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Do Remittances Enhance Financial Inclusion in LMICs and in Fragile States?

Author: Mr.Sami Ben Naceur

Publisher: International Monetary Fund

Published: 2020-05-22

Total Pages: 42

ISBN-13: 1513545396

This paper explores the relationship between remittances and financial inclusion for a sample of 187 countries over the period 2004-2015, using cross-country as well as dynamic panel GMM regressions. At low levels of remittances-to-GDP, these flows act as a substitute to formal financial channels, thereby reducing financial inclusion. In contrast, when remittance-to-GDP ratio is high, above 13% on average, they tend to complement formal access and usage channels, thus enhancing financial inclusion. This “U shaped” relationship highlights the role of remittance flows in financing household consumption at low levels, while raising formal household bank savings and allowing for more intermediation, at high levels of remittance-to-GDP.

The Global Findex Database 2017

Author: Asli Demirguc-Kunt

Publisher: World Bank Publications

Published: 2018-04-19

Total Pages: 148

ISBN-13: 1464812683

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In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Financial Inclusion, Remittance Inflows, And Poverty Reduction In Developing Countries: Evidence From Empirical Analyses

Author: Inoue Takeshi

Publisher: World Scientific

Published: 2019-05-09

Total Pages: 164

ISBN-13: 9813279109

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Many empirical analyses have demonstrated that financial inclusion and remittance inflows both indicate the potential of finance to resolve issues of growth and poverty in developing countries. Based on a wide-ranging review of prior research and empirical analyses from a new perspective, this book aims to systematically clarify the relations between financial inclusion, remittance inflows, economic growth, and poverty reduction in developing countries, revealing a new role for development finance.

Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa

Author: Osabuohien, Evans S.

Publisher: IGI Global

Published: 2020-12-04

Total Pages: 507

ISBN-13: 1799848183

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African countries are pursuing a number of development agendas toward achieving economic growth that is inclusive, pro-poor, and sustainable, particularly the type that can unleash the potential of women and booming youthful populations. However, available evidence shows that many African countries have experienced economic hardships and have performed more poorly than other developing and emerging countries in the global south. The Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa is an essential research publication that provides comprehensive research on the processes of building viable institutions in Africa that will serve as the fulcrum for utilizing and managing resources as well as promoting economic growth that is inclusive and sustainable. Featuring topics such as climate change, financial development, and poverty, this book is ideal for researchers, policymakers, developers, economic professionals, academicians, government officials, business professionals, and students.

The U.S.-Honduras Remittance Corridor

Author: Isaku Endo

Publisher: World Bank Publications

Published: 2010-03-12

Total Pages: 99

ISBN-13: 0821381466

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This paper provides an overview of remittances and migration between Honduras and the United States and analyzes the remittance regulatory and market environment, including financial inclusion strategies, transnational economic activities, and the impact of remittances on the Honduran economy. 'The U.S.-Honduras Remittance Corridor' makes policy recommendations to the authorities of Honduras and the United States, especially for regulatory reforms that promote the integrity and efficiency of money transfer businesses. We also recommend the development of financial infrastructures in rural areas for better distribution of remittances. Furthermore, we suggest that public policy should be more focused on building an environment for investment in the community and developing local businesses that export to Honduran communities abroad.

Fintech Potential for Remittance Transfers: A Central America Perspective

Author: Julia Bersch

Publisher: International Monetary Fund

Published: 2021-06-25

Total Pages: 52

ISBN-13: 1513585428

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This paper analyzes the potential for fintech to facilitate cheaper and more efficient remittances, and to enhance financial inclusion in Central America. Digital remittances remain nascent in the region, primarily reflecting behavioral inertia, small cost advantages of digital over traditional channels, and inadequate financial literacy. Through expanded alliances between traditional and fintech operators, digital remittances can further reduce transaction costs and reach those remote, low-income households in a timely and secure manner. A meaningful expansion of fintech remittances necessitates an enabling regulatory environment for digital financial services, and KYC and AML/CFT requirements proportionate to the value of transfers.

