非正规银行汇款方式——哈瓦拉

本文介绍了一种非银行汇款体系——哈瓦拉的简要情况。这种汇款方式在一些国家广泛使用，且被认为是一种合法的汇款经营方式。它较之银行汇款有很多优势，更易于被非法资金甚至正当经营的企业所使用。而政府在发现和防范哈瓦拉方面存在着相当大的难度，本文简要介绍了哈瓦拉的特点及国外在哈瓦拉监管方面的经验。     

零售银行的渠道挑战与多渠道集成

零售银行业务在银行业的地位日渐显要，在未来数年，改善零售银行业绩将成为银行业的首要任务。渠道既是零售银行市场营销的载体，也是零售银行的核心竞争力。零售银行要能有效地运用多渠道集成来管理多样化的渠道，才能使多渠道发挥市场功效。为此，本文提出了一个多渠道集成的模型作为零售银行多渠道集成的实用性框架，此模型由五步骤组成，即识别细分客户群的渠道需求，设计产品的市场覆盖组合，改进渠道对客户群的适应性，制定渠道的功能迁移策略及管理渠道的迁移。另外，本文还以一个区域分行的年度汇款业务为案例，展示了运用该模型进行多渠道集成的成效。     

Risk sharing in the Middle East and North Africa

This study investigates welfare gains and channels of risk sharing among 14 Middle Eastern and North African (MENA) countries, including the oil‐rich Gulf region and the resource‐scarce economies such as Egypt, Morocco and Tunisia. The results show that for the 1992–2009 period, the overall welfare gains across MENA countries were higher than those documented for the Organization for Economic Cooperation and Development (OECD) nations. In the Gulf region, the amount of factor income smoothing does not differ considerably when output shocks are longer lasting rather than transitory, whereas the amount smoothed by savings increases remarkably when shocks are longer lasting. In contrast, both factor income flows and international transfers respond more to permanent shocks than to transitory shocks in the non‐oil MENA countries. The results also show that a significant portion of shocks is smoothed via remittance transfers in the economically less‐developed MENA countries, but not in the oil‐rich Gulf and OECD countries. Finally, for the overall MENA region, a large part of the shock remains unsmoothed, suggesting that more market integration is needed to remedy the weak link of incomplete risk sharing.     

农民工汇款如何影响农户的生活消费支出——来自江苏和安徽农户调查数据的分析

基于江苏和安徽两省进行的农户调查数据,讨论农民工汇款对农户生活消费支出的影响。分析结果表明,在控制其他因素的情况下,与没有汇款的农户相比,收到汇款的农户的健康、住房和其他支出在生活消费支出中的份额更低,食品和衣着支出在生活消费支出中的的份额更高。其他各类别支出在生活消费支出中的份额,在收到汇款的农户和没有汇款的农户之间,没有显著差异。这表明汇款主要被农户用于当前消费性支出,而不是投资性支出。     

How Did the Chinese Shanxi Merchants Determine the Remittance Fees? Micro Firm Analysis of Rishengchang Piaohao

This paper examines the Chinese Shanxi piaohao, arguably the most important Chinese indigenous financial institutions in the 19th century. Concentrating on their business strategy, the study constructs a unique firm level set of data of the Rishengchang piaohao and explores the piaohao’s types of client, silver and drafts it dealt in, branch distributions, and terms to cash drafts. Besides this, this article also designs multiple linear regressions and identifies elements that determined remittance fees. My study reveals that, when establishing a new branch, the Rishengchang took the consideration of business conditions as its priority and gradually expanded from cities at prefecture level to those in counties and towns. A growth of business sites also led to an increase in the types of client, silver and draft it accepted. Moreover, as it developed, the interval for the Rishengchang to cash a draft shortened by half. When estimating the remittance functions, my study found that as the amount of silver being remitted increased, the length of time to cash a draft extended and as the average distance between two branches increased, the Rishengchang would charge more in remittance fees. “Commoners” and “gentry” would pay more than “firms,” while “other piaohao” would pay lower remittance fees. The drafts sent by telegram would also be much more expensive than those sent by letters or with papers. As the first detailed study on one of the most important and enduring firms in China, this work not only fills the data void where this subject is concerned, but also delineates the historical change of the piaohao’s clients, drafts, business territories and gives profound insights into the rise of the Shanxi piaohao.     

Transformation of international migrants in head wind: Evidence from Tajikistan in the 2010s

Tajikistan has relied on remittances by international migrants that have exceeded a quarter of annual GDP to date, despite a series of exogenous adverse events in the mid-2010s. We use a nationally representative panel dataset collected in 2013 and 2018 to explore the socio-economic characteristics of households with international migrants and migrants themselves. We provide several new findings. First, the prevalence of households with international migrants is 40%, with a substantial transition in migrant status during the research period. Second, households with international migrants are not poor, have Russian-speaking members, and are supported by an intense migration network. Third, younger, single, and more educated males comprise most of Tajikistan's international migrants. Fourth, households without Russian-speaking members or migration networks in 2013 had begun to send international migrants by 2018, while households in the richest group had exited from migration, suggesting s transition of the socio-economic composition of migrant-sending households during the mid-2010s.