The use of migrant remittances in development: Lessons from the asian experience

Abstract

AbstractThis paper attempts to shed light on the nature and effectiveness of various approaches adopted by the governments of Asian labour‐exporting countries in order to enhance the developmental impact of migrant‐worker remittances. Fragmentary evidence from various country studies on policies designed to attract remittances into the formal banking sector, as well as to monitor the expenditure of counterpart funds, is synthesized and analysed in comparative perspective. The findings cast doubt on the viability and effectiveness of ‘migrant‐specific’ policy initiatives and point to the need for an economy‐wide approach encompassing appropriate exchange‐rate and financial‐sector policies.