12 research outputs found
Financial Sector Reforms and Savings Mobilization in Zambia
financial sector reforms, saving mobilization, Zambia
Sri Lanka's migrant labor remittances : enhancing the quality and outreach of the rural remittance infrastructure
Remittances-money sent home by immigrant workers abroad-are hugely beneficial to Sri Lanka. Migrants'remittances have grown dramatically in recent years and are now estimated at US$1.5 billion annually. This national phenomenon is consistent with remittance trends in neighboring countries where remittance flows are growing as rapidly. The trend is likely to continue as many workers continue to look abroad for the chance to make a better living. The economic policy implications of these trends are significant. The Sri Lankan Central Bank is now debating the following key issues: the developmental impact of remittances; the high transaction costs associated with remittances; and the level of transparency and accountability in the remittance industry, especially the informal remittance sector. This paper highlights the key policy issues associated with each of these aspects of remittances with the objective of improving the public and private infrastructure for current and future flows. Building on recent World Bank research on remittances that prominently features South Asia, it has been prepared in recognition of the development potential of these flows. It discusses some of the key issues relating to the remittance industry in Sri Lanka. This paper complements the existing literature on migrant labor remittances to Sri Lanka and extends that literature by providing specific policy-relevant guidance on short and long-term policies for enhance enhancing the quality and outreach of rural remittance infrastructure.Banks&Banking Reform,Technology Industry,Gender and Development,Financial Intermediation,Economic Theory&Research
Microfinance systems: designing quality financial services for the poor, by GRAHAM WRIGHT (London: Zed Books, 2000, pp. xix+283, £15.95 p|bk)
No abstract
Financial policy in practice: benchmarking financial sector strategies around the world
Policy makers use financial sector strategies to formulate a holistic policy for the national financial system. This article examines and rates financial sector strategies around the world on how well they formulate development targets, arrangements for systemic risk management, and implementing plans. The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management. The rated strategies are then benchmarked against a range of country characteristics. The analysis finds that the scope and quality of national strategies for the financial sector are systematically influenced by several country characteristics. Interestingly, policy trade-offs, particularly between financial development and systemic risk management, are not adequately considered in the strategies.Web of Science52122220
Discussion Paper No. 2003/13 Financial Sector Reforms and Savings Mobilization in Zambia
The paper explores the relationship between financial sector reforms and savings mobilization in Zambia. Although there exists an extensive literature on financial sector development and savings levels in developing countries, there does not seem to exist satisfactory work on the above nexus for sub-Saharan African countries, particularly Zambia. Along these lines, the paper examines the linkages between the financial reforms of the early 1990s and savings mobilization. It considers the characteristics of banks and non-bank financial institutions, especially micro finance institutions, and savings levels and identifies problems associated with the relatively poor performance of savings in recent years and concludes with a set of policy guidelines for strengthening savings mobilization, highlighting the expected effect on povertyreducing growth
Sri Lanka's Migrant Labor Remittances: Enhancing the Quality and Outreach of the Rural Remittance Infrastructure
Remittances-money sent home by immigrant workers abroad-are hugely beneficial to Sri Lanka. Migrants' remittances have grown dramatically in recent years and are now estimated at US$1.5 billion annually. This national phenomenon is consistent with remittance trends in neighboring countries where remittance flows are growing as rapidly. The trend is likely to continue as many workers continue to look abroad for the chance to make a better living. The economic policy implications of these trends are significant. The Sri Lankan Central Bank is now debating the following key issues: the developmental impact of remittances; the high transaction costs associated with remittances; and the level of transparency and accountability in the remittance industry, especially the informal remittance sector. This paper highlights the key policy issues associated with each of these aspects of remittances with the objective of improving the public and private infrastructure for current and future flows. Building on recent World Bank research on remittances that prominently features South Asia, it has been prepared in recognition of the development potential of these flows. It discusses some of the key issues relating to the remittance industry in Sri Lanka. This paper complements the existing literature on migrant labor remittances to Sri Lanka and extends that literature by providing specific policy-relevant guidance on short and long-term policies for enhance enhancing the quality and outreach of rural remittance infrastructure
