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Europe > Switzerland

You are looking at 1 - 5 of 5 items for :

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Cover Policy Papers
2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Ensuring Economic Sustainability
International Monetary Fund. Strategy, Policy, & Review Department
Ensuring economic sustainability is key to achieving the IMF’s surveillance mandate of maintaining present and prospective balance of payments and domestic stability, assuring orderly exchange arrangements, and promoting a stable system of exchange rates. A good understanding of issues related to economic sustainability is thus essential for the IMF to provide effective surveillance and policy advice, while it requires a broad perspective and a long time horizon. With respect to the IMF’s surveillance mandate, the principle of macro-criticality, which guides the IMF’s engagement with its members, is sufficiently flexible and broad, allowing the IMF to cover issues related to economic sustainability. At the same time, given the wide range of issues that are related to economic sustainability, IMF surveillance needs to be selective and focused, with the choice of issues made on a case-by-case basis, considering country circumstances. It also needs to leverage the expertise of other institutions when necessary. The IMF and other institutions have advanced work to enhance analytical frameworks and indicators related to economic sustainability, and this should continue.
Keywords:
IMF surveillance; surveillance mandate; transparency policy; IMF's engagement; policy advice; Income inequality; Climate change; Income; Global
Cover IMF Working Papers
Why U.S. Immigration Matters for the Global Advancement of Science
Ruchir Agarwal
,
Patrick Gaulé
, and
Geoff Smith
This paper studies the impact of U.S. immigration barriers on global knowledge production. We present four key findings. First, among Nobel Prize winners and Fields Medalists, migrants to the U.S. play a central role in the global knowledge network—representing 20-33% of the frontier knowledge producers. Second, using novel survey data and hand-curated life-histories of International Math Olympiad (IMO) medalists, we show that migrants to the U.S. are up to six times more productive than migrants to other countries—even after accounting for talent during one’s teenage years. Third, financing costs are a key factor preventing foreign talent from migrating abroad to pursue their dream careers, particularly for talent from developing countries. Fourth, certain ‘push’ incentives that reduce immigration barriers—by addressing financing constraints for top foreign talent—could increase the global scientific output of future cohorts by 42 percent. We concludeby discussing policy options for the U.S. and the global scientific community.
Keywords:
Immigration; Science; Talent; Universities; WP; IMO medalist; migrants to the U.S.; IMO participant; productivity regression; IMO point; Migration; Productivity; Income; Global
Cover IMF Staff Country Reports
United Kingdom: Selected Issues
International Monetary Fund. European Dept.
This paper aims to provide European Union (EU), while recognizing that the choice of whether to remain in the EU is for U.K. voters to make and that their decisions will reflect both economic and noneconomic factors. The question of EU membership is both a political and an economic issue, and the referendum has sparked a wide-ranging debate on the United Kingdom’s role in the EU. Given the range of plausible alternative arrangements with the EU, the number of channels by which countries could be affected and the range of possible effects on the United Kingdom and other economies are broad.
Keywords:
ISCR; CR; EU membership; UK economy; single market; EU country; EU migrant; EU budget; UK-EU trade; EU regulation; EU economy; EU directive; EU immigrant; Exports; Migration; Tariffs; Income; Foreign direct investment; Global; Europe
Cover IMF Staff Country Reports
Austria: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Austria
International Monetary Fund. European Dept.
The 2015 Article IV Consultation discusses the key issues related to the economy of Austria. Austria has recovered from the global financial crisis, but the crisis still remains in bank and public sector balance sheets. Major banks have been striving to strengthen their capital and profitability positions amid regulatory and supervisory reforms. Despite lackluster growth, economic slack is limited as potential growth has fallen as well. The governing coalition of Social Democrats and the right-of-center People's Party holds a constructive dialogue on economic policy issues. Growth is estimated at 0.7 percent in 2015, a slight improvement over the ½ percent average in 2012–14, on the back of strengthening external and domestic demand.
Keywords:
ISCR; CR; estimate; potential GDP growth estimate; financial market authority; authority; consultation discussion; rising emerging market risk; money market rate; crisis legacy; Fiscal stance; Migration; Labor taxes; Global; Middle East
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This Selected Issues paper attempts to quantify the impact of the demographic shift on growth and public finances in Switzerland. It examines the intertemporal consistency between current policy plans and unfunded liabilities, focusing primarily on social security, and explores policy options. It finds that so far, the impact of aging on the economy has been moderate. The number of pensioners has risen in recent years, but this is mainly owing to early retirees taking advantage of the generous disability and pension systems. The paper also examines the need for health care reforms in Switzerland.
Keywords:
ISCR; CR; Switzerland; asset; cost; government; government majority; asset type; assets of bank; government regulation; high quality asset; Aging; Health care; Health care spending; Insurance companies; Global; Europe