This document discusses remittances in the context of globalization and leveraging the economic power of immigrant remittances. It provides background on remittances, including that they have grown substantially in recent decades and now exceed official development assistance to many developing countries. It also discusses remittance flows and their importance for Latin America. The document advocates for policies to help more immigrants access mainstream financial services and harness the development potential of remittances.
The document discusses global migration trends and remittances sent home by immigrant workers. Some key points:
- International migration has doubled since 1965, with over 3% of the world's population now living outside their country of birth. This has led to increased remittances being sent home.
- In 2005, an estimated $232 billion was remitted globally through formal channels, with over 70% ($167 billion) going to developing countries.
- Latin America is the largest recipient region for remittances, receiving 31% of the global total, mainly from the United States. Mexico, Brazil and Colombia receive the most remittances in the region.
- Remittances to Latin America exceed foreign aid and
The document discusses remittances from the United States to other countries from 1990 to 2009. It finds that in 2009, migrants' remittances from the United States totaled about $48 billion, nearly 70% more than US development assistance. About $38 billion were personal transfers to households abroad, while $11 billion reflected compensation of short-term employees. No data is available on the regional destinations of remittances after 2003, but historically about two-thirds went to Western Hemisphere countries, one-quarter to Asia/Pacific, and the rest to Europe and Africa. Remittances can help recipient country economies but may also reduce incentives to work. Fees for remittances have declined in recent decades. Mexico receives
- The document analyzes the impact of remittances from the Bangladeshi diaspora on Bangladesh's economy. It investigates the channels through which remittances are transferred and their contribution to poverty reduction.
- Literature review covers topics like global remittance inflows to developing countries, Bangladesh's increasing remittance receipts over time, and key terms like remittances and diaspora.
- The study uses interviews and secondary data to examine remittance determinants, find a correlation between education/income and remittance behavior, and identify that most remittances are sent through informal hundi channels instead of banks.
- The conclusion is that migration reduces unemployment
This document discusses immigration to the United States. It provides statistics on legal immigration categories including family-sponsored immigrants making up 65% of legal immigration. There were an estimated 11.1 million illegal immigrants residing in the US in 2012, with 58% coming from Mexico. Immigrants decide to migrate to take advantage of better economic opportunities or to reunite with family. While immigration can benefit the economy through increased output and efficiency, it can also lower wages for native-born workers and impose fiscal costs on governments. The optimal level of immigration is where the marginal benefits equal the marginal costs.
This document summarizes a research paper that investigates the determinants and macroeconomic impact of remittances in sub-Saharan Africa. It finds that remittances are larger when the diaspora is located in wealthier countries and behave counter-cyclically. While remittances have a negative effect on growth in regressions, countries with better domestic institutions are better able to leverage remittances for faster economic growth. The paper aims to specifically analyze remittances in sub-Saharan Africa using expanded data and estimates of emigrant populations to determine factors influencing remittance levels and their relationship to economic growth in recipient countries.
Remittances, or money transferred by foreign workers to their home countries, have grown significantly in size and importance. In 2005, global remittances totaled over $232 billion, with developing countries receiving about two-thirds of that amount. The top three recipient countries were India, China, and Mexico, receiving around a quarter of global remittances. However, when viewed as a percentage of GDP, smaller, poorer countries tend to rely more heavily on remittances. Remittances have also become a more stable and important source of capital than foreign direct investment or official development assistance. Improving remittance processes through new technologies could help further economic development in receiving countries.
This document discusses various topics related to human migration and displacement. It defines key terms like migration, refugee, and internally displaced persons (IDPs). It also discusses the different types of migration like voluntary vs forced migration. Push and pull factors that influence migration decisions are explained. Examples of government policies and programs around the world to address issues like facilitating migrant returns, naturalization policies, and integration measures are provided. The document also discusses UNHCR's role and approaches in supporting IDPs, such as prioritizing protection, emergency preparedness, operational response, integrated programming, and building local and national capacities.
The document discusses global migration trends and remittances sent home by immigrant workers. Some key points:
- International migration has doubled since 1965, with over 3% of the world's population now living outside their country of birth. This has led to increased remittances being sent home.
- In 2005, an estimated $232 billion was remitted globally through formal channels, with over 70% ($167 billion) going to developing countries.
- Latin America is the largest recipient region for remittances, receiving 31% of the global total, mainly from the United States. Mexico, Brazil and Colombia receive the most remittances in the region.
- Remittances to Latin America exceed foreign aid and
The document discusses remittances from the United States to other countries from 1990 to 2009. It finds that in 2009, migrants' remittances from the United States totaled about $48 billion, nearly 70% more than US development assistance. About $38 billion were personal transfers to households abroad, while $11 billion reflected compensation of short-term employees. No data is available on the regional destinations of remittances after 2003, but historically about two-thirds went to Western Hemisphere countries, one-quarter to Asia/Pacific, and the rest to Europe and Africa. Remittances can help recipient country economies but may also reduce incentives to work. Fees for remittances have declined in recent decades. Mexico receives
- The document analyzes the impact of remittances from the Bangladeshi diaspora on Bangladesh's economy. It investigates the channels through which remittances are transferred and their contribution to poverty reduction.
- Literature review covers topics like global remittance inflows to developing countries, Bangladesh's increasing remittance receipts over time, and key terms like remittances and diaspora.
- The study uses interviews and secondary data to examine remittance determinants, find a correlation between education/income and remittance behavior, and identify that most remittances are sent through informal hundi channels instead of banks.
- The conclusion is that migration reduces unemployment
This document discusses immigration to the United States. It provides statistics on legal immigration categories including family-sponsored immigrants making up 65% of legal immigration. There were an estimated 11.1 million illegal immigrants residing in the US in 2012, with 58% coming from Mexico. Immigrants decide to migrate to take advantage of better economic opportunities or to reunite with family. While immigration can benefit the economy through increased output and efficiency, it can also lower wages for native-born workers and impose fiscal costs on governments. The optimal level of immigration is where the marginal benefits equal the marginal costs.
This document summarizes a research paper that investigates the determinants and macroeconomic impact of remittances in sub-Saharan Africa. It finds that remittances are larger when the diaspora is located in wealthier countries and behave counter-cyclically. While remittances have a negative effect on growth in regressions, countries with better domestic institutions are better able to leverage remittances for faster economic growth. The paper aims to specifically analyze remittances in sub-Saharan Africa using expanded data and estimates of emigrant populations to determine factors influencing remittance levels and their relationship to economic growth in recipient countries.
Remittances, or money transferred by foreign workers to their home countries, have grown significantly in size and importance. In 2005, global remittances totaled over $232 billion, with developing countries receiving about two-thirds of that amount. The top three recipient countries were India, China, and Mexico, receiving around a quarter of global remittances. However, when viewed as a percentage of GDP, smaller, poorer countries tend to rely more heavily on remittances. Remittances have also become a more stable and important source of capital than foreign direct investment or official development assistance. Improving remittance processes through new technologies could help further economic development in receiving countries.
This document discusses various topics related to human migration and displacement. It defines key terms like migration, refugee, and internally displaced persons (IDPs). It also discusses the different types of migration like voluntary vs forced migration. Push and pull factors that influence migration decisions are explained. Examples of government policies and programs around the world to address issues like facilitating migrant returns, naturalization policies, and integration measures are provided. The document also discusses UNHCR's role and approaches in supporting IDPs, such as prioritizing protection, emergency preparedness, operational response, integrated programming, and building local and national capacities.
Latin American immigrants frequently send money, known as remittances, back to their home countries, with 60% doing so monthly. Remittances make up a significant source of funds for some developing nations, with immigrants sending $30 billion back to their home countries annually, more than total foreign aid. Globally, remittances reached $689 billion in 2018, up from $633 billion the prior year, and remittances to Colombia specifically increased over the last two years, reaching 581.70 million USD in July 2019.
This PPT focuses on topic of human migration, Internal And International Migration, Effect of Immigration and Emigration on economy, covering cases of India and Unites states.
Poor infrastructure in developing countries hampers economic growth and reduces quality of life. Infrastructure includes transportation, sanitation, energy, communication systems, and medical facilities. Many African and Asian countries have poor infrastructure. For example, the islands of Sao Tome and Principe have limited roads, signs, transportation, accommodation, and medical facilities despite their natural beauty. Developing infrastructure is important for attracting tourism but requires investment over time. Crime also negatively impacts tourism by creating an unsafe environment for visitors. Police units focused on tourist safety and citizen patrols can help address crimes targeting tourists.
The document discusses migration, specifically between Mexico and the United States. It provides background information on push and pull factors that influence migration between the two countries. There are poor economic opportunities and medical facilities that push migration out of Mexico, while the US pulls migrants with well-paid jobs and excellent healthcare. The document also examines a case study of Margerita who is deciding whether to migrate from Mexico to the US.
The hospitality industry refers to places away from home where people can stay, eat, and drink. This industry makes a huge contribution to the economy of the United States. For example, hospitality is a significant source of employment. The industry also creates jobs indirectly in other sectors like supply and delivery, marketing, and agriculture.