The Impact of Remittances on Financial Inclusion in Veracruz, Mexico

Author: F. Cuccaro

Publisher:

Published: 2014

Total Pages: 44

ISBN-13:

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The money that migrants working abroad send home, usually to their families staying behind is called remittances. The behaviour of this flow of money has been studied by many researchers that tackled the argument from different perspectives. The overall idea is that, when market imperfections in the recipient context are relaxed or flexible, the remittances are beneficial for the improvement of living conditions. This thesis presents the results of a survey conducted among two hundred and sixty households spread in twelve municipalities of the state of Veracruz, Mexico. The objective of the study is to assess the impact of remittances on the use of formal financial services of remittances receivers households. Specifically, the indicators used in this analysis are the ownership of a saving account, the frequency of deposit and the obtainment of loans in a time frame of one year. The survey lasted about two months. The sample analysed is a stratified random sample among the three geographical areas of Veracruz, which offers an explanatory power valid for the whole state. The estimation methods used are OLS, Probit, Ordered Probit and afterwards, in order to address the endogeneity of remittances, 2SLS and IV Ordered Probit are applied. The results show a positive impact of remittances on the use of saving services, both on the ownership of saving account and on the frequency of deposit. No impact is found on the obtainment of loans. After the instrumentation the positive impact holds respect to the ownership of a saving account but vanishes respect to the frequency of deposit. The instrument variable used in this study (Acquaintance) is new to the literature and produces interesting findings. Since that receiving remittances appears to be beneficial in increasing the use of financial services; it would be ideal fostering this dynamic in order to support the remittance receivers in make a wise use of them. Especially, considering also the fact that, in the sample used for this analysis, almost the 60% of household that receive remittances are directly saving part of them.

Remittances and Financial Inclusion

Author: Vincent Guermond

Publisher:

Published: 2023-10

Total Pages: 0

ISBN-13: 9780367636890

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"This book comprehensively explores the messy and contested relationship between everyday practices of remittance sending and receiving, processes of market making, and operations of micro- and global finance. The book critically investigates a global migration-development agenda that aims to harness remittances for development by incorporating remittance flows and households into global financial circuits. The book develops a multidisciplinary perspective and combines insights from economic, development, and financial geography as well as international political economy and economic anthropology. It sets out a geographies of remittance marketisation approach to investigate the intricate and grounded ways in which remittance markets are constructed, the extent to which remittance flows and households can be (re)configured and incorporated into global finance, and why such processes are always fragile, contested, and in need of constant renegotiation. Drawing on extensive fieldwork research, the book provides an in-depth critical interrogation of the policies and initiatives that underpin remittance marketisation in Senegal, Ghana, and beyond. This volume will be especially useful to those researching and working in the areas of international development, contemporary geographies of finance and market making, and migration and remittances. It should also prove of interest to policymakers, practitioners, and activists concerned with the relation between migration, remittances, and finance in the Global South"--

Economic and Political Institutions and Development

Author: Joshua C. Hall

Publisher: Springer

Published: 2019-02-23

Total Pages: 182

ISBN-13: 3030060497

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This book focuses on the role of economic and political institutions in economic development. The book offers fresh perspectives on the issues facing less-developed countries and the elements influencing their outcomes. The text includes chapters on democracy, property rights, and economic freedom, and uses diverse methodology such as case studies, spacial econometrics, and cross-country analysis. The volume features the work of prominent scholars in the area of institutional analysis such as Mohammed Akacem, Christopher Coyne, and Andrew Young as well as a number of junior scholars. This book will be useful for researchers and students interested in economic development and institutional analysis in general, in addition to individuals with a specific focus on countries or regions such as Iraq or sub-Saharan Africa.

The Promise of Fintech

Author: Ms.Ratna Sahay

Publisher: International Monetary Fund

Published: 2020-07-01

Total Pages: 83

ISBN-13: 1513512242

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Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.