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The Covid-19 pandemic has disrupted global supply chains, leading to shipment delays and soaring shipping costs. We study the impact of shocks to global shipping costs—measured by the Baltic Dry Index (BDI)—on domestic prices for a large panel of countries during the period 1992-2021. We find that spikes in the BDI are followed by sizable and statistically significant increases in import prices, PPI, headline, and core inflation, as well as inflation expectations. The impact is similar in magnitude but more persistent than for shocks to global oil and food prices. The effects are more muted in countries where imports make up a smaller share of domestic consumption, and those with inflation targeting regimes and better anchored inflation expectations. The results are robust to several checks, including an instrumental variables approach in which we instrument changes in shipping costs with an indicator of closures of the Suez Canal.

Macroeconomics --- Economics: General --- Inflation --- Production and Operations Management --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Prices --- Macroeconomics: Production --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Import prices --- Oil prices --- Output gap --- Production --- Producer prices --- Currency crises --- Informal sector --- Economics --- Imports --- Economic theory --- Consumption

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In the wake of the Covid pandemic, Serbia embarked on a well-paced consolidation path to rebuild buffers, supported by a program under the Policy Coordination Instrument (PCI). Given higher energy prices and domestic electricity production problems, high global inflation, weaker trading partner growth, and spillovers from Russia’s war in Ukraine, the authorities have requested financial support under a two-year Stand-by Arrangement (SBA) of SDR 1,898.92 million (290 percent of quota, about EUR 2.4 billion). The SBA supports economic and financial policies to address external and fiscal financing needs, maintain macroeconomic and financial stability, and continue to strengthen the economy’s performance and resilience through structural reforms. The PCI was cancelled upon approval of the SBA.

Money and Monetary Policy --- International Economics --- Macroeconomics --- Inflation --- Industries: Energy --- Exports and Imports --- Taxation --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Price Level --- Deflation --- Energy: Demand and Supply --- Prices --- Energy and the Macroeconomy --- Trade: General --- Trade Policy --- International Trade Organizations --- Monetary economics --- International institutions --- Petroleum, oil & gas industries --- International economics --- Public finance & taxation --- Currency --- Foreign exchange --- Monetary policy --- International organization --- Energy prices --- Energy sector --- Economic sectors --- Imports --- International trade --- Tariffs --- Taxes --- International agencies --- Energy industries --- Tariff --- Serbia, Republic of

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Selected Issues.

Senegal --- Money and Monetary Policy --- International Economics --- Public Finance --- Investments: Energy --- Macroeconomics --- Industries: Energy --- Taxation --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Energy: Demand and Supply --- Prices --- Electric Utilities --- Energy and the Macroeconomy --- Trade Policy --- International Trade Organizations --- Macroeconomics: Production --- Monetary economics --- International institutions --- Energy industries & utilities --- Investment & securities --- Petroleum, oil & gas industries --- Public finance & taxation --- Monetary policy --- International organization --- Energy subsidies --- Expenditure --- Electricity --- Commodities --- Oil prices --- Energy sector --- Economic sectors --- Tariffs --- Taxes --- International agencies --- Expenditures, Public --- Electric utilities --- Energy industries --- Tariff

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Trinidad and Tobago faced unprecedented challenges in 2020–21. The combined effects of COVID-19 and energy production and price shocks pushed the economy further into recession. A decisive policy response helped contain the virus spread and protect lives and livelihoods. The fiscal position worsened due to significant tax revenues shortfalls, pushing public debt up. The vaccination pace accelerated recently, but vaccine hesitancy remains high, amid a potential new wave of infections.

Money and Monetary Policy --- International Economics --- Public Finance --- Macroeconomics --- Statistics --- Diseases: Contagious --- Industries: Energy --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Debt --- Debt Management --- Sovereign Debt --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Health Behavior --- Energy and the Macroeconomy --- Fiscal Policy --- Monetary economics --- International institutions --- Public finance & taxation --- Econometrics & economic statistics --- Infectious & contagious diseases --- Petroleum, oil & gas industries --- Monetary policy --- International organization --- Public debt --- COVID-19 --- Health --- Energy sector --- Economic sectors --- External sector statistics --- Economic and financial statistics --- Fiscal stance --- Fiscal policy --- International agencies --- Debts, Public --- Communicable diseases --- Energy industries --- Economic statistics --- Trinidad and Tobago

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While a carbon tax is widely acknowledged as an efficient policy to mitigate climate change, adoption has lagged. Part of the challenge resides in the distributional implications of a carbon tax and a belief that it tends to be regressive. Even when not regressive, poor households could be hurt by a carbon tax, particularly in countries that rely heavily on carbon-intensive energy sources. Using household surveys, we study how a carbon tax may affect households in the Asia Pacific region, the main source of CO2 emissions. We document a wide range of country-specific policies that could be implemented to compensate households, reduce inequality, and build support for adoption.

Macroeconomics --- Economics: General --- Taxation --- Fiscal Policy --- Taxation and Subsidies: Incidence --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Energy and the Macroeconomy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Aggregate Factor Income Distribution --- Urban, Rural, and Regional Economics: Household Analysis: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Carbon tax --- Taxes --- Income --- National accounts --- Household consumption --- Consumption --- Income inequality --- Currency crises --- Informal sector --- Economics --- Environmental impact charges --- Income distribution --- China, People's Republic of