The hospitality industry comprises several sectors, including hotels, food services, gaming, cruise lines, and travel. Hospitality and tourism have much in common, as both encompass hotels, food service outlets, casinos, travel, entertainment, and tourism-related activities. Lodging and accommodation constitutes the largest sector. It accounts for nearly a fifth of travel and tourism spending. Travelers spent about $300 billion on hotels in 2017. This industry supports almost 2.1 million jobs in the United States. On the other hand, food services account for roughly 16 percent of travel and tourism spending. In 2017, travelers spent $254 billion on food services, sustaining nearly 2.1 million jobs in the United States.
The hospitality sector contributes significantly to the local and regional economies, both directly and indirectly. They contribute directly when customers pay for services such as lodging, food, and entertainment, and contribute indirectly when these companies buy goods and services from other suppliers and merchants.
More businesses will be established if a destination attracts many visitors and tourists, resulting in healthy competition. This will boost the economy through an increased fiscal effect. City governments will benefit from hotel and property taxes, so more hotels lead to more money for municipal services. As hotels facilitate increased spending, people and companies enjoy a higher quality of life, making the destination more enjoyable for everyone who lives there or visits.
Though I have been working in the technology industry, I always think a professional marketer needs to be able to promote an idea, a product, a service, a city, a state, and even a country. I try to think like a marketer in the tourism industry and think about how to promote this beautiful state to more Asian tourists. Feel free to let me know if I miss anything and comments are always welcome. ;-)
Migration is the movement of people between locations. There are many reasons why people migrate, including economic, social, political, and environmental factors. Migration can be international or internal, and is driven by "push" factors in the origin location and "pull" factors in the destination. Common push factors include lack of jobs, poverty, and conflict, while pull factors include opportunities for better employment and quality of life. Migration impacts both origins and destinations.
Harnessing all resources to acheive SDG'sDr Chetan C P
This discussion has attempted to highlight the financing development in a world with increasingly scarce concessional resources and in -an environment where access to long-term financing for development has become more difficult.
Its also time to look beyond the ODA towards sustainable and innovative ways of financing with reliance on domestic resources and enhancing the tax base including efficient administration. Investor enabled environment is pivotal and the focus towards achieving the dream of 'VASUDHAIVA KUTUMBAKAM" meaning 'the world is one family'.
This document discusses skilled labour migration from Caribbean countries. It notes that while Caribbean countries have historically relied on migration as part of their development, the scale and selectivity of recent skilled migration is a potential concern. Specifically, it outlines that the 1960s saw legislative changes in destinations like the US and Canada that increased demand for skilled migrants from the Caribbean. As a result, the proportion of Caribbean migrants who were highly skilled rose dramatically. While circular migration and transnational communities have mitigated "brain drain" impacts, the targeting of skilled groups like health and education professionals by host countries warrants consideration of policies to balance human resource needs and outflows.
Foreign aid can contribute to economic growth by increasing investment, imports of capital goods, and human capital development. However, aid can also fuel conflict by being stolen or appropriated by governments and militias to support warring factions. Pakistan is cited as an example - despite receiving over $100 billion in aid over decades, it has not experienced reduced conflict or improved development outcomes. The effectiveness of aid depends on factors like governance and policies in the receiving country.
Is A City Built By Immigrants Still Open to Them? : Recent Trends in Immigrat...kurtpeacock
The document summarizes key findings from a study on the immigrant experience in Saint John, New Brunswick. It found that the top challenge immigrants face is a lack of meaningful employment opportunities and barriers to starting businesses. While some programs to attract immigrants have had mixed success, immigrants identified improved job opportunities and language training as areas that could help them stay in the community long-term. The study provides historical context on immigration to Saint John and examines both past and current immigrant experiences.
The document discusses various types and causes of human migration. It defines migration as the permanent movement of people across national or international borders. It then describes different types of migration like internal, international, chain, and relay migration. Forced migration types include refugees, internally displaced persons, and asylum seekers. Voluntary migration involves emigrants and immigrants. The document also examines push-pull factors, migration patterns and data, and the theories of migration proposed by scholars like Ravenstein, Lee, Todaro, and Stark.
The Philippines has a long history of labor migration since the 1970s, supplying skilled and unskilled workers to more developed countries. As of 2004, an estimated 8.1 million or 10% of Filipinos were working abroad in almost 200 countries. Economic factors like income disparities and limited career growth, as well as political unrest and frequent natural disasters have driven migration. The Philippines is now one of the largest labor exporters in the world and a top recipient of remittances, providing protections for migrant workers through laws and advocacy groups.
The document discusses the impacts of tourism on developing economies. It begins with an introduction stating that while tourism provides economic benefits, it can also have environmental, social, and cultural impacts if not properly managed. It then provides details on the various impacts under sections on environment (1.1.1), sociocultural (1.1.2), and economic (1.1.3). Specific examples of impacts in Thailand (2.3) and India (2.4) are also discussed.
The price of_offshore_revisited_presser_120722ManfredNolte
This document reports on a study that estimates the amount of private wealth owned by high-net-worth individuals and held in tax haven countries. The key findings are:
1) At least $21 trillion of unreported private wealth was held offshore as of 2010, equivalent to the size of the US and Japanese economies combined. The actual amount may be as high as $32 trillion.
2) Less than 100,000 people worldwide own $9.8 trillion of the wealth held offshore.
3) Taxing the investment returns on this hidden wealth at a modest rate could generate $190-280 billion annually for governments, twice the amount spent on overseas aid.
4) Many developing countries are
This document is a project report submitted by Manoj Thadani to the University of Mumbai for their Master of Commerce program. The report examines trends in migration within India. It includes an introduction, definitions of migration, different types of migration, causes of migration, reasons for migration, key findings from the Indian NSSO survey on migration from 2007-2008, and a conclusion. The NSSO survey found that around 30% of Indians are migrants, with most migration occurring within states rather than between states. It also analyzed patterns of intra-state, inter-state, rural-urban migration and reasons for migration.
Foreign aid - Transparency and Accountability - June 2017paul young cpa, cga
- Paul Young is a CPA and expert in risk management, business strategy, supply chain management and public policy.
- The document discusses definitions of foreign aid and outlines the UN's goals for foreign aid contributions from wealthy nations. However, it notes donor countries often fail to meet the 0.7% GNI target and aid comes with conditions that benefit donor countries over recipients.
- It then outlines transparency issues with foreign aid contractors' salaries and profits. Several countries' foreign aid programs and budgets are examined, including criticism of a lack of transparency in Canada's system.
Migration and Types of Migrations involving World migration PatternSadia Rahat
1. Migration involves the movement of people across boundaries and is one of three components of population change, along with births and deaths. It is difficult to measure, model, and forecast compared to fertility and mortality.
2. Migrations can be internal within a country or region, or international across country borders. They can be voluntary or involuntary, and people who migrate are either immigrants or emigrants depending on their departure and destination points.
3. Migrations are selective based on factors like age, sex, family size, occupation, race, and education level. Young adults tend to migrate more than other age groups for jobs, while married people migrate less than unmarried people. Men also tend to migrate more than women.
Foreign aid - Transparency and Accountability - October 2017paul young cpa, cga
- Paul Young is a CPA and expert in areas including risk management, reporting, public policy, supply chain management, and business strategy.
- The document discusses definitions of foreign aid and outlines the UN's position that donor countries have failed to meet their commitments of giving 0.7% of GNI as foreign aid annually. It also notes issues with how aid is often spent and potential for corruption.
- Specific sections cover Canada's foreign aid budget and policies, as well as issues around transparency and oversight of foreign aid spending by countries like the UK, US, and Canada. Key recipient countries discussed include Haiti, North Korea, Africa, Palestine, and Mali.
U.S. Wealth Report 2014 from Capgemini and RBC Wealth ManagementCapgemini
Capgemini and RBC Wealth Management are proud to introduce the first edition of the U.S. Wealth Report covering in-depth analysis of the top 12 U.S. Metropolitan Statistical Areas (MSAs) for high net worth individuals (HNWIs). Built from the World Wealth Report 2014 and its Global HNW Insights Survey, the report highlights the growth of HNWIs and their wealth in the U.S., as well as reviewing economic and market drivers behind the numbers.
This document discusses informal money transfer systems, such as hawala, that are widely used by immigrant workers and their families as an alternative to expensive formal money transfer organizations. Some key points:
1) Informal money transfer systems are estimated to account for 25-75% of global remittance flows, totaling $100-300 billion annually transferred through these systems.
2) These informal systems charge much lower fees than formal organizations, estimated at 0.25-1.25% compared to an average of 10% for formal transfers.
3) While concerns have been raised about potential use for money laundering or terrorism financing, these systems remain important for many migrant workers and their families to send
Latin American immigrants frequently send money, known as remittances, back to their home countries, with 60% doing so monthly. Remittances make up a significant source of funds for some developing nations, with immigrants sending $30 billion back to their home countries annually, more than total foreign aid. Globally, remittances reached $689 billion in 2018, up from $633 billion the prior year, and remittances to Colombia specifically increased over the last two years, reaching 581.70 million USD in July 2019.
This PPT focuses on topic of human migration, Internal And International Migration, Effect of Immigration and Emigration on economy, covering cases of India and Unites states.
