Policy Trade Offs In Building Resilience To Natural Disasters

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Policy Trade-Offs in Building Resilience to Natural Disasters: The Case of St. Lucia

Alessandro Cantelmo,Mr.Leo Bonato,Mr.Giovanni Melina,Mr.Gonzalo Salinas
Policy Trade Offs in Building Resilience to Natural Disasters The Case of St Lucia Book PDF

Author : Alessandro Cantelmo,Mr.Leo Bonato,Mr.Giovanni Melina,Mr.Gonzalo Salinas
Publisher : International Monetary Fund
Page : 18 pages
File Size : 48,7 Mb
Release : 2019-03-08
Category : Nature
ISBN : 9781498303422

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Policy Trade-Offs in Building Resilience to Natural Disasters: The Case of St. Lucia by Alessandro Cantelmo,Mr.Leo Bonato,Mr.Giovanni Melina,Mr.Gonzalo Salinas Pdf

Resilience to climate change and natural disasters hinges on two fundamental elements: financial protection —insurance and self-insurance— and structural protection —investment in adaptation. Using a dynamic general equilibrium model calibrated to the St. Lucia’s economy, this paper shows that both strategies considerably reduce the output loss from natural disasters and studies the conditions under which each of the two strategies provides the best protection. While structural protection normally delivers a larger payoff because of its direct dampening effect on the cost of disasters, financial protection is superior when liquidity constraints limit the ability of the government to rebuild public capital promptly. The estimated trade-off is very sensitive to the efficiency of public investment.

Policy Trade-offs in Building Resilience to Natural Disasters

Anonim
Policy Trade offs in Building Resilience to Natural Disasters Book PDF

Author : Anonim
Publisher : Unknown
Page : 18 pages
File Size : 42,5 Mb
Release : 2019
Category : Electronic
ISBN : OCLC:1293373650

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Policy Trade-offs in Building Resilience to Natural Disasters by Anonim Pdf

Resilience to climate change and natural disasters hinges on two fundamental elements: financial protection —insurance and self-insurance— and structural protection —investment in adaptation. Using a dynamic general equilibrium model calibrated to the St. Lucia’s economy, this paper shows that both strategies considerably reduce the output loss from natural disasters and studies the conditions under which each of the two strategies provides the best protection. While structural protection normally delivers a larger payoff because of its direct dampening effect on the cost of disasters, financial protection is superior when liquidity constraints limit the ability of the government to rebuild public capital promptly. The estimated trade-off is very sensitive to the efficiency of public investment.

Building Resilience to Natural Disasters: An Application to Small Developing States

Ricardo Marto,Mr.Chris Papageorgiou,Mr.Vladimir Klyuev
Building Resilience to Natural Disasters An Application to Small Developing States Book PDF

Author : Ricardo Marto,Mr.Chris Papageorgiou,Mr.Vladimir Klyuev
Publisher : International Monetary Fund
Page : 28 pages
File Size : 55,8 Mb
Release : 2017-10-30
Category : Business & Economics
ISBN : 9781484326299

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Building Resilience to Natural Disasters: An Application to Small Developing States by Ricardo Marto,Mr.Chris Papageorgiou,Mr.Vladimir Klyuev Pdf

We present a dynamic small open economy model to explore the macroeconomic impact of natural disasters. In addition to permanent damages to public and private capital, the disaster causes temporary losses of productivity, inefficiencies during the reconstruction process, and damages to the sovereign's creditworthiness. We use the model to study the debt sustainability concerns that arise from the need to rebuild public infrastructure over the medium term and analyze the feasibility of ex ante policies, such as building adaptation infrastructure and fiscal buffers, and contrast these policies with the post-disaster support provided by donors. Investing in resilient infrastructure may prove useful, in particular if it is viewed as complementary to standard infrastructure, because it raises the marginal product of private capital, crowding in private investment, while helping withstand the impact of the natural disaster. In an application to Vanuatu, we find that donors should provide an additional 50% of pre-cyclone GDP in grants to be spent over the following 15 years to ensure public debt remains sustainable following Cyclone Pam. Helping the government build resilience on the other hand, reduces the risk of debt distress and at lower cost for donors.

