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Western Hemisphere > Belize

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Economic Development, Innovation, Technological Change, and Growth x
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Cover IMF Working Papers
Waiting for Godot? The Case for Climate Change Adaptation and Mitigation in Small Island States
Mr. Serhan Cevik
Global warming is the most significant threat to ecosystems and people’s health and living standards, especially in small island states in the Caribbean and elsewhere. This paper contributes to the debate by analyzing different options to scale up climate change mitigation and adaptation. In particular, the empirical analysis indicates that increasing energy efficiency and reducing the use of fossil fuel in electricity generation could lead to a significant reduction in carbon emissions, while investing in physical and financial resilience would yield long-run benefits. From a risk-reward perspective, the advantages of reducing the risks associated with climate change and the health benefits from higher environmental quality clearly outweigh the potential cost of climate change mitigation and adaptation in the short run. The additional revenue generated by environmental taxes could be used to compensate the most vulnerable households, building a multilayered safety net, and strengthening structural resilience.
Keywords:
Climate change; decarbanization; energy efficiency; mitigation; adaptation; carbon tax; green financing; climate change mitigation; risk-reward perspective; Island state; adaptation strategy; climate change adaptation; Greenhouse gas emissions; Natural disasters; Caribbean; Global
Cover IMF Working Papers
Meeting the Sustainable Development Goals in Small Developing States with Climate Vulnerabilities: Cost and Financing
Johanna Tiedemann
,
Veronica Piatkov
,
Dinar Prihardini
,
Juan Carlos Benitez
, and
Ms. Aleksandra Zdzienicka
Small Developing States (SDS) face substantial challenges in achieving sustainable development. Many of these challenges relate to the small size and limited diversification of their economies. SDS are also among the most vulnerable countries to the impact of climate change and natural disasters. Meeting SDS sustainable development goals goes hand-in-hand with building their climate resilience. But the additional costs to meet development and resilience objectives are substantial and difficult to finance. This work adapts the IMF SDG Costing methodology to capture the unique characteristics and challenges of climate-vulnerable SDS. It also zooms into financing options, estimating domestic tax potential and discussing the possibility of accessing ‘climate funds.’
Keywords:
Sustainable Development; Climate Resilience; Small Developing States.; WP; development goal; face difficulty; Growth-Climate Nexus; income group; Small Developing States; borrowing space; financial support; concentrate effort; face exposure; sectoral plan; private sector investment; Infrastructure; Income; Climate change; Global; Caribbean; East Africa; Middle East; North Africa
Cover IMF Working Papers
Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration
Abdullah Al-Hassan
,
Mary E. Burfisher
,
Mr. Julian T Chow
,
Ding Ding
,
Fabio Di Vittorio
,
Dmitriy Kovtun
,
Arnold McIntyre
,
Ms. Inci Ötker
,
Marika Santoro
,
Lulu Shui
, and
Karim Youssef
Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.
Keywords:
WP; sovereign state; common market; ECCU authorities; labor market; CARICOM state; OECS authorities; factor market; average revenue; CARICOM economy; banking sector; CARICOM trade; trade cost; national budget; CARICOM member; Tax incentives; Regional integration; Caribbean; Global; Europe; exercise authority; Economic integration; CARICOM; CSME; Cooperation
Cover IMF Working Papers
Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and Policy Options
Mr. Trevor Serge Coleridge Alleyne
,
Mr. Jacques Bouhga-Hagbe
,
Mr. Thomas Dowling
,
Dmitriy Kovtun
,
Ms. Alla Myrvoda
,
Mr. Joel Chiedu Okwuokei
, and
Mr. Jarkko Turunen
Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.
Keywords:
WP; respondent bank; BIS bank liability; bank service; CBR transaction; central bank; Caribbean; small states; corrrespondent banking; AML/CFT; remittances; fintech; loss of CBR; banks in the Caribbean; Correspondent banking; Anti-money laundering and combating the financing of terrorism (AML/CFT); Offshore financial centers; Commercial banks; Compliance costs; Global
Cover IMF Working Papers
Saving in Latin America and the Caribbean: Performance and Policies
Mr. Francesco Grigoli
,
Alexander Herman
, and
Klaus Schmidt-Hebbel
This paper analyzes saving patterns and determinants in Latin America and the Caribbean (LAC), including key policy variables and regimes. The review of previous empirical studies on LAC saving reveals contradictions and omissions. This paper presents empirical results of an extensive search of determinants of private and public saving rates, adding previously neglected variables (including different measures of key external prices and macroeconomic policy regimes), in linear form and in interactions with other saving determinants. It analyzes statistical differences in saving determinants between LAC and the rest of the world in a nested econometric framework, and discusses differences across three country subgroups within LAC. The results highlight commonalities and differences in saving behavior between LAC and other world regions, as well as within LAC, identifying the role of key policy variables and regimes.
Keywords:
WP; growth rate; LAC subgroup; private sector; consumption; private saving; public saving; Latin America; saving rate; LAC saving; saving effect; saving determinant; oil exporter; standard deviation; LAC oil exporter; discount factor raise saving; household saving; LAC dummy; Private savings; Technology transfer; Fiscal rules; Inflation targeting; Income; Middle East and Central Asia; Asia and Pacific; Europe