Self Insurance Against Natural Disasters The Use Of Pension Funds In Pacific Island Countries
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Self Insurance Against Natural Disasters The Use Of Pension Funds In Pacific Island Countries
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Author : Mr.Si Guo
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06
Self Insurance Against Natural Disasters The Use Of Pension Funds In Pacific Island Countries written by Mr.Si Guo 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 2018-07-06 with Business & Economics categories.
Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.
Fiscal Buffers For Natural Disasters In Pacific Island Countries
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Author : Hidetaka Nishizawa
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-12
Fiscal Buffers For Natural Disasters In Pacific Island Countries written by Hidetaka Nishizawa 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 2019-07-12 with Nature categories.
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Fiscal Buffers For Natural Disasters In Pacific Island Countries
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Author : Hidetaka Nishizawa
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-12
Fiscal Buffers For Natural Disasters In Pacific Island Countries written by Hidetaka Nishizawa 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 2019-07-12 with Nature categories.
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Solomon Islands
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-08
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 2018-11-08 with Business & Economics categories.
Solomon Islands has made substantial progress since the Tensions in the early 2000s but faces considerable economic and governance challenges and is highly vulnerable to natural disasters. The logging industry confronts depletion and new sources of growth are needed. Governance challenges are significant, stemming from weak oversight of the resource sectors, a lack of transparency and a need to strengthen public financial management.
The Economic Impact Of Natural Disasters In Pacific Island Countries Adaptation And Preparedness
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Author : Dongyeol Lee
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-10
The Economic Impact Of Natural Disasters In Pacific Island Countries Adaptation And Preparedness written by Dongyeol Lee 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 2018-05-10 with Business & Economics categories.
Pacific island countries are highly vulnerable to various natural disasters which are destructive, unpredictable and occur frequently. The frequency and scale of these shocks heightens the importance of medium-term economic and fiscal planning to minimize the adverse impact of disasters on economic development. This paper identifies the intensity of natural disasters for each country in the Pacific based on the distribution of damage and population affected by disasters, and estimates the impact of disasters on economic growth and international trade using a panel regression. The results show that “severe” disasters have a significant and negative impact on economic growth and lead to a deterioration of the fiscal and trade balance. We also find that the negative impact on growth is stronger for more intense disasters. Going further this paper proposes a simple and consistent method to adjust IMF staff’s economic projections and debt sustainability analysis for disaster shocks for the Pacific islands. Better incorporating the economic impact of natural disasters in the medium- and long-term economic planning would help policy makers improve fiscal policy decisions and to be better adapted and prepared for natural disasters.
Vanuatu
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-13
Vanuatu 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 2019-06-13 with Business & Economics categories.
Four years after Cyclone Pam struck Vanuatu causing extensive damages, reconstruction is near completion with full recovery in sight. The authorities are now focused on implementing their broader development plans that were slowed by the rebuilding process, which will require fiscal discipline and reforms to maintain debt sustainability. The authorities should continue their constructive engagement with development partners for technical assistance, capacity development, and concessional and grant-based funding. In parallel continuing to reform and strengthen the governance of institutions and removing vulnerabilities to corruption will be important.
Earthquake Insurance In Turkey
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2006-01-01
Earthquake Insurance In Turkey written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Business & Economics categories.
The persistent potential for large scale natural disasters has become a real concern for the Turkish government since the late 1990s, which ultimately led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP). Among the main rationale of the creation of the TCIP were a grave government fiscal exposure to natural disasters and a disproportionately low level of catastrophe insurance penetration for such a disaster-prone country. Since the commencement of this program in 2000, the TCIP has provided coverage to more than 2 million households, being by far the largest insurance program in the country. In four years, the TCIP has managed to become one of the most trusted brand names in the Turkish insurance industry, and one of the largest catastrophe insurance pools in the world. Its success has also brought an international recognition, inspiring more than a dozen of countries world wide. The TCIP experience has also been a watershed for the World Bank as it has led to a rethinking of the roles of ex ante risk management relative to ex post donor support. This book presents the main technical imperatives and challenges in the development and the implementation of the TCIP and shows how a public-private partnership may be the way forward in the financing of natural disasters. If offers valuable advise and guidelines to policymakers involved in the development of catastrophe insurance programs.
Assessing Chile S Pension System Challenges And Reform Options
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Author : Samuel Pienknagura
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-10
Assessing Chile S Pension System Challenges And Reform Options written by Samuel Pienknagura 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 2021-09-10 with Business & Economics categories.
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Dull Disasters
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Author : Daniel Jonathan Clarke
language : en
Publisher: Oxford University Press
Release Date : 2016
Dull Disasters written by Daniel Jonathan Clarke and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Nature categories.
Economic losses from disasters are now reaching an average of US$250--$300 billion a year. In the last 20 years, more than 530,000 people died as a direct result of extreme weather events; millions more were seriously injured. Most of the deaths and serious injuries were in developing countries. Meanwhile, highly infectious diseases will continue to emerge or re-emerge, and natural hazards will not disappear. But these extreme events do not need to turn into large-scale disasters. Better and faster responses are possible. The authors contend that even though there is much generosity in the world to support the responses to and recovery from natural disasters, the current funding model, based on mobilizing financial resources after disasters take place, is flawed and makes responses late, fragmented, unreliable, and poorly targeted, while providing poor incentives for preparedness or risk reduction. The way forward centres around reforming the funding model for disasters, moving towards plans with simple rules for early action and that are locked in before disasters through credible funding strategies while resisting the allure of post-disaster discretionary funding and the threat it poses for those seeking to ensure that disasters have a less severe impact. -- Provided by publisher.
Grenada
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-03
Grenada written by International Monetary Fund. Fiscal Affairs 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 2019-07-03 with Business & Economics categories.
Grenada has made significant strides to counter climate change but meeting the daunting remaining challenges will require domestic policy actions and sustained international support. Climate change is an existential threat to Grenada. Increasing frequency and intensity of coastal storms threatens infrastructure and livelihoods, as do increased risk of coastal flooding and drought. Notably, Hurricane Ivan in 2004 caused damages of over 200 percent of GDP. Grenada has recognized this by placing climate resilience at the center of its policy making and forging strategic alliances with key global climate finance providers. However, the challenges facing the country remain daunting and will require large increases in international support, both financial and technical, to assist the Grenadian authorities turn their impressive resilience plans into action.