Macroeconomic Consequences of Remittances

摘要: Given the large size of aggregate remittance flows (billions dollars annually), they should be expected to have significant macroeconomic effects on economies that receive them. This paper directly addresses two main issues interest policymakers with regard remittances--how manage their effects, and how harness development potential--by reporting results first global study comprehensive remittances recipient economies. In broad terms, findings this tend confirm benefit cited in microeconomic literature: improve households' welfare by lifting families out poverty insuring them against income shocks. The also yield a number important caveats policy considerations, however, largely been overlooked. challenge for countries is design policies promote increase benefits while mitigating adverse side effects. Getting these prescriptions correct early imperative. Globalization aging developed economy populations will ensure demand migrant workers remains robust years come. Hence, volume likely continue grow, it, unlocking maximum societal from transfers.