By Tom Perfrement
Tom attended the 2016 World Bank and IMF Annual Meetings in Washington D.C. He is a UNSW Co-op Scholar studying a Bachelor of Chemical Engineering (Honours).
The World Bank and International Monetary Fund (IMF) represent a unique concentration of economic power and leadership and can directly influence the response to the global migration crisis. The number of refugees fleeing Syria has created economic and social pressures in the European Union (EU) where asylum seeker policy has failed to effectively allocate costs and responsibilities. The asymmetry of refugee hosting worldwide may also have created circumstances for further destabilization in the Middle East and extremist violence in Europe and this has led to calls for global action and further EU policy reform.
This policy paper evaluates the potential of a tradable refugee admission quota system (TRAQS) as an economically grounded market-based solution to the refugee crisis. Via a SWOT style analysis, the value of such a system is revealed in cost-efficiency advantages, incentive compatibility and equitability to all participating nations. The inclusive nature of the World Bank and IMF presents an ideal forum to monitor a TRAQS model. Ultimately, implementation must be structured around a number of fundamental legal and institutional principles, including international solidarity.Read More