 My talk is entitled diaspora externalities, a view from the south. Economists define externalities as things or phenomena that affect the well-being, the welfare of people, not through the market, but through broader schemes, broader mechanisms. An externality, for example, if you smoke and this is damaging the welfare of someone else, this is an externality, a negative one, or if that person likes the smell of your smoke, then that's a positive externality. So why diasporas are an externality, because people move the broad for their own good, for the good of their loved ones, but not for the good or bad of their country. And yet, these diasporas affect the home countries of migrants, mostly developing countries through many different ways. I am presenting a natural experiment on trade and migration using refugees that came from Vietnam to the U.S. At the time there was no trade, because it was after the Vietnam War, there was an embargo on trade. These refugees have been deployed in different U.S. states, independently of future trade potential with Vietnam. Then 20 years later, the embargo was lifted and the states that happened to receive more Vietnamese refugees in the 70s, in the second half of the 70s, happened to trade significantly more with Vietnam once the embargo was lifted. So the key takeaway is that diaspora matters and can be tremendously useful for the integration of the home countries in the international economy. But I think the new thing is to be able to put numbers, to say this is now evidence-based. When you have 10% more migrants, then that should increase your trade by about your exports by about 1%. Hopefully, this evidence will contribute to make policymaking more rational and based, and not just on opinions, but also on facts, which are quantified.