Download or read book Effects of Oil Price and Global Demand Shocks on Small Island Developing States written by Alrick Campbell and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: I employ a global VAR framework for 25 SIDS using annual data over the period 1980 to 2015. A key innovation associated with this research is the use of remittance weights to capture the close financial linkages between SIDS and advanced economies such as the US. I find that oil price shocks do not have a statistically significant negative effect on economic growth in most individual countries and different regions. Economies that are oil-intensive perform better than their low-intensity counterparts, but economic growth is likely to be greater if economies transition towards a more diversified energy supply mix. In terms of a negative demand shock to US GDP, output in SIDS decline more for those regions that have close economic ties with the US and are within its geographical proximity. From a policy standpoint, these results highlight the importance of gearing policy towards energy diversification and designing outward-oriented economic policies to guard against future oil price shocks.
Download or read book Oil and Electricity in Small Island Developing States written by Alrick Khourie Campbell and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first study of this thesis, I analyse the effects of oil price and global demand shocks on Small Island Developing States (SIDS). To do this, I employ a global vector autoregression (GVAR) framework for 26 SIDS using annual data over the period 1980 to 2015. A key innovation associated with this research is the use of remittance weights to capture the close financial linkages between SIDS and advanced economies such as the United States. I find negligible negative effects on economic growth in SIDS on average from a negative oil price shock, though each country reacts differently. In terms of a negative demand shock to US GDP, SIDS appear vulnerable with a marginal positive effect observed for the Pacific while small negative effects emerge for the Caribbean; Atlantic, Indian Ocean, Mediterranean and South China Sea (AIMS); and SIDS as a whole. Since oil prices influence electricity prices, the second study looks at how electricity prices influence consumer behaviour in a particular country, using Jamaica as an example. To analyse how consumers respond to prices, I use the autoregressive distributive lag bounds testing approach to cointegration to obtain long-run elasticity estimates covering the period 1970 to 2014. The analysis focuses on aggregate electricity demand and three categories of consumers: residential, commercial, and industrial. The findings suggest that residential and industrial consumers are most responsive to price changes with long-run price elasticities of demand of -0.82 and -0.25, respectively. Price-based approaches are likely to be more successful in slowing electricity demand growth in these sectors. We can use demand elasticities to analyse the behaviour of alternative electricity pricing schemes under different scenarios. Using Jamaica as a case study in the third study, my analysis confirms that in contrast to a price cap plan that uses Ramsey quantity weights, prices under a revenue cap increase as demand in a particular market becomes more elastic relative to the others. In this specific setting, a revenue cap does encourage energy conservation through reductions in electricity use, but this is less likely when marginal cost is very large in the more elastic market relative to other markets. In contrast to a price cap plan, these overall results show that revenue cap schemes are welfare-reducing. To analyse the efficiency of electricity sectors in SIDS, I apply a two-stage data envelopment analysis (DEA) method to a sample of 32 electricity distribution utilities operating in the Caribbean and Pacific regions. Using 2010 data for three inputs and one output, the overall results show that six utilities are on the efficiency frontier and utilities in the Caribbean are significantly more efficient than those in the Pacific region. I also do not find any statistically significant evidence that the efficiency of utilities is positively related to population density and inversely related to criminality. Notwithstanding the paucity of publicly available data, these results advance the idea that utility benchmarking is possible and can be used to set feasible efficiency targets for electricity networks in SIDS.
Download or read book The Differential Effects of Oil Demand and Supply Shocks on the Global Economy written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 2012-10-23 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to study the time profile of their macroeconomic effects for different countries. The results indicate that the economic consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic activity, and vary for oil-importing countries compared to energy exporters. While oil importers typically face a long-lived fall in economic activity in response to a supply-driven surge in oil prices, the impact is positive for energy-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in our sample experience long-run inflationary pressures and a short-run increase in real output.
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Download or read book Emerging Issues for Small Island Developing States written by United Nations Publications and published by UN. This book was released on 2015 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2012 UNEP Foresight Process on Emerging Global Environmental Issues primarily identified emerging environmental issues and possible solutions on a global scale and perspective. In 2013, UNEP carried out a similar exercise to identify priority emerging environmental issues that are of concern to the Small Island Developing States (SIDS). The social and economic emerging issues were also identified using the same set of criteria. At the core of the process was a SIDS Foresight Panel consisting of 11 SIDS experts (for the UNEP Panel) and 12 experts (for the UN DESA Panel) from the three SIDS regions, representing the global SIDS community and a wide range of disciplines. The process was designed to open the discussion on emerging environmental issues to a broad range of views both from the Foresight Panel and a wider community of relevant experts from across the globe. Through the Foresight Process, separate lists of 20 environmental and 15 socioeconomic emerging issues were identified and discussed in this report.
