Migrant Labor Remittances in the South Asia Region

Bangladesh, India, Pakistan and Sri Lanka have all experienced a sharp increase in remittances during the past decade, and are the countries among the top 20 receivers of remittances. The report provides a strategic overview of key issues relating to the remittances industry in the South Asia region...

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Main Author:	World Bank
Format:	Other Financial Sector Study
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	PRIVATE SECTOR REMITTANCES; FOREIGN DIRECT INVESTMENTS; INSTITUTIONAL FRAMEWORK; FINANCIAL INSTITUTIONS; POVERTY REDUCTION; MIGRANT WORKERS; MIGRAITON POLICY; STATE BANKS; FINANCIAL MECHANISMS; TRADE ISSUES; INFORMAL SECTOR; POLICY FRAMEWORK; FAMILY WELFARE; ECONOMIC DEVELOPMENT; PAYMENTS SYSTEMS; PUBLIC-PRIVATE PARTNERSHIPS; SERVICES DELIVERY; FINANCIAL SERVICES;
Online Access:	http://documents.worldbank.org/curated/en/2005/02/5647378/migrant-labor-remittances-south-asia-region http://hdl.handle.net/10986/8513

id	okr-10986-8513
recordtype	oai_dc
spelling	okr-10986-85132021-04-23T14:02:38Z Migrant Labor Remittances in the South Asia Region World Bank PRIVATE SECTOR REMITTANCES; FOREIGN DIRECT INVESTMENTS; INSTITUTIONAL FRAMEWORK; FINANCIAL INSTITUTIONS; POVERTY REDUCTION; MIGRANT WORKERS; MIGRAITON POLICY; STATE BANKS; FINANCIAL MECHANISMS; TRADE ISSUES; INFORMAL SECTOR; POLICY FRAMEWORK; FAMILY WELFARE; ECONOMIC DEVELOPMENT; PAYMENTS SYSTEMS; PUBLIC-PRIVATE PARTNERSHIPS; SERVICES DELIVERY; FINANCIAL SERVICES; Bangladesh, India, Pakistan and Sri Lanka have all experienced a sharp increase in remittances during the past decade, and are the countries among the top 20 receivers of remittances. The report provides a strategic overview of key issues relating to the remittances industry in the South Asia region, and, builds on recent Bank research on the subject, that prominently features this region. This study basically focuses on the region's distinguishing characteristics: large migrant population of semi-skilled, and unskilled workers (largely concentrated in the Arabian Gulf countries) contributing to rising remittance flows; the presence of dedicated public institutions, and government financial incentives aimed at facilitating, and providing support for temporary migration, and remittance inflows; The existence of state bank networks, with immense potential for an effective remittance financial market; and, The widespread use of trade-related informal remittance channels by both legal, and illegal migrants. The increase in remittance volumes, has renewed academic, and public policy interest in their potential to reduce poverty, and economic vulnerability, improve family welfare, and stimulate local economic development, in the face of lower foreign direct investment (FDI) flows. The study analyzes the impact of international remittances on poverty, using a growth-poverty model, which assumes that economic growth - as measured by increases in mean per capita income - will reduce poverty. It finds that, when estimated values for unofficial remittances are added to official remittance figures, total remittances reduce the level of poverty in south Asia. Recommendations to maximize the network's full potential suggest among others: shared payments systems platforms; public-private partnerships across infrastructure, products, and services are necessary for countries in the region that seek the types of gains attained elsewhere; cross selling, i.e., it is essential that as the profitability of the conventional remittance business model continues to decline, formal financial institutions invest in cross-selling complimentary financial services, and products. 2012-06-20T14:58:47Z 2012-06-20T14:58:47Z 2005-02 http://documents.worldbank.org/curated/en/2005/02/5647378/migrant-labor-remittances-south-asia-region http://hdl.handle.net/10986/8513 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work South Asia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	PRIVATE SECTOR REMITTANCES; FOREIGN DIRECT INVESTMENTS; INSTITUTIONAL FRAMEWORK; FINANCIAL INSTITUTIONS; POVERTY REDUCTION; MIGRANT WORKERS; MIGRAITON POLICY; STATE BANKS; FINANCIAL MECHANISMS; TRADE ISSUES; INFORMAL SECTOR; POLICY FRAMEWORK; FAMILY WELFARE; ECONOMIC DEVELOPMENT; PAYMENTS SYSTEMS; PUBLIC-PRIVATE PARTNERSHIPS; SERVICES DELIVERY; FINANCIAL SERVICES;
spellingShingle	PRIVATE SECTOR REMITTANCES; FOREIGN DIRECT INVESTMENTS; INSTITUTIONAL FRAMEWORK; FINANCIAL INSTITUTIONS; POVERTY REDUCTION; MIGRANT WORKERS; MIGRAITON POLICY; STATE BANKS; FINANCIAL MECHANISMS; TRADE ISSUES; INFORMAL SECTOR; POLICY FRAMEWORK; FAMILY WELFARE; ECONOMIC DEVELOPMENT; PAYMENTS SYSTEMS; PUBLIC-PRIVATE PARTNERSHIPS; SERVICES DELIVERY; FINANCIAL SERVICES; World Bank Migrant Labor Remittances in the South Asia Region
geographic_facet	South Asia
description	Bangladesh, India, Pakistan and Sri Lanka have all experienced a sharp increase in remittances during the past decade, and are the countries among the top 20 receivers of remittances. The report provides a strategic overview of key issues relating to the remittances industry in the South Asia region, and, builds on recent Bank research on the subject, that prominently features this region. This study basically focuses on the region's distinguishing characteristics: large migrant population of semi-skilled, and unskilled workers (largely concentrated in the Arabian Gulf countries) contributing to rising remittance flows; the presence of dedicated public institutions, and government financial incentives aimed at facilitating, and providing support for temporary migration, and remittance inflows; The existence of state bank networks, with immense potential for an effective remittance financial market; and, The widespread use of trade-related informal remittance channels by both legal, and illegal migrants. The increase in remittance volumes, has renewed academic, and public policy interest in their potential to reduce poverty, and economic vulnerability, improve family welfare, and stimulate local economic development, in the face of lower foreign direct investment (FDI) flows. The study analyzes the impact of international remittances on poverty, using a growth-poverty model, which assumes that economic growth - as measured by increases in mean per capita income - will reduce poverty. It finds that, when estimated values for unofficial remittances are added to official remittance figures, total remittances reduce the level of poverty in south Asia. Recommendations to maximize the network's full potential suggest among others: shared payments systems platforms; public-private partnerships across infrastructure, products, and services are necessary for countries in the region that seek the types of gains attained elsewhere; cross selling, i.e., it is essential that as the profitability of the conventional remittance business model continues to decline, formal financial institutions invest in cross-selling complimentary financial services, and products.
format	Economic & Sector Work :: Other Financial Sector Study
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Migrant Labor Remittances in the South Asia Region
title_short	Migrant Labor Remittances in the South Asia Region
title_full	Migrant Labor Remittances in the South Asia Region
title_fullStr	Migrant Labor Remittances in the South Asia Region
title_full_unstemmed	Migrant Labor Remittances in the South Asia Region
title_sort	migrant labor remittances in the south asia region
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/02/5647378/migrant-labor-remittances-south-asia-region http://hdl.handle.net/10986/8513
_version_	1764404846956380160

Migrant Labor Remittances in the South Asia Region

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