Insights Blog

Call for a Migration Development Bank

July 1, 2015

Aleksandr Gevorkyan, professor of economics at St. John's University and New School PhD, joined with Otaviano Canuto from the World Bank to call for creation of a Migration Development Bank.

 

With 250 million migrants in 2015, the authors cite the need for "an internationally recognized and functional institutional financial framework that would systematize the positive economic impacts of migration and remittances for developing countries while smoothing capital and labor flows."

Using Eastern Europe and the former Soviet Union as case studies, they show how a Migration Development Bank would provide an institutional framework for remittances and build the possibility for development in migrants' home countries.

Their article was published by Huffington Post, EconoMonitor and Seeking Alpha.