THE MACROECONOMIC IMPACT OF REMITTANCES IN DEVELOPING COUNTRIES. Ralph CHAMI Middle East and Central Asia Department The International Monetary Fund
|
|
- Shanna Cole
- 5 years ago
- Views:
Transcription
1 SINGLE YEAR EXPERT MEETING ON MAXIMIZING THE DEVELOPMENT IMPACT OF REMITTANCES Geneva, February 2011 THE MACROECONOMIC IMPACT OF REMITTANCES IN DEVELOPING COUNTRIES By Ralph CHAMI Middle East and Central Asia Department The International Monetary Fund
2 Outline What constitutes Remittances? Stylized Facts Determinants of Remittances The Macroeconomic Effects of Remittances Policy Implications for Remittance- Dependent Economies Implications of the crisis
3 I. Measurement Matters Private, Unrequited Income Transfers from Migrants to Family Members Back Home The category workers remittances in the balance of payments best represents what economists have in mind when modeling remittances The properties of this series differ significantly from employee compensation and migrants transfers Figures only include remittances sent through official and measurable channels
4 II. Stylized Facts Remittances are large worldwide and growing, and are substantial for individual countries.
5 II. Stylized Facts Remittances are large in relation to GDP Developing Countries: Workers' Remittances (in percent of GDP) Mean workers' remittances to GDP ratio across countries and time Maximum workers' remittances to GDP ratio across countries and time Number of countries Number of observations 3,471 1, Cross country standard deviation Source: World Bank WDI Database, International Monetary Fund WEO Database, and authors' calculations.
6 II. Stylized Facts and to other flows into developing countries Developing Countries: Workers' Remittances in Relation to Selected Balance of Payments Inflows Official Transfers Ratio of Workers' Remittances to Official Capital Flows Private Capital Flows Exports Recent period, Mean across countries and time Maximum country average Cross country standard deviation Recent observation: 2010 Mean Maximum Cross country standard deviation Sources: World Bank WDI Database, International Monetary Fund WEO Database, and authors' calculations.
7 Average Workers Remittances by Region (in billions of USD)
8 II. They are Stable Flows II. They are Stable Flows Volatility of Flows to Developing Countries ( )
9 What Motivates Remittances? Negative relationship w.r.t. home country income.compensatory Positive relationship w.r.t. income abroad Insensitive to interest rate differentials Insensitive to exchange rate differentials They are NOT private capital flows; they are neither procyclical nor profit-driven
10 Microeconomic Impact Well studied Household surveys and formal analysis Good News Alleviate Poverty: Raise consumption Buffer: Insure against income shocks Reduce labor supply for recipients Raise Welfare
11 III. Macroeconomic Consequences Not well studied Several important caveats and policy considerations that have largely been overlooked until recently The two main questions of interest to policymakers with regard to remittances are: How to manage the macroeconomic effects of remittances? How to harness the development potential of remittances?
12 A. Reduce Output Volatility (sd. dev of per capita output growth over 5 periods mean for each h group) Developing Asia Industrial countries MENA Africa Western Hemisphere
13 B. Raise Tax Revenue Remittances raise consumption of tradables and non-tradables Directly or indirectly expand tax base Raise Tax Revenue! Increase fiscal Space!
14 C. Improve Debt Sustainability Thereby reducing the marginal cost of raising revenue Remittances can lead to reduced country risk and Improve the sustainability of government debt
15 Beware News
16 D. Dutch Disease Effect Remittances may constitute a source of financing in the balance of payments Empirical evidence suggests that remittances are positively correlated with real exchange rate appreciation.. Dutch Disease Effect Appreciation effect stronger for low and lower middle- income countries However, among them, stronger for less open economies (to both trade and capital flows) Although appreciation effect is not very large economically!
