Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Ukraine’s gas pricing policy subsidizes gas and heating for all households. As the cost of imported gas rises, this policy increasingly weighs on government finances, sustains energy over-consumption, dampens investment in delivery systems, and undermines incentives for domestic production. However, gas price hikes have been deferred to the medium-term as they are politically unpopular. Through estimation of household demand functions by income quintiles to evaluate the distributional consequences of tarrif reform, this paper finds that tariff reforms combined with targeted social support can address the economic inefficiencies of the current pricing policy without large welfare costs to the lower income segments of the population.

Business & Economics --- Industries --- Natural gas --- Prices --- Economic aspects --- Gas, Natural --- Sour gas --- Gases, Asphyxiating and poisonous --- Hydrocarbons --- Macroeconomics --- Public Finance --- Taxation --- Aggregate Factor Income Distribution --- Trade Policy --- International Trade Organizations --- Macroeconomics: Consumption --- Saving --- Wealth --- Price Level --- Inflation --- Deflation --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Income --- Tariffs --- Consumption --- Price elasticity --- Expenditure --- National accounts --- Taxes --- Tariff --- Economics --- Expenditures, Public --- Ukraine

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This study contributes to the literature on capital account crises in two ways. First, our analysis of crisis episodes between 1994 and 2002 establishes a clear relationship between the persistence of crises, their complexity, and the intensity of movement of key macroeconomic variables. Second, we provide a systematic examination of the determinants of crisis duration. Our econometric analysis suggests that initial conditions and the external environment plays a key role in determining crisis persistence. The policy response also matters, but cannot offset a record of poor past policies. Overall, the results underscore the critical importance of crisis prevention efforts.

Finance --- Business & Economics --- International Finance --- Capital movements. --- Financial crises. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Crises --- Balance of payments --- Foreign exchange --- International finance --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- Duration Analysis --- Index Numbers and Aggregation --- leading indicators --- Financial Crises --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Economic & financial crises & disasters --- Currency --- Financial crises --- Capital account crisis --- Real interest rates --- Exchange rate arrangements --- External debt --- Financial services --- Interest rates --- Debts, External --- Turkey --- Leading indicators

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

After a period of exceptionally strong economic performance, Guyana's growth has stagnated since 1998. The paper tries to identify the factors that can explain this dramatic deterioration in economic performance. The paper first attempts to explain the decline of growth with a growth accounting exercise which shows that there was a significant swing in total factor productivity, and than uses a panel regression framework to analyze the growth impact of changes in various factors. Finally, through a series of cross-country exercises, the paper shows that the primary reasons for the divergence between the economic performance of Guyana and other Caribbean, HIPC, and PRGF-eligible countries in 1998-2004 are a substantial decline in share of net foreign and private domestic investment in GDP, a decline in the labor force, and a less favorable political and institutional environment.

Exports and Imports --- Investments: General --- Labor --- Public Finance --- Investment --- Capital --- Intangible Capital --- Capacity --- International Investment --- Long-term Capital Movements --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Labor Force and Employment, Size, and Structure --- Macroeconomics --- Finance --- Public finance & taxation --- Labour --- income economics --- Private investment --- Foreign direct investment --- Public investment and public-private partnerships (PPP) --- Capital formation --- Labor force --- Saving and investment --- Investments, Foreign --- Public-private sector cooperation --- Labor market --- Guyana --- Economic development --- Stagnation (Economics) --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

A push-pull-brake model of capital flows is used to study the effects of fiscal policy changes on private capital flows to emerging Europe during 2000-07. In the model, countercyclical fiscal policy has two opposing effects on capital inflows: (i) a conventional absorptionreducing effect, as a tighter fiscal stance acts as a brake on capital flows; and (ii) an unconventional absorption-boosting effect, as a tighter fiscal stance increases investor confidence in the country. The empirical results suggest that push factors (low returns in flow-originating countries), rather than pull factors (high returns in flow-destination countries), drove most of the private capital flows to emerging Europe. And active countercyclical fiscal policy once the fiscal stance is adjusted for the automatic effects on the fiscal position of both internal and external imbalances acted as a brake on capital inflows. However, the empirical results also suggest that, even abstracting from political feasibility and fiscal policy lag considerations, countercyclical fiscal policy alone is unlikely to be an effective policy tool to put an effective brake on sudden capital flow surges.

Financial crises --- Capital movements --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Government policy --- Europe --- Economic policy. --- Economic conditions. --- Exports and Imports --- Macroeconomics --- Public Finance --- Production and Operations Management --- Model Evaluation and Selection --- Business Fluctuations --- Cycles --- Fiscal Policy --- International Investment --- Long-term Capital Movements --- Macroeconomics: Production --- International economics --- Capital inflows --- Fiscal stance --- Fiscal policy --- Output gap --- Production --- Economic theory --- Bosnia and Herzegovina

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The European continent is warming at more than twice the global average. The human and economic costs of higher temperature and more frequent and extreme natural disasters—already substantial in Europe—are expected to increase further unless suitable adaptation strategies are implemented. This paper shows that while Europe's overall vulnerability to climate risks is lower than other regions’, the countries in Central and Eastern Europe face greater human and economic costs from climate disasters compared to their advanced European peers, which are likely to further increase in the future. We use an ensemble of climate models to project future climates for each country in Europe, and identify the country whose present climate best approximates this projection. We rely on this information on countries’ representative future exposure to climate risks to calibrate country-level macro analyses of natural disasters, and how investment in adaptative infrastructure can help mitigate these shocks. We find that adaptation infrastructure can significantly reduce output losses from natural disasters, mitigate medium-term economic scarring, and support sustainable long-term growth. However, we show that effective implementation of adaption strategies in EMEs/LICs is likely to be constrained by limited domestic financial resources, weaker institutional quality, and may create policy trade-offs, if not accompanied by external support.

Capacity --- Capital --- Climate change --- Climate --- Climatic changes --- Currency crises --- Economic & financial crises & disasters --- Economic Growth and Aggregate Productivity --- Economics of specific sectors --- Economics --- Economics: General --- Environment --- Environmental Conservation and Protection --- Environmental Economics --- Environmental Economics: General --- Global Warming --- Green finance / sustainable finance --- Greenhouse gas emissions --- Greenhouse gases --- Informal sector --- Infrastructure --- Intangible Capital --- Investment --- Macroeconomics --- National accounts --- National Budget, Deficit, and Debt --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Saving and investment