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Social Science > Poverty and Homelessness

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Cover IMF Working Papers
Rising Child Poverty in Europe: Mitigating the Scarring from the COVID-19 Pandemic
Mr. Jean-Jacques Hallaert
,
Iglika Vassileva
, and
Tingyun Chen
Child poverty increased dramatically during the COVID-19 pandemic. In 2020 alone, the number of children suffering from poverty in the EU increased by 19 percent, or close to 1 million. Left unaddressed, this would not only affect individuals’ life prospects and well-being but also have long-term economic implications. This paper argues that, to limit this potential scarring effect of the pandemic, policies should be deployed to reduce rapidly the number of children affected by poverty and mitigate the long-term impact of poverty. Reducing the number of children affected by poverty can be achieved by (i) labor policies and reforms that increase parental work and the labor income of poor parents and (ii) fiscal spending on family and children that can have a powerful and immediate impact. These policies need to be complemented by public investment in education and childcare, health, and housing to mitigate the long-term impact of child poverty.
Keywords:
child poverty; EU assistance; scarring effect; C. measuring poverty; summary plot; labor income; COVID-19; Income; Poverty reduction; Social protection spending; Europe
Cover IMF Working Papers
A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances
Ms. Enrica Detragiache
,
Mr. Christian H Ebeke
,
La-Bhus Fah Jirasavetakul
,
Koralai Kirabaeva
,
Mr. Davide Malacrino
,
Florian Misch
,
Mr. Hyun Park
, and
Ms. Yu Shi
A hypothetical European Minimum Wage (MW) set at 60 percent of each country’s median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW and higher unemployment, higher prices, and a loss of social insurance benefits may erode direct benefits. Turning to competitiveness, since the MW increase to reach the European standard would be larger in euro area countries with excessive external surpluses, the associated real appreciation should help curb existing imbalances. However, a few countries with already weak external positions would experience an undesirable real appreciation.
Keywords:
WP; wage-inflation pass-through; wage growth; MW harmonization; wage competitiveness; wage differentiation; pressure mechanism; wage distribution; workers range; influence wage dynamics; IMF staff calculation; current account; wage inequality; Wages; Minimum wages; Labor costs; Wage adjustments; Europe; Global; Central and Eastern Europe; Baltics; Minimum Wage; European Union; Poverty Alleviation; Current Account Rebalancing; Monetary Unions
Cover Staff Discussion Notes
Inequality and Poverty across Generations in the European Union
Tingyun Chen
,
Mr. Jean-Jacques Hallaert
,
Mr. Alexander Pitt
,
Mr. Haonan Qu
,
Mr. Maximilien Queyranne
,
Ms. Alaina P Rhee
,
Ms. Anna Shabunina
,
Mr. Jerome Vandenbussche
, and
Irene Yackovlev
This SDN studies the evolution of inequality across age groups leading up to and since the global financial crisis, as well as implications for fiscal and labor policies. Europe’s population is aging, child and youth poverty are rising, and income support systems are often better equipped to address old-age poverty than the challenges faced by poor children and/or unemployed youth today.
Keywords:
SDN; youth poverty; youth unemployment; IMF staff calculation; absolute poverty; labor market policy; Inequality; Poverty; Europe; Redistribution; income inequality; personal income; labor market institution; Income inequality; Personal income; Aging; Unemployment; Global
Cover IMF Survey
IMF Survey: Volume 29, Issue 19
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; IMF-World Bank Annual Meetings; IMF's website; minister; country; growth facility; fund Facility; PRGF arrangement; Poverty reduction strategy; Oil prices; Poverty reduction; Debt relief; Global; Africa; Sub-Saharan Africa; Europe; Asia and Pacific
Cover IMF Staff Papers
Lessons from Empirical Models of Exchange Rates: Volume 34 No. 1
International Monetary Fund. Research Dept.
This paper finds scope for some optimism that the empirical modeling of exchange rates will someday lead to significantly better-than-random explanations. The first part of the paper focuses on the relationships among exchange rates, national price levels, interest rates, and international balances of payments and provides perspectives on some elements of truth about these relationships that are consistent with the past decade of modeling failures. The lessons emphasize the importance of analyzing exchange rates within complete macroeconomic frameworks and of assuming that expectations are formed in ways consistent with the structural models or with information that can be easily extracted from time series of relevant variables. The open issues include the questions of whether it is adequate or appropriate to treat assets as perfect substitutes or, equivalently, to use the uncovered interest rate parity hypothesis. To the extent that efforts are devoted to modeling exchange rates in general equilibrium frameworks that do not treat assets as perfect substitutes, a second open issue is how to distinguish assets and to specify a basis for portfolio preferences that has solid microeconomic foundations.
Keywords:
export restraint agreement; tariff rate; transactions price; price effect; government growth; Tariffs; Exchange rates; Personal income; Export restrictions; Europe; Global; Africa