Transcript Remittances

Agenda item 7
Remittances
Discussant remarks on
ECE/CES/GE.23/2009/12
BEA, USA
Remittances
• This is a very good paper – clearly written,
well structured and well suited to the
proposed manual on how globalisation
affects national accounts measures.
Remittances
• Examples of size are good, could be made
more vivid: how doesmit affect individual
recipient countries in terms of GDP, GNI?
• Top 10 developed countries’ sending of
remittances
Growth in remittances
1982 – 2008
Remittances
• Collection issues
– Small size of individual transactions
– Uncertain status of who makes them
– Transactions outside the formal financial
system
– Household surveys not good at income
measures
– Money transfer operators – net not gross
Remittances
• Page 7 has a very important picture, giving
how “remittances” as defined by users
relates to national accounts and BPM
headings
• Page 8 para 18 – this would benefit from
more examples, sender and recipient
countries and relation to GDP etc.
Remittances
• Bottom of page 8 – very clear table showing how
user terms fit into national accounts definitions.
• Operational treatment
• “To determine which method (or combination of
methods) is most appropriate for a nation, data
compilers must be knowledgeable about their
remittance market.
Remittances
• Questions and issues
• Is there one measure of remittances that
should be preferred? No –let the users
decide.
• Is there a problem combining transfers with
income? No – disposable income may be
the most interesting measure for a recipient
economy
Remittances
• Does the variety of sources and methods
hamper international comparisons?
• Yes, but what is the alternative? Compilers
should know their data and use the best
source for them.
• Examples? – I’m all ears
Remittances
• Summary
• A very clear paper, with the required emphasis on
how remittances connect to national accounts
measures
• More could be included (with examples) on the
national accounts measures affected by
remittances, and what the effect is of errors on the
associated national accounts measures such as
household income, household spending, saving,
disposable income