2005年-世界发展银行全球_Workers_Remittances_to_Developing_Countries___A_Survey_with_Central_Banks_on_Selected_Public_Policy_Issues_43页_438kb

Summary of "Workers' Remittances to Developing Countries: A Survey with Central Banks on Selected Public Policy Issues"

Core Content

This paper presents the findings of a survey conducted by the World Bank with central banks in 40 developing countries to examine public policy issues related to workers' remittances. The study focuses on four main areas: remittance statistics coverage, remittance transfer costs, regulatory frameworks, and efforts to channel remittances through formal financial institutions.

Main Topics and Findings

1. Sources and Coverage of Remittance Statistics

• Remittance Phases: The remittance process is divided into three phases: initiation in the source country, transfer to a foreign country, and disbursement in the destination country.
• Coverage of Institutions: Most remittances are processed through commercial banks (all 40 countries), but only 90% of central banks collect data from them. Fewer central banks collect data from other institutions such as exchange bureaus (65%), money transfer companies (38%), and post offices (35%).
• Informal Channels: Only 10 out of 40 central banks have developed tools to measure remittances through informal channels. These include cash sent with travelers, money in envelopes, and Hawala-type transfers.
• Data Limitations: Many countries do not capture the full volume of remittances in their official statistics, leading to underestimation of the true scale of remittance inflows. This is particularly true for transactions via informal channels and newer financial instruments.

2. Remittance Transfer Costs

• Cost Components: Transfer costs consist of three main components: sender fees, exchange rate spreads, and beneficiary fees.
• High Costs: Despite declining average fees due to increased competition and new financial products, remittance costs remain high in many corridors.
• Consumer Information: There is a need for improved transparency and information for consumers about these costs. Many central banks lack detailed data on fees and exchange rates.
• Currency Use: Some remittances are sent and received in the same currency, avoiding exchange rate costs. However, this is not common across all corridors.

3. Regulatory Issues

• Supervision of Money Transfer Companies (MTCs): Many MTCs are not properly supervised or regulated in developing countries, which can lead to risks such as money laundering and terrorism financing.
• Registration and Reporting: There is a need to introduce basic registration and reporting requirements for MTCs. These should not hinder the development of such institutions.
• Consumer Complaints: Only a few countries have effective mechanisms for resolving consumer complaints related to remittances.
• Taxation: Taxation policies on remittances vary across countries and may affect the volume and cost of remittances.

4. Formal Channel Initiatives

• Bilateral Cooperation: Cooperation between sending and receiving countries is essential to reduce remittance costs and improve the regulatory environment.
• Incentives for Formal Channels: Several countries have introduced incentives to encourage the use of formal financial institutions for remittances, such as offering better savings and investment instruments.
• Developmental Impact: Improving the formalization of remittance flows can enhance their developmental impact by directing funds toward productive investments and reducing leakage.

Key Information

• Remittance Volume: In 2003, developing countries received $96 billion in remittances, with an expected increase to over $110 billion in 2004.
• Economic Importance: Remittances are the second-largest source of external financing after foreign direct investment (FDI), representing over 5% of GDP in 25 developing countries.
• Informal Channels: Informal remittance channels remain significant, yet underreported in official statistics. These include cash transfers, envelope money, and Hawala networks.
• Data Gaps: Many central banks lack comprehensive data on remittance flows, especially from non-bank institutions and informal channels, which affects policy formulation and economic analysis.
• Need for Standardization: There is a need for international guidance to standardize remittance data collection and reporting practices across countries.
• Improved Data: Better remittance data has led to policy changes in some countries, such as Mexico, where improved reporting systems have significantly increased the estimated remittance inflows.
• Policy Recommendations: The paper suggests that developing countries should improve their statistical systems, lower remittance costs, enhance regulatory oversight, and develop formal financial instruments to increase the developmental impact of remittances.

Conclusion

The survey highlights the importance of remittances for developing economies and identifies several key challenges, including incomplete data collection, high transaction costs, inadequate regulation, and limited use of formal financial channels. It emphasizes the need for improved data, international cooperation, and policy reforms to maximize the developmental benefits of remittances while ensuring financial integrity and consumer protection.