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Migrants have long faced unwarranted constraints to sending money to family members and relatives in their home countries, among them costly fees and commissions, inconvenient formal banking hours, and inefficient domestic banking services that delay final payment to the beneficiaries. Yet such remittances are perhaps the largest source of external finance in developing countries. Officially recorded remittance flows to developing countries exceeded US$125 billion in 2004, making them the second largest source of development finance after foreign direct investment. This book demonstrates that governments in developing countries increasingly recognize the importance of remittance flows and are quickly addressing these constraints.
This edited volume contains eight studies of financial sector challenges in Africa. They discuss expanding access, lengthening contracts, safeguarding finance and implementing financial sector reform in politically difficult environment.
Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government ...
Financial plans that stimulate growth and eliminate poverty in developing African countries! African Developmental Finance and Business Finance Policy presents theoretical/conceptual and empirical articles that provide invaluable insights into successful business techniques and strategies for the African business arena—the last great frontier of international business expansion. Researchers and practitioners in the field of developmental finance discuss the design and implementation of financial policies for pro-poor growth and poverty alienation in developing countries, including Kenya, Zambia, Nigeria, Mauritius, and Zimbabwe. The book focuses on banking, business finance, and investment...
Developing country governments and international donors are taking notice of diasporas' potential contributions to economic development. Attention has primarily focused on the impressive totals of economic remittances, whose global estimates now outpace official development assistance. Three case studies of diaspora knowledge exchange/transfer: Afghanistan, People's Republic of China and the Philippines provide empirical and anecdotal data relating to: (a) knowledge exchange/transfer; (b) its potential relationship to economic remittances; (c) diaspora motivations; and (d) home country policies and programs. The potential for diaspora knowledge exchange suggests greater opportunities for gain than may be currently recognized and realized.
According to a recent World Bank study of remittances, Bangladesh, India, Pakistan and Sri Lanka are all among the top 20 receivers of remittances, with estimated receipts of US$3.2 billion, US$8.4 billion and U.S$ 1.5 billion respectively. 'Migrant Labor Remittances in South Asia' identifies and discusses the key issues affecting the remittance industry in South Asia. It examines the development and implementation of policies, processes, and infrastructure to foster a development-oriented transfer of financial resources between migrants in developed economies and their families in the region. Rather than duplicate previous remittances work, this title only focuses on the region?s distinguis...
The Legal Department and the Institute of the IMF held their ninth biennial seminar for legal advisors of IMF member countries’ central banks, and the papers published in this volume are based on presentations made by officials attending this seminar. The seminar covered a broad range of topics, including sovereign debt restructuring, money laundering and the financing of terrorism, financial system and banking supervision, conflicts of interest and market discipline in the financial sector, insolvency, and other issues related to central banking.
In this new book a group of 18 distinguished authors presents comprehensive surveys of current issues in the field of finance and development. . . This book nicely bridges the gap between general research on the role of finance for economic growth and the role finance plays for developing economies and poverty reduction. . . Moreover, the authors identify a great number of promising ideas for future research. . . Ryszard Kokoszczynski, SUERF Newsletter The European Money & Finance Forum In the last two decades, the role of finance in the development process has become a major topic of research and debate. Although it is widely agreed that there is an important link between the two, there is ...