Remittance Market of Finland: Case Study of Personal Remittance Transmission
Camara, Saikou SS (2016)
Camara, Saikou SS
Hämeen ammattikorkeakoulu
2016
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2016123121569
https://urn.fi/URN:NBN:fi:amk-2016123121569
Tiivistelmä
Migration of people either from rural to urban areas or from developing to developed country is now becoming associated with its economic output. The pattern of international migration from low income but also poor countries to advanced high income countries generates a lot of transfers and huge amount of personal remittances. These international transfers continue to increase annually and therefore attracted the attention of academics for enquiry, understanding and its impact. It is an issue of interest to politicians a concern of financial regulators and law enforcement agencies. International development institutions such as International Monetary Fund, World Bank and United Nations considered remittance as a vital source of income for beneficiary families and the receiving countries.
The study of remittances is new and very little is known about it in individual national economies. Therefore this study is one of first of its kind in Finland which looks it at some of the important element such as:
Regulators, money transfer companies, the process of sending money and the size of remittance market of the country.
The outcome of the study shows that Finland receive more personal remittance that it pays out. This is very interesting because poor, developing or low income countries are generally the net remittance recipients. The reasons that makes Finland net receiver of personal remittances should be an interesting study. Further study of the net surplus of personal remittance in the country could give indication of potential employment opportunities especially for the highly skilled and educated unemployed segment of the country. Such an opportunity can create a kind of reverse migration by creating a national strategy which will enable the excess high skilled human resources to get employed in the developing countries and in other parts of the world.
The study of remittances is new and very little is known about it in individual national economies. Therefore this study is one of first of its kind in Finland which looks it at some of the important element such as:
Regulators, money transfer companies, the process of sending money and the size of remittance market of the country.
The outcome of the study shows that Finland receive more personal remittance that it pays out. This is very interesting because poor, developing or low income countries are generally the net remittance recipients. The reasons that makes Finland net receiver of personal remittances should be an interesting study. Further study of the net surplus of personal remittance in the country could give indication of potential employment opportunities especially for the highly skilled and educated unemployed segment of the country. Such an opportunity can create a kind of reverse migration by creating a national strategy which will enable the excess high skilled human resources to get employed in the developing countries and in other parts of the world.