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Author: Shahrashoub Razavi Publisher: ISBN: 9789220360323 Category : Languages : en Pages :
Book Description
The COVID-19 pandemic has caused massive disruptions to the global economy and forced policymakers to respond to the newly created challenges. Many policy institutions have therefore had to rethink their established approaches and their usual policy responses.
Author: Shahrashoub Razavi Publisher: ISBN: 9789220360323 Category : Languages : en Pages :
Book Description
The COVID-19 pandemic has caused massive disruptions to the global economy and forced policymakers to respond to the newly created challenges. Many policy institutions have therefore had to rethink their established approaches and their usual policy responses.
Author: International Monetary Fund. Secretary's Department Publisher: International Monetary Fund ISBN: 1513568817 Category : Business & Economics Languages : en Pages : 74
Book Description
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1513537512 Category : Business & Economics Languages : en Pages : 145
Book Description
Chapter 1 argues that fiscal policies are at the forefront of responding to the COVID-19 pandemic. Fiscal measures can save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump. A key priority is to fully accommodate spending on health and emergency services. Global coordination is for a universally low-cost vaccine and to support countries with limited health capacity. Large, temporary and targeted support is urgently needed for affected workers and firms until the emergency abates. As the shutdowns end, broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery. Chapter 2 argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. Policymakers can achieve this objective with IDEAS: Invest for the future—in health systems, infrastructure, low carbon technologies, education, and research; adopt well-planned Discretionary policies that can be deployed quickly; and Enhance Automatic Stabilizers, which are built-in budgetary tax and spending measures that automatically stabilize incomes and consumption. Importantly, improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics. Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations. They often deliver basic services such as water, electricity, and loans for families and small businesses. At their best, they can help promote higher economic growth and achieve development goals. However, many are a burden to taxpayers and the economy. Chapter 3 discusses what governments can do to get the most out of SOEs. This includes ensuring the firm’s managers have the right incentives and there is effective oversight. It also requires a high degree of transparency of their activities.
Author: Changyong Rhee Publisher: International Monetary Fund ISBN: 1513566598 Category : Health & Fitness Languages : en Pages : 105
Book Description
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Author: Joseph E. Stiglitz Publisher: Viking ISBN: 9780141981222 Category : Business & Economics Languages : en Pages : 0
Book Description
Why has inequality increased in the Western world - and what can we do about it? In The Great Divide, Joseph E. Stiglitz expands on the diagnosis he offered in his best-selling book The Price of Inequality and suggests ways to counter this growing problem. With his characteristic blend of clarity and passion, Stiglitz argues that inequality is a choice - the cumulative result of unjust policies and misguided priorities. In these essays, articles and reflections, Stiglitz fully exposes the inequality - from its dimensions and its causes to its consequences for the world - that is afflicting America and other Western countries in thrall to neoliberalism. From Reagan-era policies to the Great Recession and its long aftermath, Stiglitz delves into the processes and irresponsible policies - deregulation, tax cuts for the rich, the corruption of the political process - that are leaving many people further and further behind and turning the dream of a socially mobile society into an ever more unachievable myth. With formidable yet accessible economic insight, he urges us to embrace real solutions: increasing taxes on corporations and the wealthy; investing in education, science, and infrastructure; helping homeowners instead of banks; and, most importantly, doing more to restore the economy to full employment. Stiglitz's analysis reaches beyond America - the inequality leader of the developed world - to draw lessons from Scandinavia, Singapore, and Japan, and he argues against the tide of unnecessary, destructive austerity that is sweeping across Europe. Ultimately, Stiglitz believes our choice is not between growth and fairness; with the right policies, we can choose both.
Author: Merike Blofield Publisher: Cambridge University Press ISBN: 1009415999 Category : Political Science Languages : en Pages : 132
Book Description
In 2020, as Latin American countries shuttered their economies, it became clear that effective lockdowns would require states to provide income support. In a region that has historically struggled to build systems of social protection, the effort to expand benefits was notable. Policies varied in scope and generosity, but in what seemed to signify a new era of state-building, Latin American democracies demonstrated a nearly uniform commitment to providing assistance to the poor. Why did some countries implement broader and more adequate programs than others and why did countries vary in their ability to sustain support over time? This Element argues that three factors explain cross-national and cross-temporal differences in policy effort: policy legacies, unified/divided government, and fiscal space. The study shows that in settings of crisis, the democratic politics of social policy expansion shift, with traditional factors like ideology and electoral competition playing a less central role.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1513574337 Category : Business & Economics Languages : en Pages : 40
Book Description
The fiscal policy response to the COVID-19 shock in most LAC countries was much larger than during the GFC, suggesting fiscal space was not as tight as expected. We argue that it is feasible and desirable, though not without risks, to embark in a more gradual consolidation path than currently envisaged by several countries in the region. Avoiding an early withdrawal of support in 2021 and 2022 is important given that countries are still facing high rates of contagion and deaths, vaccination will take place very slowly, the economic recovery is partial, uncertain and not strong enough to help those most affected by the twin public health and economic crisis. At the center of this discussion is our conviction that fiscal space is not set in stone and it is endogenous to the medium-term targets and commitments undertaken by governments and congresses throughout the region. Also, revisions to fiscal responsibility frameworks should help anchor fiscal sustainability, as well as improve their effectiveness and flexibility. In this context, low-for-long interest rates and easy market access is generating a situation that, in spite of higher debt levels, interest cost on public debt will remain contained in the foreseeable future. Especially if, as argued in this paper, a more gradual fiscal consolidation path is accompanied with stronger commitments and institutional frameworks that ensure debt is put on a credible downward trajectory once the pandemic is under control. Catalyzing these changes, as well as initiating the debate to design other fiscal reforms to strengthen social protection and increase the progressivity of public finances, would require a broad social consensus and political cohesion around several crucial dimensions of public finances: a fiscal pact. On the other hand, if this agenda is neglected the continuation of low growth, social discontent, and political polarization could drive Latin America towards a very dangerous path of institutional and economic decay.
Author: Mr. Philip Barrett Publisher: International Monetary Fund ISBN: 1513587900 Category : Business & Economics Languages : en Pages : 23
Book Description
The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.
Author: Mr.Bernardin Akitoby Publisher: International Monetary Fund ISBN: 1513532839 Category : Business & Economics Languages : en Pages : 66
Book Description
This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.