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Western Hemisphere > Dominica

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Investment; Capital; Intangible Capital; Capacity x
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Cover IMF Working Papers
The Macroeconomic Returns of Investment in Resilience to Natural Disasters under Climate Change: A DSGE Approach
Emilio Fernández Corugedo
,
Andres Gonzalez
, and
Mr. Alejandro D Guerson
This paper presents a Markov switching dynamic stochastic general equilibrium model designed to evaluate the macroeconomic return of adaptation investment to natural disasters (NDs) and the impact of climate change. While the model follows the existing literature in assuming that NDs destroy a share of the public and private capital stocks and a government that can invest in adaptation at an additional cost, it adds several features that are key to the analysis, both in the near (transition) and long (steady state) terms. Those include incomplete markets, financial frictions with collateral constraints, foreign remittances, full menu of tax and government spending instruments, and endogenous climate risk premium. The model is calibrated to the case of Dominica. It finds that NDs have large and persistent negative effects on output and public finances. It also shows that adaptation investment has large returns in terms of private investment, employment, output and tax revenue in the long term, especially under climate change.
Keywords:
natural disasters; climate change; DSGE; resilient capital; financial frictions; Dominica; climate adaptation policies; adaptation investment; investment producer; government spending instrument; endogenous climate risk premium; ND event; moment calibration summary; Consumption; Return on investment; Caribbean; Global
Cover IMF Staff Country Reports
Dominica: Disaster Resilience Strategy
International Monetary Fund. Western Hemisphere Dept.
Dominica is among the countries most vulnerable to natural disasters and climate change. During 1997-2017, it was the country with highest GDP losses to climate-related natural disasters and ranked in the top 10 percent among 182 countries for climate-related fatalities. Following a huge devastation, owing to back-to-back major storms in 2015 and 2017, Dominica announced its intention to become the first disaster resilient nation. In 2019, it was agreed with the government that the Fund, in consultation and collaboration with other development partners, would provide support for preparing a Disaster Resilience Strategy (DRS), a comprehensive plan including policies, cost, and financing to build resilience against natural disasters.
Keywords:
DRS policy; D. DRS Cost; Dominica economy; financing gap; draft DRS; Natural disasters; Climate change; Infrastructure; Insurance; Caribbean; Global
Cover IMF Working Papers
Strengthening Public Investment Management in the Eastern Caribbean Currency Union: Getting more bang for the dollar!
Mr. A. E. Wayne Mitchell
,
Ann Marie Wickham
, and
Mr. Manuel Rosales Torres
The quality and stock of infrastructure vary widely across countries of the Eastern Carribbean Currency Union and are inadequate to achieve the desired higher growth and social development. Given relatively low investment rates in the region, one solution is to invest more. However this paper shows that governments can also narrow their infrastructure and service gaps significantly by improving expenditure efficiency and strengthening public investment management systems.
Keywords:
WP; investment; ECCU country; cost; physical capital; ECCU member government; efficiency gap; investment planning; private sector; ICT system; government spending; ECCU member country; Infrastructure; Public investment and public-private partnerships (PPP); Public investment spending; Capital spending; Caribbean; Expenditure Efficiency; Public Investment Management