New Study Finds Positive Impact of Remittances More Widespread than Previously Thought
23 1월 2015 - 5:44AM
Business Wire
Western Union CEO Hikmet Ersek Discusses
Migration and University of Colorado Boulder Research Findings
during World Economic Forum Annual Meeting
The University of Colorado Boulder Leeds School of Business,
which includes the well-regarded Business Research Division, and
The Western Union Company (NYSE:WU), a leader in global payment
services, today announced the release of a first-of-its-kind study
that sheds new light on the positive impact of cross-border money
transfer broadly and of Western Union services in particular.
“Development experts have long debated the impact of the
cross-border person-to-person flow of funds. Although there is
widespread consensus that remittances help alleviate poverty among
recipients, questions remain about whether they promote overall
economic growth,” said Dr. Miles Light, a development economist at
the University of Colorado Boulder’s Business Research Division,
who led the research. “We find that the benefits related to
remittances are larger than the costs, and this study is
distinctive in that we quantify multiple effects.”
The study looked at money transfers worldwide, and focused on
the Philippines, one of the top three recipient nations of official
remittances1, to create a model that could be used to construct
equivalent indicators for other countries. “Past scholarship often
has been limited to broadly-available data, while this research
pinpoints the impact of individual players in the cross-border
money transfer market,” Dr. Light said.
“We saw an opportunity to help advance understanding in the
field as part of our broader commitment to leadership in business
and corporate responsibility,” said Hikmet Ersek, President and
CEO, Western Union. “New insight is critical to creating effective
programs around this $542B annual global flow of funds, and to the
one in seven people globally2 who make up the mobile
workforce.”
The study demonstrates that Western Union services have a
positive impact on society over the long term. Dr. Light’s
preliminary findings include:
Employment
- Each Western Union Agent location in
the Philippines handles transactions that infuse enough funds into
the local economy to create 85 non-Western Union jobs.
- When combined, the impact of these
funds handled by Western Union Agent locations account for 722,500
jobs in the Philippines.
Incomes
- Among lower-income households, on
average, WU money transfers grow nominal income by 14.5%, and
welfare by 13.1%
- WU money transfers also have price and
secondary income effects that benefit middle-to-high income
households that do not receive money transfers. On average, this
population sees 0.4% growth in nominal income and 0.3% growth in
welfare, driven by remittances.
Wage Impacts
Remittance recipients tend to work less, presumably to attend
school or better support children or elderly relatives. This
reduces the labor supply, causing upward pressure on wages of those
who do not receive remittances. Labor supply for household income
deciles 2-6 decline by 4.8%, on average, resulting in market wages
increases, as follows:
● Low-skill wage rates: 5.2% increase ●
Semi-skilled wage rates: 3.8% increase ● Skilled wages: 4.9%
increase
The full preliminary report is available here:
www.colorado.edu/leeds/western-union.
For more on Hikmet Ersek’s panel participation at the World
Economic Forum, visit:
www.weforum.org/sessions/summary/escaping-poverty.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
September 30, 2014, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of over
500,000 agent locations in 200 countries and territories and over
100,000 ATMs and kiosks. In 2013, The Western Union Company
completed 242 million consumer-to-consumer transactions worldwide,
moving $82 billion of principal between consumers, and 459 million
business payments. For more information, visit
www.westernunion.com.
1 Source: World Development Indicators and World Bank
Development Prospects Group
WU-G
WU-F
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The Western Union CompanyKristin Kelly,
720-332-4751kristin.kelly@westernunion.com
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