Remittances are one of the less volatile sources of foreign exchange earnings for developing countries. While capital flows tend to rise during favorable economic cycles and declines in bad times, remittances tend to be counter-cyclical relative recipient countries economic cycles. Historically remittance flows have also been resilient to downturns in the migrant-destination countries. Remittance flows to developing countries are expected to remain more resilient than private flows-which are expected to fall sharply if global liquidity continues to remain tight-and even compared to official development assistance (ODA).