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Cristian Alonso and Mr. Joey Kilpatrick
While a carbon tax is widely acknowledged as an efficient policy to mitigate climate change, adoption has lagged. Part of the challenge resides in the distributional implications of a carbon tax and a belief that it tends to be regressive. Even when not regressive, poor households could be hurt by a carbon tax, particularly in countries that rely heavily on carbon-intensive energy sources. Using household surveys, we study how a carbon tax may affect households in the Asia Pacific region, the main source of CO2 emissions. We document a wide range of country-specific policies that could be implemented to compensate households, reduce inequality, and build support for adoption.
Cristian Alonso and Mr. Joey Kilpatrick

Electricity Access References FIGURES 1. Cumulative CO2 Emissions, 1750–2020 2. Share of Annual Fuel Combustion Emissions, 2001–2019 3. Per Capita Emissions from Fuel Combusiont, 2000–2019 4. Average Price per Ton of Carbon by Region, 2022 5. Increase in the Price of Energy Goods Induced by a Carbon Tax of $50 per Ton 6. Burden of Higher Prices by Quintile for a Carbon Tax of $50 per Ton 7. Burden of Higher Prices by Quintile and Income per Capita 8. Burden of Lower Labor Income 9. Burden of Higher Prices and Lower Labor Income by Quintile 10. Fiscal

Peter J. Quirk

proceeds between countries of vastly dissimilar per capita income levels. Within a country, of course, income redistribution effects must obviously be taken into account. Another set of issues concerns the pricing of energy vis-à-vis other factors of production. Although recent evidence is far from conclusive, it suggests that in the short term to medium term, energy complements capital and largely substitutes for labor. If conservation is to take place, therefore, the relative prices of energy goods would have to rise against wages. Complementarity does not imply that

Cristian Alonso and Mr. Joey Kilpatrick

percent). Gasoline prices would increase by 7 to 20 percent in most economies, but by around 30 percent in Indonesia and Mongolia. The price of diesel in Indonesia would increase by 45 percent, but the change would be much smaller for the rest of the economies, ranging from 9 to 22 percent. Figure 5. Increase in the Price of Energy Goods Induced by a Carbon Tax of $50 per Ton (Percent) Source: CPAT. The impact of higher energy prices on household welfare would vary widely across the region ( Figure 6 ). On average, it would vary from around 1.2 percent

Ms. Era Dabla-Norris, Mr. James Daniel, Mr. Masahiro Nozaki, Cristian Alonso, Vybhavi Balasundharam, Mr. Matthieu Bellon, Chuling Chen, David Corvino, and Mr. Joey Kilpatrick

lower labor income in the energy sector and evaluate country-specific compensatory policies. Industry and firm-level data are used to show the heterogenous impacts of carbon taxation on industries, firms, and workers. Mitigating the Impact of Carbon Pricing on Households A carbon tax affects households based on their consumption choices and employment status. Higher carbon prices affect households directly by raising the prices of energy goods, and indirectly through the effect on the price of other goods. To assess the distributional implications, we conduct

International Monetary Fund. External Relations Dept.
This paper highlights that the 1980 Annual Meeting of the Board of Governors of the IMF affirmed the willingness of the IMF to evolve, under its charter, to meet new circumstances; but in some ways there was a departure from the past. Two substantive problems dominated the Meeting: the persistence of high inflation as a worldwide problem and the large payments deficits engulfing the non-oil developing countries. There was general agreement that these were the immediate threats to international monetary stability.
Ms. Era Dabla-Norris, Mr. James Daniel, Mr. Masahiro Nozaki, Cristian Alonso, Vybhavi Balasundharam, Mr. Matthieu Bellon, Chuling Chen, David Corvino, and Mr. Joey Kilpatrick
Climate change is one of the greatest challenges facing policymakers worldwide, and the stakes are particularly high for Asia and the Pacific. This paper analyzes how fiscal policy can address challenges from climate change in Asia and the Pacific. It aims to answer how policymakers can best promote mitigation, adaptation, and the transition to a low-carbon economy, emphasizing the economic and social implications of reforms, potential policy trade-offs, and country circumstances. The recommendations are grounded in quantitative analysis using country-specific estimates, and granular household, industry, and firm-level data.