International Trade : Revisiting the Evidence How do Different Exporters React to Exchange Rate Changes ? Theory , Empiric and Aggregate Implications

While the globalization process has come with the rapid liberalization of trade and capital flows, restrictive migration policies have expanded during the last decades. However, international migration has really begun to slow down after the triggering of the global economic crisis. Immigrants are indeed directly exposed to the effects of the recession, being the first affected by the rise of unemployment, notably in the construction sector. As a result, remittances to developing countries have declined over the last year, hence increasing the vulnerability of emigration nations already hit by the drop in exports and foreign capital inflows. Against this background, and despite the lack of employment opportunities and the strengthening of border controls in industrialized countries, there have been more and more incentives to emigrate. But beyond the current crisis, what are the long-term implications of migration movements? Recent research at the CEPII tries to answer this question by focusing on three main thrusts: the economic impact of immigration, the brain drain between knowledge based economies, and the link between remittances and financial development. The economic and political debate about the impact of migration is highly controversial. Recent contributions, however, show that owing to their complementarity with native people in terms of age and education, immigrants do not have any detrimental impact on income or productivity of host countries. In the long run, unskilled immigrants even seem to have a positive impact on host country productivity by affecting its total factor productivity and raising the equilibrium investment rate in the