The central puzzle discussed in this article is that, despite the new interest in migration and development, much of development studies focuses only on the transfer of resources from the North or West to the South and East. Yet transnational studies document two-way flows. In addressing this issue, the article answers three questions. First, what is new and what is old about the current 'mantra' of the migration-development nexus? Second, with regard to sustained cross-border transactions, which and what kind of transnational ties benefit development? Third, why is there a new enthusiasm about migration and development at this particular point in time? How is this new direction connected to shifting paradigms in development thinking and to changing geo-political alignments and forms of migration control after the end of the Cold War?