Remittances

Alan Desmond

Chapter 81 in Elgar Concise Encyclopedia of Migration and Asylum Law, 2025, pp 474-478 from Edward Elgar Publishing

Abstract: Every year international migrants remit hundreds of billions of dollars of their private earnings to their countries of origin. Remittance flows and their uses, and the high transaction costs they entail, have generated a steady stream of voluminous research in the fields of economics and development studies, but there is a paucity of legal scholarship on states’ international obligations vis-à-vis facilitation of remittance transfers. Since the adoption of the Sustainable Development Agenda in 2015 the international community has been committed to reducing the high transaction costs of remittances to 3 per cent to maximize the development and poverty alleviation potential of this important source of finance. The framework for achieving this target has been elaborated largely in the realm of soft law, but there exists a limited international treaty framework explicitly dedicated to facilitation of remittance transfers that may be usefully employed as part of the global effort to reduce remittance costs.

Keywords: Migration-development nexus; UN International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families (UN ICRMW); Objective 20 GCM; Target 10.c SDGs; Soft law; Digital finance (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802204148
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