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Social Science > Emigration and Immigration

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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
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