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International Monetary Fund. European Dept.
This Selected Issues paper analyzes household balance sheet structure in Denmark and sensitivity to rising rates. Households in Denmark have gotten considerably wealthier in recent decades. High household assets, in particular in the mandatory pension system and housing, provide stability by funding future consumption and protecting against shocks. The high, but mostly illiquid, assets have a counterpart, however, in the high household debt, as households often need to borrow to consume or buy property. The resulting combination of large assets and liabilities on household balance sheets make the Danish economy sensitive to interest-rate changes. Sudden increases in interest rates can create macroeconomic instability via their impact on the debt service of households and knock-on effects on consumption.
International Monetary Fund. European Dept.

. Analysis of Integration Speed E. The Role of Education F. Conclusion FIGURES 1. Unemployment among the Foreign Born 2. Integration Outcomes and Years of Residency 3. Change in Employment Over Time 4. Simulation of Integration Profile, 30-Year Old Migrant 5. Initial Employment Gap between Migrants and Natives, By Country 6. Estimated Integration Speed, By Country 7. Foreign vs. Domestic Education 8. Migrant Domestic Education 9. Domestic Education, Natives vs. Migrants TABLES 1. Distribution by Country of Birth, Eurostat’s 2014 Labor

International Monetary Fund. European Dept.

Germany are not provided. 5. In this section, we first provide descriptive statistics for the latest survey year (2014) , followed by summary descriptive charts on labor integration outcomes based all survey years considered in the empirical section (2010–2014). For the last survey year (2014), the Denmark sample includes more than 44,000 individuals with a 12 percent share of foreign-born, 45 percent of whom are from a nonwestern origin ( Table 1 ). Table 1. Denmark: Distribution by Country of Birth, Eurostat’s Labor Force Survey Country Number

Carlos Lopes

in Chart 1 include both “input” gauges to measure policies and “outcome” gauges that measure the value of the resulting cross-border economic flows. The highest-performing regional economic communities in the index perform well on both. This correlation between performance in the input and outcome indicators suggests that the policies measured by the former do indeed lead to better integration outcomes. In other words, EAC, ECOWAS, and SADC may perform better than the other blocs because they have implemented the pro-integration policies that are measured in the

Giang Ho and Rima Turk-Ariss

labor market or macroeconomic conditions in the host country upon arrival shape the integration outcome? One would expect that a tight labor market helps facilitate migrants’ early entry into the workforce, which positively affects the subsequent employment path as they gain greater on-the-job learning and build professional networks early on. On the contrary, lackluster labor demand at the time of arrival could lead to delay in getting the first job, with the consequence that re-entry becomes increasingly difficult as the migrants’ human capital depreciates with time

International Monetary Fund. Statistics Dept.

- On an operational level: What are the various liaison points in time for each GFS reporting period? Themes to consider: ∘ Collection of data ∘ Pre-compilation meeting ∘ Discuss important policy changes / economic transactions and the impact on recording ∘ Integration outcomes and issues ∘ Pre-publication final verification ∘ Post-compilation evaluation (with action points as outcome) 15. Division of responsibilities All agencies have a collective responsibility in compilation—while each agency has a particular assignment that is either

Jesmin Rahman

causality cannot be inferred, vertical integration is likely to occur between countries with similar industrial structures ( Table 10.3 ). This result is statistically robust across estimation methods. Figure 10.7 Emerging Europe and Euro Area Periphery: Similarity Index of Exports with Germany Source: Authors’ calculation using world input-output table based on Timmer (2012) . Note: A higher value indicates lower export similarity. Last, the exchange rate could be a potentially important determinant of bilateral trade and vertical integration outcomes

International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the findings and recommendations made by the IMF mission about improving government finance statistics (GFS) for decision making in the Republic of Srpska (RS), Bosnia and Herzegovina. The future delineation of tasks and responsibilities in the Bosnia and Herzegovina GFS compilation process between the Agency for Statistics of Bosnia and Herzegovina (BHAS), Central Bank of Bosnia and Herzegovina (CBBH), Ministry of Finance RS, and Republic of Srpska Institute of Statistics is still open. The current TA can assist the RS authorities to compile aggregated RS level GFS data. Together with comprehensive methodological explanations, comprehensive process tables, and the free flow of GFS relevant data, this should allow CBBH and BHAS to compile consolidated data for Bosnia and Herzegovina.
Ms. Diva Singh

, after controlling for fundamentals. An interesting nuance of these results is that after adding depth, the integration outcomes for the LA-7 worsened relative to the two-component indices, with the exception of Panama and Chile. Panama’s result was not only above the sample average but significantly stronger than its outcomes using the two-component indices of integration. Regarding Chile, although the integration outcome was still negative (indicating underintegration), the magnitude of underintegration was halved relative to previous results, suggesting a relatively