Banks, Remittances and Financial Deepening in ... - OECD.org

BANKS, REMITTANCES AND FINANCIAL DEEPENING IN RECEIVING COUNTRIES. A MODEL Enrique Alberola and Rodrigo César Salvado

Documentos de Trabajo N.º 0621

2006

BANKS, REMITTANCES AND FINANCIAL DEEPENING IN RECEIVING COUNTRIES. A MODEL

BANKS, REMITTANCES AND FINANCIAL DEEPENING IN RECEIVING COUNTRIES. A MODEL (*)

Enrique Alberola (**) BANCO DE ESPAÑA

Rodrigo César Salvado (***) BANCO CENTROAMERICANO DE INTEGRACIÓN ECONÓMICA

(*) The authors acknowledge the comments by Enrique Kawamura, Josep Vilarrubia and other participants at the IADB's Latin Finance Network meeting at Cepal, Santiago de Chile and Banco de España. (**) Banco de España. [email protected]. (**) Banco Centroamericano de Integración Económica. [email protected].

Documentos de Trabajo. N.º 0621 2006

The Working Paper Series seeks to disseminate original research in economics and finance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem.

The Banco de España disseminates its main reports and most of its publications via the INTERNET at the following website: http://www.bde.es.

Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. © BANCO DE ESPAÑA, Madrid, 2006 ISSN: 0213-2710 (print) ISSN: 1579-8666 (on line) Depósito legal: M.36565-2006 Imprenta del Banco de España

Abstract

A remarkable fact of the mushrooming remittances market is the absence of commercial banks as relevant players. Furthermore, remittances have been identified as a potential catalyst for the financial deepening of receiving countries through higher access to banking services by migrants' families. Building upon these features, this paper sets up a two-period financial model of remittances without uncertainty. The formulation acknowledges, on the one hand, the altruism component of remittances sent by migrants to their families and, on the other hand, the dominant position of Money Transfer Operators (MTO's) due to migrants' mistrust to banks, which hinders the access of banks to the market. Altruism compounded with a non-competitive market allows MTO's to set excessively high remittance fees and to attain monopolistic rents. The model shows that banks can challenge this position thanks to their role as providers of remunerated saving and credit, which enables them to overcome the competitive disadvantage derived by migrants' mistrust. Notwithstanding this, the main positive impact of banks' entry is attained through higher competition, not through the provision of financial services. All in all, the entry of banks reduces the fees and increases the level of remittances, allows an optimal consumption smoothing and improves the welfare of migrants and their families, although it also increases the volatility of remittances. KEYWORDS: banks, financial development, migrations, remittances. JEL Classification: G20, J61.

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more than the later. However, given the additional impact of the development of the ﬁnancial system that the banking channel is expected to engineer in the receiving countries, both countries should be interested in developing this channel.

References [1] Adams, R. H. Jr., and J. Page (2003), International Migration, Remittances and Poverty in Developing Countries, Poverty Reduction Group, MSN MC4-415, World Bank. [2] Bernheim, D. B., A. Shleifer and L. H. Summers (1986), "The Strategic Bequest Motive", Journal of Labor Economics, Vol. 4, No. 3, Part 2: "The Family and the Distribution of Economic Rewards", S151-S182. [3] Buch, C. M., and A. Kuckulenz (2003), Worker Remittances and Capital Flows to Developing Countries, Centre for European Economic Research. [4] Chami, R., C. Fullenkamp and S. Jahjah (2005), "Are Immigrant Remittance Flows a Source of Capital for Development?", IMF Sta Papers, Vol. 52, No. 1. [5] Hoddinot, J. (1994), A Model of Migration and Remittances Applied to Western Kenia, Oxford Economic Papers, New Series, Vol. 46, No. 3, pp. 459-476. [6] Lasdon, L. S., A. D. Waren, A. Jain and M. Ratner (1978), "Design and Testing of a Generalized Reduced Gradient Code for Nonlinear Programming", ACM Transactions on Mathematical Software, 4, pp. 34-50.

