Manuelita Ureta. "International migration, remittances and schooling: Evidence from El Salvador." Journal of Development Economics. Vol. 72(2): 429-461. 2003.
[17] Samal, Chandan K. "Remittances and Sustainable Livelihoods in Semi- Arid Areas". Asia-Pacific Development Journal, Vol. 13(2): 73-92. December 2006.
[18] Newland, Kathleen. "A New Surge of Interest in Migration and Development". Migration Policy Institute. 2007. .
[19] Page, John and Sonia Plaza. "Migration Remittances and Development: A Review of Global Evidence". Journal of African Economies, Vol. 00(2): 245-336. 2006.
[20] Spatafora, Nikola. "Two Current Issues Facing Developing Countries", in World Economic Outlook, Globalization and External Imbalances, pp 69-107. International Monetary Fund. 2005.
[21] Lopez-Cordova, J. Ernesto and Alexandra Olmedo. "International Migration, Remittances and Development: An Overview". Integration and Trade, No. 27. July-December 2007.
[22] International Organization for Migration. Migration and Development: Opportunities and Challenges for Policymakers. Geneva. 2006.
[23] Department of Economic and Social Affairs. "World Economic Social Survey 2008: Overcoming Economic Insecurity". United Nations. 2008.
[24] Department of Economic and Social Affairs. "Policy Notes for National Development Strategies: Macroeconomic and Growth Policies". United Nations. 2007.