This Selected Issues paper presents a quantification of the long-term benefits of ex-ante resilient investment and insurance needs against natural disasters (ND) in Eastern Caribbean Currency Union (ECCU). Cost-benefit analysis of resilient investment based on a dynamic stochastic general equilibrium model tailored to small states and calibrated to all ECCU economies is also discussed in the paper. The model’s aggregate production function illustrates the interaction among the participating sectors and their contribution to output, ultimately informing the role of resilient investment. The study also quantifies government insurance coverage needs and costs using an empirical stochastic model that simulates NDs fiscal costs. The insurance needs are framed within the World Bank insurance layering framework. The results in this paper underscore the importance of a shift from ex-post recovery to a focus on ex-ante resilience building. Ex-ante resilient investment and insurance are key to the welfare and financial sustainability of the ECCU, given high intensity and recurrence of NDs.
The Eastern Caribbean Currency Union (ECCU) has made significant progress in improving the quality and quantity of the macroeconomic statistics it produces and disseminates to the public. The Selected Issues Paper discusses prospects and challenges for credit unions in the ECCU. It reviews the current state of macroeconomic statistics, outlines progress that has been made, and identifies outstanding challenges. It also describes technical assistance to the region and presents the challenges for the production of macroeconomic statistics in small island states.
The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.
'The IMF and the World Bank at Sixty' presents a selection of essays prepared for the Group of Twenty-Four Developing Nations (G24), by some of the foremost authorities in their fields, which address these challenges and suggest the need for reform in several areas. These essays have one fundamental aim: to improve the functioning of the global economy and to better enable developing countries to share in the prosperity of recent decades.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
The Eastern Caribbean Currency Union (ECCU) has made significant progress in improving the quality and quantity of the macroeconomic statistics it produces and disseminates to the public. The Selected Issues Paper discusses prospects and challenges for credit unions in the ECCU. It reviews the current state of macroeconomic statistics, outlines progress that has been made, and identifies outstanding challenges. It also describes technical assistance to the region and presents the challenges for the production of macroeconomic statistics in small island states.
This is an open access book. The start of the 21st century has seen the world shaken by protests, from the Arab Spring to the Yellow Vests, from the Occupy movement to the social uprisings in Latin America. There are periods in history when large numbers of people have rebelled against the way things are, demanding change, such as in 1848, 1917, and 1968. Today we are living in another time of outrage and discontent, a time that has already produced some of the largest protests in world history. This book analyzes almost three thousand protests that occurred between 2006 and 2020 in 101 countries covering over 93 per cent of the world population. The study focuses on the major demands driving world protests, such as those for real democracy, jobs, public services, social protection, civil rights, global justice, and those against austerity and corruption. It also analyzes who was demonstrating in each protest; what protest methods they used; who the protestors opposed; what was achieved; whether protests were repressed; and trends such as inequality and the rise of women’s and radical right protests. The book concludes that the demands of protestors in most of the protests surveyed are in full accordance with human rights and internationally agreed-upon UN development goals. The book calls for policy-makers to listen and act on these demands.