Download or read book Nature Tourism and Ethnicity as Drivers of De Marginalization written by Stanko Pelc and published by Springer. This book was released on 2017-08-01 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers de-marginalization attesting that marginal regions have the potential for de-marginalization and are anchored in developmental terms on the following core themes: nature; tourism; ethnicity and general factors including migration. Adding to the discussion on marginality and sustainability this book contributes a number of case studies on a diverse selection of topics and regions in which these crucial issues connect. It delivers a reflection of (de)marginalizing processes in today’s globalized world where an increasing number of people, groups, societies and regions are marginalized and vulnerable not only from social and economic factors, but also from natural causes such as natural hazards. This book addresses the unsustainable practices in the past that have often generated difficult conditions for sustainable development in the future. Marginal regions that have not been developed are given much needed consideration as they may now enjoy the benefits of having not been exploited in the past to their present-day developmental advantage. The overview offered by this book is significant in that marginal regions with relatively unspoiled and attractive natural (and cultural) landscapes have a great potential for sustainable tourism. Contributions include the (de)marginalization of ethnic groups, the role of education and migration in the process, and different economic and political perspectives. Considering the topics covered, the book should be appreciated by all those involved in creation of social policies, urban and regional planning – coordinating economic with spatial and social development and by those studying in the fields were competencies for such activities are important part of the study program.
Download or read book The Ocean and Cryosphere in a Changing Climate written by Intergovernmental Panel on Climate Change (IPCC) and published by Cambridge University Press. This book was released on 2022-04-30 with total page 755 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Intergovernmental Panel on Climate Change (IPCC) is the leading international body for assessing the science related to climate change. It provides policymakers with regular assessments of the scientific basis of human-induced climate change, its impacts and future risks, and options for adaptation and mitigation. This IPCC Special Report on the Ocean and Cryosphere in a Changing Climate is the most comprehensive and up-to-date assessment of the observed and projected changes to the ocean and cryosphere and their associated impacts and risks, with a focus on resilience, risk management response options, and adaptation measures, considering both their potential and limitations. It brings together knowledge on physical and biogeochemical changes, the interplay with ecosystem changes, and the implications for human communities. It serves policymakers, decision makers, stakeholders, and all interested parties with unbiased, up-to-date, policy-relevant information. This title is also available as Open Access on Cambridge Core.
Download or read book Energy Transition Metals written by Lukas Boer and published by International Monetary Fund. This book was released on 2021-10-12 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The energy transition requires substantial amounts of metals such as copper, nickel, cobalt and lithium. Are these metals a key bottleneck? We identify metal-specific demand shocks, estimate supply elasticities and pin down the price impact of the energy transition in a structural scenario analysis. Metal prices would reach historical peaks for an unprecedented, sustained period in a net-zero emissions scenario. The total value of metals production would rise more than four-fold for the period 2021 to 2040, rivaling the total value of crude oil production. Metals are a potentially important input into integrated assessments models of climate change.
Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book Oil in the Sea III written by National Research Council and published by National Academies Press. This book was released on 2003-03-14 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1970s, experts have recognized that petroleum pollutants were being discharged in marine waters worldwide, from oil spills, vessel operations, and land-based sources. Public attention to oil spills has forced improvements. Still, a considerable amount of oil is discharged yearly into sensitive coastal environments. Oil in the Sea provides the best available estimate of oil pollutant discharge into marine waters, including an evaluation of the methods for assessing petroleum load and a discussion about the concerns these loads represent. Featuring close-up looks at the Exxon Valdez spill and other notable events, the book identifies important research questions and makes recommendations for better analysis ofâ€"and more effective measures againstâ€"pollutant discharge. The book discusses: Inputâ€"where the discharges come from, including the role of two-stroke engines used on recreational craft. Behavior or fateâ€"how oil is affected by processes such as evaporation as it moves through the marine environment. Effectsâ€"what we know about the effects of petroleum hydrocarbons on marine organisms and ecosystems. Providing a needed update on a problem of international importance, this book will be of interest to energy policy makers, industry officials and managers, engineers and researchers, and advocates for the marine environment.
Download or read book Caribbean Energy written by Arnold McIntyre and published by International Monetary Fund. This book was released on 2016-03-08 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It presents recommendations to move the energy agenda forward based on analyses of macro-aspects of energy reform. These include: i) quantitative assessment of the impact of energy costs on growth and competitiveness; ii) evaluation of gains from implementing announced renewable energy and energy efficiency targets; and iii) analysis of the impact of energy investments on debt sustainability. The paper argues for a bigger role for the private sector in energy reform and discusses prerequisites for good public-private partnerships.
Download or read book Small Islands Big Issues written by and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Global Economic Prospects June 2021 written by World Bank and published by World Bank Publications. This book was released on 2021-08-03 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
Download or read book Alternative Development Strategies for Sids written by Kris Terauds and published by . This book was released on 2021-07 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Economic Paper builds on the 2014 SIDS Accelerated Modalities of Action Pathway, which provides guidance on economic, environmental and social priorities in small island developing states. It offers detailed analysis and guidance on alternative economic development strategies and recommends policies to build competitiveness in new industries.
Download or read book Saving Small Island Developing States written by Shyam Nath and published by Commonwealth Secretariat. This book was released on 2010 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Small island states have a big problem - the environmental consequences of climate change. This text introduces and explains the key environmental policy challenges and suggested responses to them.
Download or read book The Global Social Crisis written by United Nations and published by UN. This book was released on 2011 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: During 2008-2009, the world experienced its worst financial and economic crisis since the Great Depression of the 1930s. The crisis followed the effects of the food and fuel price hikes in 2007 and 2008. In 2009, global output contracted by 2 per cent. This 2011 Report on the World Social Situation reviews the ongoing adverse social consequences of these crises after an overview of its causes and transmission.
