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Political Science > Environmental Policy

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Interest Rates: Determination, Term Structure, and Effects x
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Cover Policy Papers
Interim Review of The Resilience and Sustainability Trust and Review of Adequacy of Resources
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The Resilience and Sustainability Trust (RST) provides affordable longer-term financing to help eligible IMF members address longer-term structural challenges, thereby progressing toward strengthening their prospective balance of payments stability. This paper takes stock of the initial experience with the RST—focusing on progress and challenges so far—and proposes fine-tuning RST design with a view to strengthening implementation of the Trust’s objectives. The paper also provides an assessment of the adequacy of the Trust’s resources and finds that increased near-term fundraising will be needed to meet strong demand. The Trust’s reserves remain adequate in the baseline and under a range of risk scenarios.
Keywords:
Resilience; sustainability; financing; climate change; pandemics; policy; RSF arrangement; reform package; RST design; RST financing; RST fundraising target; Climate finance; Climate policy; Natural disasters; Global
Cover IMF Working Papers
The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia
Nordine Abidi, Mehdi El Herradi, Boriana Yontcheva, and Ananta Dua
This paper investigates the effects of climate shocks on inflation and monetary policy in the Middle East and Central Asia (ME&CA) region. We first introduce a theoretical model to understand the impact of climate risks on headline and food inflation. In particular, the model shows how climate shocks could affect the path of policy rates through food prices. We then use local projections to estimate the impact of climate shocks on headline and food inflation. The results show that price stability is more easily achievable under positive climate conditions. Overall, our findings shed new light on the importance of considering climate-related supply shocks when designing monetary policy, particularly in countries where food makes up a significant part of the CPI-basket.
Keywords:
Monetary policy; inflation; climate change; food inflation; monetary policy in the Middle East and Central Asia; IMF working paper 24/90; monetary policy shock; food price; Food prices; Central bank policy rate; Consumer price indexes; Middle East and Central Asia; Global
Cover IMF Working Papers
Rogue Waves: Climate Change and Firm Performance
Mr. Serhan Cevik and Fedor Miryugin
Climate change is an existential threat to the global economy and financial markets. There is a large body of literature documenting potential macroeconomic consequences of climate change, but firm-level empirical research on how climate change affects the performance of firms remains scarce. This paper aims to close this gap by empirically investigating the impact of climate change vulnerability on corporate performance using a large panel dataset of more than 3.3 million nonfinancial firms from 24 developing countries over the period 1997–2019. We find that nonfinancial firms operating in countries with greater vulnerability to climate change tend to experience difficulty in access to debt financing even at higher interest rates, while being less productive and profitable relative to firms in countries with lower vulnerability to climate change. We confirm these findings with alternative measures of climate change vulnerability. Furthermore, partitioning the sample reveals that these effects are significantly greater for smaller firms, especially in high-risk sectors and countries and countries with weaker capacity to adapt to and mitigate the consequences of climate change.
Keywords:
Climate change; nonfinancial firms; corporate performance; nonfinancial firm; firm performance; climate change vulnerability; consequences of climate change; sector peer; Natural disasters; Global
Cover IMF Working Papers
An Analytical Framework of Environmental Issues
Mr. Jonathan Levin
Environmental effects which were insignificant in the past, when the fewer concentrations of population or products of modern technology allowed the vast absorptive capacity of nature to act as a sink, are quite evident today--in the pollution of air or water, the overuse of potentially renewable fishing or forestry resources, or the wasteful extraction of nonrenewable, mineral, resources. To contribute to an overall understanding of environmental issues, this paper sets out a general analytical framework encompassing the physical character of environmental problems, the behavioral factors that contribute to them, and the principal approaches to their prevention and correction.
Keywords:
WP; cost; pollution reduction requirement; air quality; carbon dioxide; oil spill; hazardous waste; heavy metal pollutant; market forces; Environmental taxes; Environmental policy; Discount rates; Climate change; Global; Central and Eastern Europe