New Rivers of Gold: Remittance Corridors  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8782 (Apr. 2012), page 63-64.
Topik: Banking Industry; Remittances; Economic Development; Foreign Investment; Developing Countries--LDCs

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.71 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In Tapachula, a furnace of a city in southern Mexico, people line up inside an air-conditioned branch of Banco Azteca to process their remittances. Last year Mexicans received an estimated $24 billion from friends and family working abroad, mainly in the United States, with which Mexico forms the world's busiest remittance corridor. But a closer look at the Tapachulan queue shows how the remittance business is changing. Many are not Mexicans receiving cash from America, but migrant workers sending it back home to Guatemala or Honduras. "Very similar to what happens at the other border," observes Jorge Luis Valdivieso, the bank's regional administrator, referring to Mexico's better-known northern frontier. The value of remittances to poor countries is enormous. Since 1996 they have been worth more than all overseas-development aid, and for most of the past decade more than private debt and portfolio equity inflows. In 2011 remittances to poor countries totaled $372 billion, according to the World Bank (total remittances, including to the rich world, came to $501 billion). That is not far off the total amount of foreign direct investment that flowed to poor countries.

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