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How Inertia and Limited Potentials Affect the Timing of Sectoral Abatements in Optimal Climate Policy
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Year: 2012 Publisher: Washington, D.C., The World Bank,

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This paper investigates the optimal timing of greenhouse gas abatement efforts in a multi-sectoral model with economic inertia, each sector having a limited abatement potential. It defines economic inertia as the conjunction of technical inertia - a social planner chooses investment on persistent abating activities, as opposed to choosing abatement at each time period independently - and increasing marginal investment costs in abating activities. It shows that in the presence of economic inertia, optimal abatement efforts (in dollars per ton) are bell-shaped and trigger a transition toward a low-carbon economy. The authors prove that optimal marginal abatement costs should differ across sectors: they depend on the global carbon price, but also on sector-specific shadow costs of the sectoral abatement potential. The paper discusses the impact of the convexity of abatement investment costs: more rigid sectors are represented with more convex cost functions and should invest more in early abatement. The conclusion is that overlapping mitigation policies should not be discarded based on the argument that they set different marginal costs ('"different carbon prices"') in different sectors.


Book
Resilience
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ISBN: 9780521195638 9781139013857 9781139570473 1139570471 9781139568661 1139568663 1139013858 0521195632 1316088723 1139579088 1139569570 1283638479 1139573136 1139572237 9781139572231 9781316088722 9781139579087 9781139569576 9781283638470 9781139573139 9781139572231 Year: 2012 Publisher: New York

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Many of us will be struck by one or more major traumas sometime in our lives. Perhaps you have been a victim of sexual abuse, domestic violence or assault. Perhaps you were involved in a serious car accident. Perhaps you are a combat veteran. Maybe you were on the beach in Thailand during a tsunami, or in New Orleans during Hurricane Katrina. Or maybe, you are among the millions who have suffered a debilitating disease, lost a loved one or lost your job. This inspiring book identifies ten key ways to weather and bounce back from stress and trauma. Incorporating the latest scientific research and dozens of interviews with trauma survivors, it provides a practical guide to building emotional, mental and physical resilience. Written by experts in post-traumatic stress, this book provides a vital and successful roadmap for overcoming the adversities we all face at some point in our lives.


Book
Mel Brooks in the cultural industries
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ISBN: 9780748676484 0748676481 9780748664481 0748664483 9780748664504 0748664505 9780748664498 0748664491 9780748649587 0748649581 9780748649587 1322981493 Year: 2012 Publisher: Edinburgh Edinburgh University Press

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Which strategies has Mel Brooks used to survive, adapt and thrive in the cultural industries? How has he gained his reputation as a multimedia survivor? Alex Symons takes a unique, artist-focused approach in order to systematically identify the range of Brooks's adaptation strategies across the Hollywood film, Broadway theatre and American television industries. By combining a cultural industries approach together with that of adaptation studies, this book also identifies an important new industrial practice employed by Brooks - defined here as 'prolonged adaptation'. More significantly, Symons also employs this method to explain the so far neglected way that Brooks's adaptations have contributed towards changing production trends, changes in critical attitudes, and towards the ongoing integration of the cultural industries today.


Book
Shock Therapy! What Role for Thai Monetary Policy?
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ISBN: 1475599781 1475591438 1283947951 Year: 2012 Volume: WP/12/269 Publisher: Washington, D.C. : International Monetary Fund,

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Thailand had to endure three major shocks during 2008–2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT) let the exchange rate depreciate and cut interest rates (to, for example, a historically low level of 1¼ percent by mid-2009). This paper seeks to uncover the role of monetary policy in softening the impact of these shocks. Specifically, it seeks to address the following question: if an inflation targeting framework underpinned by a flexible exchange rate regime had not been in place, how would the economic contractions associated with these shocks have differed? Counterfactual simulations based on an estimated structural model indicate that countercyclical monetary policy and exchange rate flexibility added up to a total of 4 percentage points to real GDP growth during periods when Thailand had to weather these three major shocks.


Book
Labor Market Flexibility and Unemployment : New Empirical Evidence of Static and Dynamic Effects
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ISBN: 1463948913 1463948905 Year: 2012 Publisher: Washington, D.C. : International Monetary Fund,

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The aim of this paper is to analyze the relationship between labor market flexibility and unemployment outcomes. Using a panel of 97 countries from 1985 to 2008, the results of the paper suggest that improvements in labor market flexibility have a statistically and significant negative impact on unemployment outcomes (over unemployment, youth unemployment and long-term unemployment). Among the different labor market flexibility indicators analyzed, hiring and firing regulations and hiring costs are found to have the strongest effect.


