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題名 跨境匯款成本影響因素分析：金融創新視角兼論傳統經濟面向
Analysis of Factors Affecting Cross-Border Remittance Fees: A Financial Innovation Perspective with Consideration of Traditional Economics Aspects作者 洪鈺婷
Hung, Yu-Ting貢獻者 張元晨
Chang, Yuan-Chen
洪鈺婷
Hung, Yu-Ting關鍵詞 跨境匯款
匯款費用
金融科技
中央銀行數位貨幣
Cross-border remittances
Remittance fees
FinTech
Central Bank Digital Currency日期 2025 上傳時間 4-Aug-2025 14:06:39 (UTC+8) 摘要 本研究探討跨境匯款費用的決定因素，融合金融創新與傳統經濟視角，使用2011至2023年間涵蓋371條匯款走廊的資料，分析金融科技發展、央行數位貨幣(CBDC)推動、經濟結構與制度環境等因素對匯款費用的影響。實證結果顯示，匯款費用受到金融創新成熟度、經濟規模、貿易依存度及制度品質等多重條件交互影響。進一步根據樣本特徵區分子樣本後，發現不同匯款機構、產品管道、匯款方式、速度與資訊透明度的費用具高度異質性。央行演說的情緒分析亦指出，對CBDC持正面態度之匯款國，其匯款費用相對較低。CBDC發展階段的量化分析發現具有差異的結果，特別是在2020年後，收款國的CBDC推動與匯款費用降低間具有顯著的相關性。綜上所述，本研究揭示金融創新與傳統經濟結構在匯款市場的交互作用，並強調在普惠金融與數位科技浪潮下，資訊透明與政策落實為促進費用降低的關鍵因素。
This study investigates the determinants of cross-border remittance fees by integrating perspectives from both financial innovation and traditional economics. Using data from 371 remittance corridors between 2011 and 2023, it analyzes how factors such as FinTech development, CBDC progress, economic structure, and institutional environment influence remittance fees. The empirical results indicate that remittance fees are jointly shaped by the maturity of financial innovation, economic scale, trade dependence, and institutional quality. Further sub-sample analysis based on sample characteristics reveals substantial heterogeneity in cost outcomes across remittance providers, product channels, transaction methods, processing speed, and levels of information transparency. Sentiment analysis of central bank speeches suggests that source countries with a more positive stance toward CBDCs tend to have lower remittance fees. The quantitative analysis of CBDC development stages also shows varying effects; notably, since 2020, the advancement of CBDCs in destination countries is significantly associated with cost reductions. Overall, this study highlights the dynamic interaction between financial innovation and traditional economic factors in determining remittance fees, while emphasizing information transparency and sound policy execution as essential drivers of cost reduction in the context of digital finance and financial inclusion.參考文獻 Afshan, S., Leong, K. Y., Najmi, A., Razi, U., Lelchumanan, B., & Cheong, C. W. H. (2024). Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk. Resources Policy, 88, 104432. Ahmed, J., & Martínez-Zarzoso, I. (2016). Do transfer costs matter for foreign remittances? A gravity model approach. working paper. Ahmed, J., Mughal, M., & Martínez‐Zarzoso, I. (2021). Sending money home: Transaction cost and remittances to developing countries. The World Economy, 44(8), 2433-2459. Anwar, A., Mang, C. F., & Plaza, S. (2024). Remittances and inequality: A meta‐analytic investigation. The World Economy, 47(6), 2664-2705. Ardıç, O. P., Baijal, H., Baudino, P., Boakye-Adjei, N. Y., Fishman, J., & Maikai, R. A. (2022). The journey so far: Making cross-border remittances work for financial inclusion. Bank for International Settlements, Financial Stability Institute. Auer, R., Cornelli, G., Doerr, S., Frost, J., & Gambacorta, L. (2023). Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS working paper. Balcha, A. H. The Evolution of FinTech in Emerging Markets: The Effect of FinTech Adoption on Remittances. Beck, T., Janfils, M., Kpodar, K., & Kpodar, M. K. R. (2022). What explains remittance fees? panel evidence. International Monetary Fund working paper. Beck, T., & Martínez Pería, M. S. (2011). What explains the price of remittances? An examination across 119 country corridors. The World Bank Economic Review, 25(1), 105-131. Cerutti, E. M., Firat, M., & Perez-Saiz, H. (2025). Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin. FinTech Notes, 2025(002). da Silva Filho, T. N. T. (2022). Curb Your Enthusiasm: The Fintech Hype Meets Reality in the Remittances Market. International Monetary Fund. Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications. Donadelli, M. (2015). Google search-based metrics, policy-related uncertainty and macroeconomic conditions. Applied Economics Letters, 22(10), 801-807. Ethan Ilzetzki, Carmen Reinhart and Ken Rogoff, Rethinking Exchange Rate Regimes (with Carmen Reinhart and Ken Rogoff). Handbook of International Economics, vol 5, Gita Gopinath, Elhanan Helpman and Kenneth Rogoff, eds, 2021. Enterprise Surveys (http://www.enterprisesurveys.org), The World Bank. Ekberg, J., & Ho, M. (2021). A new dawn for digital currency. Oliver Wyman, 8. Filianin, K. (2019). Securing FX Trading Customer Base against Disruptive Fintech in Business Banking Environment, Metropolia University of Applied Sciences, Master Thesis. Freund, C. L., & Spatafora, N. (2005). Remittances: transaction costs, determinants, and informal flows. World Bank Policy Research Working Paper. Gurira, P. (2024). The impact of international money transfer cost transparency on remittance flows to emerging economies. International Journal of Managerial Finance, 20(3), 608-626. He, D. (2021). Digitalization of cross-border payments. China Economic Journal, 14(1), 26-38. Imam, P. A., & Kpodar, K. (2022). How Do Transaction Costs Influence Remittances. Imam, P. A., Kpodar, K., Oloufade, D. K., & Gammadigbe, V. (2024). Remittances in Times of Uncertainty: Understanding the Dynamics and Implications (No. 2024/244). International Monetary Fund. International Monetary Fund. (2022). World Economic Outlook, October 2022: Countering the Cost-of-Living Crisis. Washington, DC: IMF. Kpodar, K., & Imam, P. A. (2024). How do transaction costs influence remittances?. World Development, 177. KOH, A., FERNANDEZ, D., & CHEAH, S. M. (2020). Nium: Leveraging fintech to disrupt cross-border remittance services, Singapore Management University case collection. Kosse, A., & Mattei, I. (2023). Making headway-Results of the 2022 BIS survey on central bank digital currencies and crypto. BIS papers. Laurent, T., Margaretic, P., & Thomas-Agnan, C. (2021). Do neighboring countries matter when explaining bilateral remittances?, Toulouse School of Economics working paper. Levi, M., & CGD Working Group. (2015). Unintended consequences of anti-money laundering policies for poor countries, Center for Global Development Working paper. Náñez Alonso, S. L., Jorge-Vazquez, J., & Reier Forradellas, R. F. (2021). Central banks digital currency: Detection of optimal countries for the implementation of a CBDC and the implication for payment industry open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 72. Rodima-Taylor, D. (2023). The Uneven Path Toward Cheaper Digital Remittances. Feature, Migration Policy Institute. Rühmann, F., Konda, S. A., Horrocks, P., & Taka, N. (2020). Can blockchain technology reduce the cost of remittances?. OECD Development Co-operation Working Paper. Soufaih, A. (2020). Revolutionizing international remittance payments using crypto currency and blockchain-based technology, working paper. Visa. (2022). Economic empowerment through electronic initiatives: The case for inclusive digital remittances. Western Union. (2024, February 5). Western Union reports fourth quarter and full year 2023 results. Business Wire. https://www.businesswire.com/news/home/20240205213737/en/Western-Union-Reports-Fourth-Quarter-and-Full-Year-2023-Results World Bank Group. (2013). Global financial development report 2014: Financial inclusion (Vol. 2). World Bank Publication. World Bank. (2022). Remittance prices worldwide quarterly: Issue 43, Q3 2022. World Bank. 描述 碩士
國立政治大學
財務管理學系
112357010資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112357010 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 洪鈺婷 zh_TW dc.contributor.author (Authors) Hung, Yu-Ting en_US dc.creator (作者) 洪鈺婷 zh_TW dc.creator (作者) Hung, Yu-Ting en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Aug-2025 14:06:39 (UTC+8) - dc.date.available 4-Aug-2025 14:06:39 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 14:06:39 (UTC+8) - dc.identifier (Other Identifiers) G0112357010 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158502 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 112357010 zh_TW dc.description.abstract (摘要) 本研究探討跨境匯款費用的決定因素，融合金融創新與傳統經濟視角，使用2011至2023年間涵蓋371條匯款走廊的資料，分析金融科技發展、央行數位貨幣(CBDC)推動、經濟結構與制度環境等因素對匯款費用的影響。實證結果顯示，匯款費用受到金融創新成熟度、經濟規模、貿易依存度及制度品質等多重條件交互影響。進一步根據樣本特徵區分子樣本後，發現不同匯款機構、產品管道、匯款方式、速度與資訊透明度的費用具高度異質性。央行演說的情緒分析亦指出，對CBDC持正面態度之匯款國，其匯款費用相對較低。CBDC發展階段的量化分析發現具有差異的結果，特別是在2020年後，收款國的CBDC推動與匯款費用降低間具有顯著的相關性。綜上所述，本研究揭示金融創新與傳統經濟結構在匯款市場的交互作用，並強調在普惠金融與數位科技浪潮下，資訊透明與政策落實為促進費用降低的關鍵因素。 