Debt Growth And Natural Disasters A Caribbean Trilogy

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Debt, Growth and Natural Disasters A Caribbean Trilogy

Sebastian Acevedo Mejia
Debt Growth and Natural Disasters A Caribbean Trilogy Book PDF

Author : Sebastian Acevedo Mejia
Publisher : International Monetary Fund
Page : 47 pages
File Size : 45,5 Mb
Release : 2014-07-16
Category : Business & Economics
ISBN : 9781498333740

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Debt, Growth and Natural Disasters A Caribbean Trilogy by Sebastian Acevedo Mejia Pdf

This paper seeks to determine the effects that natural disasters have on per capita GDP and on the debt to GDP ratio in the Caribbean. Two types of natural disasters are studied –storms and floods– given their prevalence in the region, while considering the effects of both moderate and severe disasters. I use a vector autoregressive model with exogenous natural disasters shocks, in a panel of 12 Caribbean countries over a period of 40 years. The results show that both storms and floods have a negative effect on growth, and that debt increases with floods but not with storms. However, in a subsample I find that storms significantly increase debt in the short and long run. I also find weak evidence that debt relief contributes to ease the negative effects of storms on debt.

Caribbean Small States - Challenges of High Debt and Low Growth

International Monetary Fund. Western Hemisphere Dept.
Caribbean Small States Challenges of High Debt and Low Growth Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 23 pages
File Size : 49,8 Mb
Release : 2013-02-23
Category : Business & Economics
ISBN : 9781498342261

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Caribbean Small States - Challenges of High Debt and Low Growth by International Monetary Fund. Western Hemisphere Dept. Pdf

This paper presents background on Caribbean small states as context for the main paper, “Macroeconomic Issues in Small States and Implications for Fund Engagement.” It draws on recent analytical work presented at a conference for policy makers in September 2012, in Trinidad and Tobago. Caribbean small states, while sharing many features of other small states (size-related macroeconomic vulnerabilities, lack of economies of scale, and capacity constraints) have specific characteristics which merit attention

Debt, Growth and Natural Disasters A Caribbean Trilogy

Sebastian Acevedo Mejia
Debt Growth and Natural Disasters A Caribbean Trilogy Book PDF

Author : Sebastian Acevedo Mejia
Publisher : International Monetary Fund
Page : 47 pages
File Size : 45,7 Mb
Release : 2014-07-16
Category : Business & Economics
ISBN : 9781498337601

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Debt, Growth and Natural Disasters A Caribbean Trilogy by Sebastian Acevedo Mejia Pdf

This paper seeks to determine the effects that natural disasters have on per capita GDP and on the debt to GDP ratio in the Caribbean. Two types of natural disasters are studied –storms and floods– given their prevalence in the region, while considering the effects of both moderate and severe disasters. I use a vector autoregressive model with exogenous natural disasters shocks, in a panel of 12 Caribbean countries over a period of 40 years. The results show that both storms and floods have a negative effect on growth, and that debt increases with floods but not with storms. However, in a subsample I find that storms significantly increase debt in the short and long run. I also find weak evidence that debt relief contributes to ease the negative effects of storms on debt.

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean

Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Excerpt Unleashing Growth and Strengthening Resilience in the Caribbean Book PDF

Author : Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 33 pages
File Size : 49,8 Mb
Release : 2017-09-29
Category : Business & Economics
ISBN : 9781484322154

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Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Unleashing Growth and Strengthening Resilience in the Caribbean

Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Unleashing Growth and Strengthening Resilience in the Caribbean Book PDF

Author : Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 378 pages
File Size : 49,9 Mb
Release : 2017-11-13
Category : Business & Economics
ISBN : 9781484315194

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Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Small States Resilience to Natural Disasters and Climate Change - Role for the IMF

International Monetary Fund
Small States Resilience to Natural Disasters and Climate Change Role for the IMF Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 99 pages
File Size : 53,6 Mb
Release : 2016-07-11
Category : Nature
ISBN : 9781498345095

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Small States Resilience to Natural Disasters and Climate Change - Role for the IMF by International Monetary Fund Pdf

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.

The Economic Impact of Natural Disasters in Pacific Island Countries: Adaptation and Preparedness

Dongyeol Lee,Huan Zhang,Chau Nguyen
The Economic Impact of Natural Disasters in Pacific Island Countries Adaptation and Preparedness Book PDF

Author : Dongyeol Lee,Huan Zhang,Chau Nguyen
Publisher : International Monetary Fund
Page : 37 pages
File Size : 43,6 Mb
Release : 2018-05-10
Category : Nature
ISBN : 9781484353288

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The Economic Impact of Natural Disasters in Pacific Island Countries: Adaptation and Preparedness by Dongyeol Lee,Huan Zhang,Chau Nguyen Pdf

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.

How to Manage the Fiscal Costs of Natural Disasters

Mr.Serhan Cevik,Guohua Huang
How to Manage the Fiscal Costs of Natural Disasters Book PDF

Author : Mr.Serhan Cevik,Guohua Huang
Publisher : International Monetary Fund
Page : 18 pages
File Size : 41,7 Mb
Release : 2018-06-11
Category : Nature
ISBN : 9781484359457

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How to Manage the Fiscal Costs of Natural Disasters by Mr.Serhan Cevik,Guohua Huang Pdf

This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.

