The financial crisis of 2008 started with the collapse of the
financial sector in the United States and Western Europe, then quickly
spread to countries around the globe. At a time when migrants travel
from south to north and east to west (as well as south to south), it
was critical to ask what the impact of the crisis was and is, not just
for developing countries, but for the migrants who hail from them. For
many developing countries, migrant remittances were and are central to
economic well-being—not just for the nation, but for its citizens
as well.
Understanding the impact of the crisis on global markets, developing
nations, and the practices of their migrant communities drives this
study. Migration and Remittances during the Global Financial Crisis
and Beyond explores several important topics including how the
crisis impacted remittance practices globally and how migrants adjusted
to meet the challenge of the resulting recession. The authors show how,
in most cases, remittances did not drop as quickly or precipitously as
did other economic indicators. Migrants from around the globe faced the
challenges of the crisis and strategically responded, rethinking their
roles, work, and remittances practices. Most important, the authors
document that migrants did not and do not drain resources from
struggling national economies. Instead, migrants and their remittances
are central to the economic health of the households and countries from
which they have come.
'The number of international migrants doubled to 215 million
in the quarter-century to 2010, while remittances to developing
countries more than quadrupled to over $300 billion. There were fears
that the 2008-09 global recession would result in the widespread return
of migrants and declining remittances to developing countries. These
fears were not realized, and this important book explains why.
Countries that sent migrants to many countries had the fewest returns
and the smallest drops in remittances, and freer-migration corridors
reacted most quickly to changing economic conditions, as Poles left
Ireland within the EU. The contributors to this book include leading
experts on migration and its effects in developing countries, making
the book of lasting value.'
— Philip L. Martin, Professor
and Chair, Comparative Immigration & Integration Program, Department of
Agricultural Economics, University of California, Davis
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