A remarkable fact of the mushrooming remittances market is the absence of commercial banks as relevant players …'s) due to migrants' mistrust to banks, which hinders the access of banks to the market. Altruism compounded with a non …-competitive market allows MTO's to set excessively high remittance fees and to attain monopolistic rents. The model shows that banks can …

of institutions - banks and non-bank financial institutions - have a (significantly different) impact on local economic …

intermediaries such as banks can mobilize large amounts of financial capital at low cost. This claim is supported by cross country … arrive. If traditional intermediaries were mobilizing large amounts of financial capital before banks or other modern … mobilized turns out to be large. We then analyze the effect that financial deepening had on the notaries as banks spread and …