Climate Change Mitigation and Policy Spillovers in the EU’s Immediate Neighborhood

Climate Change Mitigation and Policy Spillovers in the EU’s Immediate Neighborhood

Author: Mr. Serhan Cevik

Publisher: International Monetary Fund

Published: 2023-12

Total Pages: 39

ISBN-13:

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EU’s neighborhood countries (EUN) have lagged the EU on emissions mitigation; coal-heavy power generation and industrial sectors are a key factor. They have also trailed EU countries in emissions mitigation policies since 2000, with little use of market-based instruments, and they still have substantial fossil fuel subsidies. Increasingly stringent EU mitigation policies are asociated with lower emissions in EUN. Overall output effects of the CBAM, in its current form, would be limited, though exports and emissions-intensive industries could be heavily impacted. A unilaterally adopted economywide carbon tax of $75 per ton would significantly lower emissions by 2030, with minimal consequences for output or household welfare, though a safety net for the affected workers may be necessary. To become competitive today by attracting green FDI and technology, overcoming infrastructure constraints and integrating into EU’s supply chains, EUN countries would be well served to front load decarbonization, rather than postpone it for later.


Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Author: Signe Krogstrup

Publisher: International Monetary Fund

Published: 2019-09-04

Total Pages: 58

ISBN-13: 1513511955

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Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.


Shock Waves

Shock Waves

Author: Stephane Hallegatte

Publisher: World Bank Publications

Published: 2015-11-23

Total Pages: 227

ISBN-13: 1464806748

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Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.


Fiscal Politics

Fiscal Politics

Author: Vitor Gaspar

Publisher: International Monetary Fund

Published: 2017-04-07

Total Pages: 548

ISBN-13: 1475547900

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Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.


Second-Generation Fiscal Rules

Second-Generation Fiscal Rules

Author: Luc Eyraud

Publisher: International Monetary Fund

Published: 2018-04-13

Total Pages: 132

ISBN-13: 1484350685

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Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog


Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies

Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2021-12-01

Total Pages: 262

ISBN-13: 9292691163

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High and persistent levels of nonperforming loans (NPLs) have featured prominently in recent financial crises. This book traces NPL trends during and after crises, examines the economic impact of high NPLs, and compares the effectiveness of NPL resolution strategies across economies in Asia and Europe. The book distills important lessons from the experiences of economies using case studies and empirical investigation of ways to resolve NPLs. These findings can be invaluable in charting a course through the financial and economic fallout of the coronavirus disease (COVID-19) pandemic to recovery and sustained financial stability in Asia, Europe, and beyond.


Gender, Technology, and the Future of Work

Gender, Technology, and the Future of Work

Author: Mariya Brussevich

Publisher: International Monetary Fund

Published: 2018-10-08

Total Pages: 36

ISBN-13: 1484379764

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New technologies?digitalization, artificial intelligence, and machine learning?are changing the way work gets done at an unprecedented rate. Helping people adapt to a fast-changing world of work and ameliorating its deleterious impacts will be the defining challenge of our time. What are the gender implications of this changing nature of work? How vulnerable are women’s jobs to risk of displacement by technology? What policies are needed to ensure that technological change supports a closing, and not a widening, of gender gaps? This SDN finds that women, on average, perform more routine tasks than men across all sectors and occupations?tasks that are most prone to automation. Given the current state of technology, we estimate that 26 million female jobs in 30 countries (28 OECD member countries, Cyprus, and Singapore) are at a high risk of being displaced by technology (i.e., facing higher than 70 percent likelihood of being automated) within the next two decades. Female workers face a higher risk of automation compared to male workers (11 percent of the female workforce, relative to 9 percent of the male workforce), albeit with significant heterogeneity across sectors and countries. Less well-educated and older female workers (aged 40 and above), as well as those in low-skill clerical, service, and sales positions are disproportionately exposed to automation. Extrapolating our results, we find that around 180 million female jobs are at high risk of being displaced globally. Policies are needed to endow women with required skills; close gender gaps in leadership positions; bridge digital gender divide (as ongoing digital transformation could confer greater flexibility in work, benefiting women); ease transitions for older and low-skilled female workers.


Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

Author: Zohair Alam

Publisher: International Monetary Fund

Published: 2019-03-22

Total Pages: 57

ISBN-13: 149830270X

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This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.


Climate Change 2014

Climate Change 2014

Author: Groupe d'experts intergouvernemental sur l'évolution du climat

Publisher:

Published: 2015

Total Pages: 151

ISBN-13: 9789291691432

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