Title Impact of remittances on poverty and financial development in Sub-Saharan Africa / prepared by Sanjeev Gupta, Catherine Pattillo, and Smita Wagh

Published [Washington, D.C.] : International Monetary Fund, 2007

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Description 1 online resource (43 pages) : illustrations Series IMF working paper ; WP/07/38. Contents I. Introduction; II. Remittances to Sub-Saharan Africa; A. Recent Trends; B. Characteristics of Remittances to SSA; C. Remittances and Brain Drain; III. Impact of Remittances; A. Direct Income and Consumption Effect of Remittances; B. Impact on Financial Development; IV. Improving the Effectiveness of Remittance Flows; A. Channeling Remittance Flows to Formal Providers; B. Using Remittances Effectively; Tables; 1. Expatriation Rates: Top Ten Countries; 2. Three-Stage Least Squares Estimation; 3. Baseline Panel Estimation; 4. Panel Instrumental Variables Estimation 5. Fees for Remittances Sent Through Money Transfer Operators in the U.K.6. Fees for Remittances from South Africa; Figures; 1. Top Ten Recipients of Remittances in Sub-Saharan Africa; 2. Inflows to SSA Countries; 3. Volatility and Cyclicality of Flows to Sub-Saharan Africa; 4. Regional Expatriation to OECD Countries; Appendix; References Summary This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA Bibliography Includes bibliographical references (pages 38-43) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Emigrant remittances -- Africa, Sub-Saharan Emigrant remittances -- Africa, Sub-Saharan -- Econometric models Poverty -- Africa, Sub-Saharan Poverty -- Africa, Sub-Saharan -- Econometric models Economic history Emigrant remittances Emigrant remittances -- Econometric models Poverty Poverty -- Econometric models Social conditions SUBJECT Africa, Sub-Saharan -- Economic conditions -- 21st century Africa, Sub-Saharan -- Social conditions -- 21st century Subject Sub-Saharan Africa Form Electronic book Author Pattillo, Catherine A. (Catherine Anne), author Wagh, Smita, author. International Monetary Fund. ISBN 1283517825 9781283517829 145191055X 9781451910551 9781451987324 1451987323 1462316484 9781462316489 9786613830272 6613830275

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