Documentos De Trabajo - OECD
BANKS, REMITTANCESAND FINANCIAL DEEPENINGIN RECEIVING COUNTRIES.A MODELEnrique Alberola and Rodrigo César SalvadoDocumentos de TrabajoN.º 06212006
BANKS, REMITTANCES AND FINANCIAL DEEPENING IN RECEIVINGCOUNTRIES. A MODEL
BANKS, REMITTANCES AND FINANCIAL DEEPENING IN RECEIVINGCOUNTRIES. A MODEL (*)Enrique Alberola (**)BANCO DE ESPAÑARodrigo César Salvado (***)BANCO CENTROAMERICANO DE INTEGRACIÓN ECONÓMICA(*) The authors acknowledge the comments by Enrique Kawamura, Josep Vilarrubia and other participants at theIADB's Latin Finance Network meeting at Cepal, Santiago de Chile and Banco de España.(**) Banco de España. alberola@bde.es.(**) Banco Centroamericano de Integración Económica. salvador@bcie.org.Documentos de Trabajo. N.º 06212006
The Working Paper Series seeks to disseminate original research in economics and finance. All papershave been anonymously refereed. By publishing these papers, the Banco de España aims to contributeto economic analysis and, in particular, to knowledge of the Spanish economy and its internationalenvironment.The opinions and analyses in the Working Paper Series are the responsibility of the authors and,therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem.The Banco de España disseminates its main reports and most of its publications via the INTERNET at thefollowing website: http://www.bde.es.Reproduction for educational and non-commercial purposes is permitted provided that the source isacknowledged. BANCO DE ESPAÑA, Madrid, 2006ISSN: 0213-2710 (print)ISSN: 1579-8666 (on line)Depósito legal: M.36565-2006Imprenta del Banco de España
AbstractA remarkable fact of the mushrooming remittances market is the absence of commercialbanks as relevant players. Furthermore, remittances have been identified as a potentialcatalyst for the financial deepening of receiving countries through higher access to bankingservices by migrants' families. Building upon these features, this paper sets up a two-periodfinancial model of remittances without uncertainty. The formulation acknowledges, on theone hand, the altruism component of remittances sent by migrants to their families and, onthe other hand, the dominant position of Money Transfer Operators (MTO's) due to migrants'mistrust to banks, which hinders the access of banks to the market. Altruism compoundedwith a non-competitive market allows MTO's to set excessively high remittance fees and toattain monopolistic rents. The model shows that banks can challenge this position thanks totheir role as providers of remunerated saving and credit, which enables them to overcomethe competitive disadvantage derived by migrants' mistrust. Notwithstanding this, the mainpositive impact of banks' entry is attained through higher competition, not through theprovision of financial services. All in all, the entry of banks reduces the fees and increases thelevel of remittances, allows an optimal consumption smoothing and improves the welfare ofmigrants and their families, although it also increases the volatility of remittances.KEYWORDS: banks, financial development, migrations, remittances.JEL Classification: G20, J61.
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