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Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa

Author/Editor: Gupta, Sanjeev | Pattillo, Catherine A. | Wagh, Smita
Authorized for Distribution: February 1, 2007
Electronic Access: Free Full Text (PDF file size is 547KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA.
 
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Series: Working Paper No. 07/38
Subject(s): Workers remittances | Sub-Saharan Africa | Poverty reduction | Financial sector | Development
 
English  
    Published:   February 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007038   Pages:   43
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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