Enhancing Macroeconomic Resilience To Natural Disasters And Climate Change In The Small States Of The Pacific
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Enhancing Macroeconomic Resilience To Natural Disasters And Climate Change In The Small States Of The Pacific
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Author : Ezequiel Cabezon
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-19
Enhancing Macroeconomic Resilience To Natural Disasters And Climate Change In The Small States Of The Pacific written by Ezequiel Cabezon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-19 with Nature categories.
Natural disasters and climate change are interrelated macro-critical issues affecting all Pacific small states to varying degrees. In addition to their devastating human costs, these events damage growth prospects and worsen countries’ fiscal positions. This is the first cross-country IMF study assessing the impact of natural disasters on growth in the Pacific islands as a group. A panel VAR analysis suggests that, for damage and losses equivalent to 1 percent of GDP, growth drops by 0.7 percentage point in the year of the disaster. We also find that, during 1980-2014, trend growth was 0.7 percentage point lower than it would have been without natural disasters. The paper also discusses a multi-pillar framework to enhance resilience to natural disasters at the national, regional, and multilateral levels and the importance of enhancing countries’ risk-management capacities. It highlights how this approach can provide a more strategic and less ad hoc framework for strengthening both ex ante and ex post resilience and what role the IMF can play.
Small States Resilience To Natural Disasters And Climate Change Role For The Imf
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-07-11
Small States Resilience To Natural Disasters And Climate Change Role For The Imf written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-11 with Nature categories.
Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.
Excerpt Resilience And Growth In The Small States Of The Pacific
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Author : Hoe Ee Khor
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-07
Excerpt Resilience And Growth In The Small States Of The Pacific written by Hoe Ee Khor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-07 with Nature categories.
This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.
A Possible Approach To Fiscal Rules In Small Islands Incorporating Natural Disasters And Climate Change
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Author : Ryota Nakatani
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-06
A Possible Approach To Fiscal Rules In Small Islands Incorporating Natural Disasters And Climate Change written by Ryota Nakatani and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-06 with Business & Economics categories.
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advantages of expenditure rules, especially a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This paper contributes to the literature and policy dialogue by theoretically analyzing the impact of natural disasters on debt sustainability and proposing fiscal rules against natural disasters and climate changes. Our fiscal policy framework is practically applicable for many developing countries facing increasing frequency and impact of natural disasters and climate change. Our rules-based fiscal framework is crucial for sustainable and countercyclical macroeconomic policies to build resilience against devastating natural hazards.
Strengthening Disaster Resilience In Small States
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Author : Wonderful Hope Khonje
language : en
Publisher: Commonwealth Secretariat
Release Date : 2019-10-07
Strengthening Disaster Resilience In Small States written by Wonderful Hope Khonje and has been published by Commonwealth Secretariat this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-07 with Business & Economics categories.
Strengthening Disaster Resilience in Small States: Commonwealth Perspectives offers timely and expert analysis of differentiated exposure of small states to natural disasters, including an examination of specific interventions for strengthening small states’ resilience to this phenomenon
Climate And Disaster Resilience Financing In Small Island Developing States
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2016-11-10
Climate And Disaster Resilience Financing In Small Island Developing States written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-10 with categories.
Storms, hurricanes, and cyclones have been a feature of life on Small Island Developing States (SIDS) for centuries. But climate change is now increasing the intensity of these disasters, as well as creating new developmental challenges - like rising sea levels and increasing ocean acidity - ...
Enhancing Resilience To Climate Change In The Maldives
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Author : Mr. Giovanni Melina
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-23
Enhancing Resilience To Climate Change In The Maldives written by Mr. Giovanni Melina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-23 with Business & Economics categories.
The increased likelihood of adverse climate-change-related shocks calls for building resilient infrastructure in the Maldives. Fulfilling these infrastructure needs requires a comprehensive analysis of investment plans, including with respect to their degree of climate resilience, their impact on future economic prospects, and their funding costs and sources. This paper analyzes these challenges, through calibrating a general equilibrium model. The main finding is that there is a significant dividend associated with building resilient infrastructure. Under worsened climate conditions, the cumulative output gain from investing in more resilient technologies increases up to a factor of two. However, given the Maldives’ limited fiscal space, particularly after COVID-19, the international community should also step up cooperation efforts. We also show that it is financially convenient for donors to help build resilience prior to the occurrence of a natural disasters rather than helping finance the reconstruction ex-post.
Solomon Islands
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-23
Solomon Islands written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-23 with Business & Economics categories.
This paper presents an overview of Solomon Islands’ economy. Although Solomon Islands is a small island state, low-income country that is severely affected by external shocks, including commodity price declines, natural disasters, and climate change, it has achieved considerable gains in terms of macroeconomic stability under the Extended Credit Facility program. Despite the low access, the program has been effective in catalyzing donor support. Economic growth in 2015 is estimated at 31⁄4 percent. Near-term prospects remain favorable but new sources of growth are needed over the medium term. Key policy recommendations have been discussed in the paper to further strengthen the economy of Solomon Islands.
International Monetary Fund Annual Report 2016
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-26
International Monetary Fund Annual Report 2016 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-26 with Business & Economics categories.
The year was marked by difficult challenges and milestone achievements. To reinvigorate modest growth at a time of uncertainty about a complicated global economy, the IMF membership endorsed a three-pronged approach of monetary, fiscal, and structural policies to get the world economy back on a stronger and safer growth track. Highlights of the IMF’s work during the year included entry into effect of its quota and governance reforms approved in 2010, which increase the Fund’s core resources and make it more representative of the membership; commitments for increased financial support, policy advice, expertise, and training to help low-income developing countries achieve the U.N. Sustainable Development Goals; analysis of the international monetary system; inclusion of the Chinese currency in the basket of currencies that make up the Special Drawing Right; and policy advice on the economic repercussions of mass migration of refugees from Syria and other conflict-afflicted states. The IMF Annual Report, which covers the period May 1, 2015 to April 30, 2016, discusses all of these issues, plus a wide range of policy matters that the Executive Board addressed during the year.
2017 Staff Guidance Note On The Fund S Engagement With Small Developing States
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-26
2017 Staff Guidance Note On The Fund S Engagement With Small Developing States written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-26 with Nature categories.
"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on these inputs, five key thematic areas (G.R.O.W.TH.) have been identified as central to the policy dialogue: • Growth and job creation. With small states experiencing relatively weak growth since the 1990s, Fund staff working on small states should ensure an explicit focus on growth in both surveillance and program-related work. • Resilience to shocks. Small states experience higher macroeconomic volatility and more frequent natural disasters. Staff should be ready to advise on how to tailor macroeconomic policies to provide greater resilience to shocks and climate change. • Overall competitiveness. Options to improve relative prices may include exchange rate adjustment (where possible) or measures supportive of internal devaluation (if not), and efforts to improve the business climate, including through regional initiatives. • Workable fiscal and debt sustainability options. With many small states having very high debt burdens, reducing debt to manageable levels requires sustained fiscal consolidation with supporting policies and structural reforms. In cases where the amount of adjustment needed to restore debt sustainability is not feasible or adequate financing is not available, debt restructuring may be needed. • Thin financial sectors. Developing deeper and more competitive, yet sound, financial sectors contributes to macroeconomic stability and enhances the effectiveness of policy interventions while strengthening competitiveness by improving business access to financial services."