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Raúl Hernández-Coss

more detail how the features of a given corridor should be addressed in implementing regulations and how operators in the formal sector can best reach remittance senders. A research team of the Remittance Initiative applied the analytical framework of APEC’s 2003 report on informal funds transfer systems to the remittance corridors between the United States and Mexico and between Canada and Vietnam. The results, which moved from broad principles to specific lessons in funds transfer systems, revealed two stages—the “mature” and the “nascent”—at which a

Mr. Krishna Srinivasan, Ms. Inci Ötker, Ms. Uma Ramakrishnan, and Mr. Trevor Serge Coleridge Alleyne

their income—on average, 2 percent—compared with about 30 percent of income for lower-income Mexican and CAPDR immigrants ( Figure 14.6 ). A potential driver for these differences is the fact that Caribbean immigrants have fewer family members left in the home countries, often the case when families immigrate together or single women (particularly in teaching and health care professions) pursue opportunities in the United States. Figure 14.6. Remittance Senders in the United States Sources: 2008 American Community Survey; and IMF staff estimates. Note: CAPDR

Mr. David A. Grigorian and Mr. Maxym Kryshko
The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the use of formal channels for transmitting remittances and reduces dollarization. Given the size and importance of remittances in Tajikistan, improving financial literacy and better publicizing details of the social safety net may encourage a more frequent use of formal channels for transferring remittances and reduce reliance on foreign exchange for transaction purposes. This is likely to improve bank profitability, enhance financial stability, and improve access to finance.
International Monetary Fund. Western Hemisphere Dept.

availability of micro data for this country, to examine the characteristics of emigrants and remittance senders. This is followed by an analysis of the impact of emigration and remittances on per capita growth and macroeconomic stability. Finally, the chapter considers the risks of dependence on remittances and concludes with policy considerations. Migration and Remittances at a Glance The stock of LAC emigrants (as a share of the home country population) is among the highest globally ( Figures 5.1 and 5.2 ). 1 Starting in the 1960s, emigration to countries offering

Ms. Kimberly Beaton, Ms. Svetlana Cerovic, Misael Galdamez, Metodij Hadzi-Vaskov, Franz Loyola, Zsoka Koczan, Mr. Bogdan Lissovolik, Mr. Jan Kees Martijn, Ms. Yulia Ustyugova, and Joyce Wong
Outward migration has been an important phenomenon for countries in Latin American and the Caribbean (LAC), particularly those in Central America and the Caribbean. This paper examines recent trends in outward migration from and remittances to LAC, as well as their costs and benefits. For the home country, the negative impact from emigration on labor resources and productivity seems to outweigh growth gains from remittances, notably for the Caribbean. However, given emigration, remittance flows play key financing and stabilizing roles in Central America and the Caribbean. They facilitate private consumption smoothing, support financial sector stability and fiscal revenues, and help reduce poverty and inequality, without strong evidence for harmful competitiveness effects through shifts in the real exchange rate.
International Monetary Fund

of remittances senders are close relatives, while another 20 percent are distant relatives. 4 For those households who received remittances, the estimates of the share of remittances in total household income range from about 25 to 80 percent. 5 As a result, households that have been receiving remittances have been able to move, on average, from the lower to the middle income class bracket ( CBA, 2006 ). 5. Most remittances to Armenia are sent from Russia ( Figure I.1 ). According to the CBA Survey (2006), about 72 percent of total remittances (from both

Ms. Kimberly Beaton, Ms. Svetlana Cerovic, Misael Galdamez, Metodij Hadzi-Vaskov, Franz Loyola, Zsoka Koczan, Mr. Bogdan Lissovolik, Mr. Jan Kees Martijn, Ms. Yulia Ustyugova, and Joyce Wong

Caribbean and Emerging Market Economies, 2015 2. Emigrants 3. The Stock of LAC Emigrants 4. Immigrants 5. Emitter and Receiver Countries in Latin America, 2015 6. Intra-Regional Migration in LAC 7. Migration and Income Levels in LAC, 2015 8. Educational Attainment 9. Married (Spouse Absent) Immigrants in the U.S 10. Remittances to Latin America and the Caribbean 11. Remitters by Education 12. Remittances, 2015 13. LAC Emigrant Stocks and Remittances, 2015) 14. Characteristics of LAC Remittance Senders in the US 15. Remittance Channels 16

International Monetary Fund. External Relations Dept.

problem, but this consideration does suggest that, in the presence of significant changes in remittance inflows, authorities may need to accept a greater degree of exchange rate flexibility than would otherwise be the case in order to avoid instability in domestic inflation. The WEO study acknowledges that better information is still needed on the magnitudes and sources of remittances, including both inflows and outflows. Without such information, other challenges—such as regulating remittances and developing new financial products to serve the needs of remittance