IMF Working Papers Volume 2017 Issue 132: Deposit Insurance, Remittances, and Dollarization: Survey-Based Evidence from a Top Remittance-Receiving Country (2017)

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Deposit Insurance, Remittances, and Dollarization: Survey-Based Evidence from a Top Remittance-Receiving Country

Author:

Mr. David A. Grigorian

Mr. David A. Grigorian
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and

Mr. Maxym Kryshko

Mr. Maxym Kryshko
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Series:: IMF Working Papers

Volume/Issue:: Volume 2017: Issue 132

Language:: English

Publication Date:: 08 Jun 2017

DOI:: https://doi.org/10.5089/9781484300718.001

ISBN:: 9781484300718

ISSN:: 1018-5941

Pages:: 22

Keywords:: WP; remittance; dollarization; deposit; Deposit insurance; remittances; Tajikistan; cash dollarization; DI scheme; remittance market; DI awareness; sound deposit insurance system; remittance sender; transferring remittance; dollarization proceeds; DI protection; remittance recipient; Currencies; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2017: Issue 132

Language:: English

Publication Date:: 08 Jun 2017

DOI:: https://doi.org/10.5089/9781484300718.001

ISBN:: 9781484300718

ISSN:: 1018-5941

Pages:: 22

Keywords:: WP; remittance; dollarization; deposit; Deposit insurance; remittances; Tajikistan; cash dollarization; DI scheme; remittance market; DI awareness; sound deposit insurance system; remittance sender; transferring remittance; dollarization proceeds; DI protection; remittance recipient; Currencies; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the use of formal channels for transmitting remittances and reduces dollarization. Given the size and importance of remittances in Tajikistan, improving financial literacy and better publicizing details of the social safety net may encourage a more frequent use of formal channels for transferring remittances and reduce reliance on foreign exchange for transaction purposes. This is likely to improve bank profitability, enhance financial stability, and improve access to finance.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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