The Importance of Migrant Workers' and Emigrants' Remittances for the Yugoslav Economy
| Author | V. GREČIČ |
| Published date | 01 June 1990 |
| DOI | http://doi.org/10.1111/j.1468-2435.1990.tb00144.x |
| Date | 01 June 1990 |
The Importance
of
Migrant Workers’
and Emigrants
’
Rem
it
ta nces
for
the Yugoslav Economy
v.
GREW*
Although there have been numerous studies of Yugoslav migration, the aspect of
migrants’ remittances and their effect on the Yugoslav economy has been neglected
despite its great importance. This paper focuses on certain methodological difficulties,
the gathering of reliable statistical data for foreign currency remittances from Yugoslavs
working abroad and emigrants, as well as the monitoring of these remittances and the
analysis of remittance flows and private transfers (emigrants’ remittances, pensions and
similar items). Attention has also been given
to
remittances in relation to the Yugoslav
balance of payments, to their major effects, to the mechanisms used
to
attract foreign
currency remittances, as well as to measures for the more rational utilization of
remittances and foreign currency savings.
METHODOLOGICAL DIFFICULTIES IN ENCOMPASSING AND
MONITORING REMITTANCES
According to the methodology used by the National Bank of Yugoslavia, in accordance
with the requirements of the International Monetary Fund, foreign remittances from
migrants working abroad are categorized as invisible revenues to the credit of civil legal
persons. They comprise:
-
foreign remittances from Yugoslav citizens working abroad (migrant workers)
deposited in their foreign exchange accounts in Yugoslavia,
or
paid in the dinar
equivalent to members of their family in this country;
-
cash that Yugoslav citizens deposit in their foreign exchange accounts
;
cash that
Yugoslavs working abroad bring into the country and deposit in their accounts, and the
foreign currency that other Yugoslavs keep in their foreign exchange accounts. The
Yugoslav balance of payments, which is published in the Bulletin of the National Bank of
Yugoslavia, has an item on the revenues and expenditures side entitled ‘foreign worker
remittances’. In addition, the section dealing with transfers also differentiates private
transfers (emigrants’ remittances, pensions and similar items from straightforward for
worker remittances). This is because worker remittances are considered to be a service
*
Institute
of
International Politics and Economics, Belgrade (Yugoslavia).
20
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