Book
An Assessment of Malaysian Monetary Policy During the Global Financial Crisis of 2008-09
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ISBN: 146393968X 1463971176 Year: 2012 Publisher: Washington, D.C. : International Monetary Fund,

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Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 150 basis points. Against this backdrop, this paper tries to quantify how much deeper the recession would have been without the BNM's monetary policy response. Taking the most intense year of the crisis as our baseline (2008:Q4-2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.9 percent contraction, growth would have been -3.4 percent if the BNM had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -5.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BNM helped substantially soften the impact of the global financial crisis on the Malaysian economy. These counterfactual experiments are based on a structural model estimated using Malaysian data.


Book
Mexico : Staff Report for the 2012 Article IV Consultation.
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ISBN: 1475575866 1475523378 128394782X Year: 2012 Volume: no. 12/316 Publisher: Washington, D.C. : International Monetary Fund,

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The IMF staff report on Mexico’s financial policies has been satisfactory; these policies have been said to act as a buffer against risks that erupted during the global economic crisis. Mexico has been identified as a prudent and fairly well-managed economy. However, the issues that would pose a challenge to the financial sector and would hamper overall economic stability of the country were emphasized, and certain key areas that need attention on a priority basis were highlighted.


Book
Algeria : Selected Issues Paper.
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ISBN: 1463978391 1463977743 Year: 2012 Volume: no. 12/22 Publisher: Washington, D.C. : International Monetary Fund,

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This paper analyzes Algeria’s unemployment and labor market developments and assesses the factors that may hamper employment creation. It estimates employment-to-GDP elasticity for Algeria’s main sectors and different age groups, and assesses the effect of improvements in Algeria’s labor market flexibility on unemployment outcomes. The results on the relation between labor market institutions and unemployment show that improvement in labor market conditions in Algeria could have a significant effect in reducing unemployment both in the short and medium term.


Book
Targeting : Poor and Vulnerable Households in Indonesia.
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Year: 2012 Publisher: Washington, D.C. : The World Bank,

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Indonesia has experienced strong economic growth over the last forty years. At the same time, the proportion of Indonesians living below the poverty line has fallen dramatically. Nonetheless, around 12 percent of Indonesians remain in poverty and another 30 percent remain highly vulnerable to falling into poverty in any given year. In addition, Indonesia has experienced a number of crises in the last two decades, and such shocks are likely to continue in the future in an increasingly integrated global economy. Over the last fifteen years the Government has been developing social assistance programs designed to promote the poor out of poverty and protect poor and vulnerable households from both individual and more widespread shocks. The coverage, design and implementation of these programs continue to be improved as social protection in Indonesia matures, but a number of issues remain. One of the most important, and difficult, is how these programs can accurately target households who need those most. The challenge is to develop a targeting approach which includes most of the poor and vulnerable while minimizing leakage to the rich. At the same time, the system must be feasible, affordable, and accepted and used by all. Furthermore, identifying which households are poor is a difficult task in any developing country, but is particularly so in Indonesia, which has a very large population, a high degree of geographic dispersion, decentralization of much budgetary and operational governance, and frequent entry and exit of households into and from poverty. This evidence-based report builds in part on innovative research done collaboratively with the Government of Indonesia. In this respect Indonesia is contributing to the frontier of global knowledge on targeting, while also drawing on the experience of other countries. Moving from a thorough assessment of the current effectiveness of targeting in Indonesia, the report contains practical and detailed recommendations for the future. In particular, a National Targeting System is proposed, which envisages developing a single registry of potential beneficiaries to target social assistance to the right households, resulting in more accurate and cost-effective targeting outcomes, and ultimately stronger program impacts.


Book
How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands
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ISBN: 1475529406 1475505558 1475553676 1475581882 9781475529401 9781475505559 9781475581881 9781475505559 9781475581881 9781475553673 Year: 2012 Volume: WP/12/205 Publisher: Washington, D.C. : International Monetary Fund,

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This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. It uses quantile regression techniques to allow the estimated factors driving reserves holdings to vary along the reserves’ holding distribution and tests for equality among the slope coefficients of the various quantile regressions and the overall models. F-tests comparing the inter-quantile differences could not reject the that the models for the different quantiles of SIs reserve distribution were similar but this was rejected for EMs distribution suggesting that models explaining drivers of reserve holdings should take into account the country’s reserve holdings. Empirical analysis suggests that the metric performs better than existing metrics in reducing crisis probabilities in SIs.

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