ENGLISH

The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica Through Effective Regulation (World Bank Working Papers)

By Emiko Todoroki , Matteo Vaccani , Wameek Noor

Book information

Year
2009
ISBN
0821379194, 9780821379196
DOI
10.1596/978-0-8213-7919-6
LCC
HC120.F55 C363 2009
Open Library ID
OL23145790M
Language
english
Format
PDF
Filesize
5 MB (4845565 bytes)
Pages
192\196
Scanned
yes
Time added
2011-06-04 13:46:07

Description

Several economies in the Caribbean region, especially from the lower income group, are highly dependent on remittances. Between 1991 and 2006, the combined flows of total remittances reaching the Caribbean have seen almost a 17% average annual growth rate, surpassing USD 6billion in 2005 and overtaking ODA and FDI into the region. In addition, remittances represent more than 20% of the domestic gross domestic product (GDP) in some Caribbean countries and have played a significant role in lessening both balance of payment deficits and the impact of natural disasters to which the region is particularly vulnerable. Given the importance of such remittance flows, this study undertakes an analysis of the various dynamics underlying the Canada-Caribbean remittance corridor, including Caribbean migration issues, remittance market landscapes and regulatory frameworks. This study is intended to assist Canadian and Caribbean national authorities in their mandate of providing incentives for the continued growth and competitiveness of their remittance industries, while protecting remittance markets from being abused by criminals.

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