Using rich Italian data for the period 2006-2014, we document sizeable gaps between native and immigrant households with respect to wealth holdings and financial decisions. Immigrant household heads hold less net wealth than native, but only above the median of the wealth distribution, with...

This paper uses unique administrative data and a quasi-field experiment of exogenous allocation in Sweden to estimate medium- and longer-run effects on financial behavior from exposure to financially literate neighbors. It contributes evidence of causal impact of exposure and of a social...

Migration plays a key role in city finances with every new entrant reducing debt per person and every exit increasing it. We study the interactions between regional borrowing, migration, and default from empirical, theoretical, and quantitative perspectives. Empirically, we document that...

Using rich Italian data for the period 2006-2014, we document sizeable gaps between native and immigrant households with respect to wealth holdings and financial decisions. Immigrant household heads hold less net wealth than native along the entire wealth distribution. Immigrant status reduces...

This paper proposes a formal model of migration in which workers are heterogeneous and markets are stochastically correlated. We derive and characterize the optimal migration pattern. It is shown to depend on differences in expected earnings, costs of migration, income risks, and more...

Money that individual migrants send back to their home countries has become a major source of foreign exchange for many developing and emerging economies. These remittances now represent a sizable percentage of the gross domestic product for many states; for some, remittance inflows are larger...

Remittances are the largest source of overseas capital inflows to the Philippines accounting for 11 percent of GDP and more than 10 times the flow of FDI in 2011. Although the largest proportion of remittances are targeted for family support, the Philippine government would like to see overseas...

This paper examines the link between intelligence and remittance levels using an exam to measure intelligence. With a survey of 117 migrant-remitters living in metropolitan Los Angeles, California, we find a negative correlation between the workers’ level of intelligence and the amount they...

This paper explores the existence of network effects in migrants' remittance behavior. In this study, networks are defined as groups of immigrants from the same country that live in the same locality. Using the National Immigrant Survey, a unique database for Spain, immigrants are found to be...

Migrant remittances reached 21 billion dollars in SSA in 2008 according to the World Bank estimates. Despite these important flows, few macroeconomic studies have been conducted on this topic in SSA compared to other developing regions. The existing studies on the impact of remittances in SSA...