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Ruchir Agarwal and Ms. Gita Gopinath
Pandemics and epidemics pose risks to lives, societies, and economies, and their frequency is expected to increase as rising trade and increased human interaction with animals leads to the emergence of new diseases. The COVID-19 pandemic teaches us that we can and must be better prepared, with scope for much greater global coordination to address the financing, supply-chain, and trade barriers that amplified the pandemic’s economic costs and contributed to the emergence of new variants. This paper draws seven early lessons from the COVID-19 pandemic that could inform future policy priorities and help shape a better global response to future crises.
Ruchir Agarwal and Ms. Gita Gopinath

much greater global coordination. While it is too early for a full accounting of the global response to the pandemic, in this paper we draw seven early lessons from the COVID-19 pandemic that could inform the global response in the future. This paper complements recent work on financing for future pandemics and for the global commons (for example, G20 HLIP 2021; Pandemic Preparedness Partnership 2021 ; Agarwal, Farrar, Gopinath, Hatchett, and Sands 2022 ). II. Seven Financing and Trade Lessons from COVID-19 The factors that have led to amplification of the

Ruchir Agarwal and Ms. Gita Gopinath

Copyright Page © 2022 International Monetary Fund WP/22/97 IMF Working Paper Research Department Seven Finance and Trade Lessons from COVID-19 for Future Pandemics Prepared by Ruchir Agarwal and Gita Gopinath Authorized for distribution by Pierre-Olivier Gourinchas May 2022 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate . The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board

Benjamin Jones and Mr. Michael Keen

recent commitment by G-20 members to eliminate subsidies is an important step, both in itself and as an example for others. Tax or cap and trade: lessons from the crisis The crisis may strengthen the preference many economists have for emission taxes over cap-and-trade systems (the two main instruments for pricing carbon). The fall in the demand for ETS permits in the European Union is a powerful reminder that policy is set with imperfect knowledge of future mitigation costs. This uncertainty creates important differences between the two. If a carbon tax rather

Mary Amiti

of Price Distortions in Open Economies ,” Journal of International Economics , Vol. 4 , pp. 365 - 86 . López , Ramón and Arvind Panagariya , 1992 , “ On the Theory of Piecemeal Tariff Reform: The Case of Pure Imported Intermediate Inputs ,” American Economic Review , Vol. 82 ( 3 ), pp. 615 - 625 . Michaely , Michael , Demetris Papageorgiou , and Armeane Choksi , 1991 ,. Liberalizing Foreign Trade: Lessons of Experience in the Developing World , Oxord : Blackwell , 1991 . Michalopoulos , Constantine , 1999 , “ Trade Policy

International Monetary Fund
This paper analyses the economic costs of current agricultural policies in Turkmenistan. It argues that the opportunity cost of continuing with these policies is very high for the budget, the average farmer, and the economy as a whole. The paper calls for the development of nontraditional agricultural crops, which are more profitable than wheat and cotton in the international commodity markets, and a comprehensive and sustained reform strategy for the agricultural sector.
International Monetary Fund

,” Journal of Political Economy , Chicago , August , pp. 327 – 45 . Krueger , Anne ( 1966 ) “ Some Economic Costs of Exchange Control: The Turkish Case ,” Journal of Political Economy , Chicago , August , pp. 466 – 480 . Lerman , Zvi , Jorge Garcia-Garcia and Dennis Wichelns ( 1996 ), “ Land and Water Policies in Uzbekistan ,” Post-Soviet Geography , 37 ( 3 ), pp. 145 - 174 . Michaely , Michael , et. al. ( 1991 ), Liberalizing Foreign Trade, Lessons of Experience in the Developing World , Volume 7 , Basil Blackwell Inc

Mary Amiti
This paper analyzes whether uniform tariffs give rise to the highest welfare compared with tariffs that either escalate or de-escalate along the value chain of production. We show that countries may be better off with de-escalating tariffs where tariff rates are higher on intermediate inputs and lower on final goods. The key point is that higher tariffs can encourage agglomeration of intermediate input suppliers and final goods producers in one country. With high tariffs on intermediate inputs, the benefits of close proximity to final goods producers may outweigh the benefits of locating according to comparative advantage, which is more likely when the share of intermediate inputs in producing final goods is high. De-escalating tariffs yield the highest welfare when the benefits of agglomeration are very high. These benefits of agglomeration accrue to both countries in the form of lower prices.
Ruchir Agarwal and Tristan Reed

Agarwal , Ruchir , and Gaule , Patrick . ( 2022 ). “ What drives innovation? Lessons from COVID-19 R&D .” Journal of Health Economics, 102591 . Agarwal , Ruchir , and Gita Gopinath . ( 2021 ). “ A Proposal to End the COVID-19 Pandemic .” Staff Discussion Notes no. 2021/004 . International Monetary Fund , Washington, DC . https://0-www-elibrary-imf-org.library.svsu.edu/view/journals/006/2021/004/article-A001-en.xml Agarwal , Ruchir , and Gita Gopinath . (forthcoming). “ Seven Finance and Trade Lessons from COVID-19 for Future Pandemics .” Oxford Review of