Download or read book Remittances and Social Safety Nets During COVID 19 Evidence from Georgia and the Kyrgyz Republic written by Nordine Abidi and published by International Monetary Fund. This book was released on 2023-05-05 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Remittances and Social Safety Nets During COVID-19: Evidence From Georgia and the Kyrgyz Republic

Download or read book Defying the Odds Remittances During the COVID 19 Pandemic written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-07-16 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an early assessment of the dynamics and drivers of remittances during the COVID-19 pandemic, using a newly compiled monthly remittance dataset for a sample of 52 countries, of which 16 countries with bilateral remittance data. The paper documents a strong resilience in remittance flows, notwithstanding an unprecedent global recession triggered by the pandemic. Using the local projection approach to estimate the impulse response functions of remittance flows during Jan 2020-Dec 2020, the paper provides evidence that: (i) remittances responded positively to COVID-19 infection rates in migrant home countries, underscoring its role as an important automatic stabilizer; (ii) stricter containment measures have the unintended consequence of dampening remittances; and (iii) a shift from informal to formal remittance channels due to travel restrictions appears to have also played a role in the surge in formal remittances. Lastly, the size of the fiscal stimulus in host countries is positively associated with remittances as the fiscal response cushions the economic impact of the pandemic.

Download or read book Central Bank Digital Currencies in the Middle East and Central Asia written by Serpil Bouza and published by International Monetary Fund. This book was released on 2024-04-26 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.

Download or read book Macroeconomic Consequences of Remittances written by Connel Fullenkamp and published by International Monetary Fund. This book was released on 2008-03-11 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses the two main issues of interest to policymakers with regard to remittances--how to manage their macroeconomic effects, and how to harness their development potential--by reporting the results of the first global study of the comprehensive macroeconomic effects of remittances on recipient economies. In broad terms, the findings of this paper tend to confirm the main benefit cited in the microeconomic literature: remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. The findings also yield a number of important caveats and policy considerations, however, that have largely been overlooked. The main challenge for policymakers in countries that receive significant flows of remittances is to 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, the volume of remittances likely will continue to grow, and with it, the challenge of unlocking the maximum societal benefit from these transfers.

Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Download or read book Navigating COVID 19 in Asia and the Pacific written by Bambang Susantono and published by Asian Development Bank. This book was released on 2020-09-01 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coronavirus disease (COVID-19) has unleashed unparalleled challenges. At the same time, it offers a window to rethink Asia’s most fundamental development policies and strategies to address inequality, socioeconomic vulnerability, and environmental challenges. This publication gathers blogs and short policy pieces contributed by ADB staff and experts in an attempt to tackle immediate challenges and prepare for what may lie beyond the horizon. It covers a broad range of development challenges and highlights the crucial role of rapid adoption of digital technologies, adequate supply of quality infrastructure, disaster risk management, and strengthening regional cooperation for a resilient and sustainable future by shaping post-pandemic conditions.

Download or read book Catastrophe Containment and Relief Trust Fourth Tranche of Debt Service Relief in The Context of The Covid 19 Pandemic and Approval of Additional Beneficiary Member Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-10-08 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides brief updates for each CCRT-eligible country on its policy responses to the pandemic and on staff’s assessments of these policies, the use of resources freed up by debt service relief, and the implementation of governance safeguards commitments. The paper also provides an update on the financial situation of the CCRT. The generous support from 17 donor countries and the EU has mobilized SDR 609 million in new pledges since the onset of the pandemic.

Download or read book The Impact of International Migration on Inclusive Growth A Review written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-19 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: International migration is an important channel of material improvement for individuals and their offspring. The movement of people across country borders, especially from less developed to richer countries, has a substantial impact in several dimensions. First, it affects the migrants themselves by allowing them to achieve higher income as a result of their higher productivity in the destination country. It also increases the expected income for their offspring. Second, it affects the destination country through the impact on labor markets, productivity, innovation, demographic structure, fiscal balance, and criminality. Third, it can have a significant impact on the countries of origin. It may lead to loss of human capital, but it also creates a flow of remittances and increases international connections in the form of trade, FDI, and technological transfers. This paper surveys our understanding of how migration affects growth and inequality through the impact on migrants themselves as well as on the destination and origin countries.

