Fiscal Buffers For Natural Disasters In Pacific Island Countries PDF Download
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Author | : Hidetaka Nishizawa |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2019-07-12 |
Genre | : Nature |
ISBN | : 1498320805 |
Download Fiscal Buffers for Natural Disasters in Pacific Island Countries Book in PDF, ePub and Kindle
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Author | : Dongyeol Lee |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2018-05-10 |
Genre | : Nature |
ISBN | : 1484353285 |
Download The Economic Impact of Natural Disasters in Pacific Island Countries: Adaptation and Preparedness Book in PDF, ePub and Kindle
Pacific island countries are highly vulnerable to various natural disasters which are destructive, unpredictable and occur frequently. The frequency and scale of these shocks heightens the importance of medium-term economic and fiscal planning to minimize the adverse impact of disasters on economic development. This paper identifies the intensity of natural disasters for each country in the Pacific based on the distribution of damage and population affected by disasters, and estimates the impact of disasters on economic growth and international trade using a panel regression. The results show that “severe” disasters have a significant and negative impact on economic growth and lead to a deterioration of the fiscal and trade balance. We also find that the negative impact on growth is stronger for more intense disasters. Going further this paper proposes a simple and consistent method to adjust IMF staff’s economic projections and debt sustainability analysis for disaster shocks for the Pacific islands. Better incorporating the economic impact of natural disasters in the medium- and long-term economic planning would help policy makers improve fiscal policy decisions and to be better adapted and prepared for natural disasters.
Author | : Ryota Nakatani |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 2019-09-06 |
Genre | : Business & Economics |
ISBN | : 1513514881 |
Download A Possible Approach to Fiscal Rules in Small Islands — Incorporating Natural Disasters and Climate Change Book in PDF, ePub and Kindle
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advantages of expenditure rules, especially a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This paper contributes to the literature and policy dialogue by theoretically analyzing the impact of natural disasters on debt sustainability and proposing fiscal rules against natural disasters and climate changes. Our fiscal policy framework is practically applicable for many developing countries facing increasing frequency and impact of natural disasters and climate change. Our rules-based fiscal framework is crucial for sustainable and countercyclical macroeconomic policies to build resilience against devastating natural hazards.
Author | : Asian Development Bank |
Publisher | : |
Total Pages | : 28 |
Release | : 2018-04 |
Genre | : Business & Economics |
ISBN | : 9789292611187 |
Download Economic and Fiscal Impacts of Disasters in the Pacific Book in PDF, ePub and Kindle
Pacific island countries need to build their fiscal and economic resilience to climate change and natural disasters as these have lasting consequences on their livelihoods, economies, and fiscal balances. Climate change and natural disasters can have lasting consequences on livelihoods, economies, and fiscal balances-spanning immediate reconstruction costs and fiscal shocks to long-term halts in tourism and agriculture economies. Globally, the most exposed to these impacts are the Pacific island countries. The Asian Development Bank is working closely with its Pacific developing member countries to prepare for and respond to the effects of climate change and natural hazards. This publication examines the often-overlooked dimension of resilience planning-how to brace economies for shocks caused by climate change and hazard events. It analyzes the exposure and vulnerability of Pacific economies to disaster events and outlines key resources for building fiscal and economic resilience.
Author | : Hoe Ee Khor |
Publisher | : International Monetary Fund |
Total Pages | : 61 |
Release | : 2016-04-07 |
Genre | : Nature |
ISBN | : 1484319834 |
Download Excerpt: Resilience and Growth in the Small States of the Pacific Book in PDF, ePub and Kindle
This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.
Author | : Hoe Ee Khor |
Publisher | : International Monetary Fund |
Total Pages | : 462 |
Release | : 2016-08-10 |
Genre | : Business & Economics |
ISBN | : 1475522711 |
Download Resilience and Growth in the Small States of the Pacific Book in PDF, ePub and Kindle
Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.
Author | : John R. Campbell |
Publisher | : |
Total Pages | : 66 |
Release | : 2006 |
Genre | : Disaster relief |
ISBN | : |
Download Traditional Disaster Reduction in Pacific Island Communities Book in PDF, ePub and Kindle
Author | : International Monetary Fund. Fiscal Affairs Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 70 |
Release | : 2020-06-30 |
Genre | : Business & Economics |
ISBN | : 1513548794 |
Download Tonga Book in PDF, ePub and Kindle
Tonga is one of the world’s most exposed countries to climate change and natural disasters. It suffered the highest loss from natural disasters in the world (as a ratio to GDP) in 2018 and is among the top five over the last decade (Table 1). Climate change will make this worse. Cyclones will become more intense, with more damage from wind and sea surges. Rising sea levels will cause more flooding, coastal erosion and contaminate fresh water. Daily high temperatures will become more extreme, with more severe floods and drought.
Author | : Ms. Manal Fouad |
Publisher | : International Monetary Fund |
Total Pages | : 103 |
Release | : 2021-09-24 |
Genre | : Business & Economics |
ISBN | : 1513594222 |
Download Unlocking Access to Climate Finance for Pacific Island Countries Book in PDF, ePub and Kindle
This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
Author | : International Monetary Fund. Strategy, Policy, & Review Department |
Publisher | : International Monetary Fund |
Total Pages | : 55 |
Release | : 2019-06-19 |
Genre | : Nature |
ISBN | : 1498321437 |
Download Building Resilience in Developing Countries Vulnerable to Large Natural Disasters Book in PDF, ePub and Kindle
This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.