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[7] Lozano A. F. (2004), Current trends in migrants’ remittances in Latin America and the Caribbean: An evaluation of their social and economic importance, Latin American Economic System. [8] Nordblom, K. (1998), "Precautionary Savings and Altruism", Journal of Economic Literature, D64, D81, J12. [9] Mckinnon, R. I. (1973), Money and Capital in Economic Development, Washington: Brookings Institution. [10] Orozco, M. (2003), Changes in the Atmosphere? Increase of Remittances, Price Decline and New Challenges, Inter American Dialogue. [11] — (2004), The Remittance Marketplace: Prices, Policy and Financial Institutions, The Pew Hispanic Center. [12] Rapoport, H., and F. Docquier (2003), "The Economics of Migrants’ Remittances", chapter included in the Handbook on the Economics of Reciprocity, Giving and Altruism, L.-A. Gerard-Varet, S.-C. Kolm and J. MercierYthier (eds.). [13] Repetto, A. (2001), Incentivos al ahorro personal, Lecciones de la Economía del Comportamiento, CEA, Universidad de Chile Working Paper. [14] Solimano, A. (2003), Remittances by Inmigrants: Issues and Evidence, World Institute for Development Economic Research. [15] Suro, R., S. Bendixen, L. Lindsay and D. Benavides (2003), Latino, Immigrants, Remittances and Banking, Billions in Motion, produced in cooperation between The Pew Hispanic Center and The Multilateral Investment Fund.

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BANCO DE ESPAÑA PUBLICATIONS

