The Bank has just published a new book (edited by Sirkeci, Cohen and Ratha - see here) that documents the impacts of the recent financial crisis on migration and remittance flows. A common story line emerging from a number of regional and country specific experiences is the remarkable resilience of remittance flows during the crisis. Beyond this observation, the book highlights variations in factors affecting migration and remittance patterns during the crisis and suggests a number of hypotheses for future research. The book is certainly not the last word on the topic of crisis impacts, but it marks an early stock taking of this evolving topic.
In a new working paper published in the World Bank Working Paper Series, John Gibson, David McKenzie, and I look at exactly this question.
While much of migration policy has been focused on reducing costs of remittances and introducing new and inexpensive transmission channels, relatively little attention has been paid to educating customers on such benefits. After all, this could be pretty low hanging fruit – tell migrants about a cheaper way of remitting and they will switch.
With this thought in mind, we designed an information dissemination experiment for migrant workers in both Australia and New Zealand who had migrated from the Pacific Islands, East Asia, and Sri Lanka.
As international migration and migrant remittances have increased in recent years, there is a clear need for improved data on international migration and migrant remittances to understand the effects that various policies can have on migrants and migrant households. In a new paper, we argue that large, multi-purpose data collection efforts present good opportunities to study migration in a cost-effective manner. Many countries now implement nationally representative, multi-topic household surveys à la Living Standards Measurement Study (LSMS) surveys, primarily for the purposes of welfare monitoring and analysis. Although LSMS survey questionnaires are designed to study numerous aspects of household welfare and behavior, collecting detailed migration information has not been a priority for most multi-topic household surveys, resulting in large knowledge gaps on migration. Integrating migration information into these data collection efforts can be an efficient way to collect migration data.
Economists usually enjoy working on economic data and writing up reports. But Sudharshan Canagarajah also likes giving conventional economic thinking a nudge — in this case, on migration.
As the World Bank’s Lead Economist for Tajikistan, Sudharshan noticed that Tajiks were on the move. In response to the country’s various crises, they sought new opportunities, mainly in Russia. They had no support from government, and little attention from donors, but the money they sent home created a huge economic impact.
In a surprising move, the Government of the Gambia through its Ministry of Foreign Affairs, International Cooperation and Gambians Abroad, in January 2012 convened the first “Consultative Meeting between the Government of the Republic of The Gambia and Gambians in the Diaspora”. According to a press release from the Office of the Gambian President, the main objective of the Consultative Meeting is to harness the potentials and talents of Gambians in the Diaspora, including those serving in International Organizations and others engaged in private ventures, which can be beneficial to the country. The release further indicated, “the meeting will facilitate the evaluation of the extent to which latent potential residing in Diaspora nationals, could be utilized to the fullest in support of Vision 2020 goals and objectives”.
Today marks an important date: The Global Knowledge Partnership on Migration and Development (KP) begins its inception phase today. With seed funding from the Swiss Agency for Development and Cooperation (SDC), the KP will be a global public good, multidisciplinary, a process of synthesizing existing knowledge and creating knowledge where necessary, all with the purpose of creating a menu of policy options for policy makers (see consultation draft). The policy recommendations will be designed with careful analysis of facts and evidence. Methodologies will be closely scrutinized by peer reviewers. A 9 month inception phase will end in January 2013, and the KP will enter implementation phase in February 2013. By then, a secretariat would have been established, an Advisory Board formed, and at least 5 thematic working groups would have been identified.
“More and better jobs” is a goal for many policymakers around the world (along with part of the title for a recent World Bank South Asia flagship report on employment). How to create “good jobs” is a key question that the next World Development Report is also expected to help answer.
The United States is perhaps the largest destination country for international migrants, and is by far the largest source country for international remittances (see our Factbook and a recent CBO report on remittances). The US Bureau of Economic Analysis reported that outward remittance flows from the US amounted to $51.6 billion in 2010 (see table 1). So far the BEA has published remittance data for the first three quarters of 2011. What could be the estimate for the fourth quarter 2011 and by implication the annual figure for 2011?
A recently introduced bipartisan legislation entitled, “The Increasing American Jobs through Greater Exports to Africa Act of 2012 “ will promote the increase of US exports to Africa. On March 22, U.S. Rep. Bobby L. Rush (D-IL) jointly with U.S. Rep. Chris Smith (R-NJ) presented a bill to improve the competitiveness of U.S. business in Africa, including African diaspora businesses. The bill also proposes to explore ways to utilize diaspora remittances to Africa for development purposes.
A challenge for developing countries considering issuance of bonds (including diaspora bonds) is costly and onerous SEC registration requirements in the U.S. and Europe. The Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act (CROWDFUND Act) passed by the U.S. Senate on March 22 could potentially make the regulatory process simpler for some small-scale financing for small and medium enterprises (SMEs) in developing country.