Download or read book Labor Migration in Asia written by and published by . This book was released on 2018 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asian Development Outlook 2020 written by Asian Development Bank and published by Asian Development Bank. This book was released on 2020-04-01 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a disappointing 2019, growth prospects in developing Asia have worsened under the impact of the current health crisis. Signs of incipient recovery near the turn of this year were quickly overthrown as COVID-19 broke out in January 2020 in the region’s largest economy and subsequently expanded into a global pandemic. Disruption to regional and global supply chains, trade, and tourism, and the continued spread of the outbreak, leave the region reeling under massive economic shocks and financial turmoil. Across Asia, the authorities are responding with policies to contain the outbreak, facilitate medical interventions, and support vulnerable businesses and households. Assuming that the outbreak is contained this year, growth is expected to recover in 2021. Especially to face down fundamental threats such as the current medical emergency, innovation is critical to growth and development. As some economies in developing Asia challenge the innovation frontier, many others lag. More and better innovation is needed in the region to sustain growth that is more inclusive and environmentally sustainable. Five key drivers of innovation are sound education, productive entrepreneurship, high-quality institutions, efficient financial systems, and dynamic cities that excite knowledge exchange. The journey to creating an innovative society takes long-term commitment and hard work.

Download or read book States of Fragility 2020 written by OECD and published by OECD Publishing. This book was released on 2020-09-17 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: States of Fragility 2020 sets a policy agenda for fragility at a critical turning point: the final countdown on Agenda 2030 is at hand, and the pandemic has reversed hard-fought gains. This report examines fragility as a story in two parts: the global state of fragility that existed before COVID-19, and the dramatic impact the pandemic is having on that landscape.

Download or read book Poverty and Shared Prosperity 2020 written by World Bank and published by World Bank Publications. This book was released on 2020-12-23 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the biennial Poverty and Shared Prosperity report brings sobering news. The COVID-19 (coronavirus) pandemic and its associated economic crisis, compounded by the effects of armed conflict and climate change, are reversing hard-won gains in poverty reduction and shared prosperity. The fight to end poverty has suffered its worst setback in decades after more than 20 years of progress. The goal of ending extreme poverty by 2030, already at risk before the pandemic, is now beyond reach in the absence of swift, significant, and sustained action, and the objective of advancing shared prosperity—raising the incomes of the poorest 40 percent in each country—will be much more difficult. Poverty and Shared Prosperity 2020: Reversals of Fortune presents new estimates of COVID-19's impacts on global poverty and shared prosperity. Harnessing fresh data from frontline surveys and economic simulations, it shows that pandemic-related job losses and deprivation worldwide are hitting already poor and vulnerable people hard, while also shifting the profile of global poverty to include millions of 'new poor.' Original analysis included in the report shows that the new poor are more urban, better educated, and less likely to work in agriculture than those living in extreme poverty before COVID-19. It also gives new estimates of the impact of conflict and climate change, and how they overlap. These results are important for targeting policies to safeguard lives and livelihoods. It shows how some countries are acting to reverse the crisis, protect those most vulnerable, and promote a resilient recovery. These findings call for urgent action. If the global response fails the world's poorest and most vulnerable people now, the losses they have experienced to date will be minimal compared with what lies ahead. Success over the long term will require much more than stopping COVID-19. As efforts to curb the disease and its economic fallout intensify, the interrupted development agenda in low- and middle-income countries must be put back on track. Recovering from today's reversals of fortune requires tackling the economic crisis unleashed by COVID-19 with a commitment proportional to the crisis itself. In doing so, countries can also plant the seeds for dealing with the long-term development challenges of promoting inclusive growth, capital accumulation, and risk prevention—particularly the risks of conflict and climate change.

Download or read book Emigration and Its Economic Impact on Eastern Europe written by Mr.Ruben V Atoyan and published by International Monetary Fund. This book was released on 2016-07-20 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.

Download or read book Global Economic Prospects June 2021 written by World Bank and published by World Bank Publications. This book was released on 2021-08-03 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.

