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Migration and Remittances during the Global Financial Crisis and Beyond

Author : Dilip Ratha, Ibrahim Sirkeci, Jeffrey H. Cohen | 2016
Published By: World Bank

Crises are a part and parcel of the global economic system. In the crisis-affected developed countries, migrants were challenged in their new homes as jobs began to disappear. Also there was a rapid growth in anti-immigrant sentiment and rhetoric: where they formerly were often left alone, they now faced discrimination and intimidation and perhaps jail and deportation. In fact, it became easier to scapegoat immigrants during crises. Although the latest crisis originated in the United States and around financial systems in high-income countries, it has had an important and in some places catastrophic impact on developing nations and migrants. Like political or environmental catastrophes, the global financial crisis contributed to an environment of human insecurity, and migration was one strategic response. To avoid the crisis and to survive its impacts, those who could afford to cross borders became international movers; others moved to domestic destinations; while many simply stayed put and turned to remittances to help weather the storm. In such situations, remittances are critical to the overall survival of the sending nation that struggles with ecological disasters disrupting lives, economic collapse, job market declines, and rising inflation rates.

URL : http://www19.iadb.org/intal/intalcdi/PE/2012/10238.pdf

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