tailieunhanh - Developing a Road Map for Engaging Diasporas in Development

Financial flows from migrants and their descendants are at the heart of the relationship between migration and development. Policy attention has focused on the largest and most visible of these flows migrants’ remittances and, to a lesser but growing extent, the direct investments that diaspora entrepreneurs make in businesses in their countries of origin. The third major category of private financial resources that originate from diasporas, capital market investments, are much less understood and examined. Capital markets are absolutely fundamental to development, as they are the institutions that mobilize savings for investment, providing the long-term funds that power wealth creation. | Developing a Road Map for Engaging Diasporas in Development A HANDBOOK FOR POLICYMAKERS AND PRACTITIONERS IN HOME AND HOST COUNTRIES Dovelyn Rannveig Agunias and Kathleen Newland International Organization for Migration IOM MIGRATION POLICY I INSTITUTE Chapter 10 Capital Market Investments Financial flows from migrants and their descendants are at the heart of the relationship between migration and development. Policy attention has focused on the largest and most visible of these flows migrants remittances and to a lesser but growing extent the direct investments that diaspora entrepreneurs make in businesses in their countries of origin. The third major category of private financial resources that originate from diasporas capital market investments are much less understood and examined. Capital markets are absolutely fundamental to development as they are the institutions that mobilize savings for investment providing the long-term funds that power wealth creation and in financial crises wealth destruction . They include markets for stocks equities bonds loans asset-backed securities as in commodity markets and a complex array of instruments derived from one or more of these derivatives . Collectively this kind of investment is known as indirect or portfolio investment. Diaspora members have substantial financial assets beyond their current income including savings and retirement accounts real property and investments in stocks bonds and other financial Governments banks and businesses in countries of origin have a strong interest in creating financial instruments that can attract these diaspora savings into investments that contribute to sustainable development. Diaspora investors tend to have different perceptions of risk than non-diaspora investors. Given their homeland connections diaspora members may have better information about investment opportunities in their countries of origin and are less sensitive to exchange-rate risks than other .

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