“…The conventional view, when expressed in the context of the present model, is based on the notion that for any given cost of going abroad, a higher home wage enables potential migrants to overcome the liquidity constraint more quickly and, for an individual with a remaining productive lifetime of a given length, early enough to render the net benefits of migration positive. This line of reasoning, as spelled out by Djajić, Kirdar, and Vinogradova (), is certainly appropriate in the case of direct migration from the source country to the final destination (see also Angelucci, ; Djajić & Vinogradova, ; Faini & Venturini, ; Hatton & Williamson, ). In the context of a transit‐migration strategy, however, it is not only the savings accumulated at home that are used to pay for migration costs, but also those accumulated in the transit country.…”