【正文】 emittance ine.Not only do countries find themselves short of skilled personnel, they also effectively waste money training them. Jamaica had to train five and Grenada 22 doctors to keep just one, according to research cited by the World Bank, for example. In the Philippines some doctors have retrained as nurses in order to go abroad.There is some concern about the macroeconomic impact of remittances. In countries that are exceptionally dependent on remittances for foreign exchange, the inflows can artificially inflate the value of a local currency, making imports cheaper and exports less petitive.In addition, remittances can create economic dependency and reduce the willingness of poor munities to do lowpaid manual work, especially among younger people.But more recently, policymakers have begun to stress the positives, arguing – as the World Bank did in an important 2005 report – that remittances can reduce poverty and help the less welloff ride out downturns. As well as helping meet bills for food and medicines, transfers are used for school fees and books. The money tends to be more reliable than other sources of foreign capital: during the 1990s remittances were one of the least volatile sources of foreign exchange for developing countries. While capital flows tend to rise and fall with the economic cycle, flows of remittances were more stable. “They tend to be countercyclical,” says Mr Ratha.Development economists such as Mr Ratha stress the importance of channelling remittances towards material assets such as houses or small businesses. There have been some signs that this is happening.A 2006 study by the InterAmerican Development Bank indicated that up to a third of migrants are investing money pared to only about 5 per cent in a similar survey conducted two years ago. Earlier papers by the same bank cite evidence from Turkey, Mexico and Egypt showing that remittances help migrants build up businesses and build homes.Even so, governments will almost certainly need to do more in order to harness the potential of these flows. Remittances can be channelled into the formal financial system where they can – in theory at least – be converted into savings and a source of longterm investment. Successful investment schemes using remittances – some with government backing – are one of the main themes of this series.移民匯款養(yǎng)活發(fā)展中國家？ 作者：英國《金融時報(bào)》理查德?拉帕(Richard Lapper)2007年9月11日 星期二 上個月，隨著美國住宅市場小小的次級抵押貸款領(lǐng)域發(fā)生的一場危機(jī)在全球造成一場浩劫，媒體注意力都集中在高度金融化和全球大型經(jīng)濟(jì)體之間的聯(lián)系上。不過，還有另外一個引人入勝的、有關(guān)經(jīng)濟(jì)一體化和資金全球流動性的故事。對更多的人來說，這個故事可以說比衍生品和資產(chǎn)負(fù)債表外投資基金更加重要。這是一個關(guān)于匯款的故事，是窮人之中神秘的金融創(chuàng)新故事，講述的是匯款如何在許多發(fā)展中國家引起了廣泛而顯著的變化。隨著邊界的開放和窮富國家間薪資差距的拉大，從未有過這么多人決定出國尋找自己的財(cái)富和工作。資金轉(zhuǎn)賬服務(wù)的增長意味著，對于他們來說，把工資寄回國養(yǎng)家糊口從未如此簡單。 如今，在許多發(fā)展中國家，來自匯款的收入已經(jīng)超過了外國援助、外商投資乃至傳統(tǒng)出口。在中美洲，海外匯款收入很早之前就超過了咖啡、香蕉等傳統(tǒng)的農(nóng)業(yè)支柱產(chǎn)業(yè)。移民匯往摩洛哥的錢比旅游者在那里花的錢更多。一些小國——如黎巴嫩、塞爾維亞、海地、湯加、阿爾巴尼亞和牙買加——來自匯款的收入超過了全部商品出口額總和。世界銀行(World Bank)最新數(shù)據(jù)列出了14個移民收入占經(jīng)濟(jì)產(chǎn)出的比例超過15%的國家，從摩爾多瓦的38%，%。匯款在全球經(jīng)濟(jì)中所占比重越來越大。據(jù)世行稱，發(fā)展中國家的移民2006年匯回了2063億美元，幾乎是1990年的7倍。這是根據(jù)官方數(shù)字得來的結(jié)果——若以非官方數(shù)字衡量，也許還要翻倍。根據(jù)廣泛的調(diào)查，總部位于華盛頓的美洲國家對話組織(InterAmerican Dialogue)的匯款專家曼努埃爾?