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The Millennium Development Goals call for reducing by half the proportion of people without sustainable access to safe drinking water. This goal was adopted in large part because clean water was seen as critical to fighting diarrheal disease, which kills 2 million children annually. There is compelling evidence that provision of piped water and sanitation can substantially reduce child mortality. However, in dispersed rural settlements, providing complete piped water and sanitation infrastructure to households is expensive. Many poor countries have therefore focused instead on providing community-level water infrastructure, such as wells. Various traditional child health interventions have been shown to be effective in fighting diarrhea. Among environmental interventions, handwashing and point-of-use water treatment both reduce diarrhea, although more needs to be learned about ways to encourage households to take up these behavior changes. In contrast, there is little evidence that providing community-level rural water infrastructure substantially reduces diarrheal disease or that this infrastructure can be effectively maintained. Investments in communal water infrastructure short of piped water may serve other needs and may reduce diarrhea in particular circumstances, but the case for prioritizing communal infrastructure provision needs to be made rather than assumed.
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Recent discussions of the extent of decoupling between greenhouse gas (GHG) emissions and real gross domestic product (GDP) provide mixed evidence and have generated much debate. We show that to get a clear picture of decoupling it is important to distinguish cycles from trends: there is an Environmental Okun's Law (a cyclical relationship between emissions and real GDP) that often obscures the trend relationship between emissions and real GDP. We show that, once the cyclical relationship is accounted for, the trends show evidence of decoupling in richer nations—particularly in European countries, but not yet in emerging markets. The picture changes somewhat, however, if we take into consideration the effects of international trade, that is, if we distinguish between production-based and consumption-based emissions. Once we add in their net emission transfers, the evidence for decoupling among the richer countries gets weaker. The good news is that countries with underlying policy frameworks more supportive of renewable energy and supportive of climate change tend to have greater decoupling between trend emissions and trend GDP, and for both production- and consumption-based emissions.
Air --- Air contaminants --- Air pollutants --- Air pollution --- Air pollution control --- Air toxics --- Airborne pollutants --- Atmosphere --- Contaminants, Air --- Control of air pollution --- Pollutants, Air --- Toxics, Air --- Pollution --- Air quality --- Atmospheric deposition --- Pollution. --- Control --- Exports and Imports --- Macroeconomics --- Environmental Conservation and Protection --- Business Fluctuations --- Cycles --- Environment and Growth --- Energy and the Macroeconomy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Trade: General --- Aggregate Factor Income Distribution --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Climate change --- International economics --- Economic growth --- Greenhouse gas emissions --- Income --- Imports --- Exports --- Business cycles --- Environment --- National accounts --- International trade --- Greenhouse gases --- United States
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Global temperatures have increased at an unprecedented pace in the past 40 years. This paper finds that increases in temperature have uneven macroeconomic effects, with adverse consequences concentrated in countries with hot climates, such as most low-income countries. In these countries, a rise in temperature lowers per capita output, in both the short and medium term, through a wide array of channels: reduced agricultural output, suppressed productivity of workers exposed to heat, slower investment, and poorer health. In an unmitigated climate change scenario, and under very conservative assumptions, model simulations suggest the projected rise in temperature would imply a loss of around 9 percent of output for a representative low-income country by 2100.
Finance: General --- Public Finance --- Production and Operations Management --- Environmental Economics --- Demography --- Macroeconomics: Production --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Environmental Economics: Government Policy --- National Government Expenditures and Related Policies: General --- General Financial Markets: General (includes Measurement and Data) --- Demographic Economics: General --- Health: General --- Climate change --- Public finance & taxation --- Finance --- Macroeconomics --- Population & demography --- Health economics --- Public expenditure review --- Emerging and frontier financial markets --- Productivity --- Population and demographics --- Expenditure --- Health --- Financial markets --- Production --- Climatic changes --- Expenditures, Public --- Financial services industry --- Industrial productivity --- Population --- United States
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We provide a comprehensive analysis of the relationship between greenhouse gas (GHG) emissions and GDP in China using both aggregate and provincial data. The Kuznets elasticity is about 0.6 for China, higher than that in advanced countries but below that of major emerging markets. The elasticity is somewhat lower for consumption-based emissions than for production-based emissions, providing mild evidence consistent with the “pollution haven” hypothesis. The Kuznets elasticity is much lower for the last three decades than for the three previous decades, suggesting a longer-term trend toward decoupling as China has become richer. Further evidence of this comes from provincial data: richer provinces tend to have smaller Kuznets elasticities than poorer ones. In addition to the trend relationship, we find that the Environmental Okun's Law holds in China.
Macroeconomics --- Environmental Economics --- Environmental Conservation and Protection --- Natural Resources --- Business Fluctuations --- Cycles --- Environment and Growth --- Energy and the Macroeconomy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Personal Income, Wealth, and Their Distributions --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Nonrenewable Resources and Conservation: General --- Climate change --- Economic growth --- Environmental management --- Greenhouse gas emissions --- Personal income --- Business cycles --- Non-renewable resources --- Environment --- National accounts --- Greenhouse gases --- Income --- Natural resources --- Climatic changes --- China, People's Republic of
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We present estimates of welfare by country for 2007 and 2014 using the methodology of Jones and Klenow (2016) which incorporates consumption, leisure, mortality and inequality, and we extend the methodology to include environmental externalities. During the period of the global financial crisis welfare grew slightly more rapidly than income per capita, mainly due to improvements in life expectancy. This led to welfare convergence in most regions towards advanced country levels. Introducing environmental effects changes the welfare ranking for countries that rely heavily on natural resources, highlighting the importance of the natural resource base in welfare. This methodology could provide a theoretically consistent and tractable way of monitoring progress in several Sustainable Development Goal (SDG) indicators.