17 E. Magnify Business Cycle Effects Higher output volatility Increased correlation between labor and output Higher taxes, debt, and/or money growth More labor taxes reinforce higher output volatility Tax remittances indirectly through consumption tax VAT! More volatile government policy But households care less (remittances insulate household from government policy choices)
18 F. Looser Fiscal Discipline Remittances may reduce the government s s incentive to maintain fiscal policy discipline The empirical evidence suggests that governments may take advantage of the fiscal space afforded by remittances by consuming and borrowing more
19 G. Reduce Governance Incentives Remittances may pose a moral hazard problem by reducing the political will to enact policy reform Remittances insulate households from government policy Reduce the households incentives to pressure the government to implement the needed reforms to facilitate economic growth Remittances can therefore delay needed upgrades to the public infrastructure by both reducing public demand for them and by reducing the likelihood of a crisis that would make such reforms necessary
20 H. No Impact on Economic Growth Remittances are not necessarily associated with an increase in domestic investment, or a more efficient allocation of domestic investment Remittance recipients rationally substitute unearned remittance income for labor income and, Since labor and capital are complementary goods in production, this negatively affects the rate of capital accumulation There is no statistically significant effect of remittances on GDP growth
21 III. Challenge for Policymakers Design policies that promote remittances and increase their benefits while mitigating adverse side effects Getting these policy prescriptions correct early on is imperative Globalization and the aging of developed economy populations will ensure that demand for migrant workers remains robust for years to come Hence, it is likely that the volume of remittances will continue to grow, and with it, the challenge of unlocking the maximum societal benefit from these transfers
22 Role for International Financial Institutions International financial institutions have an important role to play in encouraging remittance-receiving countries to undertake or accelerate necessary reforms A one-size size-fits-all reform strategy is likely to be counterproductive: An approach that differentiates among countries based on their remittance-driven characteristics will be more helpful in achieving its targets
23 Impact of Crisis on Remittance Flows Global slow down reduced remittances: Mexico, Philippines, MENA, Armenia, Tajikistan, etc. For remittance-dependent economies: Reduced household consumption Increased stress on an already weak or non- existent social safety net Raised poverty Reduced tax revenue Reduced government ability to sustain debt Reduced demand for imports Exacerbated an already severe unemployment problem back home
24 References Determinants and Fiscal Implications of Remittance flows in MENA region, (2011): Abdih,, Barajas, Chami,, and Ebeke Worker s s Remittances and the Equilibrium Real Exchange Rate, (2010): Barajas, Chami, Hakura,, and Montiel Do Workers Remittances Promote Economic Growth, (2009): Barajas, Chami, Fullenkamp,, and Montiel Fiscal Sustainability in Remittance-Dependent Countries, (2009): Abdih, Chami, Gapen,, and Matti On Remittances and Output Volatility, (2009): Chami, Hakura and Montiel Macroeconomic Consequences of Remittances, (2008):Chami, Barajas, Cosimano, Fullenkamp, Gapen,, and Montiel Remittances and Institutions: Are Remittances a Curse? (2008):Abdih, Chami, Dagher and Montiel Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy P in the Presence of Remittances, (2006): Chami, Cosimano and Gapen Are Remittance Flows a Source of Capital for Development? (2003): Chami, Fullenkamp and Jahjah
25 THANK YOU
Macroeconomic Consequences of Remittances
259 OCCASIONAL PAPER 259 Macroeconomic Consequences of Remittances Macroeconomic Consequences of Remittances 2008 Ralph Chami, Adolfo Barajas, Thomas Cosimano, Connel Fullenkamp, Michael Gapen, and Peter
More informationHarnessing Remittances and Diaspora Knowledge to Build Productive Capacities
UNCTAD S LDCs REPORT 2012 Harnessing Remittances and Diaspora Knowledge to Build Productive Capacities Media Briefing on the Occasion of the Global Launch 26 November 2012, Dhaka, Bangladesh Hosted by
More informationRemittances: An Automatic Output Stabilizer?
WP/09/91 Remittances: An Automatic Output Stabilizer? Ralph Chami, Dalia Hakura, and Peter Montiel 2009 International Monetary Fund WP/09/91 IMF Working Paper IMF Institute Remittances: An Automatic Output
More informationThe economic crisis in the low income CIS: fiscal consequences and policy responses. Sudharshan Canagarajah World Bank June 2010
The economic crisis in the low income CIS: fiscal consequences and policy responses Sudharshan Canagarajah World Bank June 2010 Issues addressed by this presentation 1. Nature and causes of the crisis
More informationThe Importance of Migration and Remittances for Countries of Europe and Central Asia
The Importance of Migration and Remittances for Countries of Europe and Central Asia Sudharshan Canagarajah MIRPAL Coordinator Lead Economist, World Bank 11 th of September 2012 Messages Migration and
More informationDo Worker Remittances Reduce Output Volatility in Developing Countries? Ralph Chami, Dalia Hakura, and Peter Montiel. Abstract
DRAFT October 6, 2010 Do Worker Remittances Reduce Output Volatility in Developing Countries? Ralph Chami, Dalia Hakura, and Peter Montiel Abstract Remittance inflows have increased considerably in recent
More informationDo Remittances Cause Dutch Disease in Resource Poor Countries of Central Asia?
