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Social Science > Emigration and Immigration

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Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on long-term impact of Brexit on the European Union (EU). This paper examines consequences of Brexit on the EU27 under various post-Brexit scenarios by using two different complementary approaches. Our results, which are broadly in line with recent findings in the literature, are twofold. First, Brexit would have negative effects on the EU27 as well, given the depth and the complexity of the EU-U.K. integration. Similar to various empirical studies, it has been observed that the estimated long-term output and employment losses (in percent) for the EU27 in the study are on average lower than the corresponding losses for the UK estimated in the literature. The level of output and employment are estimated to fall at most by up to 1.5 percent and 0.7 percent in the long run in the event of a ‘hard’ Brexit scenario, respectively. A “soft” Brexit outcome would lead to much lower losses.
Keywords:
ISCR; CR; Brexit; employment growth; job prospect; youth employment; U.K. migrant; EU-U.K. trade integration; euro area; Labor force; Employment; Unemployment; Unemployment rate; 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
Austria: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Austria
International Monetary Fund. European Dept.
The 2015 Article IV Consultation discusses the key issues related to the economy of Austria. Austria has recovered from the global financial crisis, but the crisis still remains in bank and public sector balance sheets. Major banks have been striving to strengthen their capital and profitability positions amid regulatory and supervisory reforms. Despite lackluster growth, economic slack is limited as potential growth has fallen as well. The governing coalition of Social Democrats and the right-of-center People's Party holds a constructive dialogue on economic policy issues. Growth is estimated at 0.7 percent in 2015, a slight improvement over the ½ percent average in 2012–14, on the back of strengthening external and domestic demand.
Keywords:
ISCR; CR; estimate; potential GDP growth estimate; financial market authority; authority; consultation discussion; rising emerging market risk; money market rate; crisis legacy; Fiscal stance; Migration; Labor taxes; Global; Middle East