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Middle East and Central Asia > Saudi Arabia

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

  • Type: Journal Issue x
  • Environmental policy x
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Cover Staff Discussion Notes
Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies
Mrs. Nina Budina
,
Mr. Christian H Ebeke
,
Ms. Florence Jaumotte
,
Andrea Medici
,
Augustus J Panton
,
Marina M. Tavares
, and
Bella Yao
In the aftermath of the COVID-19 pandemic, emerging market and developing economies are grappling with economic scarring, social tension, and reduced policy space. Policy actions are already urgently needed to boost growth in the near term and support the ongoing green transition. At the same time, high public debt and persistently high inflation have constrained policy space, posing difficult policy trade-offs. This Staff Discussion Note focuses on emerging market and developing economies and proposes a framework for prioritization, packaging, and sequencing of macrostructural reforms to accelerate growth, alleviate policy trade-offs, and support the green transition. The note shows that prioritizing the removal of the most binding constraints on economic activity, bundling reforms (governance, business deregulation, and external sector reforms), and appropriate sequencing of other reforms (such as labor market and credit sector reforms) can help front-load reform gains. In emerging market and developing economies with large initial structural gaps, the estimated output effects of such a major reform package are sizable—about 4 percent in two years and 8 percent in four years. Achieving higher growth and lower absolute carbon emissions over time requires a well-designed strategy that includes both macrostructural and green reforms.
Keywords:
policy trade-off; climate policy stringency; policy space; policy action; developing economy; Emerging and frontier financial markets; Structural reforms; Climate policy; Greenhouse gas emissions; Global; Caribbean
Cover IMF Working Papers
Cross-Border Risks of a Global Economy in Mid-Transition
Etienne Espagne
,
William Oman
,
Jean-François Mercure
,
Romain Svartzman
,
Ulrich Volz
,
Hector Pollitt
,
Gregor Semieniuk
, and
Emanuele Campiglio
This paper analyzes the cross-border risks that could result from a decarbonization of the world economy. We develop a typology of cross-border risks and their respective channels. Our qualitative and quantitative scenario analysis suggests that the mid-transition – a period during which fossil-fuel and low-carbon energy systems co-exist and transform at a rapid pace – could have profound stability and resilience implications for global trade and the international financial system.
Keywords:
Climate change; transition risks; cross-border risks; trade; international money and finance.; asset purchase; energy export; baseline export; baseline GDP; cost of capital; Non-renewable resources; Climate policy; Exports; Global
Cover Departmental Papers
Economic and Environmental Benefits from International Cooperation on Climate Policies
Jean Chateau
,
Ms. Florence Jaumotte
, and
Gregor Schwerhoff
This paper discusses and analyzes various international mechanisms to scale up global action on climate mitigation and address the policy gap in this area. Despite the new commitments made at COP 26, there is still an ambition and a policy gap at the global level to keep temperature increases below the 2°C agreed in Paris. Avoiding the worst outcomes of climate change requires an urgent scaling up of climate policies. Recent policy proposals include the idea of common minimum carbon prices, which underlie the IMF’s international carbon price proposal (Parry, Black, and Roaf 2021) and the climate club proposal of the German government. While global carbon prices are not a new idea, the new elements are the use of carbon price floors—which allow countries to do more if they wish—and the differentiation of carbon price floors by level of development. In the absence of international coordination, countries with ambitious climate policies are considering introducing a border carbon adjustment mechanism to prevent domestic producers from being at a competitive disadvantage due to more ambitious domestic climate policies. An interesting question from the global perspective is whether border carbon adjustment would deliver substantial additional emissions reductions or incentivize other countries to join a carbon price floor agreement.
Keywords:
climate policy; border carbon adjustment; international coordination; global minimum carbon prices; ICPF scenario; carbon price floor agreement; B. policy scenario overview; baseline emission projection; GDP cost; Greenhouse gas emissions; Climate policy; Climate change; Global; Africa; East Asia; Caribbean