MPRA Munich Personal RePEc Archive Do Remittances Cause Dutch Disease in Resource Poor Countries of Central Asia? Igor Eromenko GIZ January 2016 Online at https://mpra.ub.uni-muenchen.de/74965/ MPRA Paper
More informationMacroeconomic Transmission Channel of International Remittance Flows Labour Market Adjustments and Dutch Disease Effect
Macroeconomic Transmission Channel of International Remittance Flows Labour Market Adjustments and Dutch Disease Effect Doctoral Student (Economics) Indian Institute of Management Bangalore 17th Jan 2010
More informationHOW IMPORTANT ARE REMITTANCES FLOWS FOR ROMANIA?
The USV Annals of Economics and Public Administration Volume 15, Issue 2(22), 2015 HOW IMPORTANT ARE REMITTANCES FLOWS FOR ROMANIA? PhD Student Dan Florin HREBAN Ştefan cel Mare University of Suceava,
More informationInternational Migrant Stock: estimates and dissemination. Pablo Lattes Migration Section, Population Division - DESA United Nations, New York
International Migrant Stock: estimates and dissemination Pablo Lattes Migration Section, Population Division - DESA United Nations, New York Chisinau, Moldova, 8-9 September 2014 The international migrant
More informationOFW Remittances: Magic Bullet?
OFW : Magic Bullet? dela Cruz, Valdimir Introduction Law of Motion OFW as a force on the economy Impact on households financial system a promising economy in the 1950s and 1960s a peak of 10.44 percent
More informationMigration and Remittances 1
Migration and Remittances 1 Hiranya K Nath 2 1. Introduction The history of humankind has been the history of constant movements of people across natural as well as man-made boundaries. The adventure of
More informationInternational Migration and Development: Proposed Work Program. Development Economics. World Bank
International Migration and Development: Proposed Work Program Development Economics World Bank January 2004 International Migration and Development: Proposed Work Program International migration has profound
More informationIncreasing the Macroeconomic Impact of Remittances on Development 1
Increasing the Macroeconomic Impact of Remittances on Development 1 Dilip Ratha and Sanket Mohapatra Development Prospects Group The World Bank Washington D.C. 20433 November 26, 2007 1. Introduction International
More informationACHIEVING INCLUSIVE AND RESILIENT GROWTH IN ARMENIA: CHALLENGES AND OPPORTUNITIES ARMENIA SYSTEMATIC COUNTRY DIAGNOSTIC CONCEPT STAGE
ACHIEVING INCLUSIVE AND RESILIENT GROWTH IN ARMENIA: CHALLENGES AND OPPORTUNITIES ARMENIA SYSTEMATIC COUNTRY DIAGNOSTIC CONCEPT STAGE March 2017 What is a Systematic Country Diagnostic? Identify key challenges
More informationEXPORT-ORIENTED ECONOMY - A NEW MODEL OF DEVELOPMENT FOR THE REPUBLIC OF MOLDOVA
EXPORT-ORIENTED ECONOMY - A NEW MODEL OF DEVELOPMENT FOR THE REPUBLIC OF MOLDOVA Corina COLIBAVERDI Phd student, Academia de Studii Economice a Moldovei Boris CHISTRUGA Univ. Prof., dr.hab., Academia de
More informationBeware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances
WP/06/61 Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances Ralph Chami, Thomas F. Cosimano, Michael T. Gapen 2006 International Monetary Fund WP/06/61
More informationRemittances, Economic Growth, and the Role of Institutions and Government Policies
Remittances, Economic Growth, and the Role of Institutions and Government Policies Master Thesis in International Economics ERASMUS UNIVERSITY ROTTERDAM Erasmus School of Economics Supervisor: Dr. Maarten
More informationOnline Consultation for the Preparation of the Tajikistan Systematic Country Diagnostic. Dushanbe, Tajikistan March 2017
Online Consultation for the Preparation of the Tajikistan Systematic Country Diagnostic Dushanbe, Tajikistan March 2017 The Systematic Country Diagnostic (SCD): Designed to be the main analytical input
More informationMigration and Remittances in. Moldova. Milan Cuc, Erik Lundbäck, and Edgardo Ruggiero. International Monetary Fund
Migration and Remittances in Moldova Milan Cuc, Erik Lundbäck, and Edgardo Ruggiero International Monetary Fund Migration and Remittances in Moldova Milan Cuc, Erik Lundbäck, and Edgardo Ruggiero International