Poor infrastructure in developing countries hampers economic growth and reduces quality of life. Infrastructure includes transportation, sanitation, energy, communication systems, and medical facilities. Many African and Asian countries have poor infrastructure. For example, the islands of Sao Tome and Principe have limited roads, signs, transportation, accommodation, and medical facilities despite their natural beauty. Developing infrastructure is important for attracting tourism but requires investment over time. Crime also negatively impacts tourism by creating an unsafe environment for visitors. Police units focused on tourist safety and citizen patrols can help address crimes targeting tourists.
The document discusses migration, specifically between Mexico and the United States. It provides background information on push and pull factors that influence migration between the two countries. There are poor economic opportunities and medical facilities that push migration out of Mexico, while the US pulls migrants with well-paid jobs and excellent healthcare. The document also examines a case study of Margerita who is deciding whether to migrate from Mexico to the US.
The hospitality industry refers to places away from home where people can stay, eat, and drink. This industry makes a huge contribution to the economy of the United States. For example, hospitality is a significant source of employment. The industry also creates jobs indirectly in other sectors like supply and delivery, marketing, and agriculture.
The hospitality industry comprises several sectors, including hotels, food services, gaming, cruise lines, and travel. Hospitality and tourism have much in common, as both encompass hotels, food service outlets, casinos, travel, entertainment, and tourism-related activities. Lodging and accommodation constitutes the largest sector. It accounts for nearly a fifth of travel and tourism spending. Travelers spent about $300 billion on hotels in 2017. This industry supports almost 2.1 million jobs in the United States. On the other hand, food services account for roughly 16 percent of travel and tourism spending. In 2017, travelers spent $254 billion on food services, sustaining nearly 2.1 million jobs in the United States.
The hospitality sector contributes significantly to the local and regional economies, both directly and indirectly. They contribute directly when customers pay for services such as lodging, food, and entertainment, and contribute indirectly when these companies buy goods and services from other suppliers and merchants.
More businesses will be established if a destination attracts many visitors and tourists, resulting in healthy competition. This will boost the economy through an increased fiscal effect. City governments will benefit from hotel and property taxes, so more hotels lead to more money for municipal services. As hotels facilitate increased spending, people and companies enjoy a higher quality of life, making the destination more enjoyable for everyone who lives there or visits.
Though I have been working in the technology industry, I always think a professional marketer needs to be able to promote an idea, a product, a service, a city, a state, and even a country. I try to think like a marketer in the tourism industry and think about how to promote this beautiful state to more Asian tourists. Feel free to let me know if I miss anything and comments are always welcome. ;-)
Migration is the movement of people between locations. There are many reasons why people migrate, including economic, social, political, and environmental factors. Migration can be international or internal, and is driven by "push" factors in the origin location and "pull" factors in the destination. Common push factors include lack of jobs, poverty, and conflict, while pull factors include opportunities for better employment and quality of life. Migration impacts both origins and destinations.
Harnessing all resources to acheive SDG'sDr Chetan C P
This discussion has attempted to highlight the financing development in a world with increasingly scarce concessional resources and in -an environment where access to long-term financing for development has become more difficult.
Its also time to look beyond the ODA towards sustainable and innovative ways of financing with reliance on domestic resources and enhancing the tax base including efficient administration. Investor enabled environment is pivotal and the focus towards achieving the dream of 'VASUDHAIVA KUTUMBAKAM" meaning 'the world is one family'.
This document discusses skilled labour migration from Caribbean countries. It notes that while Caribbean countries have historically relied on migration as part of their development, the scale and selectivity of recent skilled migration is a potential concern. Specifically, it outlines that the 1960s saw legislative changes in destinations like the US and Canada that increased demand for skilled migrants from the Caribbean. As a result, the proportion of Caribbean migrants who were highly skilled rose dramatically. While circular migration and transnational communities have mitigated "brain drain" impacts, the targeting of skilled groups like health and education professionals by host countries warrants consideration of policies to balance human resource needs and outflows.
Foreign aid can contribute to economic growth by increasing investment, imports of capital goods, and human capital development. However, aid can also fuel conflict by being stolen or appropriated by governments and militias to support warring factions. Pakistan is cited as an example - despite receiving over $100 billion in aid over decades, it has not experienced reduced conflict or improved development outcomes. The effectiveness of aid depends on factors like governance and policies in the receiving country.
Is A City Built By Immigrants Still Open to Them? : Recent Trends in Immigrat...kurtpeacock
The document summarizes key findings from a study on the immigrant experience in Saint John, New Brunswick. It found that the top challenge immigrants face is a lack of meaningful employment opportunities and barriers to starting businesses. While some programs to attract immigrants have had mixed success, immigrants identified improved job opportunities and language training as areas that could help them stay in the community long-term. The study provides historical context on immigration to Saint John and examines both past and current immigrant experiences.
The document discusses various types and causes of human migration. It defines migration as the permanent movement of people across national or international borders. It then describes different types of migration like internal, international, chain, and relay migration. Forced migration types include refugees, internally displaced persons, and asylum seekers. Voluntary migration involves emigrants and immigrants. The document also examines push-pull factors, migration patterns and data, and the theories of migration proposed by scholars like Ravenstein, Lee, Todaro, and Stark.
The Philippines has a long history of labor migration since the 1970s, supplying skilled and unskilled workers to more developed countries. As of 2004, an estimated 8.1 million or 10% of Filipinos were working abroad in almost 200 countries. Economic factors like income disparities and limited career growth, as well as political unrest and frequent natural disasters have driven migration. The Philippines is now one of the largest labor exporters in the world and a top recipient of remittances, providing protections for migrant workers through laws and advocacy groups.
The document discusses the impacts of tourism on developing economies. It begins with an introduction stating that while tourism provides economic benefits, it can also have environmental, social, and cultural impacts if not properly managed. It then provides details on the various impacts under sections on environment (1.1.1), sociocultural (1.1.2), and economic (1.1.3). Specific examples of impacts in Thailand (2.3) and India (2.4) are also discussed.
The price of_offshore_revisited_presser_120722ManfredNolte
This document reports on a study that estimates the amount of private wealth owned by high-net-worth individuals and held in tax haven countries. The key findings are:
1) At least $21 trillion of unreported private wealth was held offshore as of 2010, equivalent to the size of the US and Japanese economies combined. The actual amount may be as high as $32 trillion.
2) Less than 100,000 people worldwide own $9.8 trillion of the wealth held offshore.
3) Taxing the investment returns on this hidden wealth at a modest rate could generate $190-280 billion annually for governments, twice the amount spent on overseas aid.
4) Many developing countries are
This document is a project report submitted by Manoj Thadani to the University of Mumbai for their Master of Commerce program. The report examines trends in migration within India. It includes an introduction, definitions of migration, different types of migration, causes of migration, reasons for migration, key findings from the Indian NSSO survey on migration from 2007-2008, and a conclusion. The NSSO survey found that around 30% of Indians are migrants, with most migration occurring within states rather than between states. It also analyzed patterns of intra-state, inter-state, rural-urban migration and reasons for migration.
Foreign aid - Transparency and Accountability - June 2017paul young cpa, cga
- Paul Young is a CPA and expert in risk management, business strategy, supply chain management and public policy.
- The document discusses definitions of foreign aid and outlines the UN's goals for foreign aid contributions from wealthy nations. However, it notes donor countries often fail to meet the 0.7% GNI target and aid comes with conditions that benefit donor countries over recipients.
- It then outlines transparency issues with foreign aid contractors' salaries and profits. Several countries' foreign aid programs and budgets are examined, including criticism of a lack of transparency in Canada's system.
Migration and Types of Migrations involving World migration PatternSadia Rahat
1. Migration involves the movement of people across boundaries and is one of three components of population change, along with births and deaths. It is difficult to measure, model, and forecast compared to fertility and mortality.
2. Migrations can be internal within a country or region, or international across country borders. They can be voluntary or involuntary, and people who migrate are either immigrants or emigrants depending on their departure and destination points.
3. Migrations are selective based on factors like age, sex, family size, occupation, race, and education level. Young adults tend to migrate more than other age groups for jobs, while married people migrate less than unmarried people. Men also tend to migrate more than women.
Foreign aid - Transparency and Accountability - October 2017paul young cpa, cga
- Paul Young is a CPA and expert in areas including risk management, reporting, public policy, supply chain management, and business strategy.
- The document discusses definitions of foreign aid and outlines the UN's position that donor countries have failed to meet their commitments of giving 0.7% of GNI as foreign aid annually. It also notes issues with how aid is often spent and potential for corruption.
- Specific sections cover Canada's foreign aid budget and policies, as well as issues around transparency and oversight of foreign aid spending by countries like the UK, US, and Canada. Key recipient countries discussed include Haiti, North Korea, Africa, Palestine, and Mali.
U.S. Wealth Report 2014 from Capgemini and RBC Wealth ManagementCapgemini
Capgemini and RBC Wealth Management are proud to introduce the first edition of the U.S. Wealth Report covering in-depth analysis of the top 12 U.S. Metropolitan Statistical Areas (MSAs) for high net worth individuals (HNWIs). Built from the World Wealth Report 2014 and its Global HNW Insights Survey, the report highlights the growth of HNWIs and their wealth in the U.S., as well as reviewing economic and market drivers behind the numbers.
This document discusses informal money transfer systems, such as hawala, that are widely used by immigrant workers and their families as an alternative to expensive formal money transfer organizations. Some key points:
1) Informal money transfer systems are estimated to account for 25-75% of global remittance flows, totaling $100-300 billion annually transferred through these systems.
