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The tale of two international phenomena: Migration and global imbalances

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  • Valérie Mignon

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Dramane Coulibaly

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Blaise Gnimassoun

Abstract

Following the dynamics of globalization, international migration has increased dramatically since the 1990s. Since migration patterns affect a country’s demographic structure—which is known to have an impact on the current account—migration is likely to explain a significant part of world imbalances. This paper tackles this issue by investigating the role played by international migration in the dynamics of global imbalances. To this end, we rely on an overlapping generations model to derive the theoretical link between international migration and the current account position. Through a series of robust estimates, we empirically investigate this relationship by relying on a large panel of developed and developing countries. Our results point to substantial effects of international migration. Specifically, we show that an increase in migration augments national savings and tends to restore the current account balance in the destination country, while it has opposite impacts in the origin country. These effects are particularly pronounced in developing economies and are attenuated by migrants’ remittances.
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  • Valérie Mignon & Dramane Coulibaly & Blaise Gnimassoun, 2020. "The tale of two international phenomena: Migration and global imbalances," Post-Print hal-02914098, HAL.
    • Handle: RePEc:hal:journl:hal-02914098
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    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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