tailieunhanh - Remittances from Germany and their Routes to Migrants' Origin Countries: A study on five selected countries

The causes and consequences of the Third World debt crisis have been analyzed by scholars for more than a decade. 3 Its origin lay partly in the international expansion of . banking organizations during the 1950s and 1960s in conjunction with the rapid growth in the world economy, including the LDCs. For example, for more than a decade before oil prices quadrupled in 1973 74, the growth rate in the real domestic product of the LDCs av- eraged about 6 percent annually. For the remainder of the 1970s, the growth rate slowed but averaged a respectable 4 to 5 percent. 4 Such growth generated new . corporate invest- ment in these markets,. | Remittances from Germany and their Routes to Migrants Origin Countries A study on five selected countries gtz commissioned by 1 Federal Ministry I for Economic Cooperation I and Development Published by Deutsche Gesellschaft fur Technische Zusammenarbeit GTZ GmbH Postfach 5180 65726 Eschborn Internet Division 41 Economic Development and Employment Section Financial Systems Development Section Migration and Development E E migration@ Authors Elizabeth Holmes Carola Menzel Torsten Schlink Frankfurt School of Finance Management Responsible Dr. Irina Kausch Dr. Brigitte Klein Dr. Hans Werner Mundt Jenni Winterhagen Thérèse Zák Design Jeanette Geppert Print Druckreif Frankfurt Source Bildberg Jeanette Geppert Bildquelle Brotchen 5 Pfennig-Teil 2 Konstantin Gastmann Eschborn 2007 Germany is one of the most important countries of origin for remittances money transfers from migrants. In 2006 they amounted to approximately ten billion euros. However as this study shows migrants face considerable difficulties with the transfer process. Despite its large volume the market for money transfers is extremely intransparent. Intensive research is needed to discover which financial institutions offer what kind of services and at what cost. In some cases the cost of these services is extremely high. The result is that transfers are frequently made through informal channels. According to a World Bank study half of all remittances to Serbia are transported as cash. This form of money transfer reduces the developmental potential of remittances. To make better use of these and increasingly steer remittances into formal channels will require increased cooperation with the financial sector. The financial sector itself will benefit as formally transferred remittances help strengthen inclusive financial systems providing services to population groups that have been neglected so far. The .

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