'The Money Exchange Dealers of Kabul' is an exploratory piece of research on how the informal financial sector operates in conflict-afflicted countries. This paper presents the findings, analyses and conclusions of a study on the operational characteristics of an informal funds transfer system found in Afghanistan, generally referred to as hawala. It describes the system's geographic characteristics, convenience, effectiveness, cost, and its relationship with the formal financial system. It studies the domestic transfer of development funds by international aid institutions and...

Re-mit-tance n. 1. The sending of money to someone at a distance. 2. The sum of money sent. New research shows the astonishing scope of remittances, with formally documented flows now estimated at US$90 billion for 2003. Globally, remittances now constitute the largest source of financial flows to developing countries after foreign direct investment (FDI). Indeed, in many countries they now exceed FDI flows. Remittances: Development Impact and Future Prospects explores policy options for enhancing the poverty alleviation impact of remittance money in recipient countries, and addressees...

Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system -including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on...

This edited volume contains eight studies of financial sector challenges in Africa that served as background studies for Financing Africa: Through the Crisis and Beyond. One of the major challenges for African financial systems is to expand financial services to a larger share of the population. The chapters in this area cover microfinance in Africa, the role of technology, reforms of payment infrastructure, and financing agriculture. Two chapters cover challenges in increasing long-term finance; one covers housing finance and the other the role of sovereign wealth fund. The book also...