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Ms. Prachi Mishra

. Emigration Loss B. Losses Due to High-Skill Migration V. Conclusions VI. References Figures 1. Labor Demand-Supply Model: Welfare Impact of Emigration 2. Labor Demand-Supply Model: Welfare Impact of Emigration with External Effects 3. Percent of Labor Force that Has Migrated to OECD Member Countries: Caribbean vs. the Rest of the World, 1965–2000 4. Percent of Labor Force that has Migrated from the Caribbean Countries to OECD Member Countries, 1965–2000 5. Percent of Total Number of Migrants from the Caribbean Countries to the United States, 1965

International Monetary Fund. Western Hemisphere Dept.

.S. and CAPDR 9. Competition in Main Product Lines Over Time 10. Competition in Main Product Lines Over Time in the U.S. and CAPDR TABLE 1. Share in World Exports of Textiles ANNEX I. Products and Competitor Countries Included in Analysis IMPACT OF EMIGRATION A. Methodology B. Data and Assumptions C. Results D. Conclusion and Caveats References TABLES 1. Emigration Loss vs. Remittances 2. High-Skilled Emigration Loss vs. Remittances 3. Augmented Emigration Loss vs. Remittances CREDIT IN EL SALVADOR: OPPORTUNITIES AND

Ms. Prachi Mishra
This paper quantifies the magnitude and nature of migration flows from the Caribbean and estimates their costs and benefits. The Caribbean countries have lost 10-40 percent of their labor force due to emigration to OECD member countries. The migration rates are particularly striking for the highskilled. Many countries have lost more than 70 percent of their labor force with more than 12 years of completed schooling-among the highest emigration rates in the world. The region is also the world's largest recipient of remittances as a percent of GDP. Remittances constituted about 13 percent of the region's GDP in 2002. Simple welfare calculations suggest that the losses due to high-skill migration (ceteris paribus) outweigh the official remittances to the Caribbean region. The results suggest that there is indeed some evidence for brain drain from the Caribbean.
Ms. Prachi Mishra

a net welfare reduction (termed an “emigration loss”) for the producers and workers who have stayed behind ( Figure 1 ). The welfare loss occurs due to the movement of inframarginal workers (i.e., those who are paid less than their marginal product). The concept is analogous to the idea of immigration surplus that exists in the migration literature ( Borjas, 1995 ). The concept was first given by MacDougall (1960) in the context of capital flows. Figure 1: Labor Demand-Supply Model: Welfare Impact of Emigration There are several other costs of high

International Monetary Fund. Western Hemisphere Dept.

t by level of education e can be defined as – m e , t i = M e , t i M e , t i + R e , t i where M e , t i is the stock of emigrants and R e , t i are the residents in source country of emigrants. 2. Theoretical framework . The theoretical framework for this exercise is based on Mishra (2007a) . Based on a simple model of labor demand and supply, countries tend to experience emigration loss. This can be understood as the

International Monetary Fund

emigration to the OECD. In fact, almost all the Caribbean nations are among the top 20 countries in the world with the highest tertiary-educated migration rates ( Docquier and Marfouq, 2004 ). 4. The simple labor demand-supply framework suggests that changes in domestic labor supply and wages due to emigration lead to a net welfare reduction (termed an “emigration loss”) for the producers and workers who have stayed behind ( Figure VI.1 ). The concept is analogous to the idea of immigration surplus that exists in the migration literature ( Borjas, 1995 ). The concept

International Monetary Fund
This Selected Issues paper analyzes macroeconomic fluctuations in the Eastern Caribbean Currency Union (ECCU). The paper describes data, along with the estimation technique used to ensure stationarity of the data. The empirical regularities of macroeconomic fluctuations in the ECCU are described, examining the relationship between a set of macroeconomic time series and domestic output, for each of the six IMF members of the ECCU. The paper also explores the determinants of macroeconomic volatility in the ECCU.
Ms. Prachi Mishra
This paper empirically examines the effect on wages in Mexico of Mexican emigration to the United States, using data from the Mexican and United States censuses from 1970-2000. The main result in the paper is that emigration has a strong and positive effect on Mexican wages. There is also evidence for increasing wage inequality in Mexico due to emigration. Simple welfare calculations based on a labor demand-supply framework suggest that the aggregate welfare loss to Mexico due to emigration is small. However, there is a significant distributional impact between labor and other factors.
Ms. Prachi Mishra

Caribbean countries. Figure 9.1 . Labor Demand-Supply Model: Welfare Impact of Emigration The simple labor demand-supply framework suggests that changes in domestic labor supply and wages due to emigration lead to a net welfare reduction (termed an “emigration loss”) for the producers and workers who have stayed behind ( Figure 9.1 ). The welfare loss occurs due to the movement of inframarginal workers (i.e., those who are paid less than their marginal product). The concept is analogous to the idea of immigration surplus that exists in the migration literature

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper proposes a simple nowcast model for an early assessment of the Salvadorian economy. The exercise is based on a bridge model, which is one of the many tools available for nowcasting. For El Salvador, the bridge model exploits information for the period 2005–17 from a large set of variables that are published earlier and at higher frequency than the variable of interest, in this case quarterly GDP. The estimated GDP growth rate in the 4th quarter of 2017 is 2.4 percent year-over-year, leading to an average GDP growth rate of 2.3 percent in 2017. This is in line with the GDP growth implied by the official statistics released two months later, in March 23, 2018.