More informationRemittances and the Macroeconomic Impact of the Global Economic Crisis in the Kyrgyz Republic and Tajikistan
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized China and Eurasia Forum Quarterly, Volume 8, No. 4 (2010), pp. 3-9 Central Asia-Caucasus
More informationWorkers Remittances. Dilip Ratha. An Important and Stable Source of Development Finance. Poverty Day October 16 th, 2003
Workers Remittances An Important and Stable Source of Development Finance Dilip Ratha Poverty Day October 16 th, 2003 Outline 1. Rising importance of workers remittances 2. Pros and Cons 3. Policy issues
More informationEFFECTS OF REMITTANCE AND FDI ON THE ECONOMIC GROWTH OF BANGLADESH
EFFECTS OF REMITTANCE AND FDI ON THE ECONOMIC GROWTH OF BANGLADESH Riduanul Mustafa 1, S.M. Rakibul Anwar 2 1 Lecturer - Economics, Department of Business Administration, Bangladesh Army International
More informationRemittances and Economic Growth Nexus: Evidence from Jordan
Remittances and Economic Growth Nexus: Evidence from Jordan Samer Abdelhadi & Ala Bashayreh Department of Economic Hashemite University Zarqa, Jordan Abstract Remittances considered as one of the most
More informationInternational Migration and Remittances: A Review of Economic Impacts, Issues, and Challenges from the Sending Country s Perspective
International Migration and Remittances: A Review of Economic Impacts, Issues, and Challenges from the Sending Country s Perspective Tereso S. Tullao, Jr., PhD Christopher James Cabuay International Migration
More informationHAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues
HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues Regional Economic Prospects May 2018 Stronger growth momentum: Growth in Q3 2017 was the strongest since Q3 2011
More informationMigrant remittances is a way for Bangladesh to march toward a developed country through socio - economic development
2015; 2(3): 01-07 IJMRD 2015; 2(3): 01-07 www.allsubjectjournal.com Impact factor: 3.672 Received: 15-02-2015 Accepted: 27-02-2015 E-ISSN: 2349-4182 P-ISSN: 2349-5979 Malaya Tashbeen Barnamala Senior Lecturer,
More information2 Financial Linkages, Remittances, and Resource Dependence in East Asia
Introduction The dynamism of the East Asian economy is closely related to the region s real economic linkages through foreign trade and foreign direct investment (FDI). The deepening of real economic linkages
More informationLeveraging Remittances for Economic Development in Developing Countries
University of Washington Tacoma UW Tacoma Digital Commons Global Honors Theses Global Honors Program Spring 6-12-2015 Leveraging Remittances for Economic Development in Developing Countries Lloyd P. Thomas
More informationPRIVATE CAPITAL FLOWS RETURN TO A FEW DEVELOPING COUNTRIES AS AID FLOWS TO POOREST RISE ONLY SLIGHTLY
The World Bank News Release No. 2004/284/S Contacts: Christopher Neal (202) 473-7229 Cneal1@worldbank.org Karina Manaseh (202) 473-1729 Kmanasseh@worldbank.org TV/Radio: Cynthia Case (202) 473-2243 Ccase@worldbank.org
More informationPresentation. Bangladesh s Experience during the Crisis: Lessons Learnt and Challenges
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationOverview of Main Policy Issues on Remittances
Overview of Main Policy Issues on Remittances Presentation at the WBI Conference on Capital Flows and Global Imbalances, Paris, April 6, 2006 Piroska M. Nagy Senior Banker and Adviser Main points I. Salient
More informationPolicy Coherence for Migration and Development
Policy Coherence for Migration and Development Prof. Louka T. Katseli, Director OECD Development Centre United Nations International Symposium on Migration and Development Turin, Italy 28-30 June 2006
More informationCan Remittances Impact Economic Development? Review from Micro and Macro Perspectives
IOSR Journal Of Humanities And Social Science (IOSR-JHSS) Volume 21, Issue 3, Ver. I (Mar. 2016) PP 97-102 e-issn: 2279-0837, p-issn: 2279-0845. www.iosrjournals.org Can Remittances Impact Economic Development?
