Stories By 'Bhubanesh Pant'
Migrants’ remittances, one of the largest and reliable sources of external funds for developing countries, have been soaring in recent years. Although they are second only to foreign direct investment (FDI) inflows with respect to scale, remittances amount to over three times the value of official development aid and eight times private capital. These flows have surged five-fold in the past 15 years. This upsurge as well as the potential for remittances to lower poverty and economic vulnerability, improve family welfare, and accelerate economic development has renewed academic and public policy interest on the issue.
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In development literature, foreign direct investment (FDI) is regarded as being instrumental for the economic growth of all countries, particularly the developing ones.
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The significance of remittances to national economies is well known, and there is little debate over the value of these flows that have the proven capacity to protect people from income shocks and lifecycle risks.
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An interest rate corridor (IRC) denotes the range within which the operating target of the monetary policy—a short term interest rate, for instance, the interbank rate—moves around the policy rate announced by the central bank.
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