New rivers of gold
Remittances
from unlikely places are helping poor countries in downturn
Why I picked up:
I am interested in a Japanese entrepreneur, Tochisako Atsumasa who is
the president of MFIC (Micro Finance International Corporation) and his
business. He founded his company in US. His company provides financial services
especially remittances for mainly migrant workers from South American
countries.
Discussion:
- Compared to other inflows such as direct investment, development aid (ODA) and trades, what are the merits and demerits of remittances?
- What kind of impact growing remittances have in the world economy?
Summary:
1) The world’s most
busiest remittance corridor
US => Mexico (=> Guatemala, Honduras) $22.2b
2) Remittances to
poor countries are enormously valuable.
Worth more than all overseas-development aid
Totaled $372b to poor countries in 2011
3) Remittances are
not just big but growing
4 times bigger than 2000 despite economic crisis
Reason for the boom: The data are better
4) Remittances come from wider countries than was
previously thought
Originated in America 46% in 1970 => just 17% in
2010
Saudi Arabia (the Gulf) posting $27b to South Asian
and Africans
Russia dispatching $19b mostly to Central Asia
5) Remittances are
not immune to fluctuation though they are less volatile
Cash flows to Mexico is 12% lower than their pre
crash peak
“The Arab spring”
6) Remittances are
changed by currency fluctuation and immigrant policy
Hit by weak dollars and euros, many migrants will
react by spending longer or staying closer
American stricter border controls keep migrants in
as well as out
0 件のコメント:
コメントを投稿