More informationDiscussion of "Worker s Remittances and the Equilibrium RER: Theory and Evidence" by Barajas, Chami, Hakura and Montiel
Discussion of "Worker s Remittances and the Equilibrium RER: Theory and Evidence" by Barajas, Chami, Hakura and Montiel Andrei Zlate Federal Reserve Board Atlanta Fed Research Conference on Remittances
More informationENHANCING DOMESTIC RESOURCES MOBILIZATION THROUGH FISCAL POLICY
UNITED NATIONS ECONOMIC COMMISSION FOR AFRICA SUBREGIONAL OFFICE FOR EASTERN AFRICA ECA/SROEA/ICE/2009/ Original: English SROEA 13 th Meeting of the Intergovernmental Committee of Experts (ICE) Mahe, Seychelles,
More informationRemittances and the Dutch Disease: Evidence from Cointegration and Error-Correction Modeling
St. Cloud State University therepository at St. Cloud State Economics Faculty Working Papers Department of Economics 2013 Remittances and the Dutch Disease: Evidence from Cointegration and Error-Correction
More informationGertrude Tumpel-Gugerell: The euro benefits and challenges
Gertrude Tumpel-Gugerell: The euro benefits and challenges Speech by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, at the Conference Poland and the EURO, Warsaw,
More informationVolume 36, Issue 1. Impact of remittances on poverty: an analysis of data from a set of developing countries
Volume 6, Issue 1 Impact of remittances on poverty: an analysis of data from a set of developing countries Basanta K Pradhan Institute of Economic Growth, Delhi Malvika Mahesh Institute of Economic Growth,
More informationA REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings
A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA April 17, 2015 Spring Meetings A Rebalancing Act in Emerging Europe and Central Asia ECA is expected to be the slowest growing region worldwide with
More informationTo be opened on receipt
Oxford Cambridge and RSA To be opened on receipt A2 GCE ECONOMICS F585/01/SM The Global Economy STIMULUS MATERIAL *6373303001* JUNE 2016 INSTRUCTIONS TO CANDIDATES This copy must not be taken into the
More informationThe Development and the Side Effects of Remittances in the CIS Countries: the Case of Ukraine
CARIM-East Creating an Observatory of Migration East of Europe Co-financed by the European Union The Development and the Side Effects of Remittances in the CIS Countries: the Case of Ukraine Olga Kupets
More informationOutput Growth Volatility and Remittances: The Case of ECOWAS
Output Growth Volatility and Remittances: The Case of ECOWAS Deekor, Leelee Nwibari (Corresponding author) Department of Economics, Ignatius Ajuru University of Education, Port Harcourt, Nigeria E-mail:
More informationTable 1. Nepal: Monthly Data for Key Macroeconomic Indicators.
Table 1. : Monthly Data for Key Macroeconomic Indicators. 1 1 Year-on-year change, in percent Oct Nov Dec FY to date Oct Nov Dec FY to date Oct Nov Dec FY to date ( months) ( months) ( months) Inflation
More informationREMITTANCE FLOWS IN THE TRANSITION ECONOMIES: LEVELS, TRENDS, AND DETERMINANTS
UNITED NATIONS ECONOMIC COMMISSION FOR EUROPE Geneva, Switzerland DISCUSSION PAPER SERIES No. 2008.5 September 2008 REMITTANCE FLOWS IN THE TRANSITION ECONOMIES: LEVELS, TRENDS, AND DETERMINANTS Robert
More informationIntegrating migration and remittances into a development strategy. The case of Moldova
H A R V A R D U N I V E R S I T Y JOHN F KENNEDY SCHOOL OF GOVERNMENT In fulfillment of the requirements for the degree of Master of Public Administration in International Development Kennedy School of
More informationRegional Economic Context and Economic Trends in Ukraine
Regional Economic Context and Economic Trends in Ukraine Konstantine Kintsurashvili June 2017 ECONOMIC PROSPECTS: EBRD REGION 2 Growth in the EBRD region is to pick up in 2017 and 2018 In 2017-18, EBRD
More informationRemittances, Financial Development and Economic Growth: The Case of North African Countries. Zouheir Abida 1 Imen Mohamed Sghaier 2
137 Remittances, Financial Development and Economic Growth: The Case of North African Countries Zouheir Abida 1 Imen Mohamed Sghaier 2 The present paper examines the causal linkage between remittances,
More informationRemittances and Development
- Empirical evidence from 99 developing countries DEPARTMENT OF ECONOMICS Uppsala University Thesis Work C Pernilla Larsson & Josefin Ångman Supervisor: Ranjula Bali Swain Spring Term 2014 Abstract Several
More informationARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS
ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS 12 14 December 2018 Thimphu, Bhutan FACTS ABOUT ARMENIA BASIC FACTS Official name: Republic of Armenia
More informationPART II. Natural Hazards, Shocks and Fragility in Small Island Developing States. Amelia U. Santos-Paulino UNU-WIDER. ODI, London 26 February 2010
PART II Natural Hazards, Shocks and Fragility in Small Island Developing States Amelia U. Santos-Paulino UNU-WIDER ODI, London Overview of the presentation 1. Fragile States definition 2. Vulnerability
More informationAre Workers Remittances Causing Growth in Developing Countries?
