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2 results

  • 4 - Diaspora Bonds

  • David Leblang, University of Virginia, Benjamin Helms, Carnegie Mellon University, Pennsylvania
  • Book:
    The Ties That Bind
    Published online:
    02 February 2023
    Print publication:
    09 February 2023, pp 91-128

  • Summary

    After establishing why people migrate, in this chapter we turn to an investigation of how migrants economically re-engage with their homeland. Specifically, we explore how migrants facilitate flows of international financial capital. We argue that migrants, because they possess critical knowledge about investment opportunities in their homelands, help international investors overcome information asymmetries which drives both portfolio and foreign direct investment into their homelands. Our empirical analyses leverage a wide range of data on migrant stocks and portfolio and foreign direct investment to test our argument. We find that migrants are key to explaining international capital flows, especially in environments where formal political institutions that protect property rights are absent or weak.

The Ties That Bind
  • Immigration and the Global Political Economy
  • David Leblang, Benjamin Helms
  • Published online:
    02 February 2023
    Print publication:
    09 February 2023
  • Migration is among the central domestic and global political issues of today. Yet the causes and consequences - and the relationship between migration and global markets – are poorly understood. Migration is both costly and risky, so why do people decide to migrate? What are the political, social, economic, and environmental factors that cause people to leave their homes and seek a better life elsewhere? Leblang and Helms argue that political factors - the ability to participate in the political life of a destination - are as important as economic and social factors. Most migrants don't cut ties with their homeland but continue to be engaged, both economically and politically. Migrants continue to serve as a conduit for information, helping drive investment to their homelands. The authors combine theory with a wealth of micro and macro evidence to demonstrate that migration isn't static, after all, but continuously fluid.