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Ruchir Agarwal, Vybhavi Balasundharam, Patrick Blagrave, Mr. Eugenio M Cerutti, Ragnar Gudmundsson, and Racha Mousa
The South Asia region is both a large contributor to climate change and also one of the regions most vulnerable to climate change. This paper provides an overview of the region’s vulnerabilities, national committments to mitigate emissions, and national policies to adapt to a changing climate. The paper also discusses policy measures that may be needed to make further progress on both mitigation and adapatation. Our analysis suggests that while substantial progress is being made, there remains scope to adopt a more cohesive strategy to achieve the region’s goals—including by improving the monitoring and tracking of adaptation spending, and by laying the groundwork to equitably increase the effective price of carbon while protecting low-income and vulnerable households in the region.
Weicheng Lian, Fei Liu, Katsiaryna Svirydzenka, and Biying Zhu
While South Asia has gone a long way in diversifying their economies, there is substantial scope to do more. Some countries – India, Nepal, and Sri Lanka – can build on their existing production capabilities; others – Bangladesh, Bhutan, and the Maldives – would need to undertake a more concerted push. We identify key policies from a large set of potential determinants that explain the variation in export diversification and complexity across 189 countries from 1962 to 2018. Our analysis suggests that South Asia needs to invest in infrastructure, education, and R&D, facilitate bank credit to productive companies, and open to trade in order to diversify and move up the value chains. Given the COVID-19 pandemic, investing in digital technologies as part of the infrastructure push and improving education are of even greater importance to facilitate the ability to work remotely and assist resource reallocation away from the less viable sectors.
Asel Isakova and Francesco Luna
This paper considers various dimensions and sources of gender inequality and presents policies and best practices to address these. With women accounting for fifty percent of the global population, inclusive growth can only be achieved if it promotes gender equality. Despite recent progress, gender gaps remain across all stages of life, including before birth, and negatively impact health, education, and economic outcomes for women. The roadmap to gender equality has to rely on legal framework reforms, policies to promote equal access, and efforts to tackle entrenched social norms. These need to be set in the context of arising new trends such as digitalization, climate change, as well as shocks such as pandemics.
Davide Furceri and Mr. Jonathan David Ostry
While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of observed initial output losses using model-averaging techniques—Weighted Average Least Squares and Bayesian Model Averaging. The results suggest that countries that experienced larger output losses are those with lower GDP per capita, more stringent containment measures, higher deaths per capita, higher tourism dependence, more liberalized financial markets, higher pre-crisis growth, lower fiscal stimulus, higher ethnic and religious fractionalization and more democratic regimes. With respect to the first factor, lower resilience of poorer countries reflects the higher economic costs of containment measures and deaths in such countries and less effective fiscal and monetary policy stimulus.