2) These informal systems charge much lower fees than formal organizations, estimated at 0.25-1.25% compared to an average of 10% for formal transfers.
3) While concerns have been raised about potential use for money laundering or terrorism financing, these systems remain important for many migrant workers and their families to send
This document discusses challenges related to migration and development cooperation. It notes that while migration brings both opportunities and challenges, perceptions of migrants are often negative. The 2030 Agenda and Global Compact on Migration provide a framework for managing migration in a way that benefits development. However, locally-led solutions tailored to specific contexts are needed. Collecting disaggregated data on migration and the SDGs can help inform evidence-based policies. Advocacy is also important to change negative narratives around migration and highlight migrants' contributions. Protecting vulnerable groups like women and ensuring their participation is key. Cooperation between countries is necessary to develop protection-sensitive policies on mixed migration flows.
1) Remittances to Sub-Saharan African countries have substantially increased over the past decade but account for a small percentage of global remittances.
2) The study analyzes factors that influence remittance flows to 36 Sub-Saharan African countries from 1990 to 2005. It finds that higher incomes and larger populations of expatriates in host countries are associated with higher remittances, suggesting remittances may decline with economic downturns that reduce migrant incomes and numbers.
3) However, remittances also vary counter-cyclically with home country GDP, indicating they play a role in absorbing economic shocks by increasing when home economies face difficulties. Better institutions and financial development in home
Foreign Remittances and their Impact on the Economy of PakistanMuhammad Umair
This document discusses foreign remittances to Pakistan from 1947-2014. It notes that remittances totaled over $500 billion worldwide in 2012, with Pakistan receiving $14 billion, and provides statistics on remittance amounts over time. Remittances have significantly impacted Pakistan's economy, helping to reduce its trade and budget deficits while boosting consumption, investment, and GDP. However, over-reliance on temporary remittances is not a sustainable economic model for Pakistan.
The document presents a business case for a company to enter the global remittance market. It analyzes the size and growth of the global and regional remittance markets, with a focus on the UAE market. The largest remittance corridors from the UAE are to India, the Philippines, Nepal, Sri Lanka, and Pakistan due to the large populations of immigrants in the UAE from these countries who send money home. Entering the remittance market could be profitable given the large and growing market sizes.
Global migration occurs through internal migration within countries and international migration across borders. There are five main groups of immigrants: permanent immigrants, temporary workers, illegal immigrants, petitioned immigrants, and refugees/asylum seekers. The top three regions of origin for migrants are Latin America, Eastern Europe/Central Asia, and the Middle East/North Africa. While migration benefits destination countries through economic contributions, it also leads to debates around its impacts and integration challenges for migrants.
Between 2002 and 2011, developing countries lost nearly $6 billion due to illicit financial flows according to Global Financial Integrity. Honduras is particularly affected, with an estimated $31.5 billion lost over the same period, amounting to 20% of its GDP. This money lost to activities like money laundering, trade misinvoicing, and tax evasion has severely impacted Honduras' ability to provide public services and invest in development, keeping many citizens in poverty. While Honduras and international organizations have made some efforts to reduce illicit financial flows through new laws and enforcement, corruption continues to enable criminal networks and strip the country of critical resources.
Brazilians exemplify a migrant group that is well connected through transnational ties. These activities by migrant groups are important to highlight, as they have potential development impacts in both the migrants’ home and host countries. This paper looks at the characteristics of Brazilian migrants in the United States and their participation in transnational activities using data from a study of Brazilians living in Massachusetts conducted in 2007.
The document summarizes information about refugees and the global refugee crisis. It discusses how wars, conflicts and state terrorism cause many people to flee their homes and become refugees. The total number of displaced people, including refugees and internally displaced persons, has now reached crisis levels globally. Most refugees are women and children fleeing conflict zones where rape and abuse have been used as weapons of war. While UN agencies and some governments set up refugee camps, conditions in camps are often poor and security issues are common. The refugee crisis intersects with issues of immigration, asylum, and human rights as countries tighten border controls and some refugees face prolonged detention or lack of due process. Globalization and economic issues like poverty, inequality and lack of opportunity also contribute
The document discusses the concept of immigrant transnationalism, which refers to immigrants maintaining regular engagement and activities in both their home and host countries. It contrasts the traditional view of immigration as a one-way movement from home to host countries with the transnational lens, which sees immigration as ongoing cross-border flows and activities. The document also provides examples measuring transnationalism through remittances, transnational business ties, and other connections immigrants maintain with their home countries. Finally, it outlines some implications of transnationalism, such as the need to reconceive policies around issues like education, investment, and identity to accommodate immigrants' transnational realities.
Smugglers and vulnerable migrants in central america and mexico finalUN Global Pulse
Executive summary of the United Nations Office on Drugs and Crime (UNODC) research: “Smugglers and Vulnerable Migrants in Central America and Mexico,” conducted as part of UN Global Pulse’s Rapid Impact and Vulnerability Assessment Fund (RIVAF). For more information: http://www.unglobalpulse.org/projects/rapid-impact-and-vulnerability-analysis-fund-rivaf
This presentation describes the remittance and development correlationship. It also provide some information about the remittance data sources and present Remittance flow trends.
The document discusses rising global economic inequality based on several studies and reports. It finds that the wealthiest 1% own over half of the world's wealth, while the bottom half own less than 1%. The richest 85 people own as much as the poorest 3.5 billion. Factors contributing to rising inequality include globalization, privatization, technological changes, tax policies, and corruption in the form of tax evasion, trade mispricing, money laundering, and bribery. Developing countries lose an estimated $1-2 trillion annually due to these issues. Reducing corruption and recovering these losses could help prevent millions of deaths from lack of healthcare and investment in developing nations.
This document contains a summary of key information about Chinese immigration to Canada and characteristics of wealthy Chinese individuals seeking to immigrate. Some of the key points include:
- Chinese immigrants have made up a large portion (averaging over 30,000 per year) of immigrants to Canada since 2000. Many have settled in Ontario and British Columbia.
- Wealthy Chinese are increasingly looking to immigrate for reasons like education, environmental concerns, and asset security. The US, Canada, UK, and Australia are top destinations.
- Over 80% of wealthy Chinese parents plan to send their children abroad for education, starting at younger ages like high school rather than just university.
- To be considered a high-net
This document discusses Salvadoran immigration and transnationalism between El Salvador and Los Angeles. It notes that Salvadorians face exploitation through low wages, harsh working conditions, and high costs for financial services due to lack of access to banking. This creates a "vicious cycle" of poverty. The document discusses policies around legalization versus deportation, arguing legalization would boost the economy while deportation would significantly reduce GDP. It proposes using new technologies to empower diaspora communities and break the cycle through increased access to low-cost financial services.
Similar to The Diaspora Dividend - Leveraging Immigrant Remittances (20)
A pesquisa mostrou que os estudantes que passaram mais tempo jogando videogames tiveram melhores resultados acadêmicos do que aqueles que passaram mais tempo usando redes sociais. Os videogames podem estimular a criatividade e a resolução de problemas se forem jogados com moderação.
O documento apresenta o Instituto Diáspora Brasil (IDB), uma organização sem fins lucrativos fundada por brasileiros imigrantes. O IDB tem como missão apoiar a diáspora brasileira e construir alternativas sociais, econômicas e políticas por meio de parcerias e voluntários. O documento também descreve um acordo de cooperação entre o IDB e a Universidade Federal da Bahia para aprofundar a cooperação internacional sobre migração.
O documento discute questões complexas sem fornecer detalhes ou informações específicas. Parece tratar de um tópico amplo com vários pontos, porém sem nenhum contexto ou esclarecimento sobre o assunto em questão.
O documento discute as colaborações científicas entre a Índia e o Reino Unido, desde a criação do UK-India Science and Innovation Council em 2004 até a parceria Roadmap 2030. Também aborda investimentos indianos em universidades britânicas e analisa experiências de outros países em engajar suas diásporas científicas, comparando com os desafios enfrentados pelo Brasil nessa área.
The document discusses the history of immigration and citizenship laws in the United States from the 18th century to present day. It notes that early laws only granted citizenship to "free white persons" and that various laws throughout American history placed restrictions on immigrants from Asia and Latin America. While some policies tried to encourage European immigration, others essentially banned immigration from China and criminalized Mexican migrant workers. The document argues that current policies under Biden have not meaningfully addressed the root causes of migration and have continued harsh enforcement approaches.
O documento discute as migrações transnacionais e como elas desafiam as perspectivas tradicionais sobre migração. Ele explora como os migrantes vivem em países de origem e destino ao mesmo tempo, mantendo laços econômicos, políticos e culturais entre ambos através de plataformas transnacionais. O documento também discute como as políticas migratórias precisam reconhecer e apoiar essas realidades transnacionais.
This document introduces a research agenda on transnational social protection (TSP). It argues that traditional theories of social welfare and migration have focused too narrowly on nation-states and fail to account for how people living transnational lives obtain social protections that cross borders. The document defines TSP as protections for people on the move that come from multiple nation-states, as well as non-state actors. It introduces the concept of a "resource environment" to map sources of TSP over time, space, and among individuals. Several empirical examples are provided to illustrate TSP dynamics. The research agenda aims to advance understanding of emerging TSP arrangements and their implications.
