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Social Science > Emigration and Immigration

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Cover IMF Staff Country Reports
New Zealand: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper discusses interactions between external risks and the New Zealand economy. The current set of external risks has the potential to be extremely damaging to New Zealand, but two factors would likely mitigate the economic impact. First, the flexible exchange rate regime is a reliable shock absorber and automatic stabilizer from the perspective of GDP, although it leads to a rebalancing between the domestic and external sectors in the economy. Second, net migration flows can reduce the negative impact of lower external demand under some circumstances, such as a growth slowdown in Australia. Fiscal policy could also offset some of the short-term costs of adjustment. Fiscal policy can provide stimulus at relatively small and manageable cost to the already-low government debt to GDP ratio. Moreover, at the current juncture, fiscal policy might need to provide the bulk of policy support against negative shocks, as monetary policy might be ineffective if has become constrained by an effective lower bound on the monetary policy interest rate.
Keywords:
ISCR; CR; monetary policy; price; welfare advantage; Consumption-equivalent welfare index; wellbeing indicator; income growth; living standard framework; Financial sector stability; Consumption; Macroprudential policy; Income; Migration; Global
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund. European Dept.
This paper studies the two vital issues of Luxembourg’s economy: investment IMF-World Bank linkages and lessons and challenges in accommodating migrants and refugees. The Luxembourg investment fund industry, second in the world after the United States, has grown rapidly since the global financial crisis. Risks in investment funds are attracting global attention, and the linkages between Luxembourg funds and banks could contribute to transmitting financial volatility to the financial system and the real economy. Past experience of handling migration flows and a positive public attitude have helped the authorities to mobilize resources for accommodating sharply rising refugee inflows from mid-2015.
Keywords:
ISCR; CR; refugee; Luxemburg; economic migrant; asylum seeker; migrant; refugee influx; employment promotion program; Banque Centrale du Luxembourg; refugee surge; incoming refugee; refugee arrival; Luxembourg's society; Mutual funds; Asset valuation; Migration; Asset management; Corporate bonds; Global; Middle East
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes Norway’s economy that has a maturing oil and gas industry. Norway’s half century of good fortune from its oil and gas wealth may have peaked. Oil and gas production will continue for many decades on current projections, but output and investment have flattened out, and the spillovers from the offshore oil and gas production to the mainland economy may have turned from positive to negative. Thus far, economic policy has needed to focus on managing the windfall, and Norway’s institutions have been a model for other countries. Going forward, the challenges are expected to become more complex.
Keywords:
ISCR; CR; price; inflation; exchange rate; labor market; house price; household debt; commodity price inflation; oil price; extent exchange rate depreciation; Housing prices; Labor markets; Housing; Oil; Migration; Global; Eastern Europe; Central and Eastern Europe
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on Former Yugoslav Republic (FYR) of Macedonia investigates the macroeconomic impact of remittances on long-run external sustainability and growth. The paper presents stylized facts pertaining to the characteristics of remittances in Macedonia, highlighting their countercyclicality and importance in sustaining the purchasing power of domestic agents. The paper reviews to help set up a theoretical framework for assessing their macroeconomic impact, highlighting the possible risk of “Dutch disease” developments. The paper uses a Bayesian vector autoregression (BVAR) model to empirically investigate both hypotheses of countercyclicality and Dutch disease effects and puts forward a few policy options that may be explored to better harness remittances to support investment and long-term growth. The paper suggests that strong political engagement in support of diaspora projects is a key point. The mobilization of diaspora savings for private and public investment would maximize the long-term benefits of remittances.
Keywords:
ISCR; CR; remittance; GDP; Macedonia; financing; exchange rate; exogenous remittance; remittance transfer; central bank; workers' remittance; foreign currency; remittance shock; small business; FYR Macedonia; interest rate; excess demand; bond feature; Remittances; Outward remittances; Real exchange rates; Migration; Bonds; Western Europe