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Journal Article
Lessons learned from the conference series: an informed discussion of financial access for immigrants
During the past two years, the Consumer and Community Affairs (CCA) division of the Federal Reserve Bank of Chicago held a series of conferences focused on increasing access to financial services for immigrants. The conference series was conducted under the umbrella of CCA?s Center for the Study of Financial Access for Immigrants. The primary goal of the conference series was to provide forums where individuals interested in the topic of financial services access for immigrants could share ideas, practices, and innovative approaches to meeting immigrant financial services demand. The ...
Working Paper
Immigration, remittances and business cycles
We use data on border enforcement and macroeconomic indicators from the U.S. and Mexico to estimate a two-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of labor migration to the U.S. and documents how remittances to Mexico serve an insurance role to smooth consumption across the border. During expansions in the destination economy, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk migration cost that reflects the intensity of border enforcement. During recessions, established migrants ...
Journal Article
Transnationalism: living in two worlds
Many immigrants vote, invest, and support families back home while starting businesses, establishing churches, and joining parent-teacher associations in the United States. Today savvy organizations recognize this growing transnationalism and collaborate across borders to reduce problems in two countries simultaneously.
Conference Paper
Commentary on session III: U.S.-Mexico remittances: recent trends and measurement issues
Summary and discussion of the three papers in this session: "Leveraging remittances for development" by Dilip Ratha; "Remittances and their microeconomic impacts: evidence from Latin America" by Catalina Amuedo-Dorantes; and "The relationship between international migration, trade, and development: some paradoxes and findings" by J. Edward Taylor. ; The rest of this commentary explores recent trends in U.S.-Mexico remittances, explaining how they are measured and comparing them with forecasts of remittances based on an econometric model and with trends in other developing countries.
Conference Paper
The relationship between international migration, trade, and development: some paradoxes and findings
The interactions among trade, international migration, and economic development in migrant-sending areas are complex, and paradoxes abound. This paper summarizes global trends in world migration and remittances, discusses some paradoxes surrounding the trade-migration-development relationship, and reports findings from new research on Mexico-to-U.S. migration, using data from rural Mexico. It concludes with some thoughts about designing policies to raise the development potential of remittances in migrant-sending areas.
Conference Paper
Leveraging remittances for development
Migrant remittances have become a major source of external development finance. They can play an effective role in reducing poverty. And they provide a convenient angle for approaching the complex migration agenda. ; Remittances are personal flows from migrants to their friends and families and should not be taxed or directed to specific development uses. Instead, the development community should make remittance services cheaper and more convenient and indirectly leverage these flows to improve financial access of migrants, their beneficiaries, and the financial intermediaries in the origin ...
Working Paper
Immigration, remittances, and business cycles
We use data on border enforcement and macroeconomic indicators from the United States and Mexico to estimate a two-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of labor migration to the United States and documents how remittances to Mexico serve an insurance role to smooth consumption across the border. During expansions in the destination economy, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk migration cost that reflects the intensity of border enforcement. During recessions, ...
Journal Article
Study examines Mexican immigrants remitting habits
Altruism, investment, and mitigating risk are important reasons Mexican immigrants in the United States remit money to their home country.
Journal Article
Banking on remittances: reaching the immigrant market
Immigrants in the United States represent a large and growing market for financial institutions, not only in traditional ports of entry such as Los Angeles, New York, Chicago, and Miami, but also in newly emerging gateway cities across the U.S., including Dalton, Georgia, and Nashville, Tennessee.