The Generational Welfare Analysis of International Labor Migraitons

Young Deak Yoon
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Young Deak Yoon: Pusan National University

Korean Economic Review, 1992, vol. 8, 175-190

Abstract: We examine the pattern of international migration and the generational welfare implications of international labor migration by utilizing dual approach of overlapping generational model in the context of dynamic general equilibrium. Unlike the Galor (1986) bilateral migration is possible as well as unilateral migration when the two countries are characterized by dynamic efficiency. It turns out that Golden-Rule effect and terms-of-trade effect are major elements in determining the steady-state welfare implications. Unilateral migration, in contrast to traditional results, may immiserizes the welfare of non-migrant future generations in the immigra-tion country but, unlike the Galor's result (1986), may improve it if the terms-of-trade effect dominates the Golden-Rule effect while making the non-migrant future generations in the emigration country at least as well off. Bilateral migration im-proves the welfare of the nonmigrant future generation in the high time-preference country but may improve or worsen the welfare of nonmigrant future generations in the low time-of-trade effect dominates the Golden-Rule effect or not. Short-run welfare analysis is also conducted.

Date: 1992
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