tailieunhanh - THe MoneTary Policy of THe ecb 2011

Most of the remittance-receiving countries witnessed a significant macro-economic impact of remittances, not only in terms of hel ping increase foreign currency earnings, but also by virtue of representing a sizeable share of a country’s GDP, Moreover, these resources help expand markets through spending and investment. Table 1 shows that the amount of remittances received by these countries is far larger than FDI or ODA. When compared with exports, remittances also represent a significant portion of that revenue. Moreover, remittances display an almost counter-cyclical behavior. For example, despite. | EUROPEAN CENTRAL BANK EUROSYSTEM THE MONETARY POLICY OF THE ECB 2011 EUROPEAN CENTRAL BANK EUROSYSTEM THE MONETARY POLICY OF THE ECB 2011 European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 160319 60066 Frankfurt am Main Germany Telephone 49 69 13440 Internet http Fax 496913446000 Telex 411 144 ecb d This publication was produced under the responsibility of the Executive Board of the ECB. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the statistics included in this issue was end-January 2011. ISBN 978-92-899-0777-4 print ISBN 978-92-899-0778-1 online