Macroeconomics --- Environmental Conservation and Protection --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Macroeconomics: Consumption --- Saving --- Wealth --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Health Behavior --- Comparative Studies of Countries --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Aggregate Factor Income Distribution --- Health: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Health economics --- Climate change --- Income --- Consumption --- Health --- Greenhouse gas emissions --- Income inequality --- National accounts --- Environment --- Economics --- Greenhouse gases --- Income distribution --- United States
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For the world's 20 largest emitters, we use a simple trend/cycle decomposition to provide evidence of decoupling between greenhouse gas emissions and output in richer nations, particularly in European countries, but not yet in emerging markets. If consumption-based emissions—measures that account for countries' net emissions embodied in cross-border trade—are used, the evidence for decoupling in the richer economies gets weaker. Countries with underlying policy frameworks more supportive of renewable energy and climate change mitigation efforts tend to show greater decoupling between trend emissions and trend GDP, and for both production- and consumption-based emissions. The relationship between trend emissions and trend GDP has also become much weaker in the last two decades than in preceding decades.
Finance: General --- Environmental Economics --- Environmental Conservation and Protection --- Environmental Policy --- Environment and Growth --- Energy and the Macroeconomy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Business Fluctuations --- Cycles --- General Financial Markets: General (includes Measurement and Data) --- Environmental Economics: Government Policy --- Climate change --- Finance --- Environmental policy & protocols --- Greenhouse gas emissions --- Emerging and frontier financial markets --- Environmental policy --- Climate policy --- Environment --- Financial markets --- Greenhouse gases --- Financial services industry --- Climatic changes --- Germany
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Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign risks is limited. Building on our previous research focusing on the impact of climate change on sovereign risks, this paper empirically investigates how climate change may affect sovereign credit ratings. By means of binary-choice models, we find that climate change vulnerability has adverse effects on sovereign credit ratings, after controlling for conventional macroeconomic determinants of credit worthiness. On the other hand, with regards to climate change resilience, we find that countries with greater climate change resilience benefit from higher (better) credit ratings. These findings, robust to a battery of sensitivity checks, also show that impact of climate change is disproportionately greater in developing countries due largely to weaker capacity to adapt to and mitigate the consequences of climate change.
Business and Economics --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Environmental Economics --- 'Panel Data Models --- Spatio-temporal Models' --- Discrete Regression and Qualitative Choice Models --- Discrete Regressors --- Proportions --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Climate change --- Monetary economics --- Banking --- Finance --- Credit ratings --- International reserves --- Credit --- Emerging and frontier financial markets --- Climatic changes --- Foreign exchange reserves --- Financial services industry --- Australia
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This paper assesses the stabilization properties of fixed versus flexible exchange rate regimes and aims to answer this research question: Does greater exchange rate flexibility help an economy’s adjustment to weather shocks? To address this question, the impact of weather shocks on real per capita GDP growth is quantified under the two alternative exchange rate regimes. We find that although weather shocks are generally detrimental to per capita income growth, the impact is less severe under flexible exchange rate regimes. Moreover, the medium-term adverse growth impact of a 1 degree Celsius increase in temperature under a pegged regime is about –1.4 percentage points on average, while under a flexible regime, the impact is less than one half that amount (–0.6 percentage point). This finding bolsters the idea that exchange rate flexibility not only helps mitigate the initial impact of the shock but also promotes a faster recovery. In terms of mechanisms, our findings suggest that the depreciation of the nominal exchange rate under a flexible regime supports real export growth. In contrast to standard theoretical predictions, we find that countercyclical fiscal policy may not be effective under pegged regimes amid high debt, highlighting the importance of the policy mix and precautionary (fiscal) buffers.
Macroeconomics --- Economics: General --- Foreign Exchange --- Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- Economic Growth and Aggregate Productivity: General --- Environment and Growth --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Finance --- Exchange rate arrangements --- Exchange rate flexibility --- Conventional peg --- Exchange rate adjustments --- Emerging and frontier financial markets --- Financial markets --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Colombia
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Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes to the nascent literature on the environmental impact of green debt by documenting the CO2 emission intensity of corporate green debt issuers. We find lower emission intensities for green bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond, green loan, and sustainability-linked loan borrowers lower their emission intensity over time at a faster rate than other firms.
Macroeconomics --- Economics: General --- Environmental Economics --- Environmental Conservation and Protection --- Investments: Bonds --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Environmental Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Economics of specific sectors --- Environmental economics --- Climate change --- Investment & securities --- Climate finance --- Environment --- Greenhouse gas emissions --- Bonds --- Financial institutions --- Currency crises --- Informal sector --- Economics --- Climatic changes --- Environmental sciences --- Greenhouse gases --- Germany
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Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
Macroeconomics --- Economics: General --- Environmental Economics --- Corporate Governance --- Finance: General --- Investments: Bonds --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Environmental Economics: General --- Corporate Culture --- Diversity --- Social Responsibility --- General Financial Markets: General (includes Measurement and Data) --- Climate --- Natural Disasters and Their Management --- Global Warming --- Economic & financial crises & disasters --- Economics of specific sectors --- Green finance / sustainable finance --- Corporate governance --- role & responsibilities of boards & directors --- Finance --- Investment & securities --- Climate change --- Climate finance --- Environment --- Corporate social responsibility --- Economic sectors --- Emerging and frontier financial markets --- Financial markets --- Bonds --- Financial institutions --- Currency crises --- Informal sector --- Economics --- Climatic changes --- Financial services industry --- China, People's Republic of
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