This document discusses transnational social protection in a world where more people live outside their country of citizenship. It defines transnational social protection as policies, programs, and institutions that provide social protections like healthcare, education, unemployment benefits, etc. in a transnational way. Individuals piece together resources from states, markets, NGOs, and social networks across borders. While some gain new protections, inequality is redistributed rather than eliminated as rights, residence and citizenship are decoupled from each other and the nation state. New policies are needed that address this mobile world where people live outside their home countries.
O documento discute a migração de brasileiros para Portugal, analisando dados estatísticos, motivações e perfis dos migrantes. Ele explora tópicos como as principais razões para a emigração, como a herança cultural portuguesa; setores econômicos em que os brasileiros atuam, como telecomunicações e comércio; e como a renda influencia o empreendedorismo e investimentos transnacionais entre os dois países.
This report provides data on gender in Boston broken down into several categories:
- Females make up 52% of Boston's population but 57.3% of seniors. They are slightly more likely to be black or Hispanic.
- Younger women are more educated - 47.6% of women 18-64 have a bachelor's degree vs 43.6% of men.
- Though the gender gap is closing, men still earn more - the median for employed men is $50,930 vs $41,813 for women.
Boston's immigrant labor force makes up nearly 30% of the city's total labor force. While immigrants traditionally came from Europe, current immigrants are more likely to come from Latin America, the Caribbean, and Asia. Over 70% of immigrants in Boston's labor force arrived since 1990. Less than half are naturalized citizens, and about half speak English proficiently. Compared to native-born workers, immigrants are more likely to be older, less educated, and from non-white racial groups. The report examines the socioeconomic characteristics and labor market integration of these immigrant workers.
Brasileiros em Portugal: de volta às raízes lusitanas traz informações, até então não publicadas, sobre esse importante fenômeno migratório, além da análise de dados produzidos por órgãos oficiais dos dois países e por estudos anteriores. A emigração brasileira para Portugal tem suas raízes na expansão ultramarina, no longínquo século XV. A chegada da Coroa Portuguesa à Terra de Santa Cruz impulsionou esta importante conexão que ao longo das décadas se estruturou e, continuamente, se “re”estrutura. A obra apresenta uma análise criteriosa da relação interdependente entre Brasil e Portugal, com suas históricas nuances permeadas pela migração de seus povos. Passando pela migração bilateral durante o Brasil Colônia, Império e no período pós-independência, o livro discorre sobre os diferentes aspectos desses fluxos, que é um dos mais relevantes da emigração brasileira.
The document provides a profile of migration trends in Brazil between 1980-2009. Key points include:
1) Brazil has historically experienced immigration but more recently emigration has increased, with estimates of 1-3 million Brazilians living abroad as of 2009.
2) Major sources of immigration to Brazil include Portugal, Italy, Spain, Japan and Germany between the late 19th-early 20th centuries.
3) Emerging emigration trends have seen many Brazilians relocate to the United States, Japan, other South American countries and Europe in search of work opportunities.
4) Remittances from Brazilians abroad totaled around $3 billion USD in 2008, providing an economic contribution.
The document summarizes census data about the Vietnamese population in Boston. It notes that the Vietnamese population contributes significantly to the local economy through jobs, income, and tax revenue. Specifically, it states that the Vietnamese population in Boston totals around 12,700 people who contributed $248 million in income and $16.4 million in state taxes in 2016. It also provides details about demographics, location within Boston, language proficiency, occupations, income levels, home ownership rates, and types of businesses owned by the Vietnamese population.
The document summarizes data on the five largest foreign-born groups in Massachusetts. It finds that over 34% of immigrants come from China, the Dominican Republic, India, Brazil, and Portugal. Specifically, the largest groups are: 1) China (9.6%), 2) Dominican Republic (7.7%), 3) India (6.0%), 4) Brazil (5.9%), and 5) Portugal (5.0%). It also provides data on trends in immigration populations from these countries over time and their concentrations within Massachusetts cities and towns.
The document summarizes data about the Haitian population in Boston. Some key points:
- Haitians make up 3.7% of Boston's population and contribute economically through jobs, businesses, income taxes and consumer spending.
- The Haitian population grew after the 2010 earthquake in Haiti. Over half are foreign-born and over half are female.
- Educational attainment varies between native-born and foreign-born Haitians, impacting their earnings and employment opportunities.
- Many Haitians work in healthcare support, personal care, and protective services jobs. Haitian-owned businesses are concentrated in taxi and limousine services.
- Homeownership rates are lower for
AHMR is an interdisciplinary peer-reviewed online journal created to encourage and facilitate the study of all aspects (socio-economic, political, legislative and developmental) of Human Mobility in Africa. Through the publication of original research, policy discussions and evidence research papers AHMR provides a comprehensive forum devoted exclusively to the analysis of contemporaneous trends, migration patterns and some of the most important migration-related issues.
RFP for Reno's Community Assistance CenterThis Is Reno
Property appraisals completed in May for downtown Reno’s Community Assistance and Triage Centers (CAC) reveal that repairing the buildings to bring them back into service would cost an estimated $10.1 million—nearly four times the amount previously reported by city staff.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Combined Illegal, Unregulated and Unreported (IUU) Vessel List.Christina Parmionova
The best available, up-to-date information on all fishing and related vessels that appear on the illegal, unregulated, and unreported (IUU) fishing vessel lists published by Regional Fisheries Management Organisations (RFMOs) and related organisations. The aim of the site is to improve the effectiveness of the original IUU lists as a tool for a wide variety of stakeholders to better understand and combat illegal fishing and broader fisheries crime.
To date, the following regional organisations maintain or share lists of vessels that have been found to carry out or support IUU fishing within their own or adjacent convention areas and/or species of competence:
Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
Commission for the Conservation of Southern Bluefin Tuna (CCSBT)
General Fisheries Commission for the Mediterranean (GFCM)
Inter-American Tropical Tuna Commission (IATTC)
International Commission for the Conservation of Atlantic Tunas (ICCAT)
Indian Ocean Tuna Commission (IOTC)
Northwest Atlantic Fisheries Organisation (NAFO)
North East Atlantic Fisheries Commission (NEAFC)
North Pacific Fisheries Commission (NPFC)
South East Atlantic Fisheries Organisation (SEAFO)
South Pacific Regional Fisheries Management Organisation (SPRFMO)
Southern Indian Ocean Fisheries Agreement (SIOFA)
Western and Central Pacific Fisheries Commission (WCPFC)
The Combined IUU Fishing Vessel List merges all these sources into one list that provides a single reference point to identify whether a vessel is currently IUU listed. Vessels that have been IUU listed in the past and subsequently delisted (for example because of a change in ownership, or because the vessel is no longer in service) are also retained on the site, so that the site contains a full historic record of IUU listed fishing vessels.
Unlike the IUU lists published on individual RFMO websites, which may update vessel details infrequently or not at all, the Combined IUU Fishing Vessel List is kept up to date with the best available information regarding changes to vessel identity, flag state, ownership, location, and operations.
United Nations World Oceans Day 2024; June 8th " Awaken new dephts".Christina Parmionova
The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Indira awas yojana housing scheme renamed as PMAYnarinav14
Indira Awas Yojana (IAY) played a significant role in addressing rural housing needs in India. It emerged as a comprehensive program for affordable housing solutions in rural areas, predating the government’s broader focus on mass housing initiatives.
2. 2
Globalization is accelerating
international migration. Spurred by
persistent income disparities, below-
replacement fertility and population
aging, international migration has
taken on increased significance;
In 1965, only 75 million people lived
outside of their country of birth. By
2000, that figure had more than
doubled (175 million people) by
2000. Today over 3% of the world’s
population lives abroad (United
Nations, 2002);
As more people moved out of their
home countries, remittances
increased. This trend is likely to
increase since international migration
I - Remittances in the Context of Globalization:
Remittances are the cross-country movement of money as a consequence of the cross-country
movement of labor or immigrant workers, that is, international remittances are monies that migrants
earn abroad and send back to their home countries. While each remittance is small, remittances are
a major component of the international flow of funds because of the large number of remitters and
the frequency with which they send monies;
For developing countries, remittance flows represent a major source of international finance - in
many cases, larger than total foreign aid and second only to foreign direct investment;
is projected to remain high trough the 21st century;
Source: The Migration Policy Institute, www. migrationinformation.org
3. 3
Compared with profit-induced capital flows, remittances are more stable and less cyclical. Foreign
direct investment (FDI), portfolio investment and bank credit tend to rise when the host country is
doing well. Remittances, on the other hand, tend to be steady and increases during periods of
economic crisis or natural disasters. Finally, unlike foreign aid, remittances are well targeted and go
directly to the people who need them;
While financial flows, trade in goods and services, and various other forms of technology transfer are
widely monitored, documented, reported and studied in great detail, the issue of remittances has not
attracted adequate attention and interest among policy makers and the business community;
Source: The Migration Policy Institute, www. migrationinformation.org
The World Bank reports that
$126 billion in remittances
changed hands worldwide in
2004, up from less than $2
billion in 1970 and $70 billion in
1995.
