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Social Science > Emigration and Immigration

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Cover Policy Papers
2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Preempting and Mitigating Spillovers
International Monetary Fund. Strategy, Policy, & Review Department
The Fund has a range of modalities and tools to cover spillovers. However, there remains scope to enhance synergies between global and country-specific spillover coverage and to foster cross-country dialogue. Practical guidance and enhanced information-sharing would also allow for more systematic surveillance of spillovers. Furthermore, the COVID-19 pandemic has underscored the need to continue expanding the research frontier covering new spillovers and channels and developing new tools and data sets. Therefore, filling these remaining gaps in the Fund’s spillover work would allow for a more coordinated and evenhanded surveillance of spillovers.
Keywords:
spillover discussion; WEO spillover chapter; spillover coverage; transparency policy; Policy spillover; Spillovers; COVID-19; International monetary system; Migration; Financial sector stability; Global; Trade tensions
Cover IMF Working Papers
Impact of Remittances on Natural Rate of Dollarization—Trends in Caucasus and Central Asia
Rocio Gondo
,
Altynai Aidarova
, and
Mr. Manmohan Singh
This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is conceptually linked to the currency allocation in a portfolio of deposits to maximize welfare, in line with Ize and Levy Yeyati (2003). The fall in remittances due to the economic slowdown since the spread of COVID-19 affects the macroeconomic fundamentals that determine demand for foreign currency deposits. We calculate the natural dollarization level by integrating structural macroeconomic characteristics. We show that despite the reduction in deposit dollarization, there is still a gap with respect to the natural level of dollarization, especially in a scenario of (persistent) lower remittance inflows.
Keywords:
WP; remittance; deposit dollarization; natural rate of dollarization; Russia; COVID; remittances; Central Asia; Caucasus; remittance inflow; dollarization policy; benchmark dollarization; dollarization level; exchange rate depreciation; Dollarization; Exchange rates; Currencies; Income; Global; Central Asia and the Caucasus; loan dollarization rate; Migration
Cover IMF Staff Country Reports
Republic of Latvia: Selected Issues
International Monetary Fund
The external imbalances that accompanied Latvia’s integration into the global economy have generated mixed effects. Stabilizing net foreign liabilities will require an improvement in the goods and services balance. Outward migration from Latvia has raised concerns about social and economic stresses that could intensify in the near future if labor flow increases. Several steps have to be taken to mitigate any adverse consequences of outward migration. The purpose of this paper is to examine macroeconomic and prudential aspects of the rapid growth of lending in Latvia.
Keywords:
ISCR; CR; Latvia; bank; loan; GDP; GDP growth; current account deficit; labor force; labor productivity; capital-labor ratio; Migration; Current account deficits; Loans; Exports; Bank credit; Global; Eastern Europe; Middle East; East Asia; South Asia; Europe; Africa
Cover IMF Staff Country Reports
Cape Verde: Selected Issues and Statistical Appendix
International Monetary Fund
The Selected Issues paper and Statistical Appendix on Cape Verde review determinants of emigrant deposits (ED). EDs have provided a substantial source of foreign exchange to the Cape Verdean economy, and have been vital in maintaining the fixed exchange rate. Prospects for growth in Cape Verde are improving and immigration legislation abroad is tightening. Both trends argue against further accumulation of ED. Among the developments in favor of ED, of considerable importance is their past stability, the limited convertibility of deposits, the favorable business outlook, and the stable political climate.
Keywords:
ISCR; CR; rate; emigrant deposit; deposit; bank; loan; ED flow; banking system; Banco Totta de Cabo Verde; return on equity; lending rate; emigrant savings deposit; Commercial banks; Migration; Loans; Credit; Global; Europe; Sub-Saharan Africa
Cover IMF Staff Country Reports
Israel: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Israel during 1990–94. During the first half of 1993, there was a significant slowing of the domestic economy largely as a result of a substantial scaling down of the public support provided to housing construction for immigrants, who were arriving to Israel in lesser numbers than originally estimated. In response to this slowing and to signs of a moderation in inflation, during the third quarter of 1993, the Bank of Israel reduced its lending rate from 12 percent to 9 percent in successive stages.
Keywords:
ISCR; CR; U.S. dollar; foreign currency; budget deficit; monetary policy; private sector; exchange rate; economic activity; Currencies; Imports; Budget planning and preparation; Inflation; Eastern Europe; monetary policy indicator; b. exchange rate policy; balance of payments indicator; interest rate bracket; institutional investor; monetary policy development; business sector employment; Migration; Caribbean