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Migrants and the Global Financial Crisis

Core Content

The Carnegie Endowment for International Peace published a policy brief in November 2009 titled "Migrants and the Global Financial Crisis", authored by Uri Dadush and Lauren Falcao. The brief analyzes the impact of the global financial crisis on migrants and their economic and social contributions to both host and home countries.

Migrants are described as economic assets for both their host and home countries. They contribute significantly through remittances, which are transfers of earnings back to their home countries. In 2008, remittances amounted to $305 billion, providing essential foreign exchange and playing a major role in poverty alleviation.

Main Points

• Economic Vulnerability: Migrants are disproportionately affected by the financial crisis due to their young age, low skill levels, and employment in hit sectors like construction and manufacturing. Illegal migrants are especially vulnerable, as they often lack legal recourse and access to social safety nets.

• Migration and Labor Demand: Migration responds to labor demand, increasing during economic booms and decreasing during recessions. This reduces competition with native-born workers and helps stabilize the labor market.

• Remittances Remain Resilient: Despite the financial crisis, remittances have remained relatively stable, dropping only slightly from $305 billion in 2008 to $280 billion in 2009. This resilience highlights their importance as a stable source of income for developing countries, even when migrants themselves face economic hardship.

• Anti-Immigration Sentiment: The crisis has led to increased anti-immigration policies in several countries, including South Korea, Malaysia, Thailand, Australia, Kazakhstan, and Russia, which have imposed restrictions or quotas on migrant inflows. Italy even criminalized illegal immigration in 2009.

• Policy Implications:

  • Host country policy makers should resist political pressures against migrants and recognize their economic value.
  • Temporary migration programs can help manage migration flows and reduce the economic and social impact of crises.
  • Integration policies are crucial for maximizing economic benefits and reducing tensions.
  • Criminalizing migrants is not effective and can lead to social unrest and economic costs.
  • International frameworks for migration are weak compared to those for trade and capital flows, and stronger human rights protections are needed.

Key Information

• Global Migrant Population: Over 200 million people are migrants, forming a "diaspora nation" that exceeds the population of all but four countries.

• Remittances and Poverty: A 10% increase in remittances is associated with a 3.5% decline in poverty in recipient countries.

• Economic Benefits to Host Countries: Migration contributes to economic growth in host countries by increasing labor supply, lowering prices, and boosting demand. The benefits are comparable to those of trade liberalization.

• Job Competition: While concerns about job competition exist, empirical evidence suggests that migrants are not exact substitutes for native workers. In fact, migrants often face higher unemployment during downturns and are more likely to return to their home countries when the economy improves.

• Long-Term Migration Management: Temporary migration programs are more flexible and cost-effective than permanent ones. They can be designed to include cooperation with sending countries and incentives for voluntary return.

Conclusion

The brief concludes that migrants are essential to the global economy, and anti-immigration policies during crises are not only economically unsound but also socially damaging. It emphasizes the need for better communication of migrants' contributions, support for vulnerable groups, and international cooperation to ensure that migration policies remain practical and beneficial.

Recommendations

• Reject punitive measures against migrants and instead support their integration.
• Promote temporary migration programs to manage labor demand and reduce economic shocks.
• Enhance social safety nets for migrants and ensure access to essential services.
• Improve international frameworks to protect migrant rights and ensure fair migration policies.