Download or read book Reform of the International Monetary System written by Masahiro Kawai and published by Springer. This book was released on 2016-08-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: By providing a comprehensive overview of policy proposals for the international monetary system from an Asian perspective, this book aims to identify what innovations are needed to reform the international monetary and financial system to promote financial stability and sustainable economic growth for emerging economies. The book is organized into four parts. Part 1 discusses major theoretical and empirical issues related to reform of the international monetary system. Part 2 includes two chapters that present the recent developments and challenges for managing capital flows. Part 3 presents different perspectives on regional currency cooperation in Asia and Europe by assessing the evidence supporting increased currency coordination in Asia and by review issues of policy cooperation in the Euro area after the global financial crisis and their implications for Asia. Part 4 discusses emerging issues for regional/global cooperation and financial safety nets. The main inference of the book is that, in light of the drawbacks of the existing international monetary system exposed in the global financial crisis, along with other countries, Asian emerging economies should work cooperatively to reform and strengthen international monetary and financial policy. To do so, regional and global monetary cooperation is needed and financial safety nets should be strengthened to alleviate the impact of possible global financial crises. This will be one of the first books written about the global financial crisis and the on going the European sovereign debt crisis to comprehensively address the issues related to currency cooperation, based on the Euro area experience, with the specific implications for Asia.

Download or read book The Human Capital Index 2020 Update written by World Bank and published by World Bank Publications. This book was released on 2021-05-05 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human capital—the knowledge, skills, and health that people accumulate over their lives—is a central driver of sustainable growth, poverty reduction, and successful societies. More human capital is associated with higher earnings for people, higher income for countries, and stronger cohesion in societies. Much of the hard-won human capital gains in many economies over the past decade is at risk of being eroded by the COVID-19 (coronavirus) pandemic. Urgent action is needed to protect these advances, particularly among the poor and vulnerable. Designing the needed interventions, targeting them to achieve the highest effectiveness, and navigating difficult trade-offs make investing in better measurement of human capital now more important than ever. The Human Capital Index (HCI)—launched in 2018 as part of the Human Capital Project—is an international metric that benchmarks the key components of human capital across economies. The HCI is a global effort to accelerate progress toward a world where all children can achieve their full potential. Measuring the human capital that children born today can expect to attain by their 18th birthdays, the HCI highlights how current health and education outcomes shape the productivity of the next generation of workers and underscores the importance of government and societal investments in human capital. The Human Capital Index 2020 Update: Human Capital in the Time of COVID-19 presents the first update of the HCI, using health and education data available as of March 2020. It documents new evidence on trends, examples of successes, and analytical work on the utilization of human capital. The new data—collected before the global onset of COVID-19—can act as a baseline to track its effects on health and education outcomes. The report highlights how better measurement is essential for policy makers to design effective interventions and target support. In the immediate term, investments in better measurement and data use will guide pandemic containment strategies and support for those who are most affected. In the medium term, better curation and use of administrative, survey, and identification data can guide policy choices in an environment of limited fiscal space and competing priorities. In the longer term, the hope is that economies will be able to do more than simply recover lost ground. Ambitious, evidence-driven policy measures in health, education, and social protection can pave the way for today’s children to surpass the human capital achievements and quality of life of the generations that preceded them.

Download or read book Azerbaijan Moving Toward More Diversified Resilient and Inclusive Development written by Aimee Hampel-Milagrosa and published by Asian Development Bank. This book was released on 2020-08-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Azerbaijan has set the course for the economy to reduce its dependence on oil by promoting new drivers of growth. By 2025, under the government’s Strategic Roads Maps, a more diversified economy should take shape led by three sectors: agriculture, tourism, and manufacturing. Bold reforms need to strengthen areas of the economy that could otherwise impede this transition, and policy makers must resolutely stay on the reform path. The core message of this publication is diversification toward non-oil sources of growth alongside efforts to reduce macroeconomic risks and the high cost of finance, make the education system responsive to the needs of the labor market, close infrastructure gaps, and help economically significant state-owned enterprises become more efficient.