Le territoire économique d'une région d'émigration : campagnes et montagnes lucquoises, du milieu du XIXe siècle à 1914

Abstract

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Remittances, capital flows and financial development during the mass migration period, 1870-1913

“…Migrants used to send banknotes or even coins through ordinary mail (Semmingsen, 1978). They could also entrust an envelope with money inside to a friend or family member who traveled back home, or carry themselves their savings when coming backtemporarily or definitively-to their country of origin (Douki, 2001;Magee and Thompson, 2006a). But, as the migration phenomenon spread, remitters required more reliable transfer systems, and official intermediaries blossomed.…”

“…In Italy, for instance, the 1901 law on emigration aimed at channeling remittances through official financial institutions, in order to protect migrants and their families against untrustworthy intermediaries, and to use these funds to finance development projects, both in the public and private sectors. One significant measure was to expand the post office network in rural areas, so that migrants' families could have a closer access to financial services (Douki, 2001).…”

“…Thus, in Portugal, the surge of new banking institutions was largely related to the inflow of remittances, but also to the return of emigrants, the so-called "Brazilians", who came back with a large amount of capital (Alves, 1993). Financial institutions, in particular savings banks, adapted to this new clientele by offering attractive interest rates (Douki, 2001). The upshot was a significant rise in the number of account owners.…”

“…García López (1992) argues that remittances helped to promote Spanish economic growth until 1930, by spurring not only consumption and savings, but also investment in realestate, trade activities, and manufacturing industry. Douki (2001) analyzes the contribution of emigration and remittances to the economic changes faced by the Lucca territory, in Northern Italy, before 1914. She argues that remittances brought about an improvement in living conditions, thanks to higher levels of consumption and the possibility to invest in new houses, land and livestock, or even in small businesses.…”