Are Workers Remittances Causing Growth in Developing Countries? Demas Rampersad Lecture Regan Deonanan 11/15/2012 The University of the West Indies What are Workers Remittances? Transfers of money by migrants
More informationOnline Appendices for Moving to Opportunity
Online Appendices for Moving to Opportunity Chapter 2 A. Labor mobility costs Table 1: Domestic labor mobility costs with standard errors: 10 sectors Lao PDR Indonesia Vietnam Philippines Agriculture,
More informationWestern Balkans Countries In Focus Of Global Economic Crisis
Economy Transdisciplinarity Cognition www.ugb.ro/etc Vol. XIV, Issue 1/2011 176-186 Western Balkans Countries In Focus Of Global Economic Crisis ENGJELL PERE European University of Tirana engjell.pere@uet.edu.al
More informationMigration and Employment Interactions in a Crisis Context
Migration and Employment Interactions in a Crisis Context the case of Tunisia Anda David Agence Francaise de Developpement High Level Conference on Global Labour Markets OCP Policy Center Paris September
More informationCurrent Situation and Outlook of Asia and the Pacific
Current Situation and Outlook of Asia and the Pacific Dr. Aynul Hasan, Chief, DPS, MPDD Dr. M. Hussain Malik, Chief, MPAS, MPDD High-level Policy Dialogue Macroeconomic Policies for Sustainable and Resilient
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING PAPER ANNEX TO THE PROPOSAL FOR A COUNCIL DECISION
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 7.4.2008 SEC(2008) 417 COMMISSION STAFF WORKING PAPER ANNEX TO THE PROPOSAL FOR A COUNCIL DECISION on the eligibility of Central Asian countries
More informationMigration and the European Job Market Rapporto Europa 2016
Migration and the European Job Market Rapporto Europa 2016 1 Table of content Table of Content Output 11 Employment 11 Europena migration and the job market 63 Box 1. Estimates of VAR system for Labor
More informationIMPACT OF GLOBALIZATION ON POVERTY: CASE STUDY OF PAKISTAN
Romain Pison Prof. Kamal NYU 03/20/06 NYU-G-RP-A1 IMPACT OF GLOBALIZATION ON POVERTY: CASE STUDY OF PAKISTAN INTRODUCTION The purpose of this paper is to examine the effect of globalization in Pakistan
More informationPolicy Challenges for Armenia in the context of Recent Global and Regional Shocks
Policy Challenges for Armenia in the context of Recent Global and Regional Shocks Teresa Daban Sanchez IMF Resident Representative to Armenia November, 215 Outline Global Environment Outlook of the CCA
More informationLatin America in the New Global Order. Vittorio Corbo Governor Central Bank of Chile
Latin America in the New Global Order Vittorio Corbo Governor Central Bank of Chile Outline 1. Economic and social performance of Latin American economies. 2. The causes of Latin America poor performance:
More informationMiddle East and Central Asia Regional Economic Outlook. Learning To Live With Cheaper Oil Amid Weaker Demand. January 2015 Update
1/22/215 Middle East and Central Asia Regional Economic Outlook Learning To Live With Cheaper Oil Amid Weaker Demand January 215 Update Outline Recent Global Developments and Implications for the Region
More informationDemographic Evolutions, Migration and Remittances
Demographic Evolutions, Migration and Remittances Presentation by L Alan Winters, Director, Develeopment Research Group, The World Bank 1. G20 countries are at different stages of a major demographic transition.
More informationDeputy Governor Bangko Sentral ng Pilipinas
Leveraging Remittances for Development: The Philippine Experience DIWA C. GUINIGUNDO Deputy Governor Bangko Sentral ng Pilipinas 1 04 October 2009 2009 Small States Forum on Remittances Istanbul Congress
More informationGlobal Compact on Migration: Roadmap from A Development Viewpoint. Dilip Ratha November 14, 2016
Global Compact on Migration: Roadmap from A Development Viewpoint Dilip Ratha November 14, 2016 Outline Data and drivers of migration Benefits and challenges of migration Roadmap to a global compact on
More informationLabor Migration Development Indicators in the Post-2015 Global Development Framework
Labor Migration Development Indicators in the Post-2015 Global Development Framework Philip Martin: plmartin@ucdavis.edu December 10, 2012 Highlights Migration can speed achievement of 8 MDGs M&D in migrant-sending
More informationFourth High Level Dialogue on Financing for Development. United Nations, New York, March 2010.
