- A Missing Market for Work Permits (PDF) - Presentation by Michael Lokshin and Martin Ravallion, World Bank and Georgetown University.
A new World Bank policy research working paper, The Missing Market for Work Permits, points out that restrictions on international migration generate a missing market in work permits, with important policy implications.
While citizens have a right to accept any job offer in their country, that right is not marketable nor extended to foreigners. There is a missing market. One solution is to allow people to rent out their right-to-work for a period of their choice. On the other side of the market, foreigners can purchase time-bound work permits. Better social protection in host countries would thus be financed by tapping into unexploited gains from international migration.
Michael Lokshin, a Lead Economist with the World Bank, and Martin Ravallion, Edmond D. Villani Professor, Department of Economics, Georgetown University, discuss the policy ideas in the working paper. The discussion is chaired by Asli Demirgüç-Kunt, Chief Economist, Europe and Central Asia, World Bank.