Pub Date : 2021-04-01DOI: 10.5089/9781484326091.087.A001
R. Balakrishnan, S. Lizarazo, M. Santoro, F. Toscani, Mauricio Vargas
Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.
{"title":"Commodity Cycles, Inequality, and Poverty in Latin America","authors":"R. Balakrishnan, S. Lizarazo, M. Santoro, F. Toscani, Mauricio Vargas","doi":"10.5089/9781484326091.087.A001","DOIUrl":"https://doi.org/10.5089/9781484326091.087.A001","url":null,"abstract":"Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121181448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513572772.087.A001
Shekhar Aiyar, Mai Dao, Andreas (Andy) Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
This paper evaluates the impact of the crisis on European banks’ capital under a range of macroeconomic scenarios, using granular data on the size and riskiness of sectoral exposures. The analysis incorporates the important role of pandemic-related policy support, including not only regulatory relief for banks, but also policies to support businesses and households, which act to shield the financial sector from the real economic shock.
{"title":"COVID-19: How Will European Banks Fare?","authors":"Shekhar Aiyar, Mai Dao, Andreas (Andy) Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan","doi":"10.5089/9781513572772.087.A001","DOIUrl":"https://doi.org/10.5089/9781513572772.087.A001","url":null,"abstract":"This paper evaluates the impact of the crisis on European banks’ capital under a range of macroeconomic scenarios, using granular data on the size and riskiness of sectoral exposures. The analysis incorporates the important role of pandemic-related policy support, including not only regulatory relief for banks, but also policies to support businesses and households, which act to shield the financial sector from the real economic shock.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124218917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513566658.087
K. Seal, C. Ferreira, L. Dordevic, Moses Kitonga
{"title":"Strengthening Bank Regulation and Supervision","authors":"K. Seal, C. Ferreira, L. Dordevic, Moses Kitonga","doi":"10.5089/9781513566658.087","DOIUrl":"https://doi.org/10.5089/9781513566658.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133593266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513561394.087
M. Nozaki, Chuling Chen, David Corvino, V. Balasundharam, M. Bellon, Cristian Alonso, J. Kilpatrick, Era Dabla‐Norris, J. Daniel
{"title":"Fiscal Policies to Address Climate Change in Asia and the Pacific","authors":"M. Nozaki, Chuling Chen, David Corvino, V. Balasundharam, M. Bellon, Cristian Alonso, J. Kilpatrick, Era Dabla‐Norris, J. Daniel","doi":"10.5089/9781513561394.087","DOIUrl":"https://doi.org/10.5089/9781513561394.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129485741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513570082.087
Luis Brandao Marques, R. Meeks, Marco Casiraghi, Güneş Kamber, R. Gelos
{"title":"Negative Interest Rates","authors":"Luis Brandao Marques, R. Meeks, Marco Casiraghi, Güneş Kamber, R. Gelos","doi":"10.5089/9781513570082.087","DOIUrl":"https://doi.org/10.5089/9781513570082.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116753009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513566603.087
Kangni Kpodar, C. Papageorgiou, Filiz Unsal, Luis-Felipe Zanna, Giovanni Melina, Futoshi Narita, Daniel Gurara, Xin-ge Tang, Vivian Malta, Hitesh R. Ahir, Mattia Coppo, Hendre Garbers, Linda Venable
{"title":"Macroeconomic Research in Low-income Countries","authors":"Kangni Kpodar, C. Papageorgiou, Filiz Unsal, Luis-Felipe Zanna, Giovanni Melina, Futoshi Narita, Daniel Gurara, Xin-ge Tang, Vivian Malta, Hitesh R. Ahir, Mattia Coppo, Hendre Garbers, Linda Venable","doi":"10.5089/9781513566603.087","DOIUrl":"https://doi.org/10.5089/9781513566603.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124431923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.5089/9781513566597.087
Katsiaryna Svirydzenka, C. Rhee
As the COVID-19 pandemic spread around the world, the first priority for policymakers was to limit the spread of the virus. While all countries imposed containment measures, exact strategies differed. New Zealand imposed a near complete lockdown, while Korea relied on strong advisories about business closures rather than mandatory shutdowns. Reopening strategies also differed, although most Asian countries reopened only after the first wave of the virus was suppressed. As the pandemic has continued to evolve, countries have increasingly relied on testing and tracing systems and localized lockdowns to contain the virus while minimizing economic costs. Looking ahead, effectiveness and distribution of vaccines will of course play a key role in shaping the infection curve.
{"title":"Policy Advice to Asia in the COVID-19 Era","authors":"Katsiaryna Svirydzenka, C. Rhee","doi":"10.5089/9781513566597.087","DOIUrl":"https://doi.org/10.5089/9781513566597.087","url":null,"abstract":"As the COVID-19 pandemic spread around the world, the first priority for policymakers was to limit the spread of the virus. While all countries imposed containment measures, exact strategies differed. New Zealand imposed a near complete lockdown, while Korea relied on strong advisories about business closures rather than mandatory shutdowns. Reopening strategies also differed, although most Asian countries reopened only after the first wave of the virus was suppressed. As the pandemic has continued to evolve, countries have increasingly relied on testing and tracing systems and localized lockdowns to contain the virus while minimizing economic costs. Looking ahead, effectiveness and distribution of vaccines will of course play a key role in shaping the infection curve.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130907422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-01DOI: 10.5089/9781513561905.087
Dirk Muir, Gonzalo Salinas, Manuela Goretti, Stella Kaendera, Serhan Cevik, Sanaa Nadeem, A. Babii, Lamin Y Leigh
{"title":"Tourism in the Post-Pandemic World","authors":"Dirk Muir, Gonzalo Salinas, Manuela Goretti, Stella Kaendera, Serhan Cevik, Sanaa Nadeem, A. Babii, Lamin Y Leigh","doi":"10.5089/9781513561905.087","DOIUrl":"https://doi.org/10.5089/9781513561905.087","url":null,"abstract":"","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130239751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-01DOI: 10.5089/9781513520759.087.A001
C. Jarvis, Gaëlle Pierre, Bénédicte Baduel, Dominique Fayad, Alexander de Keyserling, Babacar Sarr, Mariusz A. Sumlinski
This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.
{"title":"Economic Governance Reforms to Support Inclusive Growth in the Middle East, North Africa, and Central Asia","authors":"C. Jarvis, Gaëlle Pierre, Bénédicte Baduel, Dominique Fayad, Alexander de Keyserling, Babacar Sarr, Mariusz A. Sumlinski","doi":"10.5089/9781513520759.087.A001","DOIUrl":"https://doi.org/10.5089/9781513520759.087.A001","url":null,"abstract":"This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127863570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-01DOI: 10.5089/9781513556062.087.A001
T. Adrian
The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies—including “low for long” interest rates and asset purchases—increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.
{"title":"\"Low for Long\" and Risk-Taking","authors":"T. Adrian","doi":"10.5089/9781513556062.087.A001","DOIUrl":"https://doi.org/10.5089/9781513556062.087.A001","url":null,"abstract":"The COVID-19 pandemic is causing an unprecedented worldwide economic contraction, leading central banks to reduce interest rates to historically low levels and making unconventional monetary policies—including “low for long” interest rates and asset purchases—increasingly common. Arguably, however, the policies implemented are efficient because they encourage increased risk-taking, and they may have, if unintentionally, increase medium- and long-run macro-financial vulnerabilities. This paper argues that the resulting trade-offs need to be carefully accounted for in monetary policy models and outlines how that can be achieved in practice.","PeriodicalId":142326,"journal":{"name":"Departmental Papers","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114576583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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