U.S. remittances to Mexico grew rapidly in a five-year period from 2000 to 2005 because the Mexican migrant population is embracing traditional banking channels, according to a new report by the Dallas Federal Reserve.
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," the Fed said in its latest issue of Southwest Economy.
The issue focuses on remittances to Mexico, free trade and cross-border banking.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius. [Read more]
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