Sovereign Debt Crises

Juan Pablo Bohoslavsky,Kunibert Raffer
Sovereign Debt Crises Book PDF

Author : Juan Pablo Bohoslavsky,Kunibert Raffer
Publisher : Cambridge University Press
Page : 309 pages
File Size : 53,8 Mb
Release : 2017-11-02
Category : Business & Economics
ISBN : 9781316510445

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Sovereign Debt Crises by Juan Pablo Bohoslavsky,Kunibert Raffer Pdf

Contributes to a better understanding of the policy, economic, and legal options of countries struggling with debt problems.

Corporate versus National Interest in US Trade Policy

Richard L. Bernal
Corporate versus National Interest in US Trade Policy Book PDF

Author : Richard L. Bernal
Publisher : Springer Nature
Page : 283 pages
File Size : 43,7 Mb
Release : 2020-10-31
Category : Business & Economics
ISBN : 9783030569501

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Corporate versus National Interest in US Trade Policy by Richard L. Bernal Pdf

This book provides a history of the WTO US-EU banana dispute through the lens of a major actor: the US-owned multinational firm, Chiquita Brands International. It documents and explains how Chiquita succeeded in having the Clinton administration pursue a trade policy of forcing the European Union to dismantle its preferential banana import regime for exports from the small English-speaking Caribbean (ESC) countries. The export of bananas was critically important to the social stability and economic viability of these countries and that was in the national security interest of the United States. The experience indicates that succeeding in this goal was detrimental to U.S. national security interest in the Caribbean.

Managing Climate Risks, Facing up to Losses and Damages

OECD
Managing Climate Risks Facing up to Losses and Damages Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 360 pages
File Size : 52,7 Mb
Release : 2021-11-01
Category : Electronic
ISBN : 9789264439665

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Managing Climate Risks, Facing up to Losses and Damages by OECD Pdf

This report addresses the urgent issue of climate-related losses and damages. Climate change is driving fundamental changes to the planet with adverse impacts on human livelihoods and well-being, putting development gains at risk.

Why Some Don’t Belong—The Distributional Effects of Natural Disasters

Mrs. Nina Budina,Lixue Chen,Laura Nowzohour
Why Some Don t Belong The Distributional Effects of Natural Disasters Book PDF

Author : Mrs. Nina Budina,Lixue Chen,Laura Nowzohour
Publisher : International Monetary Fund
Page : 49 pages
File Size : 50,6 Mb
Release : 2023-01-06
Category : Business & Economics
ISBN : 9798400229428

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Why Some Don’t Belong—The Distributional Effects of Natural Disasters by Mrs. Nina Budina,Lixue Chen,Laura Nowzohour Pdf

When and how do natural disasters worsen within-country income inequality? We highlight the channels through which natural disasters may have distributional effects and empirically analyze when and which type of disasters affect inequality in advanced economies (AEs) and in emerging and developing economies (EMDEs). We find that in AEs inequality increases after severe disasters. We also find that inequality increases if severe disasters are associated with growth slowdowns or there are multiple disasters in a year in AEs and in EMDEs. Descriptive evidence for the US also suggests that adverse labor market effects of disasters are likely to fall on vulnerable groups.

Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific

Ezequiel Cabezon,Ms.Leni Hunter,Ms.Patrizia Tumbarello,Kazuaki Washimi,Mr.Yiqun Wu
Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific Book PDF

Author : Ezequiel Cabezon,Ms.Leni Hunter,Ms.Patrizia Tumbarello,Kazuaki Washimi,Mr.Yiqun Wu
Publisher : International Monetary Fund
Page : 37 pages
File Size : 41,5 Mb
Release : 2015-06-19
Category : Nature
ISBN : 9781513525792

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Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific by Ezequiel Cabezon,Ms.Leni Hunter,Ms.Patrizia Tumbarello,Kazuaki Washimi,Mr.Yiqun Wu Pdf

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.

Eastern Caribbean Currency Union

International Monetary Fund. Western Hemisphere Dept.
Eastern Caribbean Currency Union Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 67 pages
File Size : 55,8 Mb
Release : 2019-02-22
Category : Business & Economics
ISBN : 9781498300100

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Eastern Caribbean Currency Union by International Monetary Fund. Western Hemisphere Dept. Pdf

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.

St. Vincent and the Grenadines

International Monetary Fund. Western Hemisphere Dept.
St Vincent and the Grenadines Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 54 pages
File Size : 47,5 Mb
Release : 2015-09-14
Category : Business & Economics
ISBN : 9781513540313

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St. Vincent and the Grenadines by International Monetary Fund. Western Hemisphere Dept. Pdf

This 2014 Article IV Consultation highlights that St. Vincent and the Grenadines’ economic recovery from the global economic crisis has been curbed by a series of significant natural disasters. These, combined with the economic downturn following the global financial crisis, have prevented the economy from returning to its long-term potential real GDP growth. The overall fiscal balance is estimated to have narrowed to 4.75 percent of GDP in 2014. After an estimated 1.1 percent growth rate in 2014, growth is projected to pick up modestly to 2.1 percent in 2015 on improvements in tourism and agriculture and enhanced implementation of much-needed rehabilitation and reconstruction projects.