Policy Trade Offs In Building Resilience To Natural Disasters The Case Of St Lucia

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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 : 48,9 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 : 45,9 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.

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 : 50,5 Mb
Release : 2019-03-08
Category : Nature
ISBN : 9781498302654

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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.

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 : 42,7 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.

St. Lucia

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

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 86 pages
File Size : 41,9 Mb
Release : 2018-06-20
Category : Business & Economics
ISBN : 9781484362617

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

This 2018 Article IV Consultation highlights that the GDP growth in St. Lucia reached 3 percent in 2017, sustained by robust activity in several sectors. Favorable external conditions, coupled with hotel expansions and the addition of new flights, generated a strong recovery in tourism, with stay-over arrivals rising by 11 percent, the fastest growth in the Caribbean. Backed by strong tourism inflows, the current account balance strengthened. Unemployment declined from 21.3 percent in 2016 to 20.2 percent in 2017, but youth unemployment remains high at 38.5 percent and labor force participation has fallen. The short-term outlook is favorable, but prospects beyond that are sobering. GDP growth is expected to remain buoyant in the near term.

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 : 41,6 Mb
Release : 2018-06-21
Category : Business & Economics
ISBN : 9781484362761

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

St. Lucia has been a leader among vulnerable Caribbean states in prioritizing a response to climate change, both nationally and in international fora. Its Nationally Determined Contribution (NDC) submission to the Paris Agreement outlines a balanced mitigation strategy backed by costed investment plans, and a qualitative adaptation strategy with identified priority sectors. A National Adaptation Plan (NAP) process was launched in April 2018. This paper takes stock of St. Lucia’s plans to manage climate change, from the perspective of their macroeconomic implications. It suggests macro-relevant reforms that could strengthen the likelihood of success of the national strategy and identifies policy gaps and resource needs.

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 : 43,7 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.

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 : 51,6 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.

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 : 40,8 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.

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 : 49,8 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.

Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries

International Monetary Fund. Strategy, Policy, & Review Department
Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 136 pages
File Size : 49,7 Mb
Release : 2022-08-08
Category : Business & Economics
ISBN : 9798400216862

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Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note provides operational guidance for the use of the Sovereign Risk and Debt Sustainability Framework (SRDSF), which replaces the Debt Sustainability Framework for Market Access Countries. The SRDSF introduces improvements in organization, methodology, transparency, and communication when analyzing public debt issues in countries that mainly finance themselves with market-based debt. After its phased adoption beginning [June 2022], it will become the Fund’s principal tool for assessing public debt sustainability.

Macro-Fiscal Implications of Adaptation to Climate Change

Mr. Zamid Aligishiev,Emanuele Massetti,Mr. Matthieu Bellon
Macro Fiscal Implications of Adaptation to Climate Change Book PDF

Author : Mr. Zamid Aligishiev,Emanuele Massetti,Mr. Matthieu Bellon
Publisher : International Monetary Fund
Page : 46 pages
File Size : 44,7 Mb
Release : 2022-03-23
Category : Business & Economics
ISBN : 9798400201608

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Macro-Fiscal Implications of Adaptation to Climate Change by Mr. Zamid Aligishiev,Emanuele Massetti,Mr. Matthieu Bellon Pdf

Adaptation to climate change is an integral part of sustainable development and a necessity for advanced and developing economies alike. How can adaptation be planned for and mainstreamed into fiscal policy? Setting up inclusive coordination mechanisms and strengthening legal foundations to incorporate climate change can be a prerequisite. This Note identifies four building blocks: 1. Taking stock of present and future climate risks, identifying knowledge and capacity gaps, and establishing guidance for next steps. 2. Developing adaptation solutions. This block can be guided by extending the IMF three-pillar disaster resilience strategy to address changes in both extreme and average weather and would cover the prevention of risks, the alleviation of residual risks, and macro-fiscal resilience. 3. Mainstreaming these solutions into government operations. This requires strengthening public financial management institutions by factoring climate risks and adaptation plans into budgets and macro-frameworks, and in the management of public investment, assets and liabilities. 4. Providing for transparent evaluations to inform future plans. This involves continually monitoring progress and regularly updating adaptation plans.

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 : 51,8 Mb
Release : 2017-10-30
Category : Business & Economics
ISBN : 9781484324745

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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.

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development

International Monetary Fund. Strategy, Policy, & Review Department
Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 47 pages
File Size : 53,8 Mb
Release : 2019-06-03
Category : Business & Economics
ISBN : 9781498318082

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Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national tax systems; (ii) tackling large infrastructure gaps; (iii) promoting economic inclusion; (iv) the development of domestic financial markets; (v) intensifying engagement in fragile and conflict-affected states; (vi) improving economic statistics; (vii) expanding the financial safety net for developing countries; and (viii) addressing macroeconomic aspects of climate change. The implementation record to date shows that there has been a large scaling up of IMF support for the 2030 development agenda. The IMF has also engaged in other initiatives of direct relevance for supporting the 2030 development agenda, including adopting a framework to assess corruption vulnerabilities and developing a broad framework for assessing the spending levels needed to reach key SDGs. The paper draws lessons learned from the implementation of the various initiative to inform future IMF engagements.

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 : 45,8 Mb
Release : 2019-02-22
Category : Business & Economics
ISBN : 9781498300162

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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.