Choice of Money Transfer Methods in the Case of Albanian Immigrants in Greece

Karafolas, Simeon; Konteos, George

doi:10.1007/s11300-009-0117-7

Cited by 14 publications

(15 citation statements)

References 22 publications

(21 reference statements)

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“…These results are in line with the conclusions found in earlier papers (e.g. Karafolas and Konteos, 2010;Siegel and Lücke, forthcoming). They show that the choice of remittance channel is strongly affected by migrants' perceptions of the costs, ease of use and the availability and usability of various remittance options.…”

Section: Self-reported Motivationssupporting

confidence: 93%

“…There are several indications that legal and permanent migrants prefer formal over informal channels compared to undocumented and temporary migrants (e.g. De Haas and Plug, 2006;Karafolas and Konteos, 2010). This may reflect the fact that illegal and non-permanent immigrants have limited or no access to banking services or that legal and permanent immigrants have more confidence in or knowledge of the host country's financial system.…”

Section: Characteristics Of and Reasons To Use Particular Remittance mentioning

confidence: 99%

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Migrants’ Choice of Remittance Channel: Do General Payment Habits Play a Role?

Kosse

Vermeulen

2014

World Development

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Retail payments at a crossroads: economics, strategies and future policies This paper was submitted and accepted for the bi-annual retail payments conference titled "Retail payments at a crossroads: economics, strategies and future policies" organised by the European Central Bank (ECB) and the Banque de France (BdF), on 21 and 22 October 2013 in Paris. The aim of the conference was to bring together academics, regulators and market participants to discuss possible developments and dynamics that will shape the future retail payments landscape. Terms of use: Documents in EconStor mayRetail payments provide a very important, yet not the most visible, infrastructure for the operation of the real economy. The way economic actors pay is not only important from a theoretical point of view but also from a policy perspective as the costs for providing payment services are substantial in most countries. As we are witnessing a transformation in these markets from traditional paper-based payment instruments towards electronic means of payments, the interaction between market forces and regulatory initiatives continues to be a determining factor for the future. This interaction, and the possible policy conclusions stemming from it, was the main theme of this conference.The selection and refereeing process of this paper has been carried out by the conference organisational team composed of experts from both organising institutions. As the conference was organised with a focus on the key issues above, papers were selected not only based on their standalone quality but also considering the relevance of the research subject to the themes of the event. Following the conference the selected papers have been asked to be revised according to the discussants assigned to the respective paper.The paper is released in order to make the working papers and accompanying research submitted to the conference publicly available. Non-technical summaryThis paper studies the determinants in migrants' choice of payment channel when sending money to relatives abroad. Migrant remittances are an important source of external finance for many countries.In 2012, globally-recorded remittance flows to developing countries reached USD 400 billion (World Bank, 2012). However, the actual amount of remittances sent is probably significantly larger, as a large but unknown share of remittances are transferred through unrecorded informal channels, such as money brought home on return and transfers throu...

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Section: Self-reported Motivationssupporting

confidence: 93%

Section: Characteristics Of and Reasons To Use Particular Remittance mentioning

confidence: 99%

Migrants’ Choice of Remittance Channel: Do General Payment Habits Play a Role?

Kosse

Vermeulen

2014

World Development

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“…From a broad review of country experiences, Orozco (2003) concludes that access to information, cultural practices and the educational and income status of the recipient and sender are particularly important. From their multinomial logit analysis of Albanian migrants' choice of transfer channels and other descriptive studies, Karafolas and Konteos (2010) find that the main attributes of alternative transfer channels, such as cost, convenience, speed, security and familiarity, play a strong role in determining household preferences (El-Qorchi et al Freund and Spatafora 2005;Orozco 2002;Pieke et al 2005). From their multinomial logit analysis of Albanian migrants' choice of transfer channels and other descriptive studies, Karafolas and Konteos (2010) find that the main attributes of alternative transfer channels, such as cost, convenience, speed, security and familiarity, play a strong role in determining household preferences (El-Qorchi et al Freund and Spatafora 2005;Orozco 2002;Pieke et al 2005).…”

Section: Related Literaturementioning

confidence: 99%

Migrant transnationalism and the choice of transfer channels for remittances: the case of Moldova

Siegel

Lücke

2012

Global Networks

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Migrant remittances, particularly when transferred through the banking system, may contribute to financial development in migrants' home countries. We analyse the determinants of the choice of transfer channel (formal services versus informal operators or personal transfers) by Moldovan migrants in 2006. We estimate a multinomial logit model from household survey data. Our explanatory variables include socio‐economic characteristics of the migrant and other household members, the pattern of migration (destination country, legal status, duration), and financial information (average amount and frequency of payments). Key reasons not to use a formal transfer channel are a migrant's emphasis on low transfer cost (rather than speed, convenience or security), irregular legal status in the host country, and short migration spells. Our findings demonstrate that migrants' transnational capacities and activities in their entirety bear upon the choice of transfer channel; any policy interventions to promote the use of formal channels should reflect this.

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“…In the following year, 1997, the remittances of Albanian immigrants through the parallel market dropped to $183 million (58.4% decrease from 1996) or 11.6% of GDP (Karafolas & Konteos, 2010) [17] (Table A3). According to statistics from the Bank of Albania Annual Report of 1998, only 43% went through the banking systems; therefore, the majority (57%) went outside the banking system in the form of cash (Banka & Shqipërisë, 1999) [18].…”

Section: Why a Large Scale Of Population Involvement?mentioning

confidence: 99%

The Spectacular Rise and Disastrous Collapse of a Financial Scheme: The Case of Albania

Thanasi¹,

Riotto²

2017

OJBM

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This study discusses the similarities and differences between Ponzi and Pyramid schemes and the unparalleled example of Albania. In particular, this document treats the creation and collapse of a financial scheme in Albania, which had some characteristics of both Ponzi and Pyramid schemes, based on their definitions and examples. The study points out the factors that caused the creation of some financial intermediary entities in Albania, which resulted to be a massive fraudulent scheme; how they were developed; and the consequences for the country in terms of economic, political and social environment after they collapsed. The Case of Albania is an unprecedented case of a fraudulent financial scheme due to the magnitude of the population involved (57%) relative to the country's economic size (liabilities of the scheme reached the equivalent of 51% of GDP); the chaos and the near civil war state as a result of the population's violent protest; the state's measures taken by the governments after the ruin of the economy; the quick recovery; and the process of reducing the impacts of the financial scheme collapse in the long run.

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Choice of Money Transfer Methods in the Case of Albanian Immigrants in Greece

Abstract: Albania, Greece, Bank, Migration, Money transfer companies, Remittances, F22, F24, G21,

Cited by 14 publications

References 22 publications

Migrants’ Choice of Remittance Channel: Do General Payment Habits Play a Role?

Migrants’ Choice of Remittance Channel: Do General Payment Habits Play a Role?

Migrant transnationalism and the choice of transfer channels for remittances: the case of Moldova

The Spectacular Rise and Disastrous Collapse of a Financial Scheme: The Case of Albania

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