Building Resilience in Developing Countries Vulnerable to Large Natural Disasters

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept
Building Resilience in Developing Countries Vulnerable to Large Natural Disasters Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 55 pages
File Size : 52,5 Mb
Release : 2019-06-26
Category : Nature
ISBN : 9781498321020

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Building Resilience in Developing Countries Vulnerable to Large Natural Disasters by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept Pdf

This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.

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 : 48,7 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.

Barbados

International Monetary Fund. Western Hemisphere Dept.
Barbados Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 134 pages
File Size : 43,9 Mb
Release : 2022-12-16
Category : Business & Economics
ISBN : 9798400227516

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Barbados by International Monetary Fund. Western Hemisphere Dept. Pdf

Despite a series of economic shocks, Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan since the government led by Prime Minister Mia Mottley took office in May 2018. Macroeconomic stability was restored with a combination of comprehensive sovereign debt restructuring, fiscal consolidation, and structural reforms to reduce fiscal dominance and enhance growth. International reserves have increased to US$1.4 billion by end-September 2022 from a historical low of US$220 million in 2018. While fiscal consolidation was interrupted by the COVID-19 pandemic, public debt was put back on a downward path starting in FY2021/22. Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the authorities have requested a successor EFF program along with a Resilience and Sustainability Facility (RSF) to strengthen fiscal sustainability, support the structural reform agenda, and increase resilience to climate change.

Jamaica

International Monetary Fund. Western Hemisphere Dept.
Jamaica Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 115 pages
File Size : 47,6 Mb
Release : 2023-03-07
Category : Business & Economics
ISBN : 9798400237034

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Jamaica by International Monetary Fund. Western Hemisphere Dept. Pdf

Jamaica has built a strong track record of investing in institutions and prioritizing macroeconomic stability. This aided the country to adapt to the difficult global environment of the past few years. The authorities provided targeted support to the economy during the pandemic but promptly scaled it back as conditions normalized. Similarly, in the wake of the war in Ukraine, domestic food and energy prices were left to adjust to shifts in international markets while targeted support was provided to the poor. The economy is expected to continue its post-COVID recovery, with inflation returning to the central bank’s target range by end-2023. The outlook is subject to downside risks from potential new COVID waves, higher commodity prices, a global slowdown, and tighter than expected global financial conditions.

Barbados: 2021 Article IV Consultation, Sixth Review Under the Extended Arrangement Under the Extended Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report

International Monetary,International Monetary Fund. Western Hemisphere Dept.
Barbados 2021 Article IV Consultation Sixth Review Under the Extended Arrangement Under the Extended Facility and Request for Modification of Performance Criteria Press Release and Staff Report Book PDF

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 124 pages
File Size : 44,6 Mb
Release : 2021-12-17
Category : Business & Economics
ISBN : 9781616356583

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Barbados: 2021 Article IV Consultation, Sixth Review Under the Extended Arrangement Under the Extended Facility, and Request for Modification of Performance Criteria-Press Release; and Staff Report by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

While Barbados has been making good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth, it continues to face major challenges owing to the global pandemic. International reserves have increased to US$1.4 billion by October 2021 supported by IFI loans. This, and a successful 2018-19 public debt restructuring, have helped rebuild confidence in the country’s macroeconomic framework. However, a virtual standstill in the tourism sector during the pandemic took a significant toll in 2020, with the economy contracting by 18 percent. While Barbados was successful in containing the outbreak during 2020, renewed COVID-19 waves weighed on the economic recovery in 2021. In addition, Barbados was hit by the twin natural disaster shocks of volcanic ashfalls from neighboring St. Vincent in April and category 1 hurricane Elsa in July. Economic growth is projected at 1.6 percent for 2021 premised on a modest recovery of tourism towards the end of 2021—down from 3 percent projected at the time of the fifth EFF review. The outlook remains highly uncertain, and risks are elevated.

