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International Monetary Fund
This Selected Issues paper analyzes the effect of international migration on unemployment in New Zealand. The empirical results in this paper suggest that net migration inflows give rise to a fall in the unemployment rate. The paper estimates a system of equations including the unemployment rate, real wage, net migration rate, and labor force participation rate, taking into account the interdependence of the variables. It also examines the impact of exchange rate volatility on export firms’ decisions to hedge foreign exchange exposure.
Mr. N. A. Barr


Looks at the policy choices involved in creating pension schemes, particularly whether it is advisable to move away from government pay-as-you-go pensions toward private or publicly funded plans. Examines the reasons for the controversy surrounding pension design, and whether the second level of pension systems should be mandatory, private, funded, and defined-contribution.

Mr. N. A. Barr


All societies, in one way or another, try to meet people’s needs as they age and can no longer provide for themselves. As developing countries grow, they face difficult issues about when and how to establish pension systems that their more complex economies require. Countries currently making the transition from central planning to more market-oriented approaches confront similar decisions. And in the industrial world, long-established pension systems that have sufficed for decades are now threatened by rapidly expanding populations of pensioners with a shrinking base of productive workers to provide for them.

Mr. David Amaglobeli, Hua Chai, Ms. Era Dabla-Norris, Mr. Kamil Dybczak, Mauricio Soto, and Alexander F. Tieman
This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables.