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Social Science > Emigration and Immigration

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Cover IMF Working Papers
Can the Eastern Caribbean Currency Union Afford to Grow Old?
Mr. Hunter K Monroe
The demographic transition in the Eastern Caribbean Currency Union (ECCU) now underway is rapid compared with international experience, and emigration is playing a particularly large role. This paper describes and quantifies several factors which could magnify the challenge of pension reform. First, for some ECCU countries, continued emigration at historical rates would considerably advance the projected date at which pension scheme assets are depleted. Second, there is a significant risk that assets will underperform, given the large exposures to the highly-leveraged public sector and to a lesser extent the record with private sector investments. Third, portfolio diversification away from the public sector could be complicated by age-related pressure for greater central government health spending.
Keywords:
WP; ECCU emigration rate; rate; ECCU member; OECD census data; ECCU pension reform; Pension systems; migration; ECCU pension schemes; Pensions; Pension spending; Public sector; Health care spending; Caribbean
Cover IMF Staff Country Reports
Cape Verde: Recent Economic Developments
International Monetary Fund
This paper describes economic developments in Cape Verde during 1990–96. After a noticeable slowdown during 1989–91, the Cape Verdean economy rebounded in 1992 and continued to expand in 1993–95, prompted by a sustained increase in public spending and the positive effects of a liberalization of economic activities. Real GDP growth averaged 4 percent during 1992–95, but domestic, economic, and financial developments were characterized by increasing imbalances. Total government expenditure increased rapidly, reaching on average 60.1 percent of GDP in 1994–95, far outpacing any growth in domestic revenues and external grants.
Keywords:
ISCR; CR; state enterprise; U.S. dollar; exchange rate; foreign currency; private sector; capital expenditure; debt service; current account; Public enterprises; Income; Public sector; Wages; Migration; Africa