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Western Hemisphere > Argentina

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Environmental Economics: Generale x
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Cover IMF Working Papers
The Scalability of Credit-Enhanced EM Climate Debt: What Role Can Guarantees, Collateralization, Securitizations, and Investment Funds Play?
Peter Lindner
,
Ananthakrishnan Prasad
, and
Jean-Marie Masse
This paper reviews the main types of credit enhancement approaches used to support climate debt issuances by EMDE borrowers. Fragmentation on the part of the providers of credit enhancements was identified as a major factor impeding scalability of credit-enhanced debt. The acceptance of credit-enhanced debt is also hampered by the structural characteristics of the capital markets, especially the fragmentation of the investor base. To place significant amounts of credit-enhanced climate debt with private sector investors, MDBs, DFIs, and other stakeholders should focus on simple and replicable debt structures. Securitizations and investment funds could help fund private sector climate investments in EMDEs.
Keywords:
Credit enhancements; blended finance; debt-for-climate swaps; climate mitigation; climate adaptation; climate finance; guarantees; securitization.; climate debt; B. credit enhancement; EMDE investor base; enhancement approach; replicable debt structure; capital market consideration; Bonds; Loans; Credit; Securities; Global
Cover IMF Working Papers
Public Debt Dynamics During the Climate Transition
Daniel Garcia-Macia
,
Waikei R Lam
, and
Anh D. M. Nguyen
Managing the climate transition presents policymakers with a tradeoff between achieving climate goals, fiscal sustainability, and political feasibility, which calls for a fiscal balancing act with the right mix of policies. This paper develops a tractable dynamic general equilibrium model to quantify the fiscal impacts of various climate policy packages aimed at reaching net zero emissions by mid-century. Our simulations show that relying primarily on spending measures to deliver on climate ambitions will be costly, possibly raising debt by 45-50 percent of GDP by 2050. However, a balanced mix of carbon-pricing and spending-based policies can deliver on net zero with a much smaller fiscal cost, limiting the increase in public debt to 10-15 percent of GDP by 2050. Carbon pricing is central not only as an effective tool for emissions reduction but also as a revenue source. Delaying carbon pricing action could increase costs, especially if less effective measures are scaled up to meet climate targets. Technology spillovers can reduce the costs but bottlenecks in green investment could unwind the gains and slow the transition.
Keywords:
Climate change; mitigation; public debt; carbon pricing; subsidies; public investment; industrial policies; dynamic general equilibrium.; technology spillover; investment bottleneck; No. 2024/71; mix of carbon-pricing; adjustment cost parameter; Emerging and frontier financial markets; Climate finance; Climate policy; Global
Cover Finance & Development
Finance & Development
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations
Cover Finance & Development
Finances & Développement, décembre 2009
International Monetary Fund. External Relations Dept.
Au sommaire de ce numéro, intitulé « La lutte contre le changement climatique au service d'une reprise verte » : le problème mondial du changement climatique. Maintenant que l'économie mondiale semble sur la voie de la reprise, les dirigeants cherchent à limiter les effets du changement climatique en agissant à l'échelle internationale. Ils devront en particulier concilier les mesures visant à atténuer les effets du changement climatique et les actions à mener pour stimuler la croissance et assurer la prospérité. Ce numéro de F&D aborde plusieurs questions soulevées par la crise : l’avenir de la macroéconomie, sur lequel s’interroge William White, ancien économiste en chef à la Banque des règlements internationaux, et les effets à long terme de la crise sur les États-Unis, la plus grande économie du monde. La rubrique «Paroles d’économistes» est consacrée à Joseph Stiglitz, le lauréat du prix Nobel qui «n’arrive pas à être respecté chez lui». Nous examinons aussi la nécessité de rééquilibrer la croissance en Asie, première région du monde à sortir de la récession, et cinq personnalités asiatiques influentes donnent leur avis sur le redressement fragile de la région. Dans la rubrique «Entre nous», Barbara Stocking, d’Oxfam, présente des arguments forts en faveur d’un accroissement de l’aide pour les plus démunis. «Gros plan» examine l’évolution de l’inflation, qui est devenue négative dans certains pays pendant la crise et dans «Le pour et le contre», des experts proposent des points de vue différents sur les envois de fonds des travailleurs émigrés à leur famille et amis restés au pays. « L’ABC de l’économie » explique les principes du commerce international.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations
Cover Finance & Development
Finance & Development
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations
Cover Finance & Development
Finanzas y Desarrollo, diciembre de 2009
International Monetary Fund. External Relations Dept.