zh_TW dc.description.abstract (摘要) This study investigates the determinants of cross-border remittance fees by integrating perspectives from both financial innovation and traditional economics. Using data from 371 remittance corridors between 2011 and 2023, it analyzes how factors such as FinTech development, CBDC progress, economic structure, and institutional environment influence remittance fees. The empirical results indicate that remittance fees are jointly shaped by the maturity of financial innovation, economic scale, trade dependence, and institutional quality. Further sub-sample analysis based on sample characteristics reveals substantial heterogeneity in cost outcomes across remittance providers, product channels, transaction methods, processing speed, and levels of information transparency. Sentiment analysis of central bank speeches suggests that source countries with a more positive stance toward CBDCs tend to have lower remittance fees. The quantitative analysis of CBDC development stages also shows varying effects; notably, since 2020, the advancement of CBDCs in destination countries is significantly associated with cost reductions. Overall, this study highlights the dynamic interaction between financial innovation and traditional economic factors in determining remittance fees, while emphasizing information transparency and sound policy execution as essential drivers of cost reduction in the context of digital finance and financial inclusion. en_US dc.description.tableofcontents Chapter 1 Introduction 1 Chapter 2 Literature Review 6 Chapter 3 Data and Methodology 10 3.1 Data 10 3.2 Variable Definitions 13 3.3 Methodology 28 Chapter 4 Empirical Results 29 4.1 Full-Sample Regression Analysis 30 4.1.1 Baseline Regressions 30 4.1.2 Findings on remittance fees across Money Transfer Operators (MTOs) and banks 39 4.1.3 Findings on remittance fees across Western Union and MoneyGram 49 4.1.4 Findings on remittance fees across cash and bank account transfer 59 4.1.5 Findings on remittance fees across agent-based and internet-based remittances 70 4.1.6 Analysis of remittance fees by varying remittance speeds 81 4.1.7 Analysis of remittance fees based on varying levels of transparency 91 4.1.8 Analysis of remittance fees excluding observations from high-income destination countries 101 4.2 Analysis of remittance fees excluding countries with rising remittance fees 106 4.3 Detailed Analysis of FinTech Development Variables 110 4.4 Analysis of remittance fees based on central bankers' speeches 115 4.5 Extended Discussion 117 4.5.1 The Impact of CBDC Development on Remittance Fees 117 4.5.2 Country-Specific Factors Behind Persistently High Remittance Fees 119 Chapter 5 Conclusion and Directions for Future Research 126 5.1 Conclusion 126 5.2 Directions for Future Research 129 References 130 zh_TW dc.format.extent 3375047 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112357010 en_US dc.subject (關鍵詞) 跨境匯款 zh_TW dc.subject (關鍵詞) 匯款費用 zh_TW dc.subject (關鍵詞) 金融科技 zh_TW dc.subject (關鍵詞) 中央銀行數位貨幣 zh_TW dc.subject (關鍵詞) Cross-border remittances en_US dc.subject (關鍵詞) Remittance fees en_US dc.subject (關鍵詞) FinTech en_US dc.subject (關鍵詞) Central Bank Digital Currency en_US dc.title (題名) 跨境匯款成本影響因素分析：金融創新視角兼論傳統經濟面向 zh_TW dc.title (題名) Analysis of Factors Affecting Cross-Border Remittance Fees: A Financial Innovation Perspective with Consideration of Traditional Economics Aspects en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Afshan, S., Leong, K. Y., Najmi, A., Razi, U., Lelchumanan, B., & Cheong, C. W. H. (2024). Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk. Resources Policy, 88, 104432. Ahmed, J., & Martínez-Zarzoso, I. (2016). Do transfer costs matter for foreign remittances? A gravity model approach. working paper. Ahmed, J., Mughal, M., & Martínez‐Zarzoso, I. (2021). Sending money home: Transaction cost and remittances to developing countries. The World Economy, 44(8), 2433-2459. Anwar, A., Mang, C. F., & Plaza, S. (2024). Remittances and inequality: A meta‐analytic investigation. The World Economy, 47(6), 2664-2705. Ardıç, O. P., Baijal, H., Baudino, P., Boakye-Adjei, N. Y., Fishman, J., & Maikai, R. A. (2022). The journey so far: Making cross-border remittances work for financial inclusion. Bank for International Settlements, Financial Stability Institute. Auer, R., Cornelli, G., Doerr, S., Frost, J., & Gambacorta, L. (2023). Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS working paper. Balcha, A. H. The Evolution of FinTech in Emerging Markets: The Effect of FinTech Adoption on Remittances. Beck, T., Janfils, M., Kpodar, K., & Kpodar, M. K. R. (2022). What explains remittance fees? panel evidence. International Monetary Fund working paper. Beck, T., & Martínez Pería, M. S. (2011). What explains the price of remittances? An examination across 119 country corridors. The World Bank Economic Review, 25(1), 105-131. Cerutti, E. M., Firat, M., & Perez-Saiz, H. (2025). Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin. FinTech Notes, 2025(002). da Silva Filho, T. N. T. (2022). Curb Your Enthusiasm: The Fintech Hype Meets Reality in the Remittances Market. International Monetary Fund. Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications. Donadelli, M. (2015). Google search-based metrics, policy-related uncertainty and macroeconomic conditions. Applied Economics Letters, 22(10), 801-807. Ethan Ilzetzki, Carmen Reinhart and Ken Rogoff, Rethinking Exchange Rate Regimes (with Carmen Reinhart and Ken Rogoff). Handbook of International Economics, vol 5, Gita Gopinath, Elhanan Helpman and Kenneth Rogoff, eds, 2021. Enterprise Surveys (http://www.enterprisesurveys.org), The World Bank. Ekberg, J., & Ho, M. (2021). A new dawn for digital currency. Oliver Wyman, 8. Filianin, K. (2019). Securing FX Trading Customer Base against Disruptive Fintech in Business Banking Environment, Metropolia University of Applied Sciences, Master Thesis. Freund, C. L., & Spatafora, N. (2005). Remittances: transaction costs, determinants, and informal flows. World Bank Policy Research Working Paper. Gurira, P. (2024). The impact of international money transfer cost transparency on remittance flows to emerging economies. International Journal of Managerial Finance, 20(3), 608-626. He, D. (2021). Digitalization of cross-border payments. China Economic Journal, 14(1), 26-38. Imam, P. A., & Kpodar, K. (2022). How Do Transaction Costs Influence Remittances. Imam, P. A., Kpodar, K., Oloufade, D. K., & Gammadigbe, V. (2024). Remittances in Times of Uncertainty: Understanding the Dynamics and Implications (No. 2024/244). International Monetary Fund. International Monetary Fund. (2022). World Economic Outlook, October 2022: Countering the Cost-of-Living Crisis. Washington, DC: IMF. Kpodar, K., & Imam, P. A. (2024). How do transaction costs influence remittances?. World Development, 177. KOH, A., FERNANDEZ, D., & CHEAH, S. M. (2020). Nium: Leveraging fintech to disrupt cross-border remittance services, Singapore Management University case collection. Kosse, A., & Mattei, I. (2023). Making headway-Results of the 2022 BIS survey on central bank digital currencies and crypto. BIS papers. Laurent, T., Margaretic, P., & Thomas-Agnan, C. (2021). Do neighboring countries matter when explaining bilateral remittances?, Toulouse School of Economics working paper. Levi, M., & CGD Working Group. (2015). Unintended consequences of anti-money laundering policies for poor countries, Center for Global Development Working paper. Náñez Alonso, S. L., Jorge-Vazquez, J., & Reier Forradellas, R. F. (2021). Central banks digital currency: Detection of optimal countries for the implementation of a CBDC and the implication for payment industry open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 72. Rodima-Taylor, D. (2023). The Uneven Path Toward Cheaper Digital Remittances. Feature, Migration Policy Institute. Rühmann, F., Konda, S. A., Horrocks, P., & Taka, N. (2020). Can blockchain technology reduce the cost of remittances?. OECD Development Co-operation Working Paper. Soufaih, A. (2020). Revolutionizing international remittance payments using crypto currency and blockchain-based technology, working paper. Visa. (2022). Economic empowerment through electronic initiatives: The case for inclusive digital remittances. Western Union. (2024, February 5). Western Union reports fourth quarter and full year 2023 results. Business Wire. https://www.businesswire.com/news/home/20240205213737/en/Western-Union-Reports-Fourth-Quarter-and-Full-Year-2023-Results World Bank Group. (2013). Global financial development report 2014: Financial inclusion (Vol. 2). World Bank Publication. World Bank. (2022). Remittance prices worldwide quarterly: Issue 43, Q3 2022. World Bank. zh_TW