Informal Funds Transfer Systems
Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.Financial systems;banking, remittance, remittances, foreign exchange, banking sector, banking system, remitter, state bank, financial sector, migrant, alternative remittance, money transfer, remitters, remittance business, remittance systems, capital flows, international standards, paper, money transfers, remittance transaction, banking business, informal remittances, money laundering, remittance services, banking systems, remittance system, alternative remittance systems, prudential regulation, money remittance, banking channels, informal remittance, bankers, criminal nature, law enforcement, payment systems, money laundering activities, laundering process, funds transfers, precious metals, financial crimes, terrorist financing, remittance flows, criminal activity, international transfers, supervisory frameworks, financial sector development, financial institutions, financial reforms, tax evasion, migrant worker remittances, worker remittances, remittance trade, central banking, bankrupt, workers? remittances, bank branches, money remittances, financial transaction, informal remittance systems, migrant labor remittances, domestic remittance, banking instruments, bank guarantee, remittance sender, bank account, banking services, bank of england, bank accounts, remittance recipient, bank reserves, informal transfer systems, bank notes, beneficiaries of remittances, criminal proceeds, banking institution, international remittances, cost of remittances, bank financing, cash movements, foreign asset, reporting requirements, recipients of remittances, banking information, bank branch, regulatory approach, money transfer service, supervisory standards, financial policies, remittance service, remittance fee, capital movements, banking transactions, value of remittances, remittance service providers, bank drafts, personal remittances, remittance channels, bankers association, cash remittances, banking assets, bank deposit, financial system, money launderers, law enforcement agencies, due regard, inward remittances, money transfer services, financial markets, financial abuse, bank staff, bank for international settlements, remittance mechanisms, deposit insurance, remittance network, banking institutions, regulatory measures, anti?money laundering, banking statistics, transaction cost, financial remittance, alternative remittance system, bank intermediation, banking regulations, banking laws, money transfer mechanisms, banking secrecy, banker, banking networks, remittance activity, migration, banknote, regulatory frameworks, illegal activities, drug money, customer identification, secrecy laws, laundering money, terrorist acts, drug trafficking, financial intermediaries, criminal activities, international funds transfers, negotiable instruments, laundering activities, terrorist attacks
Migrant Labor Remittances in the South Asia Region
Bangladesh, India, Pakistan and Sri Lanka have all experienced a sharp increase in remittances during the past decade, and are the countries among the top 20 receivers of remittances. The report provides a strategic overview of key issues relating to the remittances industry in the South Asia region, and, builds on recent Bank research on the subject, that prominently features this region. This study basically focuses on the region's distinguishing characteristics: large migrant population of semi-skilled, and unskilled workers (largely concentrated in the Arabian Gulf countries) contributing to rising remittance flows; the presence of dedicated public institutions, and government financial incentives aimed at facilitating, and providing support for temporary migration, and remittance inflows; The existence of state bank networks, with immense potential for an effective remittance financial market; and, The widespread use of trade-related informal remittance channels by both legal, and illegal migrants. The increase in remittance volumes, has renewed academic, and public policy interest in their potential to reduce poverty, and economic vulnerability, improve family welfare, and stimulate local economic development, in the face of lower foreign direct investment (FDI) flows. The study analyzes the impact of international remittances on poverty, using a growth-poverty model, which assumes that economic growth - as measured by increases in mean per capita income - will reduce poverty. It finds that, when estimated values for unofficial remittances are added to official remittance figures, total remittances reduce the level of poverty in south Asia. Recommendations to maximize the network's full potential suggest among others: shared payments systems platforms; public-private partnerships across infrastructure, products, and services are necessary for countries in the region that seek the types of gains attained elsewhere; cross selling, i.e., it is essential that as the profitability of the conventional remittance business model continues to decline, formal financial institutions invest in cross-selling complimentary financial services, and products