The impact of the current financial and economic crisis on foreign direct investment and other private flows, external debt and international trade in emerging market economies Fourth High Level Dialogue
More informationWorkers Remittances. and International Risk-Sharing
Workers Remittances and International Risk-Sharing Metodij Hadzi-Vaskov March 6, 2007 Abstract One of the most important potential benefits from the process of international financial integration is the
More informationRegional Economic Outlook Caucasus and Central Asia. November 2, 2016
Regional Economic Outlook Caucasus and Central Asia November 2, 216 Outline Global and Regional Environment Outlook and Policy Actions Policy Priorities 2 Global growth remains lackluster World U.S. Euro
More informationTHE GLOBAL ECONOMIC CRISIS DEVELOPING ECONOMIES AND THE ROLE OF MULTILATERAL DEVELOPMENT BANKS
THE GLOBAL ECONOMIC CRISIS DEVELOPING ECONOMIES AND THE ROLE OF MULTILATERAL DEVELOPMENT BANKS ADDRESS by PROFESSOR COMPTON BOURNE, PH.D, O.E. PRESIDENT CARIBBEAN DEVELOPMENT BANK TO THE INTERNATIONAL
More informationwhere pd = dom. price level & pf = world price level
1 Study examines:do unrequited transfers: Aid & remittances affect real exchange rates (RER)? Nominal exchange rate (NER): units of foreign currency per unit of domestic currency (DC). RER= NER (pd/pf)
More informationLabor and Behavior Determinants of Remittances in Saudi Arabia
Labor and Behavior Determinants of Remittances in Saudi Arabia Stephen Snudden Queen s University snudden@econ.queensu.ca August 3, 2018 Saudi Arabia is the second largest sender of international remittances.
More informationFull file at
Chapter 2 Comparative Economic Development Key Concepts In the new edition, Chapter 2 serves to further examine the extreme contrasts not only between developed and developing countries, but also between
More informationForeign Finance, Investment, and. Aid: Controversies and Opportunities
Chapter 10 Foreign Finance, Investment, and Aid: Controversies and Opportunities Problems and Policies: international and macro 1 The International Flow of Financial Resources A majority of developing
More informationThe Impact of Workers Remittances on Macro Indicators: The case of the Gulf Cooperation Council. Dr Majid Taghavi Economic Consultant, Biz4cast.
The Impact of Workers Remittances on Macro Indicators: The case of the Gulf Cooperation Council Dr Majid Taghavi Economic Consultant, Biz4cast.com ABSTRACT This paper aims to explore the potential role
More informationBeware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances
Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances Ralph Chami International Monetary Fund 700 19th Street, N.W. Washington, D.C. 20431 Thomas F. Cosimano
More informationImpacts on International Migration and Remittances Growth
American Journal of Environmental Sciences 7 (1): 20-25, 2011 ISSN 1553-345X 2010 Science Publications Impacts on International Migration and Remittances Growth 1 Ferdous Alam, 1 Chamhuri Siwar, 2 Basri
More informationFigure 1. Nepal: Recent Macro-Economic Developments
Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Figure. : Recent Macro-Economic Developments Real GDP growth is estimated at. percent in /. Growth rebounded to. percent
More informationNASIR IQBAL & SAIMA NAWAZ. Pakistan Institute of Development Economics (PIDE) Pakistan
NASIR IQBAL & SAIMA NAWAZ Pakistan Institute of Development Economics (PIDE) Pakistan Financial crisis has adversely affected international labor demand and even caused lay offs 59 million workers have
More informationTHE UN MIGRATION AGENCY
IOM THE UN MIGRATION AGENCY OUTLINE IOM Overview Migration in the Sustainable Development Goals (SDG) Migration Trends in the Region Key Migration Issues for Sustainable Development in the Region OUR MISSION
More informationAFRICAN DEVELOPMENT BANK GROUP
AFRICAN DEVELOPMENT BANK GROUP Ministerial Round Table Discussions PANEL 1: The Global Financial Crisis and Fragile States in Africa The 2009 African Development Bank Annual Meetings Ministerial Round
More informationReducing Poverty in the Arab World Successes and Limits of the Moroccan. Lahcen Achy. Beirut, Lebanon July 29, 2010
Reducing Poverty in the Arab World Successes and Limits of the Moroccan Experience Lahcen Achy Beirut, Lebanon July 29, 2010 Starting point Morocco recorded an impressive decline in monetary poverty over
More informationRemittances and Growth in Tunisia: A Dynamic Panel Analysis from a Sectoral Database
Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 7(5): 342-351 Journal Scholarlink of Emerging Research Trends Institute in Economics Journals, and 2016 Management (ISSN: 2141-7024)
More informationHOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.)
