Migrant Remittances Newsletter May 2011
Money transfers are regaining dynamism across the globe. The current money transfer market shows a mix of innovation, continued competition, and policy initiatives aimed at reaching out to migrants and remittance recipients. Flows are achieving momentum again, but remain sensitive to political events in the Middle East and North Africa and slow economic recovery in source markets such as Spain. The industry is demonstrating an effort to increase competition, penetrating the market with technology-driven payment instruments, such as the Internet. Our research review analyzes the extent of a relationship between transnationalism and skilled diasporas. The guest article looks at public-private partnerships, particularly the collaboration of money transfer companies, Mexican government officials, and the Mexican diaspora on wealth-generation initiatives. The country profile touches on the case of Cuba, where U.S. policy reforms and Cuban economic reforms may be reaching important points of convergence.
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