Financial Economics

This volume reviews the most recent research on brain drain and brain gain, producing new original results by the means of data sources specifically assembled for this study, and addressing several key policy issues. Part I focuses on brain gain, that is, it takes the standpoint of the recipient country. The first section provides an overview of skill‐selective immigration policies in the main destination countries and of the major shifts in these policies which have been recently observed. It also documents the strong economic gains from immigration of highly skilled migrants. But what drives the decisions of highly skilled migrants as to where to locate? The econometric analyses performed by the authors indicate that it is mainly the labour market that is key to attracting talent, wage premia on education in particular. R&D spending also induces greater inflows of highly skilled migrants, while generous welfare benefits and strict employment protection end up attracting more unskilled workers. Part II is devoted to the consequences of brain drain, taking the point of view of the sending country. This second section provides for the first time a measure of the net global impact of the brain drain on sending countries. The results indicate that most developing countries experience a net gain from skilled emigration. Adverse overall impacts are found to be limited only to a subset of countries exhibiting very high skilled emigration rates. A number of policy recommendations are also offered to increase the benefits of brain drain.

Over the past several decades there has been increasing interest in, and concern about, the economics of the world's capture fishery resources. Massive amounts of resource rent are being lost because of inadequate management and major rebuilding of fishery resources is called for. This book draws together the latest economic theory of the management of these resources, at both the national and the international levels, and highlights areas where further research is urgently required. The emphasis is on world capture fisheries, rather than fisheries of specific regions, and examples are drawn upon from both developed and developing countries. It combines economic theory and empirical testing with an examination and analysis of resource policy options, with particular emphasis on fisheries management polices at the international level, where some of the most difficult resource management problems are found. The authors maintain that capture fishery resources are properly viewed as a part of society's portfolio of natural capital assets. Consequently, a central theme of the book is that managing such resources should be viewed as asset management through time

This book provides an assessment of the role of the International Monetary Fund in poor countries. In recent years, a large portion of the work of the IMF has focused on the economies of low-income countries by aiming to create conditions conducive to poverty reduction and stable economic growth. More than two fifths of the IMF's 185 members are low-income countries and many others have substantial pockets of poverty in their populations. Since economic development and the reduction of poverty are the most important economic challenges that these countries face, how can the IMF best help them? How can the imperative of macroeconomic and financial stability be reconciled with the requirements for sustained economic growth? This book brings together the research of leading economists, political scientists, and historians to suggest ways for the IMF to address these issues effectively.