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Mass Challenge
This book addresses the socioeconomic effects of immigration to Sweden. Historically, Sweden was a homogeneous country. In recent years, this has changed dramatically as Sweden has received more refugees per capita than any comparable country: this makes Sweden an interesting case study for analyzing the social and economic impact of refugee migration to European welfare states. The book highlights the long-term effects of low-skilled immigration to welfare states, while tying this to the broader European experience. Much of the public discussion of immigration in the West has focused on the American experience, which differs significantly from refugee migration to European welfare states. R...
Banks, Firms, and Jobs
We analyze the employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock we construct a firm-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment. This result is concentrated in more levered and less productive firms. Also, the relatively less educated and less skilled workers with temporary contracts are the most affected. Our results are consistent with the cleansing role of financial shocks.
Italy
Selected Issues
NGOs and Political Change
The Australian Council for International Development is the peak body of Australian international development NGOs. This book explores ACFID’s history since its founding in 1965, drawing on current and contemporary literature as well as extensive archival material. The trends and challenges in international development are seen through the lens of an NGO peak body: from the heady optimism of the first Development Decade of the 1960s, through the growth in government support of NGOs in the 1980s, to the challenges of the 2010s. The major themes of ACFID are presented: human rights; gender justice; humanitarianism; NGO codes of conduct; and influencing government policy both broadly and as it relates to NGOs. Each of these themes is placed in a global context and in relation to what other NGO networks are doing internationally.
Strengthening Economic Resilience Following the COVID-19 Crisis A Firm and Industry Perspective
The crisis triggered by the COVID-19 pandemic has been unlike any other the world has experienced, requiring social distancing and restrictions on mobility, and rendering some economic activity impossible. This publication explores and compares the characteristics that have affected the ability of firms, workers and consumers to maintain production, employment and consumption during the COVID-19 crisis, across industries and countries.
Towards Macroprudential Stress Testing
Macro-feedback effects have been identified as a key missing element for more effective macro-prudential stress testing. To fill this gap, this paper develops a framework that facilitates the analysis of both the direct effects of macroeconomic shocks on the solvency of individual banks and feedback effects that allow for the amplification and propagation of shocks that can result from bank deleveraging and credit crunches. The framework ensures consistency in the key relationships between macroeconomic and financial variables, and banks’ balance sheets. This is accomplished by embedding a standard stress-testing framework based on individual banks’ data in a semi-structural macroeconomi...
World Development Report 2023
Migration is a development challenge. About 184 million people—2.3 percent of the world’s population—live outside of their country of nationality. Almost half of them are in low- and middle-income countries. But what lies ahead? As the world struggles to cope with global economic imbalances, diverging demographic trends, and climate change, migration will become a necessity in the decades to come for countries at all levels of income. If managed well, migration can be a force for prosperity and can help achieve the United Nations’ Sustainable Development Goals. World Development Report 2023 proposes an innovative approach to maximize the development impacts of cross-border movements ...
Preventing Money Laundering and Terrorist Financing, Second Edition
Money laundering and terrorist financing undermine the integrity and stability of financial systems and can have a significantly adverse impact on a jurisdiction's economy. Challenges to effective supervision and prevention of money laundering and financing of terrorism were exacerbated in the aftermath of the 2008 financial crisis, with financial institutions' need for funds at times undermining vigilance as to the provenance of those funds. As such, supervisors often, and prudently, focused on coping with the crisis.Since 2009, when the first edition of this handbook was published, challenges to the integrity and stability of financial systems have continued to evolve. Money-laundering and...
Labor Costs and Corporate Investment in Italy
The recovery of private investment in Italy has lagged its euro area peers over the past decade. This paper examines the role of elevated labor costs in hindering the recovery. Specifically, labor costs rose faster than labor productivity prior to the global financial crisis and have remained high since, weighing on firms’ profits, capital returns, and thus capacity to invest. Empirical analysis provides evidence for the impact of wages on investment at the sectoral and firm levels. Sectoral wage growth seems unrelated to sectoral productivity growth, but is negatively associated with investment. Firm-level data permit a better identification—by exploiting the interaction between sectoral wage growth (exogenous to the firm) and the lagged labor share of the firm. A 1 percent increase in real wages is estimated to cause a 1/3 percent fall in fixed capital. Profits absorb only 1⁄2 of the cost increase, pointing to the role of liquidity constraints. These results highlight the need for labor market reform to reinvigorate investment, and thus labor productivity and job creation.
