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Social Science > Emigration and Immigration

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Cover IMF Working Papers
Migration and Remittances in Latin America and the Caribbean: Engines of Growth and Macroeconomic Stabilizers?
Ms. Kimberly Beaton
,
Ms. Svetlana Cerovic
,
Misael Galdamez
,
Metodij Hadzi-Vaskov
,
Franz Loyola
,
Zsoka Koczan
,
Mr. Bogdan Lissovolik
,
Mr. Jan Kees Martijn
,
Ms. Yulia Ustyugova
, and
Joyce Wong
Outward migration has been an important phenomenon for countries in Latin American and the Caribbean (LAC), particularly those in Central America and the Caribbean. This paper examines recent trends in outward migration from and remittances to LAC, as well as their costs and benefits. For the home country, the negative impact from emigration on labor resources and productivity seems to outweigh growth gains from remittances, notably for the Caribbean. However, given emigration, remittance flows play key financing and stabilizing roles in Central America and the Caribbean. They facilitate private consumption smoothing, support financial sector stability and fiscal revenues, and help reduce poverty and inequality, without strong evidence for harmful competitiveness effects through shifts in the real exchange rate.
Keywords:
WP; remittance inflow; economic migration; cost of remittance; remittance flow; remittances emigrant; International Migration; Remittances; Latin America; Caribbean; GDP ratio; remittances-recipient country; remittance sender; remittance transaction; remittance corridor; Gini coefficient; Migration; Income; Consumption; South America; Central America; Global
Cover IMF Working Papers
Emigration and Brain Drain: Evidence From the Caribbean
Ms. Prachi Mishra
This paper quantifies the magnitude and nature of migration flows from the Caribbean and estimates their costs and benefits. The Caribbean countries have lost 10-40 percent of their labor force due to emigration to OECD member countries. The migration rates are particularly striking for the highskilled. Many countries have lost more than 70 percent of their labor force with more than 12 years of completed schooling-among the highest emigration rates in the world. The region is also the world's largest recipient of remittances as a percent of GDP. Remittances constituted about 13 percent of the region's GDP in 2002. Simple welfare calculations suggest that the losses due to high-skill migration (ceteris paribus) outweigh the official remittances to the Caribbean region. The results suggest that there is indeed some evidence for brain drain from the Caribbean.
Keywords:
WP; emigration loss; emigration
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes macroeconomic fluctuations in the Eastern Caribbean Currency Union (ECCU). The paper describes data, along with the estimation technique used to ensure stationarity of the data. The empirical regularities of macroeconomic fluctuations in the ECCU are described, examining the relationship between a set of macroeconomic time series and domestic output, for each of the six IMF members of the ECCU. The paper also explores the determinants of macroeconomic volatility in the ECCU.
Keywords:
ISCR; CR; ECCU country; emigration loss; government; ECCU economy; ECCU government; member government; Migration; Exchange rate arrangements; Fiscal stance; Natural disasters; Caribbean; North America