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

remittances using only cross-section evidence. Using the same database, this paper benefits from the availability of ten years of data on remittance costs. In addition, the cross-section dimension is much larger. While Beck and Peria (2009) analyzed remittance costs in 119 corridors, here the evidence encompasses 365 corridors. Finally, this paper delves much deeper into the remittances ecosystem when identifying and uncovering the myriad of factors that drive their costs. Two key objectives are to come up with a realistic assessment on what policymakers can and cannot do

Tito Nícias Teixeira da Silva Filho

deeply into the remittances ecosystem and found a very complex, heterogenous and unequal environment, one in which costs are driven by a myriad of factors and where there are no easy and quick solutions available, which explains the disappointing outcome so far. Nonetheless, it also shows that while policymakers have limited room to act they still have a very important role to play. JEL Classification Numbers: J10, F22, F24, F63, G21, G23. Keywords: remittances, remittances costs, exclusivity clauses, corridors, remittance service providers, banks, money transfer