There are two critical factors to the contemporary phase of global labor migration: diaspora and remittances (small foreign currency transfers from host to home economies). Both can be the forces contributing to and fostering macroeconomic development in (usually) structurally weaker home (sender) economies.The way to do it?

In a recent essay entitled “Toward a Migration Development Bank for Transition Economies” Otaviano Canuto and I try to rationalize some optimal solutions.

The MDB idea is not exactly new and some more information can be found in here. We propose here a re-calibrated blueprint for a Migration Development Bank that would be the primary channel for remittances transfers and raising funds for development projects at home. Read full story here.

Update: June 3 07:00AM EST: EconoMonitor adds our story Toward a Migration Development Bank for Transition Economies to their website.