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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.
International Monetary Fund. European Dept.
Mr. Shekhar Aiyar, Ms. Bergljot B Barkbu, Nicoletta Batini, Mr. Helge Berger, Ms. Enrica Detragiache, Allan Dizioli, Mr. Christian H Ebeke, Ms. Huidan Huidan Lin, Ms. Linda Kaltani, Mr. Sebastian Sosa, Mr. Antonio Spilimbergo, and Petia Topalova
Against the background of political turmoil in the Middle-East, Europe faces an unprecedented surge in asylum applications. In analyzing the economic impact of this inflow, this paper draws from the experience of previous economic migrants and refugees, mindful of the fact that the characteristics of economic migrants can be different from refugees. In the short-run, additional public expenditure will provide a small positive impact on GDP, concentrated in the main destination countries of Germany, Sweden and Austria. Over the longer-term, depending on the speed and success of the integration of refugees in the labor market, the increase in the labor force can have a more lasting impact on growth and the public finances. Here good policies will make an important difference. These include lowering barriers to labor markets for refugees, for example through wage subsidies to employers, and, in particular, reducing legal barriers to labor market participation during asylum process, removing obstacles to entrepreneurship/self-employment, providing job training and job search assistance, as well as language skills. While native workers often have legitimate concerns about the impact of immigrants on wages and employment, past experience indicates that any adverse effects are limited and temporary.