Remittance Cost: A Systematic Literature Review and Future Research Agenda Using the METRICS Framework

Abstract

High remittance costs are a global challenge. Very few studies adopt a holistic approach, such as PESTLE, which addresses Political, Economic, Social, Technological, Legal, and Environmental factors. A systematic literature review can help identify areas needing attention. We identified the articles using the Antecedents, Decisions, and Outcome (ADO) framework to construct search queries. We follovwed the PRISMA framework. We conducted a bibliometric analysis, followed by a manual content analysis using the METRICS framework. (Methodology, Environment, Theory, Relationship, Index, Conditions, and Span). Established coding reliability, with Cohen's k. A quality appraisal was performed. The literature reveals a robust negative association between remittance costs and remittance, with cost elasticities indicating that a 10% reduction in costs increases remittance flows by 1.6%-2%. The least studied dimension is environment. Residual reputational bias during quality appraisal cannot be excluded. Researchers must adopt a multi-dimensional approach to studying remittance costs. In-depth research can help achieve SDG 10c and the G20 cost reduction target, positively impacting migrant workers and their families. We demonstrate how to utilize the METRICS framework for manual content analysis and identify research gaps.