En “Cambio climático: Estimular una recuperación verde” se aborda el problema del cambio climático. Con la recuperación de la economía mundial aparentemente en marcha, las autoridades buscan maneras de limitar el impacto del cambio climático con medidas internacionales de gran alcance. Uno de los desafíos es conjugar las medidas para mitigar el cambio climático con las medidas en pro del crecimiento y la prosperidad. En este número de F&D se examinan además otras cuestiones planteadas por la crisis, como el futuro de la macroeconomía, en un artículo de William White, ex Economista Jefe del Banco de Pagos Internacionales; y el efecto a largo plazo de la crisis en Estados Unidos, la economía más grande del mundo. En “Gente del mundo de la economía” se entrevista a Joseph Stiglitz, el premio Nobel que “no es nada respetado en su propio país”. Analizamos también la necesidad de reequilibrar el crecimiento en Asia, que está a la cabeza de la recuperación mundial, y entrevistamos al respecto a cinco influyentes personajes de esa región. En “Hablando claro”, Barbara Stocking, de Oxfam, presenta argumentos de peso para incrementar la ayuda a los más vulnerables del mundo. En “Un vistazo a las cifras” se analizan las tendencias de la inflación, que cayó en terreno negativo en algunos países durante la crisis; y en “Punto y contrapunto” dos expertos debaten las ventajas y desventajas de las remesas de los trabajadores emigrantes a sus familias y amigos. En “Vuelta a lo esencial” se repasan aspectos básicos del comercio internacional.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations
Cover Finance & Development
Finance & Development
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations
Cover Finance & Development
Finance & Development, December 2009
International Monetary Fund. External Relations Dept.
Climate Change: Stimulating a Green Recovery” looks at the global problem of climate change. With the world apparently on an economic recovery path, policymakers are looking at ways to limit the impact of climate change through broad international action. One of the challenges is to balance actions to mitigate climate change with measures to stimulate growth and prosperity. This issue of F&D also examines a variety of issues raised by the crisis—including the future of macroeconomics, explored by William White, former chief economist at the Bank for International Settlements, and the longer-term impact of the crisis on the United States, the world’s largest economy. Our “People in Economics” profile spotlights Joseph Stiglitz, the Nobel Laureate who “can’t get any respect at home.” We also look at the need for rebalancing growth in Asia, which is leading the world out of recession, and we interview five influential Asians on the region’s fragile rebound. We turn our “Straight Talk” column over to Barbara Stocking of Oxfam, who makes a forceful case for stepping up help to the most vulnerable around the world. “Data Spotlight” looks at trends in inflation, which has fallen into negative territory in some countries during the crisis, and in “Point-Counterpoint,” two experts discuss the pros and cons of remittances—funds repatriated by migrant workers to family and friends back home. “Back to Basics” gives a primer on international trade.
Keywords:
FD; F&D; economist; financial crisis; economy; price; G20 industrial nations; CPI inflation; economies rate; exchange rate regime; country analysis; scars of the crisis; data spotlight; Exchange rate arrangements; Climate change; Fiscal stimulus; Remittances; Global; Asia and Pacific; East Asia; Africa; Western Europe
Cover IMF Working Papers
Lending Resumption After Default: Lessons from Capital Markets During the 19th Century
Mr. Juan Sole
This paper mines the experience of capital markets during the 19th century to propose an alternative way of interpreting international default episodes. The standard view is that defaulting on sovereign debt entails exclusion from capital markets. Yet we have observed multiple instances of sovereign debt default in which the reaction of lenders was not the one predicted by the punishment story: in some cases, lending ceased for long periods, but in others it was not interrupted. This paper claims that the reaction of lenders after default stems from the additional knowledge about the borrower that lenders acquire during these episodes. The lending relationship is modeled in a costly state-verification environment in which governments have private information about their investment projects (good or bad). It is shown that, in the event of default, it is worthwhile for lenders to find out more about the type of project, and then interrupt lending only if the project is believed to be a bad one.
Keywords:
WP; net present value; disp-formula id