Chapter 17 HOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter presents material on economic growth, such as the theory behind it, how it is calculated,
More informationISA S Insights No. 83 Date: 29 September 2009
ISA S Insights No. 83 Date: 29 September 2009 469A Bukit Timah Road #07-01, Tower Block, Singapore 259770 Tel: 6516 6179 / 6516 4239 Fax: 6776 7505 / 6314 5447 Email: isassec@nus.edu.sg Website: www.isas.nus.edu.sg
More informationMIGRATION AND REMITTANCES CASE STUDY ON ROMANIA
1. Carmen HĂRĂU MIGRATION AND REMITTANCES CASE STUDY ON ROMANIA 1. UNIVERSITY POLITEHNICA TIMISOARA, FACULTY OF ENGINEERING HUNEDOARA, ROMANIA ABSTRACT: One of the most studied topics of each time in economics
More informationMigration and Remittances in CIS Countries during the Global Economic Crisis
Migration and Remittances in CIS Countries during the Global Economic Crisis Sudharshan Canagarajah and Matin Kholmatov 1 Key messages The current economic crisis has severely affected migration and remittance
More informationInclusive growth and development founded on decent work for all
Inclusive growth and development founded on decent work for all Statement by Mr Guy Ryder, Director-General International Labour Organization International Monetary and Financial Committee Washington D.C.,
More informationKatsushi IMAI Raghav GAIHA Abdilahi ALI Nidhi KAICKER
Katsushi IMAI Raghav GAIHA Abdilahi ALI Nidhi KAICKER Remittances, Growth and Poverty: New Evidence from Asian Countries Katsushi Imai* Raghav Gaiha** Abdilahi Ali*** Nidhi Kaicker ** *School of Social
More informationChapter 4 Specific Factors and Income Distribution
Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from
More informationBachelor Thesis in Economics
Bachelor Thesis in Economics Submitted by: Mebrahtu, Ariam Beiene Zanforlini, Lucas Waldem The Impact of Remittances on the Economic Growth of Developing Countries: A Literature Review. INTERNATIONAL BUSINESS
More informationNatural Disasters and Poverty Reduction:Do Remittances matter?
Natural Disasters and Poverty Reduction:Do Remittances matter? Linguère Mously Mbaye and Alassane Drabo + AfDB, Abidjan and IZA, Bonn and + FERDI, Clermont-Ferrand UNU-Wider and ARUA: Migration and Mobility-New
More informationInternational Trade Theory College of International Studies University of Tsukuba Hisahiro Naito
International Trade Theory College of International Studies University of Tsukuba Hisahiro Naito The specific factors model allows trade to affect income distribution as in H-O model. Assumptions of the
More informationThe Impact of Decline in Oil Prices on the Middle Eastern Countries
The Impact of Decline in Oil Prices on the Middle Eastern Countries Dr. Shah Mehrabi Professor of Economics Montgomery College Senior Economic Consultant and Member of the Supreme Council of the Central
More informationGlobalization GLOBALIZATION REGIONAL TABLES. Introduction. Key Trends. Key Indicators for Asia and the Pacific 2009
GLOBALIZATION 217 Globalization The People s Republic of China (PRC) has by far the biggest share of merchandise exports in the region and has replaced Japan as the top exporter. The largest part of Asia
More informationSection 1: Microeconomics. 1.1 Competitive Markets: Demand and Supply. IB Econ Syllabus Outline. Markets Ø The Nature of Markets
IB Economics Syllabus Outline Mr. R.S. Pyszczek Jr. Room 220 Rpyszczek@BuffaloSchools.org City Honors School at Fosdick- Masten Park 186 East North Street Buffalo, NY 14204 Phone: (7160 816-4230 Fax: (716)
More informationDo Emigrant s Remittances Cause Dutch Disease? : The Case of Nepal and Bangladesh
Do Emigrant s Remittances Cause Dutch Disease? : The Case of Nepal and Bangladesh Hiroyuki Taguchi 1,* & Bikram Lama 1 1 Dept. of Japanese and Asian Studies, Saitama University, 255 Shimo-Okubo, Sakura-ku,
More informationThe Impact of Remittances on Exchange Rate Volatility and Inflation Volatility in Dollarized Economies
The Impact of Remittances on Exchange Rate Volatility and Inflation Volatility in Dollarized Economies Working Paper Helena Glebocki Keefe October 13, 2014 Abstract Remittances provide a stable and growing
More informationfor Development Dilip Ratha Migration and Remittances Unit and Migrating out of Poverty Research Consortium
Leveraging Migration and Remittances for Development Dilip Ratha Migration and Remittances Unit World Bank and Migrating out of Poverty Research Consortium University of Sussex Federal Reserve Bank of
More informationWESTERN BALKANS COUNTRIES IN FOCUS OF GLOBAL ECONOMIC CRISIS
WESTERN BALKANS COUNTRIES IN FOCUS OF GLOBAL ECONOMIC CRISIS Asc. Prof. Dr. Engjell PERE Economic Faculty European University of Tirana, Albania engjellpere@yahoo.com; engjell.pere@uet.edu.al Asc. Prof.
More information