Migrant workers’ remittances: socioeconomic risks and regulatory opportunities
The article examines the socio-economic risks of remittances arising from the contradictory interests of migrant households, as well as the governments of home and host labour force migration countries. The author’s graphical model performs the relationship between the effect of income growth and the effect of lost income, which together predetermine the expediency of labor migration. As a result of the analysis, two types of classification of measures to regulate the remittances of labor migrants are proposed. Depending on the level of decision-making, all regulatory measures are classified as global, multilateral, bilateral and global measures. Depending on the object of regulation, measures of national migration regulation are identified as well as measures to influence the mechanisms and financial institutions of transfers, and measures to improve the financial literacy of migrants themselves.