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Abstract:
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The global or international migration is one of the most important factors affecting economic relations between developed and developing countries in the 21st century. The international remittances sent back home by these migrant workers have a profound impact on the developing countries. According to Global Development Finance (World Bank, 2004), official international remittances sent home by migrant workers represent the second most important source of external funding in developing countries. Global remittance money grows much more than foreign investment and foreign development aid. It is noted that both international migration and remittances have a strong, statistically significant impact on reducing poverty in the developing world (Richard Adams and John Page, 2005). In this paper, we will conduct surveys and statistical tests to examine whether remittance is playing a more important role for educational development, degree of poverty reduction, and entrepreneurial development than foreign aid in developing countries.
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