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Immigration, Remittances and Business Cycles
Uses data on border enforcement and macroeconomic indicators from the U.S. and Mexico to estimate a two-country business cycle model of labor migration and remittances. It documents how remittances to Mexico serve an insurance role to smooth consumption across the border. During expansions in the destination economy, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk migration cost. During recessions, established migrants are deterred from returning to their country of origin, which places a downward pressure on the wage of native unskilled workers. The authors quantify the welfare implications of immigration policies for the destination economy. Illustrations. A print on demand pub.
Merchants of Labor
Some 10 million migrant workers cross national borders each year. This book examines the businesses that move low-skilled workers, explaining recruitment, remuneration and retention, and showing how national borders increase recruitment costs. Tackling the often murky world of labor migration, it fills an important void in this fast-growing field.
Emigration and Its Economic Impact on Eastern Europe
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.
Toward Safer and More Productive Migration for South Asia
International migration for temporary employment is key to South Asia’s development path, in terms of both jobs and remittance flows. Overseas markets are a critical source of employment for South Asian economies that may not be able to absorb workers sufficiently or quickly enough into the domestic labor market. Migrant workers typically experience wage gains of at least three times their earnings back home, in addition to acquiring new skills and accumulating savings that can be used to start up entrepreneurial activities upon returning home. Remittances sent by migrants while abroad also boost household consumption and support macroeconomic stability in countries of origin. However, mul...
Leveraging Migration for Africa
This book seeks to fill knowledge gaps on migration, remittances and diaspora in Africa.
Remittance Markets in Africa
Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corr...
The Failure of Financial Regulation
“This publication could not be more timely. Little more than a decade after the global financial crisis of 2008, governments are once again loosening the reins over financial markets. The authors of this volume explain why that is a mistake and could invite yet another major crisis.” —Benjamin Cohen, University of California, Santa Barbara, USA “Leading political scientists from several generations here offer historical depth, as well as sensible suggestions about what reforms are needed now.” —John Kirton, University of Toronto, Canada, and Co-founder of the G7 Research Group “A valuable antidote to complacency for policy-makers, scholars and students.” —Timothy J. Sinclai...
Economía: Spring 2011
Journal of the Latin American and Caribbean Economic Association, Spring 2011 Contents: • Editors' Summary • Buying Less but Shopping More: The Use of Nonmarket Labor during a Crisis By David McKenzie and Ernesto Schargrodsky • Workers' Remittances and the Equilibrium Real Exchange Rate: Theory and Evidence By Adolfo Barajas, Ralph Chami, Dalia Hakura, and Peter Montiel • Do Political Budget Cycles Differ in Latin American Democracies? By Lorena G. Barberia and George Avelino • Recent Trends in Income Inequality in Latin America By Leonardo Gasparini, Guillermo Cruces, and Leopoldo Tornarolli
Sharing a Ride on the Commodities Roller Coaster
Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then embed a commodity sector into a multi-country EMEs’ business cycle model where exogenous fluctuations in commodity prices follow a common dynamic factor structure and coexist with other driving forces. The estimated model assigns to commodity shocks 42 percent of the variance in income, of which a considerable part is linked to the common factor. A further amplification mechanism is a ”spillover” effect from commodity prices to risk premia.
Handbook on Migration and Welfare
Bringing together prominent scholars in the field, this Handbook provides an interdisciplinary exploration of the complex interrelationship between migration and welfare. Chapters further examine the effects of emigration on sending societies exploring issues such as the impact of remittances, diasporas, and skill deterioration as a result of human capital flight on capacity building and on economic and political development more generally.