The World Bank last estimated
that about $232 billion was
remitted through formal
channels in 2005, more than
70% of which ($167 billion)
went to developing countries;
In 2002, remittances to developing countries exceeded both official development aid (ODA) and
private debt and equity flows; (International Monetary Fund, IMF, 2002);
4. 4
There are several ways to
examine remittances besides
its total value. The two most
common are remittances as a
percentage of the GDP and
remittances per capita. The
ratio of remittances to
merchandise exports are also
used;
In 2001 Mexico, France, and
India were the largest
recipients of remittances, with
inflows of $9.9 billion, $9.2
billion, and 19.1 billion
respectively;
While Mexico is the country
with the highest total
remittances received, Lesotho
has the highest remittances
received as a percentage of
GDP; and Luxembourg has the
Source: The Migration Policy Institute, www. migrationinformation.org
highest remittances received per capita;
Researchers estimate that Latin America is the largest recipient of U.S. remittances. According to the
Inter-American development Bank (IDB), the United States sent $28.5 billion in remittances to Latin
America and the Caribbean in 2003, accounting for 75% of remittances to this area ( Inter-American
Development Bank, 2004);
5. 5
Foreign Born and Global Remittance Flows by World Region
41
m
6m
16
m
31
m
20
m
25
m
30
m
6m
Source: Foreign Born, United Nations, 2002;
$3
$13
$8
$99
$70
$3
$64
$57
$6
$112
$113
$42
6. 6
In 2003, approximately $31
billion in remittances was
sent from immigrant
workers in the U.S. to their
families and communities in
Latin America;
Within Latin America,
Mexico, El Salvador, and
Dominican Republic were
the top three countries to
receive remittances from
the U.S. remitters in 2001
( Manuel Orozco, 2002);
According to a 2003
national survey of Latin
American households, 6
I I- The Latin American Remittance Market:
million Latin American immigrants, or 42%, send remittances on a regular
Most remittances worldwide, 31%, are sent to the Latin America and Caribbean (LAC) region. The
vast majority, nearly 82%, of the LAC total is sent from the U.S.;
Remittances are significant when compared to other capital flows to the region. Official development
assistance (ODA), is dwarfed by remittances in every region within LAC, and remittances exceed
foreign direct investment (FDI) in Central America and the Caribbean. Furthermore, remittances
comprise 24% of Nicaragua’s GDP, 14% of El Salvador’s GDP and 35% of Haiti’s GDP;
Basis, and 2/3 of these send money at least once a month;
7. 7
The value of the average remittance sent to Latin America is $240. However, this figure varies by
the immigrant’s country of origin. Mexican and Brazilian immigrants tend to send larger amounts -
on average about $350 a month. By contrast, immigrants from the Dominican Republic and El
Salvador send closer to $225 a month, while Nicaraguan immigrants send only $150 a month
( Manuel Orozco, 2002);
Current options for remitters to transfer funds abroad fall, in general, into three categories: informal
channels, wire transfers by money transfer companies, and remittance services at regulated
financial institutions;
Approximately 17% of U.S.
remittances to Latin
America are made via
informal channels, with mail
and hand delivery being the
most common of these
conduits;
The vast majority of
remitters rely on the
services of money transfer
companies (MTC). While
there hundreds of local
MTCs, Western Union and Money Gram are two of the largest and most well-known in the
U.S.;
In the U.S., MTCs have a strong presence in immigrant communities and are often located in grocery
stores and other convenient places. Most are open evenings and weekends, and many provide one-
stop shopping by offering other financial services such as check cashing and money orders
8. 8
While quick and convenient, MTCs charge the highest prices for remitting funds. First, a service charge
is levied - in most cases, a flat fee, resulting in a regressive pricing model that enacts a sizable charge
on small remittances. A second charge is assessed via the foreign exchange rate;
The cost of transferring money can represent a significant loss to immigrants and their families. Latin
American immigrants in particular pay a high percentage of their remittances in the form of fixed, pre-
transfer fees because they tend to remit frequently and send small amounts in each transfer. For
example, in a survey of 100 institutions, the cost of remitting $200 to Latin America ranged from $5 to
$37.37 (Manuel Orozco, 2002);
World Bank estimates suggest that for every 10% increase remittances to developing countries, the
number of people living in poverty is reduced by 1.2% (Global Policy forum, 2004). Another study found
that for every dollar received in remittances, Mexico’s GNP increases by $2.69 for urban households
and $3.17 for rural households (Adelman and Taylor, 1990);
In their report, Billions in Motion, Suro and his colleagues estimate that close to $1 billion a year could
be saved by U.S. and Central American households if remittance fees were lowered to 5% of the
transaction cost;
According to surveys conducted by the Inter-American development Bank’s Multi-lateral Investment
Fund (IDB-MIF), the majority of remittances in Latin America are spent on basic household needs such
as food, health, housing and utilities. Other expenditures include education, real estate, savings and
investments;
Some evidence suggests that remittances declines steadily as immigrants acculturate, although the
amount those remitting send home will increase as employment earnings rise. Complete family units
are particularly important in determining whether money is sent abroad;
For temporary immigrants, however, the dynamics are unlikely to be the same. Those who have
arrived recently are the most likely to send remittances, largely because of their strong ties to their
home countries;
9. 9
20%
31%
49%
0% 20% 40% 60%
More than $30,000
Between $20,000
and $30,000
Less than $20,000
4%
6%
6%
6%
9%
10%
59%
0% 10% 20% 30% 40% 50% 60%
Other Central America
Dominican Republic
El Salvador
Mexico
Annual Income Country of Birth
6%
12%
30%
34%
15%
0% 20% 40% 60%
65+
35-49
18-24
Age
10%
7%
35%
46%
0% 20% 40% 60%
College graduate
Some College
High school diploma
No HS diploma
Education
5%
20%
23%
52%
0% 20% 40% 60%
Less than 1 year
1-5 years
5-10 years
More than 10 years
Residency
20%
37%
38%
5%
Citizen
Legal resident
Undocumented Immigrant
No answer
Legal Status
Who are the Latin American Remittance Senders in the U.S.?
Source: Understanding Remittances to Latin America, Sergio Bendixen, Joint Conference on Remittances, ADB, 2005
?
10. 10
The Remittance Sending and Receiving Process:
Average amount sent: $240
Frequency of remittance: 12.6 per year
1%
2%
7%
11%
79%
0% 20% 40% 60% 80%
Credit union
Mail
Bank
Person traveling
IMT Company*
*IMT Company = International Money Transfer Company
How do you usually send money?
Dominican Republic 38%
El Salvador 28%
Guatemala 24%
Mexico 18%
Honduras 16%
Colombia 16%
Ecuador 14%
Brazil 2%
Remittance Recipients in Latin America:
Where the money comes from?
0%
1%
17%
0%
30%
9%
2%
4%
21%
31%
31%
58%
76%
5%
50%
38%
0% 20% 40% 60% 80%
Dominican
Republic
Colombia
Brazil
Ecuador
Japan Latin America Europe U.S.
Source: Understanding Remittances to Latin America, Sergio Bendixen, Joint Conference on Remittances, ADB, 2005
11. 11
Profile of the Brazilian Remitter and Receiver:
Profile of the Brazilian Remitter:
Remittances come from the U.S.
(50%), EC (31%) and Japan (17%);
Has an annual income below $30,000;
Has basic education below high
school (70%);
Average of 9.7 remittances a year;
Average amount sent of $428;
42% send less than $200;
44% send money at least once a
month;
35% once a year;
62% send money in the first 3 years;
Over 1 million Brazilians live in the
U.S. and nearly 280,000 in Japan
(2004).
Source: Banco do Brasil, Ministry of Foreign affairs, Bendixen e Associates, 2004
Profile of the Brazilian Receiver:
65% are women;
63% hold banking account;
53% are received through a bank;
29% via money transfer companies;
33% are brother or sister;
Only 8% receive more than $1,000;
85% originated in the U.S. and EC are
less than $500;
53% originated in Japan are less than
$500.
12. 12
Major Players in the Remittance Business to Brazil:
Source: Banco do Brasil, Ministry of Foreign Affairs, Bendixen e Associates, 2004; Caixa Economica Federal, 2006.
8%
10%
29%
53%
0% 10% 20% 30% 40% 50% 60%
Credit Union
Fast Delivery/Mail/Others
Foreign Remittance Company
Banks
13. 13
Major Players in the Remittances Business to Brazil:
Source: Banco do Brasil, Ministry of Foreign Affairs, Bendixen e Associates, 2004; Caixa Economica Federal, 2006.
SWIFT* and regular bank transfers;
Western Union with Banco do Brasil:
BCP with Caixa Economica Federal:
Private remittances companies.
*Society for Worldwide Interbank Financial Telecommunication supplies secure messaging services and interface software to wholesale financial entities.
SENDER BENEFICIARY
SENDER
EXCHANGE US$/R$
EXCHANGE US$/R$
BENEFICIARY
EXCHANGE US$/R$
14. 14
III – Leveraging the Economic Power of Immigrant Remittances
Remittances touch the lives of over 500 million people around the world. Conservative estimates put
the number of people receiving some form of economic benefit from remittances at 1 billion - almost
1/6th of the planet’s population (Joint Conference on Remittances, Manila, Philippines, 2005);
The remittance “economy” is an interesting example of globalization at the bottom of the pyramid
(BOP) - a kind of “transnational BOP” linking developed and developing countries:
Brazilian immigrants
(99.693% pop. - mostly low-income workers)*
Employees of
Brazilian
embassies &
consulates
Employees of
Brazilian companies
with branches or
offices abroad
Employees of
multinational
companies
Brazilian Population Living in the U.S. Remittances sent to Brazil
Globalization at the Bottom of the Pyramid – Brazilian Example in the U.S.