WORKING PAPERS1 0527 LUIS J. ÁLVAREZ, PABLO BURRIEL AND IGNACIO HERNANDO: Price setting behaviour in Spain: evidence from micro PPI data. 0528 EMMANUEL DHYNE, LUIS J. ÁLVAREZ, HERVÉ LE BIHAN, GIOVANNI VERONESE, DANIEL DIAS, JOHANNES HOFFMANN, NICOLE JONKER, PATRICK LÜNNEMANN, FABIO RUMLER AND JOUKO VILMUNEN: Price setting in the euro area: some stylized facts from individual consumer price data. 0529 TERESA SASTRE AND JOSÉ LUIS FERNÁNDEZ-SÁNCHEZ: Un modelo empírico de las decisiones de gasto de las familias españolas. 0530 ALFREDO MARTÍN-OLIVER, VICENTE SALAS-FUMÁS AND JESÚS SAURINA: A test of the law of one price in retail banking. 0531 GABRIEL JIMÉNEZ AND JESÚS SAURINA: Credit cycles, credit risk, and prudential regulation. 0532 BEATRIZ DE-BLAS-PÉREZ: Exchange rate dynamics in economies with portfolio rigidities. 0533 ÓSCAR J. ARCE: Reflections on fiscalist divergent price-paths. 0534 M.ª DE LOS LLANOS MATEA AND MIGUEL PÉREZ: Differences in changes in fresh food prices by type of establishment. (The Spanish original of this publication has the same number.) 0535 JOSÉ MANUEL MARQUÉS, FERNANDO NIETO AND ANA DEL RÍO: Una aproximación a los determinantes de la financiación de las sociedades no financieras en España. 0536 S. FABIANI, M. DRUANT, I. HERNANDO, C. KWAPIL, B. LANDAU, C. LOUPIAS, F. MARTINS, T. MATHÄ, R. SABBATINI, H. STAHL AND A. STOKMAN: The pricing behaviour of firms in the euro area: new survey evidence. 0537 LUIS J. ÁLVAREZ AND I. HERNANDO: The price setting behaviour of Spanish firms: evidence from survey data. 0538 JOSÉ MANUEL CAMPA, LINDA S. GOLDBERG AND JOSÉ M. GONZÁLEZ-MÍNGUEZ: Exchange-rate pass-through to import prices in the euro area. 0539 RAQUEL LAGO-GONZÁLEZ AND VICENTE SALAS-FUMÁS: Market power and bank interest rate adjustments. 0540 FERNANDO RESTOY AND ROSA RODRÍGUEZ: Can fundamentals explain cross-country correlations of asset returns? 0541 FRANCISCO ALONSO AND ROBERTO BLANCO: Is the volatility of the EONIA transmitted to longer-term euro money market interest rates? 0542 LUIS J. ÁLVAREZ, EMMANUEL DHYNE, MARCO M. HOEBERICHTS, CLAUDIA KWAPIL, HERVÉ LE BIHAN, PATRICK LÜNNEMANN, FERNANDO MARTINS, ROBERTO SABBATINI, HARALD STAHL, PHILIP VERMEULEN AND JOUKO VILMUNEN: Sticky prices in the euro area: a summary of new micro evidence. 0601 ARTURO GALINDO, ALEJANDRO IZQUIERDO AND JOSÉ MANUEL MONTERO: Real exchange rates, dollarization and industrial employment in Latin America. 0602 JUAN A. ROJAS AND CARLOS URRUTIA: Social security reform with uninsurable income risk and endogenous borrowing constraints. 0603 CRISTINA BARCELÓ: Housing tenure and labour mobility: a comparison across European countries. 0604 FRANCISCO DE CASTRO AND PABLO HERNÁNDEZ DE COS: The economic effects of exogenous fiscal shocks in Spain: a SVAR approach. 0605 RICARDO GIMENO AND CARMEN MARTÍNEZ-CARRASCAL: The interaction between house prices and loans for house purchase. The Spanish case. 0606 JAVIER DELGADO, VICENTE SALAS AND JESÚS SAURINA: The joint size and ownership specialization in banks’ lending. 0607 ÓSCAR J. ARCE: Speculative hyperinflations: When can we rule them out? 0608 PALOMA LÓPEZ-GARCÍA AND SERGIO PUENTE: Business demography in Spain: determinants of firm survival. 0609 JUAN AYUSO AND FERNANDO RESTOY: House prices and rents in Spain: Does the discount factor matter? 0610 ÓSCAR J. ARCE AND J. DAVID LÓPEZ-SALIDO: House prices, rents, and interest rates under collateral constraints. 0611 ENRIQUE ALBEROLA AND JOSÉ MANUEL MONTERO: Debt sustainability and procyclical fiscal policies in Latin America.

1. Previously published Working Papers are listed in the Banco de España publications calalogue.

0612 GABRIEL JIMÉNEZ, VICENTE SALAS AND JESÚS SAURINA: Credit market competition, collateral and firms’ finance. 0613 ÁNGEL GAVILÁN: Wage inequality, segregation by skill and the price of capital in an assignment model. 0614 DANIEL PÉREZ, VICENTE SALAS AND JESÚS SAURINA: Earnings and capital management in alternative loan loss provision regulatory regimes. 0615 MARIO IZQUIERDO AND AITOR LACUESTA: Wage inequality in Spain: Recent developments. 0616 K. C. FUNG, ALICIA GARCÍA-HERRERO, HITOMI IIZAKA AND ALAN SUI: Hard or soft? Institutional reforms and infraestructure spending as determinants of foreign direct investment in China. 0617 JAVIER DÍAZ-CASSOU, ALICIA GARCÍA-HERRERO AND LUIS MOLINA: What kind of capital flows does the IMF catalyze and when? 0618 SERGIO PUENTE: Dynamic stability in repeated games. 0619 FEDERICO RAVENNA: Vector autoregressions and reduced form representations of DSGE models. 0620 AITOR LACUESTA: Emigration and human capital: Who leaves, who comes back and what difference does it make? 0621 ENRIQUE ALBEROLA AND RODRIGO CÉSAR SALVADO: Banks, remittances and financial deepening in receiving countries. A model.

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