"In 2005, remittances totaled US$188 billion—twice the amount of official assistance developing countries received.Remittances through informal channels could add at least 50 percent to the globally recorded flows"
New working paper from IMF- Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa;
Summary: This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effective access point for "unbanked" individuals and households, and that the effective use of such flows can mitigate the costs of skilled out-migration in SSA.
Related;
Sending money home: a survey of remittance products and services in the United Kingdom
Financial Development and Economic Growth: Views and Agenda
Migration and Remittances : Eastern Europe and the Former Soviet Union
Global Economic Prospects 2006 -Economic Implications of Remittances and Migration
Understanding the Importance of Remittances
Migration in Eastern Europe and the CIS - Picking on the World Bank
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