80% of remittances from
Brazilians living in the U.S. are
sent to low-income Brazilians
(0.3% pop.)*
Students
(0.007% pop.)*
Source: UC Davis, Immigration Data, 1999; Institute of International education, 2005. Analysis by Alvaro Lima and Peter Plastrik, 2006.
* Percent of the total Brazilian population living in the U.S..
15. 15
Remittances are the initial point into the world of financial services for many local economies and poor
individuals/families. Once they are sending/receiving remittances, they have joined the global financial
service system;
The challenge is to move them through the “value chain” of financial services - savings, investment,
credit, insurance, etc.. The difficult is that in one hand, mainstream financial institutions are at odds
with the financial needs of the low-income segment of the Diaspora and on the other, non-financial
institutions (money transfer companies, check cashing, etc.) by law cannot provide deposit-based
products:
Savings & Loans
Deposit Accounts
Small
Savings
Borrowing ( short
term loans, e.g.
payday loans)
Sending Money to
Families
Paying Bills
Cashing Checks
Mainstream Financial Institutions
Financial Needs of Low-income Immigrant
Bills Payment
Check Cashing
Money Transfer
Non- Financial Institutions
Low-income Immigrant Needs Versus Financial Offerings
Source: Alvaro Lima and Peter Plastrik, 2005.
16. 16
At the household level, remittances enhance the well-being and economic security of the poor by
providing critical resources for spending on immediate subsistence needs, such as food and housing
as well as improved health care and education. Remittances also provide resources for investment,
savings and entrepreneurial activities which in turn have a stimulating effect on local and national
economies;
Harnessing the development impact of immigration calls for policies that aim at improving the
structures underlying the remittance process in order to bring the “unbanked immigrant” into the
conventional financial world. This should be a major goal of the community development field;
Do not have enough money;
Do not write enough checks to make it worthwhile;
Prefer dealing with humans (“high touch”);
Do not trust or do not like dealing with banks;
Privacy and Legal Risk
Undocumented immigrants are afraid to enter
branches with security guards or that a bank
record may reveal their identifies to the INS;
Fear that their unfavorable credit histories will be
Revealed;
Products and Services Services charges are too high;
Period for cashing checks is too long;
No “one-stop” shopping experience;
Minimum balance requirements are too high;
Few Financial Assets
Level of Comfort
Source: Alvaro Lima and Peter Plastrik, 2005.
No bank has convenient hours or location;
Cannot manage or balance a checking account
Bringing “unbanked
immigrants” into the
conventional financial world is
an important step towards
building individual and
community assets to help
sustain the economy in the
primarily low- and moderate-
income areas where many
“unbanked immigrants” live;
However, few financial assets,
level of comfort, privacy, and
lack of appropriated products
and services drive low-income
immigrant consumers away
from banks and to alternative
providers;
17. 17
In order to maximize the
benefits of remitting through
formal channels, partnerships
between the financial sector,
government and non-
governmental organizations
should enhance outreach to
migrants, ease constraints
and restrictions and educate
migrants on good banking
habits;
However, in order to serve this
market effectively, mainstream
financial institutions, non-profit
financial providers, etc. need
to undergo a strategic shift
towards a more customer-
driven, life-cycle, bundled
products and services;
Banks
Check Cashers
Bodegas
Grocery Stores
Western Union or
similar Institution
Government
Loan Sharks
Liquor Stores
Informal Savings
Mechanisms
Cookie Jars
Pawn Shops
Key:
Receiving
Income
Cashing
Checks
Paying Bills
Sending
money to
families
Building
savings
Borrowing
Money (short-
term loans,
e.g., payday
loans)
Buy convenience
items
(stamps, pre-
paid calling
cards, etc.)
Welfare
Dependent
New Immigrant
Working Poor
Bootstrapper
Emerging Middle
Class
Seniors
Routine financial needs
Financial Needs of Low-income Populations
Source: Alvaro Lima and Peter Plastrik, 2005.
Financial institutions might structure their portfolios to first meet the needs of low-income immigrant
consumers, then transition them to more mainstream services, ultimately building wealth creating
instruments:
18. 18
• Check cashing and other services
provided by traditional check
cashers
• Low minimum balance deposit
account
RETAIN
Credit and loans
• Traditional savings accounts with
some non-traditional features, e.g.
Union Bank Nest Egg account
• IDA-like accounts, with more
flexibility
BUILD AND GROW
Insurance and Investments
CONVERT
Savings
A full-service portfolio structured to create wealth and serve the life-cycle
needs of low-income unbanked immigrant
WEALTH!!
ATTRACT AND ACQUIRE
Basic Services
• Health, life,
auto and
mortgage
insurance
•Savings bonds,
pensions,
other
investment
options
• High-risk, deposit
secured emergency
loans
• Loan guarantees
• Creative financing for
small businesses and
homes
Financial Literacy and Education programs must be offered throughout the Life Cycle
INCOME
Source: Alvaro Lima and Peter Plastrik, 2005.
• Low cost money transfer
19. 19
Finally, there three distinct opportunities to “leverage” the economic power of immigrant funds in ways
that will improve quality of life of immigrants in the U.S. and conditions “back home:”
Capital investment pools for back-home development - Portions of the remittance flows
that are not used to subsidize consumption by households in developing nations can be
“pooled” and invested more strategically in developing educational, community, and business
assets back home. The capital pools could take various forms: a community foundation, a set
of IDAs, a scholarship fund, a matching fund for local infrastructure, a business financing
fund, etc.
Investment pools for immigrant wealth creation - Portions of the remittance flows can be
pooled to invest in the economic development of immigrant groups in the U.S., they can
generate even more wealth that can be sent back home;
“Bundled” services to immigrants in the U.S. - The number of remittance-sending
immigrants in the U.S. is huge - and potentially an an untapped market for other product and
services. Banks and other organizations already are trying to attract some of this market to
other financial services;
Leveraging remittance flows are attractive for Banks and Remitters:
For Banks:
From a financial perspective, the fee revenue can be substantial. Moreover, the revenue stream
is highly stable;
Sending money every month, remitters tend to be loyal customers, sticking with a remittance
service and recommending it to others (Roberto Suro, 2002);
Additionally, remittance flows tend not to be adversely affected by economic downturns in either
the sending or the receiving countries;
20. 20
A recent study of Mexican remitters found that 76% of respondents cited health expenses, food,
and daily maintenance primary reasons for remitting funds. With family members reliant on these
funds for basic needs, a majority of remitters make sending money a top priority regardless of
other financial pressures;
Remittance programs can also generate a new customer base for a bank’s other products.
Remittance programs can help banks capture these individuals by bringing them in the door and
introducing them to the institution. Cross-sell averages for remittance program participants tend to
be higher than those of other bank customers. In the Wells Fargo program, remitters use an
average of 5.7 of the bank’s products, compared with only 4.3 for all other customers;
Aside from the unbanked, remittance programs can bring in more customers by improving the
institution’s image in the community;
Finally, remittance programs may help fulfil regulatory requirements, specifically the community
development test of the Community Reinvestment Act (CRA);
For Remitters:
By offering remittance programs banks provide a valuable service to remitting customers, who
benefit significantly from both cost savings and financial skill building opportunities;
Bank programs in general have lower fees (on average 35% less than money transfer companies)
which benefits tremendously the low income customer. The Pew Hispanic center has estimated
that if the price of sending a remittance to Latin America was reduced to 5% of the transaction,
remitters and their families would save over $1 billion a year;
bank remittance programs also offer an introduction to the banking industry to new and unbanked
immigrants facilitating access to financial products and services that allow them to build wealth,
establish credit, and obtain reasonable loans (some banks offer financial education programs);
21. 21
IV- Innovative Practices for Leveraging Remittances
Most innovative approaches to leveraging remittances can be divided in four practices:
Forced Capture - Governments worldwide attempt to capture portions of the remittance flow.
