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Aleksandra Babii, Ms. Alina Carare, Dmitry Vasilyev, and Mr. Yorbol Yakhshilikov

(advanced) countries is believed to have supported the income of migrants and, therefore remittances, but the literature found mixed evidence for this channel. 1 Lockdowns enforced changes in the mode of transactions—from informal to formal/digital (see also Dinarte et al ., 2021; Frizancho and Parrado, 2021 ). This paper contributes to the growing literature on drivers of remittances more broadly, and during the COVID-19 pandemic in particular . First, the paper shows that traditional models estimated for 2000–2020 for five CAPDR countries and Mexico, while

Aleksandra Babii, Ms. Alina Carare, Dmitry Vasilyev, and Mr. Yorbol Yakhshilikov
Traditional models relying on standard variables like the U.S. Hispanic unemployment rate fared well in explaining remittances to CAPDR and Mexico during the pre-pandemic period. However, they fail to predict the sustained growth in remittances since June 2020, including the significant increase in the average amount remitted. Using data from over 300 remittances corridors (from 23 U.S. states to 14 Salvadoran departments), we find that this increase is primarily explained by the dynamics of U.S. states real wages, as well as more temporary factors like U.S. unemployment relief (including the extraordinary pandemic support), U.S. states mobility, and COVID-19 infections at home. The paper also analyses what role the change in the modes of transmission of remittances, additional U.S. fiscal stimulus and U.S. labor market developments, especially in the sectors were CAPDR and Mexican migrants preponderantly work, play in explaining aggregate remittances growth.
Cristhian Vera, Ms. Prachi Mishra, and Mr. R. Armando Morales

financial structure of most Central America, Panama, and the Dominican Republic (CAPDR) countries—high bank concentration, underdeveloped financial and credit markets, and the prevalence of dollarization—that hamper traditional monetary transmission through market interest rates and market-determined asset prices. Indeed, the empirical country-specific analysis in this chapter suggests there is evidence of moderate monetary policy transmission of policy rates to market rates in CAPDR. This in turn tentatively indicates that most of the region’s central banks can

Mr. Andrew J Swiston and Mr. Luis D Barrot

that CAPDR has significant scope to raise growth through supply-side reforms—especially reforms to the domestic financial system and key product markets. While the authors found that CAPDR countries rank relatively well in terms of de jure external openness (tariff rates and explicit restrictions on transactions), this paper expands their analysis by examining empirically CAPDR’s outward orientation—the extent to which the export sector is a driver of long-term growth—to ascertain areas for improvement. CAPDR countries have actively pursued trade agreements and

Metodij Hadzi-Vaskov, Mr. Javier Kapsoli, and Mr. Bogdan Lissovolik

Introduction Policy efforts to strengthen fiscal prudence, gain credibility, and ensure fiscal sustainability have long been priorities for policymakers in CAPDR countries. Some countries in the region have introduced fiscal responsibility frameworks to meet these objectives, while others are considering similar legal structures. Taking stock of the main characteristics and results so far, both in CAPDR and in other emerging market economies, reveals key challenges for countries considering embarking on the journey to fiscal responsibility. Fiscal

Shinya Kotera and Jochen M. Schmittmann

This paper investigates labor market dynamics in Japan during the COVID-19 pandemic drawing on macro and micro data. The pandemic and related containment measures had a large negative impact on employment, labor force participation, earnings, and labor market mobility, although policy support through furlough schemes partially mitigated the rise in unemployment. Our results indicate that industry effects were a crucial driver of labor market outcomes for different groups of employees — women, younger age groups, nonregular, self-employed, and low-income workers accounted for a disproportional share of employment in the hardest hit industries. We also find empirical evidence for the need to improve childcare and related support, training and upskilling offerings, and teleworking availability, and the role of skill mismatches in reducing labor market mobility and resource reallocation.