While the pre-1914 mass migrations have been widely studied, the related pattern of emigrants' remittances is still largely untouched. This paper aims at filling this gap by analyzing the contribution of remittances to financial stability. In the optimum currency area theory labor mobility can...

This article addresses the question whether the substantial financial flows received by emigration countries contributed to domestic financial development in peripheral Europe before 1914. We quantify a sizable and significant relation between remittances and measures of financial development...

Foreword -- Acknowledgements -- Preface -- Executive summary -- Introduction: Facts, perceptions, reactions -- Global governance and the regulation of migration flows -- Immigrant integration in the South -- Emigration, labour markets and development -- Rethinking the governance of international...