St. Lucia

International Monetary Fund. Western Hemisphere Dept.
St Lucia Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 69 pages
File Size : 40,6 Mb
Release : 2018-06-21
Category : Business & Economics
ISBN : 9781484362747

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St. Lucia by International Monetary Fund. Western Hemisphere Dept. Pdf

This paper takes stock of St. Lucia’s plans to manage climate change, from the perspective of their macroeconomic implications, and suggests macro-relevant reforms that could strengthen the likelihood of success of the national strategy. To meet its renewable energy plans, St. Lucia will need to mobilize private investment. External assistance will be needed to develop supporting infrastructure. Building capacity for project assessment and investment promotion is a high priority, to shape needed investments into bankable projects. Elsewhere, capacity-building would be most useful to help cost sectoral plans, complete the disaster-preparedness strategy, move toward carbon taxation, and strengthen skills in public investment management and public financial management.

Macroeconomic Outcomes in Disaster-Prone Countries

Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Mr.Chris Papageorgiou
Macroeconomic Outcomes in Disaster Prone Countries Book PDF

Author : Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Mr.Chris Papageorgiou
Publisher : International Monetary Fund
Page : 52 pages
File Size : 47,7 Mb
Release : 2019-10-11
Category : Nature
ISBN : 9781513517292

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Macroeconomic Outcomes in Disaster-Prone Countries by Mr.Alessandro Cantelmo,Mr.Giovanni Melina,Mr.Chris Papageorgiou Pdf

Using a dynamic stochastic general equilibrium model, we study the channels through which natural disaster shocks affect macroeconomic outcomes and welfare in disaster-prone countries. We solve the model using Taylor projection, a solution method that is shown to deal effectively with high-impact weather shocks calibrated in accordance to empirical evidence. We find large and persistent effects of weather shocks that significantly impact the income convergence path of disaster-prone countries. Relative to non-disaster-prone countries, on average, these shocks cause a welfare loss equivalent to a permanent fall in consumption of 1.6 percent. Welfare gains to countries that self-finance investments in resilient public infrastructure are found to be negligible, and international aid has to be sizable to achieve significant welfare gains. In addition, it is more cost-effective for donors to contribute to the financing of resilience before the realization of disasters, rather than disbursing aid after their realization.

Planning and Mainstreaming Adaptation to Climate Change in Fiscal Policy

Emanuele Massetti,Mr. Matthieu Bellon
Planning and Mainstreaming Adaptation to Climate Change in Fiscal Policy Book PDF

Author : Emanuele Massetti,Mr. Matthieu Bellon
Publisher : International Monetary Fund
Page : 28 pages
File Size : 42,5 Mb
Release : 2022-03-23
Category : Business & Economics
ISBN : 9798400201950

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Planning and Mainstreaming Adaptation to Climate Change in Fiscal Policy by Emanuele Massetti,Mr. Matthieu Bellon Pdf

This Staff Climate Note is part of a series of three Notes (IMF Staff Climate Note 2022/001, 2022/002, and 2022/003) that discuss fiscal policies for climate change adaptation. A first Note (Bellon and Massetti 2022, henceforth Note 1) examines the economic principles that can guide the integration of climate change adaptation into fiscal policy. It argues that climate change adaptation should be part of a holistic, sustainable, and equitable development strategy. To maximize the impact of scarce resources, governments need to prioritize among all development programs, including but not limited to adaptation. To this end, they can use cost-benefit analysis while ensuring that the decision-making process reflects society’s preferences about equity and uncertainty. A second Note (Aligishiev, Bellon, and Massetti. 2022, henceforth Note 2) discusses the macro-fiscal implications of climate change adaptation. It reviews evidence on the effectiveness of adaptation at reducing climate change damages, on residual risks, and on adaptation investment needs, and suggests ways to integrate climate risks and adaptation costs into national macro-fiscal frameworks with the goal of guiding fiscal policy. It stresses that lower-income vulnerable countries, which have typically not contributed much to climate change, face exacerbated challenges that warrant increased international support. This third Note considers how to translate adaptation principles and estimates of climate impacts into effective policies.

