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This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue if China's relative presence continues to rise in the regional trade.

Finance --- Business & Economics --- Money --- Monetary policy --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Econometrics --- Exports and Imports --- Money and Monetary Policy --- Trade: General --- Economic Integration --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Trade Policy --- International Trade Organizations --- Computable and Other Applied General Equilibrium Models --- International economics --- Monetary economics --- Econometrics & economic statistics --- Monetary unions --- Currencies --- Plurilateral trade --- Regional trade --- General equilibrium models --- Economic integration --- International trade --- Econometric analysis --- Econometric models --- Japan

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The large influx of migrants to Nordic countries in recent years is challenging the adoptability of Nordic labor market institutions while also adding to potential growth. This paper examines the trends, economic drivers, and labor market implications of migration to Nordic countries with a particular focus on economic migration as distinct from the recent large flows of asylum seekers. Our analysis finds that migration inflows to the Nordics are influenced by both cyclical and structural factors. Although migration helpfully dampens overheating pressures during periods of strong demand, and over the longer term will cushion the decline in labor supply from population aging, in the near-term unemployment can rise, especially among the young and lower-skilled. The analysis highlights the need to adapt Nordic labor market institutions in a manner that better facilitates the integration of migrants into employment. In particular, greater wage flexibility at the firm level and continued strong active labor market measures will help improve labor market outcomes among immigrants.

Labor --- Demography --- Emigration and Immigration --- Labor Economics Policies --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Economics of Minorities and Races --- Non-labor Discrimination --- Labor Force and Employment, Size, and Structure --- Institutions and the Macroeconomy --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- International Migration --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Demographic Economics: General --- Labour --- income economics --- Migration, immigration & emigration --- Population & demography --- Migration --- Labor markets --- Unemployment rate --- Population and demographics --- Emigration and immigration --- Labor market --- Population --- Sweden

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Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.

Structural adjustment (Economic policy) --- Business cycles. --- Economic policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Economic cycles --- Economic fluctuations --- Cycles --- Economic policy --- Finance: General --- Labor --- Macroeconomics --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Fiscal Policy --- Institutions and the Macroeconomy --- Mobility, Unemployment, and Vacancies: General --- Labor Economics Policies --- General Financial Markets: General (includes Measurement and Data) --- Labour --- income economics --- Finance --- Structural reforms --- Employment rate --- Labor market reforms --- Commodity markets --- Macrostructural analysis --- Financial markets --- Economic theory --- Manpower policy --- Commodity exchanges --- Germany

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Business cycles --- International Monetary Fund --- Foreign exchange reserves --- LDC / Developping Countries - Pays En Développement --- 333.111.42 --- 331.030 --- goudreserves en deviezenreserves. --- Conjunctuurschommelingen: algemeenheden. --- Working papers --- goudreserves en deviezenreserves --- Conjunctuurschommelingen: algemeenheden --- Foreign exchange reserves - Developing countries

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The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.

Macroeconomics --- Economics: General --- Industries: Financial Services --- Money and Monetary Policy --- Statistics --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Institutions and Services: Government Policy and Regulation --- Accounting and Auditing: Government Policy and Regulation --- Regulation and Business Law: General --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Economic & financial crises & disasters --- Economics of specific sectors --- Computer applications in industry & technology --- Monetary economics --- Econometrics & economic statistics --- Mobile banking --- Technology --- Monetary base --- Money --- Monetary statistics --- Economic and financial statistics --- Financial statistics --- Currency crises --- Informal sector --- Economics --- Banks and banking, Mobile --- Money supply --- Economic indicators --- Finance --- Kenya