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中美洲、巴拿马和多米尼加共和国的数字货币和汇款成本（英）

信息技术2022-12-01IMF罗***

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This paper examines the factors that influence the variation in digital and non-digital remittance fees in Central America, Panama, and the Dominican Republic (CAPDR) and other regions. It uses a combination of stylized facts, regression analysis, and a survey of CAPDR authorities to understand how country- and corridor-specific factors relate to remittance fees at different levels of digitalization. The paper aims to fill a gap in the literature on digital remittances and to provide insights into the latest developments, possibilities, and risks related to this area.

DigitalMoneyandRemittancesCostsinCentralAmerica,Panama,andtheDominicanRepublic AlinaCarare,LaviniaFranco,MetodijHadzi-Vaskov,JustinLesniak,DmitryVasilyev,andYorbolYakhshilikov IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate. TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. 2022 DEC ©2022InternationalMonetaryFundWP/22/238 IMFWorkingPaper WesternHemisphereDepartment DigitalMoneyandRemittancesCostsinCentralAmerica,Panama,andtheDominicanRepublicPreparedbyAlinaCarare,LaviniaFranco,MetodijHadzi-Vaskov,JustinLesniak, DmitryVasilyev,andYorbolYakhshilikov AuthorizedfordistributionbyManuelaGoretti December2022 IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. ABSTRACT:Thispaperinvestigatesfactorsthatpredictvariationindigitalandnon-digitalremittancefeesovertimeandacrosscountries,exploringdifferencesbetweenCAPDRandotherregions.Thepaperfillsavoidintheliteratureonhowcountry-andcorridor-specificfactorsrelatetoremittancefeesatdifferentlevelsofdigitalizationofthetransactionmode.ItalsocomplementsstylizedfactsandregressionanalysiswithasurveyanalysisoftheCAPDRauthorities’viewsonthelatestdevelopments,possibilities,andrisksrelatedtodigitalremittanceswithaviewtogaugingtheauthorities’potentialroleinfurtherreducingthecostofcross-borderpaymentsmoregenerallyandremittancesfeesinparticular.Thepaperfindsacleartrendofdecliningremittancefeesacrosscountriesandatanylevelofdigitalization,albeittheyremainhigherforCAPDRcountriesrelativetonon-CAPDRcountries.Morecompetition,financialanddigitaldevelopmentinreceivingcountries—suchasdebit/creditcardownershiporbankbranchpenetration—areassociatedwithlowerremittancefees,especiallyinCAPDR.Thesurveyedauthoritiesactivelyexploretheuseofdigitalmoneytoadvancedomesticpaymentsystems,expeditefinancialinclusion,andlowerremittancesfees,yetseeconsiderablerisks,especiallyforpreservingmonetarysovereigntyinCAPDR. RECOMMENDEDCITATION:Carare,Alina,LaviniaFranco,MetodijHadzi-Vaskov,JustinLesniak,DmitryVasilyev,andYorbolYakhshilikov,2022,“DigitalMoneyandRemittancesCostsinCentralAmerica,Panama,andtheDominicanRepublic”,IMFWorkingPaper22/238. JELClassificationNumbers: E50,E58,F28 Keywords: Digitalmoney;cryptocurrency;stablecoin;remittances Authors’E-MailAddresses: acarare@imf.org;lavinia.franco@bayes.city.ac.uk;mhadzivaskov@imf.org;jlesniak@imf.org;dvasilyev@imf.org;yyakhshilikov@imf.org WORKINGPAPERS DigitalMoneyandRemittancesCostsinCentralAmerica,Panama,andtheDominicanRepublic PreparedbyAlinaCarare,LaviniaFranco,MetodijHadzi-Vaskov,JustinLesniak,DmitryVasilyev,andYorbolYakhshilikov1 1TheauthorswouldliketothankwithoutimplicatingManuelaGoretti,IlanGoldfajn,RaphaelEspinoza,CAPDRcountryteams,KieranMurphy,GermanVillegasBauerandtheparticipantsattheIMFWesternHemisphereDepartmentSeminarforveryusefulcommentsandsuggestions. CONTENTS I.Introduction5 II.DigitalMoneyOffersanOpportunitytoReduceRemittanceFees6 III.DriversofDigitalandNon-DigitalRemittancesinCAPDR7 DataandSample7 Hypothesesandmodel8 Findings10 Resultsacrosstransactionmodes10 Addingfinancialanddigitaldevelopment11 CAPDR-specificresults14 IV.Authorities’SurveyResults16 CBDCs16 CryptoAssetsandStablecoins18 UseofDigitalMoneyforRemittances19 V.Concludingremarks21 AnnexI.DriversofDigitalRemittances22 Summarystatistics22 Thedistributionofremittanceservicesbytransactionmode22 AnnexII.DetailsfromAuthorities’Survey24 References28 FIGURES 1.RemittanceFees8 2:PlansonCBDCUseinLAC16 3:FactorsforAdoptionofCBDCs17 4:Domesticvs.Cross-BorderPaymentEfficiency17 5:UseofCryptoAssetsandStableCoins18 6:UseofDigitalMoneyforRemittances19 7:Authorities’PerceptionofRisksfromDigitalRemittances20 TABLES 1.Baseline-Remittancefeesacrosstransactionmodes10 2.Remittancefeesacrosstransactionmodes12 3.Remittancefeesacrosstransactionmodes13 4.Remittancefeesacrosstransactionmodes–CAPDRinteractions14 5.Remittancefeesacrosstransactionmodes–CAPDRinteractions15 I.Introduction Internationaleffortshavebeenmadetoreducethetransactioncostoftransferringremittancessincethosegainswouldsupporthouseholdsindevelopingcountries.In2009,theG8setatarget,laterembracedbytheG20,tolower,withinfiveyears,thecostofremittancesfrom10percentto5percent.Morerecently,theUnitedNations’SustainableDevelopmentGoalsincludedtheobjectivetoreachsub-3percentremittancecosts. Despiteageneralreductioninremittancecostsinthepastdecade,theUNgoalofsub-3percentcostshasyettobemetinmanycorridors.Country-specificstructuralfactorsmightbepreventingasteeperdecline,butstrongercompetitionanddigitalizationcanfacilitatethepathtowardstheUNgoal(Becketal.,2022). RemittancesareasignificantsourceofincomeforthecountriesinLatinAmericaandtheCaribbean(LAC),buttheirtransactioncostsremainabovetheUNgoal.In2021,onaggregate,remittancesamou

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