The third column presents estimates for the remittance volume model based on OLS using the sample of non-zero remitters.
But other observers insist that the rising importance of remittances speaks volumes about the deeper weakness of the Mexican economy and the way it is failing the country's 56 million poor people.
In Latin America and the Caribbean, the volume of remittance transfers to the region reached their highest recorded volume ($65.4 billion) in 2014, after plateauing during the global financial crisis, according to a recent report on remittances by the Multilateral Investment Fund of the Inter-American Development Bank Group.
Networks formed from past migration experiences may lower the costs of finding jobs and result in higher instances and larger volumes of remittances.
When sending currency abroad or receiving international payments, larger high-profile corporates, conducting high-volume payments frequently, could be paying several pips of each exchange in mark-ups, while small-volume international remittance transfers to certain locations could cost immigrants 30%, according to World Bank.
Consistent with this finding, the data from the present study suggest that nurses may be sending back larger volumes of remittances as they seek to construct or improve houses or set up businesses in the home country.
The second is the volume of remittances which refers to the value of both cash and in-kind remittances sent to the household in the 12 months prior to November/December 2009, valued in Kenyan shillings (Ksh).3.3
Since 1999, the volume of remittances has been higher than that of foreign direct investment (FDI), and in 2007 alone, remittances were 16 times higher than FDI (Quintana et al. 2014).
However volume of remittances increased continuously since 2006; the National Bank of Romania (BNR) reported a record amount of remittances worth EUR 4.8-5.3 billion for 2006; a World Bank study shows that remittances from Romanians working abroad are expected to amount to a total $9 billion in 2008.
Unusually, this year as last, the growth was combined with a current-account surplus, thanks to an increase in export volumes and prices, and in remittances.
