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How to produce statistics on Remittances ?

How to produce statistics on Remittances ?. Nordic meeting for Trade in Goods and Services/ BoP 2014 16 – 18 September in Tórshavn , Faroe Island Christian Surtin. Remittances according to BPM6.

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How to produce statistics on Remittances ?

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  1. How to produce statistics on Remittances? Nordic meeting for Trade in Goods and Services/BoP2014 16 – 18 September in Tórshavn, FaroeIsland Christian Surtin

  2. Remittances according to BPM6 • “Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement of people to those economies.” “Remittances include cash and noncash items that flow through formal channels, such as via electronic wire, or through informal channels, such as money or goods carried across borders. They largely consist of funds and noncash items sent or given by individuals who have migrated to a new economy and become residents there, and the net compensation of border, seasonal, or other short-term workers who are employed in an economy in which they are not resident.”

  3. … ” For many economies, remittances represent a sizable and stable source of funds that sometimes exceed official aid or financial inflows from foreign direct investment. Remittances may have a significant impact on poverty reduction and can finance economic growthin receivingeconomies.”

  4. Three categories of remittances are defined (BPM6 extract) • (a) Personal remittances. From the perspective of the recipient economy, personal remittances are • defined as: • Personal transfers receivable; • + Compensation of employees receivable; • – Taxes and social contributions payable (related to compensation of employees); • – Transport and travel expenditures payable by residents employed by nonresidents • + Capital transfers receivable from households. • (b) Total remittances. From the perspective of the recipient economy, total remittances are defined as • Personal remittances receivable; • + Social benefits receivable. • Although conceptually, total remittances include nonlife insurance transactions (net nonlife insurance premiums and nonlife insurance claims), these transactions are excluded on practical grounds. • (c) Total remittances and transfers to NPISHs. From the perspective of the recipient economy, this category is defined as: • Total remittances receivable; • + Current transfers receivable by NPISHs; • + Capital transfers receivable by NPISHs. • Current and capital transfers to NPISHS are generally recorded under miscellaneous current transfers or other capital transfers.” mandatory

  5. Standard components (BPM6) • Personal transfers - workers´remittances (supplementary item) • Compensation of employees

  6. Data Sources (the IMF guide on remittances) • International Transactions Reporting Systems (ITRS) • Direct Reporting by Money Transfer Operators (MTO) • Surveys of Households • IndirectData Sources (Demographic-, Econometric-, Residualmodels)

  7. Attributes(the IMF guide on remittances) • Date of transaction • Direction of flows (outbound or inward) • Country of destination (for outward flows) / of origin(for inwardflows) • Transaction amount • Transaction purpose In addition • Source ofincome • Nationality

  8. The Swedish method forPersonal transfers • Before 2003 – settlement system (ITRS) • 2003-2012 – same valueseveryyear • 2013 – MTO-methodfor outflow • Inflowis estimated as a relation tooutflow • Undercoverage (bank payments, informalchannels) • Frame – registersof operators hold by The Swedish Financial Supervisory Authority (Finansinspektionen) • Lack of information on nationality, purpose and source ofincome - overcoverage (foreign residents, trade in goods/services, financial/capital transactions) - workers´remittanceshard toestimate - geographicalbreakdown – some problems

  9. The Swedish method forCompensationofemployees • Undercoverage - the trade in services survey is not designed for compensationofemployees - no information aboutinflow (Inflow is estimated as a relation tooutflow) • Improvedestimationmodel is in progress based on: - statementofincome - national registration - mirror statistics

  10. Characteristicsof remittents (from the Swedish Living Standards Servey) • Shareofforeign-borns in Sweden thatremit is relativelylow (10%> 6000 sek/year)duetohighleveloffamily immigration Significantcharacteristicsof remittents: • Part offamilyleft in country oforigin • Incomeand employment • Residence time(16-20 years in Sweden) • 45-54 years old (inverted U-curve) • OtherAsia>OtherEurope>MiddleEast&Africa>Latin America>EU countries • Asylumseekers>labour immigrants

  11. Questionstoparticipatingcountries • The relation betweeninflow and outflow? - Personal transfers? - Compensationofemployees? • The shareofworkers´remittancesto personal transfers? - outflow? - inflow?

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