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MOHAN MUNASINGHE, WILFRIDO CRUZ, and JEREMY WARFORD

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Gordon Hughes

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

John Cleave

This paper examines the policy implications of structural changes in financial markets. Domestic financial markets have become less segmented, and the major financial centers more integrated. At the same time, the structural changes in financial markets have improved efficiency by lowering intermediation costs, increasing the ability to hedge financial risks associated with currency, interest rate, and price volatility and opening up access to new sources of savings. The widespread application of computer and telecommunications technology to financial markets has permitted markets to process a significantly larger volume of transactions.

Mr. Ved P. Gandhi

Abstract

The International Monetary Fund (IMF) was founded in 1944 to promote international monetary stability and cooperation. It does this by providing policy advice, financing, and technical assistance to its member countries. The IMF’s policy advice is focused on members’ broad macroeconomic and structural policies. In recent years, observers have called on the IMF to pay closer attention to certain issues that do not fall directly within its mandate, such as the environment. The following questions and answers describe the IMF’s approach to environmental issues and when and how the IMF integrates environmental concerns into its work.

Mr. Ved P. Gandhi

Abstract

In recent years, observers have called on the IMF to pay closer attention to certain issues that do not fall directly within its mandate, such as the environment. This booklet reviews IMF's approach to environmental issues and when and how the IMF integrates environmental concerns into its work.

International Monetary Fund. Fiscal Affairs Dept.
This Climate Change Policy Assessment (CCPA) takes stock of the Federated States of Micronesia (FSM)’s climate response plans, from the perspective of their macroeconomic and fiscal implications. CCPA explores the possible impact of climate change and natural disasters and the cost of FSM’s planned response. It suggests macroeconomically relevant reforms that could strengthen the national strategy and identifies policy gaps and resource needs. FSM has made progress toward its Nationally Determined Contribution mitigation pledge by beginning to expand renewable power generation and improve its efficiency. The authorities plan to continue this and encourage the take-up of energy efficient building design and appliances. Accelerating adaptation investments is paramount, which requires addressing critical capacity constraints and increasing grant financing. It is recommended that FSM needs to increase its capacity to address natural disaster risks following the expiry of Compact-related assistance in 2023. It is advised to improve climate data collection and use, including on the costs of high and low intensity disasters and disaster response expenditure.
Mr. Muthukumara Mani and Mr. Per G. Fredriksson
We develop and test a theory of the rule of law and environmental policy formation. In our model an increase in the degree of rule of law has two opposing partial effects on environmental policy: first, a greater share of policy decisions are implemented according to law; second, industry bribery efforts increase because more is at stake. Moreover, we find that an increase in corruptibility of policymakers lowers the stringency of environmental policy. The empirical findings suggest that a greater degree of rule of law raises environmental policy stringency, but the effect is lower where corruptibility is high.