Central bank digital currencies (CBDCs) could ease current frictions in cross-border payments - and particularly so if central banks factor an international dimension into CBDC design from the outset. Based on a survey of 50 central banks in the first quarter of 2021, this paper explores initial...

The pursuit of money and capital is a relentless endeavor of every economy. FDI is considered the engine of economic growth, while are remittances the increasingly the catalyst of the population’s welfare. The purpose of the study is to analyze the answer about the relationship between...

Remittances from overseas can encourage human capital investment and improve educational outcomes in developing countries. Empirical studies, however, have shown mixed evidence at best. This paper uses a 5-year panel dataset that tracks the same 3,000 households and 8,000 individuals through...

Cross-border capital flows are expected to lead to increased international risk sharing by facilitating borrowing and lending in global financial markets. This paper examines risk-sharing outcomes of various types of capital flows (foreign direct investment, portfolio equity, debt, remittance,...

Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of U.S. monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been...

The paper reviews recent literature on the economics of migration and diasporas, focusing on economic gains and opportunities that these diasporas could represent for home countries. In addition, the paper discusses policies aimed at leveraging this "diaspora capital".

In this study, we explore the hypotheses that (a) workers' remittances enhance economic growth in Latin American countries, and (b) workers' remittances help reduce poverty in Latin American countries. In recent decades, workers' remittances have become an important source of income for many...

This paper offers a meta-regression analysis of the literature on the drivers of financial development. Our results based on 1900 estimates suggest that institutional quality is positively correlated to both private sector credit and stock market capitalization (both as share of GDP). Domestic...

Since the oil price downturn of 2015, the United Arab Emirates and fellow Gulf Cooperation Council countries have worked hard to expand digital payments in the interest of improved tax and revenue collection, transparency, and security. Yet despite a deep transformation and diversification of...

The paper explored (1) the impact of remittances on financial development and (2) whether the interaction between remittances and human capital development had an influence on financial development in transitional economies using the dynamic GMM approach, with data ranging from 1996 to 2014....

The present paper studies the effects of financial development on the human capital development of Pakistan. An annual time series data over the period of 1991 to 2016 is used. Financial development is measured through three proxies, which are, bank deposits, broad money supply, and domestic...

This paper explores the impact of international migration on school enrollment of children staying behind in Tajikistan, by using data from a large nationally representative household survey. The methodology employed is a switching probit model that accounts for the endogeneity and...

This working paper was written as input for the Asian Development Outlook 2019. It reviews the literature at the intersection of disasters and migration in Asia and details the story of how disasters may affect mobility, from displacement to voluntary migration to "trapped populations." It also...

Shifts in the bilateral real exchange rate between the countries of migrants' origin and destination alter the real value of international remittances in origin currency relative to their real value in destination currency. Theoretical models predict a response in the form of some adjustment in...

We examine the effect of immigration on the host country in the dynamic model that can deal with secular unemployment. Immigration has contrasting effects, depending on the economic state of the host country. If there is unemployment, immigration worsens unemployment and decreases consumption by...

Few political transformations have attacked social inequalities more thoroughly than the 1959 Cuban Revolution. However, as the survey data in this paper shows, 60 years on, structural inequalities which echo the pre-revolutionary socio-ethnic hierarchies are returning. While official Cuban...

This paper empirically investigates the effects of remittances on access to financial services in 26 Sub-Saharan African countries over the period 2004-2015. We find that remittances have a significantly positive impact on financial access in Sub-Saharan Africa. This finding remains true in...

Workers' remittances sent to Latin America declined sharply as the COVID-19 pandemic spread in the first half of 2020, rebounding in the second half. This paper uses a gravity model to estimate the impact of containment and economic support measures, as well as travel restrictions, on...

In order to understand why there is a continuous increase in euro banknote circulation even though the use of cash for transactions is decreasing in the euro area - a phenomenon known as the paradox of banknotes - the members of the Overseas workstream of the Eurosystem Research Network on Cash...

Migration is a phenomenon of increasing global relevance as year by year a growing number of individuals is leaving their home driven by the pursuit to improve the well-being of their households through additional income. While the drivers of international migration and its effect on the...

Migration is a phenomenon of increasing global relevance as year by year a growing number of individuals is leaving their home driven by the pursuit to improve the well-being of their households through additional income. While the drivers of international migration and its effect on the...

Purpose Human capital flight from developing countries to developed nations has been rising and giving concerns to governments and scholars alike. This paper aims to explore the impact migration from Nigeria has on economic output growth by focusing on the migration rate, remittances, population...

Despite the established link between oil rent fluctuations and remittances received, its plausible joint effect on economic growth in Sub-Saharan Africa (SSA) remains unexplored. To fill this gap, first we determine whether natural resource rent (composed of oil rent, forest rent and natural gas...

During a global shock two forces act upon international remittances in opposite directions: income losses among migrants may reduce their ability to send remittances and, at the same time, migrants' concern for their family's wellbeing may prompt them to send more remittances back home. Which of...

Workers' remittances sent to Latin America declined sharply as the COVID-19 pandemic spread in the first half of 2020, rebounding in the second half. This paper uses a gravity model to estimate the impact of containment and economic support measures, as well as travel restrictions, on...

Cross-border payments are inefficient, and technology could play a role in making them better. One means could be through interoperating central bank digital currencies (CBDCs), forming multi-CBDC (mCBDC) arrangements. This paper explores dimensions of payment system interoperability, how they...

Hardly any studies have investigated the impact of migrant remittances on economic growth (EG) and inequality in the Western Balkans as a whole (WB6). Using the method of instrumental variables (VI), the findings show that while remittances influence economic growth, their inflow also promotes a...

African nations have in time, passed over-relied on remittances inflow to augment domestic finances needed for growth. Despite the volume and magnitude of remittances that have to serve as an alternative source of investment financing, African remains mostly underdeveloped. The altruistic...