By Emiko Todoroki
ISBN-10: 0821379194
ISBN-13: 9780821379196
A number of economies within the Caribbean zone, in particular from the decrease source of revenue staff, are hugely depending on remittances. among 1991 and 2006, the mixed flows of overall remittances achieving the Caribbean have obvious nearly a 17% common annual development cost, surpassing USD 6billion in 2005 and overtaking ODA and FDI into the area. additionally, remittances characterize greater than 20% of the family gross household product (GDP) in a few Caribbean international locations and feature performed an important position in lessening either stability of money deficits and the effect of typical mess ups to which the zone is especially susceptible. Given the significance of such remittance flows, this learn undertakes an research of a few of the dynamics underlying the Canada-Caribbean remittance hall, together with Caribbean migration matters, remittance industry landscapes and regulatory frameworks. This research is meant to aid Canadian and Caribbean nationwide experts of their mandate of supplying incentives for the continuing progress and competitiveness in their remittance industries, whereas retaining remittance markets from being abused by means of criminals.
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Additional resources for The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica Through Effective Regulation (World Bank Working Papers)
Example text
Haiti, Jamaica and Guyana records show that Caribbean migrants are more likely to remit than other communities Figure 20. Percentage of Respondents who Remitted, By Selected Countries of Birth 70% 60% 50% 40% 30% 20% UK S. Korea Iran France Afghanistan USA Mexico China Morocco Lebanon India Bosnia Pakistan Sri Lanka Russia Colombia Ukraine Guyana Nigeria Romania Haiti Jamaica Philippines 0% Iraq 10% Average of the incidences of remitting at two years and four years after landing. Vertical bars show 95% confidence interval around the estimate.
Jamaica and Haiti are particularly affected by outward migration flows, and respectively exported 100,000 and 140,000 workers (net migrant flows) in 2005 (Figure 2). Jamaica experienced very high negative net migration rates at the beginning of the 1970s, followed by a second peak in 1990. 1 percent over the 1970–2010 period (Figure 3). Main Economic Factors Behind High Emigration The high migration pattern in the Caribbean is clearly pushed by countries such as Jamaica, Guyana, Suriname, and Haiti, which have mainly been senders of migrant workers.
In doing so, it attempts to take account of immigration and other issues as they affect remittances, and to recognize the important role that remittances play in the economic development and alleviation of poverty in Caribbean countries. This report therefore suggests some policy avenues for improving knowledge of remittance flows and remittance market features, for increasing the transparency of the flows and the cost structure, and for creating an enabling market environment through facilitating remittance transfers via effective regulations and oversight.