Elections, the defining feature of representative democracy, are generally considered domestic matters. However, elections are increasingly influenced by and conducted on the international stage, and migrants have become increasingly important political actors in home country elections. This article analyses the relationship between migrants’ remittances and elections in their countries of origin, and argues that migrants’ decisions to remit reflect their home countries’ electoral calendars and political context. An analysis of remittance flows to eighty-one developing countries, 1990–2005, provides systematic evidence for the existence of political remittance cycles. Remittances increase in election years, an effect that is larger the more contested the election and the poorer the home country, suggesting an understudied link between developing countries’ domestic politics and their citizens living abroad.

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This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited. Permission is given to duplicate this document for personal use only, as long as it is unaltered and complete. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial use. For information on reprint and linking permissions, please visit www.rand.org/pubs/permissions.html.The RAND Corporation is a research organization that develops solutions to public policy challenges to help make communities throughout the world safer and more secure, healthier and more prosperous. RAND is nonprofit, nonpartisan, and committed to the public interest. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.Support RAND Make a tax-deductible charitable contribution at www.rand.org/giving/contribute www.rand.org Library of Congress Cataloging-in-Publication Data For more information on this publication, visit www.rand.org/t/rr1231Published by the RAND Corporation, Santa Monica, Calif. © Copyright 2015 RAND CorporationR® is a registered trademark.iii PrefaceThis report examines the feasibility for non-state actors to increase their political and/or economic power by deploying a virtual currency (VC) for use in regular economic transactions. Bitcoin is a digital representation of valued currency that, like conventional currency, can be transferred, stored, or traded electronically. VCs are neither issued by a central bank or public authority nor are they necessarily linked to a fiat currency (dollars, euros, etc.). This form of currency is accepted by people as a means of payment. We addressed the following research questions from both the technological and politicaleconomic perspectives:• This report should be of interest to policymakers interested in technology, counterterrorism, and intelligence and law enforcement issues, as well as for VC and cybersecurity researchers.