1. Historical data on remittances from Brazil has been updated to strictly reflect the concept of remittances defined in the Balance of Payments Manual of the International Monetary Fund. Likewise, the data for Panama (2010) and Ecuador (2009 and 2010) have been updated. These adjustments are reflected in the regional totals in Figure 1. The analysis in this publication includes these updated data.
2. Maldonado, R., Bajuk, N., Watson, G. “Remittances to Latin America and the Caribbean in 2009: The Effects of the Global Financial Crisis”, Multilateral Investment Fund, Inter-American Development Bank. Washington DC, 2010.
3. Orozco, M. “Understanding the continuing effect of the economic crisis on remittances to Latin America and the Caribbean”, Multilateral Investment Fund, Inter-American Development Bank. Washington DC, 2009.
4. For the purposes of this report, the category of Andean countries (Bolivia, Colombia, Ecuador, Peru, and Venezuela) represents a subset of the 12 countries in the South American region.
5. The regional and subregional data were calculated by weighting the variations in the value of remittances in local currency in each country, in relation to each of the shares in the regional and subregional remittance flows.
6. The regional and subregional inflation data were calculated by weighting the variations of the Consumer Price Index of each country, in relation to each one of the participations in the regional remittance flows.
7. Monge González, R., Torres, O., Vargas Aguilar, J. “South-South Remittances: Importance of the corridor. Costa Rica-Nicaragua”. Academy of Central America. 2009.