Few countries have attempted to mandate that a certain percentage of the earnings of their
workers abroad be deposited into a national fund to be used partially for development. Only South
Korea has succeeded, while mandatory earmarking of remittances has failed in the Philippines,
Pakistan, Thailand, and Bangladesh. The Korean case however is part of a “package
system”since the Korean workers are employed by Korean companies, which are assisted by the
government in winning contracts, and these companies deposit worker’s earnings directly (Puri
and Ritzema, 1999);
Other ways government tried to capture part of the flow of remittances were through taxation
since such money usually comes from earnings. Justification depends, of course, on the extent to
which the workers benefit from the taxes if they live primarily outside their country. In practical
terms, it has been difficult to identify the source of unilateral transfers , and the threat of taxes
could simply drive the money off the books;
Financially-induced Capture - Mexican banks several years ago began offering “remittance
bonds” backed by money send from immigrant laborers in the U.S.. Banco Cusctlan, in El
Salvador, handles at least one-third of the country’s $1.2 billion in remittances and in 1998 offered
$50 million in remittance bonds;
Other countries offer migrants foreign-currency accounts in domestic banks that are not subject to
foreign-exchange regulations (Puri and Ritzema, 1999). In Asian countries such as India and
Pakistan, interest rates are higher than those on domestic deposits. Premium exchange rates
may be offered;
22. 22
Another set of practices aims to influence the use of remittances for production instead of
consumption. Incentives such as reduced tariffs for the importation of machinery and equipment
to establish micro-enterprises by migrants abroad or returning immigrants (Puri and Ritzema,
1999);
Matching programs in partnership with hometown associations are increasingly being used. The
Mexican state government of Zacatecas began in 1992 a formal tripartite two-for-one “matching
fund” project - that is, for every dollar donated by immigrants, the federal and state governments
each contributed an additional dollar. A three-for-one program now exists that include the
municipal government - Tres por Uno program;
Hometown associations consist of members from the same town or state in the migrant-sending
country that pull their remittances or raise funds collectively to finance projects in their home
countries. Although the Mexican experience has proved to be the most successful to date,
Salvadoran, Dominican, and Guatemalan groups have being encouraged by their governments to
for organizations.;
The Fox Administration expanded in 2002 the Mexican program “Adopta una Comunidad” to
encompass the 90 Mexican regions with the highest migration rates. The program is now called
“Padrino Program” and it is geared towards successful Mexican-American businesspeople, who
are encouraged to invest in one or more of the over 1000 projects identified by the Presidential
Office for Mexicans Abroad in consultation with local communities;
USAID has provided funding to the Transnational Development Fund administered by the Pan
America Development Foundation (PADF). The Fund leverages collective remittances from
Diaspora groups such as Home town associations through matching grants awarded on a
competitive basis;
In some cases, private sector players have contributed to these ventures as is the case of
CEMEX….;
23. 23
Bank-to-Bank partnerships - Several U.S. financial institutions have created low-priced
remittance services by establishing a relationship with one or more foreign banks. Remittances
are made by transferring funds directly between accounts at partnering banks. By employing
financial institutions on both sides, these programs carry little risk for senders, recipients, and
partner banks;
To date, Citizens Bank offers New England’s Cape Verdean population low-cost remittance
service in partnership with two Cape Verdean banks. Wells Fargo Bank’s remittance program
allows remitters to send up to $3,000 a day to Mexico. The program, Intercuenta Express, is a
partnership with three Mexican banks: Bancomer, Banorte, and HSBC Mexico. Banco of America
created the SafeSend program to provide a low-cost way to send remittances to Mexico. New
England’s Sovereign Bank in partnership with America Express, offers American Express
TravelFunds Card. Though originally designed for travelers, Sovereign Bank also offers this
product to remitters. Remitters can load the card at Sovereign and sent it to a recipient abroad .
The card can then be used worldwide at ATMs and retailers that accept America Express (see
also Banco do Brasil and Caixa examples, slide 13;
Because of the account-to-account nature of funds transfer, bank partnership remittance
programs have have encountered all the hurdles referred before (see slides 15 and 16);
Rather than foreign banks, some major U.S. banks and credit unions are turning to ATMs to
provide the necessary distribution network for their remittance services. In an ATM remittance
program, a customer creates a dedicated remittance account at the U.S. bank that can be
accessed by two ATM cards - one of which is kept by the sender and one which is sent to the
recipient abroad;
Diaspora Transnational Philanthropy- There are a few small foundations helping on diverse
causes around the world. However, Diaspora philanthropy is a very undeveloped field with few
donors aware of its possibilities;
30. 30
V - Thinking Beyond Remittances:
Recruitment
Remittances
Representation
Returns
POLICIES TOWARD REMITTANCES:
• Possible taxation;
• Decrease competition of money transfers (e.g. Mexico);
• laws with mandatory remittances (e.g. Eritrea)
• Financial incentive programs
• Entrepreneurial Support (in Japan, the new project “Dekassegui*
Entrepreneur” launched by IDB through its MIF (Multilateral
Investment Fund) to be implemented by SEBRAE (Brazilian
service to Support Small and Medium-size Companies) and ADB
will provide financial and informational support for those who
want to invest their money in the home country).
POLICIES TOWARD RECRUITMENT:
• Countries have bilateral agreements;
POLICIES ENCOURAGING RETURNS:
• Indian Investment Centre;
• Networks and Associations (e.g. Silicon Valley’s connections with
Taiwan, India, China);
• Quotas, immigration restrictions;
REPRESENTATION:
• Protection and intervention while abroad (e.g. Filipino consulates
are active in defend Filipinos abroad against human and labor
rights abuse);
• Extending citizenship rights abroad (e.g. members of the Eritrean
Diaspora voted for independence in the 1993 referendum, and
many participated in the drafting of the new Constitution);
• Welfare services (e.g. Philippine Overseas Workers Welfare
Administration);
• Potential influence on foreign policy of receiving country ( e.g.
lobbies in the U.S.).
4Rs & D
THE FOUR R’s OF EMIGRATION
(4Rs & Development):
* Dekassegui Brazilians living in Japan mostly of whom
Japanese decent.
32. 32
DEFINITIONS AND DATA:
The understanding of Diaspora in this presentation is very similar to the definition
offered by G. Scheffer: “Modern Diasporas are ethnic minority groups of migrant origins
residing and acting in host countries but maintaining strong sentimental and material
links with their countries of origin - their homelands.” (A New Filed of Study: Modern
Diasporas in International Politics, G. Scheffer);
The unbanked are individuals who do not have a transaction account with a traditional
financial institution, like a commercial bank, thrift institution, credit union, or securities
operation. Transaction accounts form a comprehensive category comprising checking,
savings, and money market deposit accounts, as well as money market mutual funds
and call accounts at brokerage firms;
The only major source of comparative statistics on remittances is the Balance of
Payments Statistics Yearbook published yearly by the IMF. The data used in the
publication is two years old - if it was published in 2002 it uses 2000 data. There are
three variables needed to calculate total remittances: workers’ remittances,
compensation of employees, and migrant transfers. Workers'’ remittances are the value
of monetary transfers sent home from immigrants working abroad for more than a year.
Compensation of employees is the gross earnings of foreigners residing abroad for less
than 12 months. Migrant transfers are the net worth of migrants who move from one
country to another;
34. 34
Network Externalities
The value to customers is in the full
range, life-cycle value proposition
Increased
market size
Increased
attractivenessIncreased value
and reduced risk
Increased sales
Integrated Product Lines
Switching costs increase due to
investment in offering,
learning and use
Increased customer
investment and
commitment to
product/service
Increased value to
customer of
product/service
Increased loyalty from
increased switching costs and
decreased value of competitors’
product/service
Leverage Education and Technology
Technology development and financial
education reduce operating, fixed, and
distribution costs
High-volume sales
drive down fixed-
cost component
Lower
prices and
marketing
costs
High
margin
In order to serve the financial needs of low-income residents effectively
and profitably, financial institutions need to develop new retail banking
models, integrate product lines, and leverage education and technology
Three Strategic Adjustments
New Retail Banking Models
35. 35
These three key strategic adjustments should follow these general characteristics...
Integrated Product Lines:
• Adjust products and services offerings to match low-income consumer needs
• Integrate products to profitably serve low-income consumers over their life cycle
• Offer full service product line spanning from basic services to asset-building instruments
• Create migration mechanisms to move consumers from basic services to wealth building
New Retail Banking Models:
• Redesign branches to match full service - life cycle character (one-stop-shop)
• Redesign branches to reduce investment costs (light structures; mail box etc. style)
• Explore co-location of “express” branches (supermarkets, etc.)
• Mix high touch with technology (bricks and clicks) to reduce operating costs
1
2
Leverage Education and Technology:
• Design financial literacy, credit counseling, investment advisory programs to educate consumers
and enable them to migrate from basic services to wealth building
• Leverage relationships trough partnerships with non-profit organizations to deliver training
and counseling
3
37. 37
“FIRST MILE PROBLEM” “LAST MILE PROBLEM”
Access to banking services in sending
countries is a serious constraint on the
volume of remittances in formal channels and
on banks ability to influence prices;
The most cost effective means to remit
money cross-border is by electronic transfer
between financial intra-bank accounts;
The “first mile problem” explains in some
degree the robust growth of Western Union
and informal channels despite their high
costs - the failure of banks in sending
countries to provide access to affordable,
simple remittance products;
Migration to other financial and wealth-
building products such as interest-bearing
deposit and savings accounts, etc.
The limited market knowledge of the
“unbaked”households in the receiving countries;
Households without deposit accounts in the
formal system are economically
“disenfranchised” because they can neither send
nor receive deposit money throughout the
banking system;
The exclusion of the poor from the formal
financial system limits their ability to efficiently
manage their resources, save and establish
sound financial habits. This, in turn, reinforces
their poverty and makes it less likely they can
use credit effectively;
The failure of the banking system
to develop economically viable
means to bank the “unbaked
immigrant” is a market failure in
both developed and developing
economies, where banks are
narrowly focus on the affluent,
corporate and real estate
markets;
Safe
•
Fast
•
Convenient
•
Reliable
•
with Plenty of
Choice
ISSUES AND CONSTRAINTS IN SENDING AND RECEIVING COUNTRIES