Emigration Business Dynamics And Firm Heterogeneity In North Macedonia
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Emigration Business Dynamics And Firm Heterogeneity In North Macedonia
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Author : Ninghui Li
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-22
Emigration Business Dynamics And Firm Heterogeneity In North Macedonia written by Ninghui Li and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-22 with Business & Economics categories.
High emigration rates are a challenge in the Western Balkans. High emigration rates might lead to inadequate skilled labor and affect firm creation, capital formation, and economic convergence. The 2021 North Macedonia census reveals that more than 12.4% of North Macedonians live abroad. To assess the consequences, we estimate the impact of emigration on the number of firms and capital formation. Business dynamics can affect emigration reversely. To alleviate the endogeneity bias, we use a shift-share instrument with the historical diaspora networks and destination countries’ GDP growth rate as a source of exogenous variations. Our results show that (1) In the short run, a 1 percentage point increase in the emigration rate leads to a 2.91% decrease in the number of firms in the area of origin; (2) The long-run effects of emigration on the number of firms are less negative than the short-run impacts; (3) Emigration mainly reduces the number of micro and small firms; (4) Emigration affects the number of firms and capital formation more in the industrial sector than the other sectors, through the skilled labor shortage channel. This paper contributes to the literature on emigration and provides implications and policy considerations for developing countries, where high emigration rates are prevalent.
Republic Of North Macedonia
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-26
Republic Of North Macedonia written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-26 with Business & Economics categories.
Recent Developments, Outlook and Risks. Staff project GDP growth of 2.3 percent in 2023, lower than at the time of PLL arrangement approval, driven by lower external demand and a slowdown in investment. Staff expect an investment recovery to be a key driver of the recovery in 2024, with projected GDP growth of 3.0 percent. Inflation is coming down, driven by monetary tightening and lower global commodity prices, and is projected to be at 4.5 percent average in 2024. The current account is benefitting from lower international energy prices, and international reserves are at an adequate level and projected to remain so. Risks are mainly related to geopolitical tensions, commodity price volatility, and unfunded promises ahead of the elections planned for the spring.
What Is The Impact Of Increased Business Competition
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Author : Sónia Félix
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-13
What Is The Impact Of Increased Business Competition written by Sónia Félix and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-13 with Business & Economics categories.
This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.
Oecd Regional Development Studies The Geography Of Firm Dynamics Measuring Business Demography For Regional Development
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-12-05
Oecd Regional Development Studies The Geography Of Firm Dynamics Measuring Business Demography For Regional Development written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-05 with categories.
The Geography of Firm Dynamics provides methods and data to measure and analyse the creation and destruction of businesses across OECD regions.
Emigration And Its Economic Impact On Eastern Europe
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Author : Mr.Ruben V Atoyan
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-20
Emigration And Its Economic Impact On Eastern Europe written by Mr.Ruben V Atoyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-20 with Social Science categories.
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.
Exporting Through Intermediaries Impact On Export Dynamics And Welfare
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Author : Parisa Kamali
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-27
Exporting Through Intermediaries Impact On Export Dynamics And Welfare written by Parisa Kamali and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-27 with Business & Economics categories.
In many countries, a sizable share of international trade is carried out by intermediaries. While large firms tend to export to foreign markets directly, smaller firms typically export via intermediaries (indirect exporting). I document a set of facts that characterize the dynamic nature of indirect exporting using firm-level data from Vietnam and develop a dynamic trade model with both direct and indirect exporting modes and customer accumulation. The model is calibrated to match the dynamic moments of the data. The calibration yields fixed costs of indirect exporting that are less than a third of those of direct exporting, the variable costs of indirect exporting are twice higher, and demand for the indirectly exported products grows more slowly. Decomposing the gains from indirect and direct exporting, I find that 18 percent of the gains from trade in Vietnam are generated by indirect exporters. Finally, I demonstrate that a dynamic model that excludes the indirect exporting channel will overstate the welfare gains associated with trade liberalization by a factor of two.
Geopolitical Risk On Stock Returns Evidence From Inter Korea Geopolitics
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Author : Seungho Jung
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-22
Geopolitical Risk On Stock Returns Evidence From Inter Korea Geopolitics written by Seungho Jung and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-22 with Business & Economics categories.
We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.
Latin American Entrepreneurs
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Author : Daniel Lederman
language : en
Publisher: World Bank Publications
Release Date : 2014
Latin American Entrepreneurs written by Daniel Lederman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
Entrepreneurship -- manifested in the entry of new firms or products into new markets, or substantial improvements in technological capacity or process innovation by incumbent firms -- is widely considered to be an important ingredient for long term economic development. This report argues that entrepreneurship is also a source of employment generation, export growth, and resilience during economic downturns. Although the conventional wisdom suggests that Latin American and Caribbean countries underperform relative to China and other emerging markets in terms of its entrepreneurial dynamism, t.
Firm Innovation And Productivity In Latin America And The Caribbean
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Author : Inter-American Development Bank
language : en
Publisher: Springer
Release Date : 2016-07-01
Firm Innovation And Productivity In Latin America And The Caribbean written by Inter-American Development Bank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-01 with Business & Economics categories.
This volume uses the study of firm dynamics to investigate the factors preventing faster productivity growth in Latin America and the Caribbean, pushing past the limits of traditional macroeconomic analyses. Each chapter is dedicated to an examination of a different factor affecting firm productivity - innovation, ICT usage, on-the-job-training, firm age, access to credit, and international linkages - highlighting the differences in firm characteristics, behaviors, and strategies. By showcasing this remarkable heterogeneity, this collection challenges regional policymakers to look beyond one-size-fits-all solutions and create balanced policy mixes tailored to distinct firm needs. This book is open access under a CC BY-NC-ND 3.0 IGO license.
Republic Of North Macedonia
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2020-04-21
Republic Of North Macedonia written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-21 with Business & Economics categories.
This paper highlights the Republic of North Macedonia’s Request for Purchase Under the Rapid Financing Instrument (RFI). North Macedonia’s economic outlook has deteriorated substantially due to the coronavirus disease 2019 (COVID-19) pandemic. Real GDP is expected to decline by 4 percent in 2020 due to a fall in both domestic and external demand. This, together with negative shocks to confidence and spill-overs from global financial channels, has created an urgent balance of payments need. The authorities quickly responded with targeted and temporary fiscal policy support to limit the social and economic impact of the health emergency by protecting the liquidity of companies, preserving jobs and providing social care for the jobless and vulnerable households. The authorities have also expressed their strong commitment, once the COVID-19 crisis is over, to rebuilding fiscal buffers and implementing the structural reform agenda to help preserve debt sustainability and speed up income convergence to European Union countries.