Handbook on the Economics of Disasters

Skidmore, Mark
Handbook on the Economics of Disasters Book PDF

Author : Skidmore, Mark
Publisher : Edward Elgar Publishing
Page : 515 pages
File Size : 49,6 Mb
Release : 2022-10-13
Category : Social Science
ISBN : 9781839103735

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Handbook on the Economics of Disasters by Skidmore, Mark Pdf

Evaluating the myriad dimensions of how disasters can affect economic activity and decision-making, this cutting-edge Handbook presents a timely analysis of the conditions that reduce or exacerbate disaster impacts. Addressing developments in research on disaster economics, internationally recognized scholars combine theoretical considerations with empirical methods to expand and improve the field of disaster mitigation.

Unbreakable

Stephane Hallegatte,Adrien Vogt-Schilb,Mook Bangalore,Julie Rozenberg
Unbreakable Book PDF

Author : Stephane Hallegatte,Adrien Vogt-Schilb,Mook Bangalore,Julie Rozenberg
Publisher : World Bank Publications
Page : 198 pages
File Size : 52,8 Mb
Release : 2016-11-24
Category : Nature
ISBN : 9781464810046

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Unbreakable by Stephane Hallegatte,Adrien Vogt-Schilb,Mook Bangalore,Julie Rozenberg Pdf

'Economic losses from natural disasters totaled $92 billion in 2015.' Such statements, all too commonplace, assess the severity of disasters by no other measure than the damage inflicted on buildings, infrastructure, and agricultural production. But $1 in losses does not mean the same thing to a rich person that it does to a poor person; the gravity of a $92 billion loss depends on who experiences it. By focusing on aggregate losses—the traditional approach to disaster risk—we restrict our consideration to how disasters affect those wealthy enough to have assets to lose in the first place, and largely ignore the plight of poor people. This report moves beyond asset and production losses and shifts its attention to how natural disasters affect people’s well-being. Disasters are far greater threats to well-being than traditional estimates suggest. This approach provides a more nuanced view of natural disasters than usual reporting, and a perspective that takes fuller account of poor people’s vulnerabilities. Poor people suffer only a fraction of economic losses caused by disasters, but they bear the brunt of their consequences. Understanding the disproportionate vulnerability of poor people also makes the case for setting new intervention priorities to lessen the impact of natural disasters on the world’s poor, such as expanding financial inclusion, disaster risk and health insurance, social protection and adaptive safety nets, contingent finance and reserve funds, and universal access to early warning systems. Efforts to reduce disaster risk and poverty go hand in hand. Because disasters impoverish so many, disaster risk management is inseparable from poverty reduction policy, and vice versa. As climate change magnifies natural hazards, and because protection infrastructure alone cannot eliminate risk, a more resilient population has never been more critical to breaking the cycle of disaster-induced poverty.

Samoa: Technical Assistance Report—Climate Macroeconomic Assessment Program

International Monetary,International Monetary Fund. Fiscal Affairs Dept.
Samoa Technical Assistance Report Climate Macroeconomic Assessment Program Book PDF

Author : International Monetary,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 62 pages
File Size : 44,9 Mb
Release : 2022-03-21
Category : Business & Economics
ISBN : 9798400205569

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Samoa: Technical Assistance Report—Climate Macroeconomic Assessment Program by International Monetary,International Monetary Fund. Fiscal Affairs Dept. Pdf

Samoa is highly exposed to natural hazards such as tropical cyclones, earthquakes, tsunamis, droughts, and floods. These damage economic growth and impact debt sustainability adversely. Increasing frequency and intensity of coastal storms are likely to amplify damage to infrastructure and livelihoods. Slow-moving climate stresses such as sea level rise and increasing heat hazard are also likely to impact potential growth in the main economic sectors such as agriculture, fisheries, and tourism.

Fiscal Policies for Paris Climate Strategies—from Principle to Practice

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Policies for Paris Climate Strategies from Principle to Practice Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 109 pages
File Size : 53,8 Mb
Release : 2019-05-02
Category : Business & Economics
ISBN : 9781498310796

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Fiscal Policies for Paris Climate Strategies—from Principle to Practice by International Monetary Fund. Fiscal Affairs Dept. Pdf

This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options.