奧羅斯科(Manuel Orozco)估計(jì)，去年匯回發(fā)展中國家的資金總額可能達(dá)到2980億美元，遠(yuǎn)遠(yuǎn)高于世行的估計(jì)。世行移民與匯款部門負(fù)責(zé)人迪利普?拉塔(Dilip Ratha)表示，他預(yù)計(jì)，在中期內(nèi)，全球匯款將繼續(xù)以每年10%的速度增長。另一些人表示，這種現(xiàn)象正在逐漸趨于平穩(wěn)，從美國匯往墨西哥的匯款增速放緩可能預(yù)示一個衰落期。美洲開發(fā)銀行(InterAmerican Development Bank)上月進(jìn)行的一項(xiàng)調(diào)查發(fā)現(xiàn)，佐治亞州、路易斯安那州和其它很多州的非法移民所面臨的法律限制，導(dǎo)致許多移民減少了匯回本國的金額。一些經(jīng)濟(jì)學(xué)家對這些匯款流動的意義持懷疑態(tài)度。他們辯稱，這不能彌補(bǔ)較高的移民率對一國經(jīng)濟(jì)造成的損失。對于那些輸出醫(yī)生或工程師等高技能員工的國家而言，尤其如此。例如，在今年發(fā)表的一篇文章中，已故經(jīng)濟(jì)學(xué)家、曾供職于經(jīng)濟(jì)政策研究中心(Centre for Economic Policy Research)的里卡多?法伊尼(Riccardo Faini)證實(shí)，高技能移民向母國的匯款數(shù)額低于低技能員工，這主要是因?yàn)楦呒寄軉T工更可能來自較富裕家庭，并更有能力將家眷帶入東道國。因此，匯款收入的增加難以減輕人才流失所帶來的負(fù)面影響。各國發(fā)現(xiàn)，它們不僅面臨著高技能員工短缺的局面，而且，它們實(shí)際上浪費(fèi)了培養(yǎng)他們所花費(fèi)的錢。例如，世行引用的一份研究顯示，牙買加每培養(yǎng)5名醫(yī)生才能留住1位醫(yī)生，而格林納達(dá)則需要培養(yǎng)22名才能留住1名。在菲律賓，一些醫(yī)生為了赴海外工作，把自己重新培訓(xùn)成為護(hù)士。對于匯款對宏觀經(jīng)濟(jì)的影響，人們有些擔(dān)心。在那些外匯來源特別依賴于海外匯款的國家，匯款可能會人為提高本幣幣值，令進(jìn)口產(chǎn)品價格下跌，出口競爭力下降。另外，匯款可以形成經(jīng)濟(jì)依賴性，并減少貧窮群體（特別是年輕人）從事低薪體力勞動的意愿。但最近，決策者開始強(qiáng)調(diào)匯款的正面影響，他們辯稱（就像世行在2005年一份重要報(bào)告中所說的那樣），匯款可以減少貧困，并幫助不太富裕人群挺過經(jīng)濟(jì)低迷時期。除了幫助購買食品藥品之外，匯款還用于支付學(xué)費(fèi)和書費(fèi)。相對于其它外資來源，這筆錢往往更為可靠：上世紀(jì)90年代，匯款是發(fā)展中國家最為穩(wěn)定的外匯來源之一。盡管資本流動會隨著經(jīng)濟(jì)周期起落，但匯款流動卻更為穩(wěn)定。拉塔表示：“它們往往沒有周期性?！崩劝l(fā)展經(jīng)濟(jì)學(xué)家強(qiáng)調(diào)了將匯款向房產(chǎn)或小企業(yè)等實(shí)質(zhì)資產(chǎn)轉(zhuǎn)移的重要性。一些跡象表明，這種趨勢正在出現(xiàn)。美洲開發(fā)銀行 2006年的一份研究顯示，高達(dá)三分之一的移民正在將匯款用來投資，而在兩年前的類似調(diào)查中，這個比例只有5%左右。美洲開發(fā)銀行之前的報(bào)告曾引用土耳其、墨西哥和埃及的情況為例，證明匯款幫助了移民興辦企業(yè)和修建住所。即便如此，為了控制匯款的潛在用途，各國政府幾乎肯定需要付出更多努力?？梢詫R款引入正規(guī)的金融體系，在這里，它們至少理論上可以轉(zhuǎn)化為儲蓄和長期投資來源。成功的利用匯款的投資計(jì)劃（其中一些需要政府支持），是問題的核心之一。譯者/梁艷裳DOING GOOD OUT OF YOUR OWN EFFORTS By Sharlene GoffWednesday, September 12, 2007 There is a growing desire among affluent investors to use some of their wealth to further a good cause. According to private banks, a wave of philanthropists is emerging that does not want merely to donate, but is seeking active roles within the sector.In response, the banks are offering advice on philanthropy as well as helping with more traditional issues such as selecting a charity and maximising donations. Advice includes how to set up charitable foundations or family charity trusts, and being board members or ambassadors for charities.Mark Evans, head of philanthropy at Coutts, the UK bank, says: People want to be engaged. They recognise they have more to offer than financial capital, they have intellectual capital as well. Banks say clients increasingly want to apply professional experience to charitable work. JP Morgan says property professionals might look at building design, for example. Mr Evans says: We find people can do more to help if they actually understand what they are doing.The new generation of philanthropists tends to be younger and have generated their own wealth.Clive Cutbill, partner at Withers, the law firm, says: A lot of people have e out of their first careers – maybe they39。ve sold hightech businesses – and want to do something with the proceeds.As they have been efficient making their money, they expect the way they are giving to be efficient.Mr Cutbill says there has been an increase in the number of firms advising on