Geo-Economic Fragmentation and the Future of Multilateralism

Geo-Economic Fragmentation and the Future of Multilateralism

Author: Mr. Shekhar Aiyar

Publisher: International Monetary Fund

Published: 2023-01-15

Total Pages: 41

ISBN-13:

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After several decades of increasing global economic integration, the world is facing the risk of policy-driven geoeconomic fragmentation (GEF). This note explores the ramifications. It identifies multiple channels through which the benefits of globalization were earlier transmitted, and along which, conversely, the costs of GEF are likely to fall, including trade, migration, capital flows, technology diffusion and the provision of global public goods. It explores the consequences of GEF for the international monetary system and the global financial safety net. Finally, it suggests a pragmatic path forward for preserving the benefits of global integration and multilateralism


Book Synopsis Geo-Economic Fragmentation and the Future of Multilateralism by : Mr. Shekhar Aiyar

Download or read book Geo-Economic Fragmentation and the Future of Multilateralism written by Mr. Shekhar Aiyar and published by International Monetary Fund. This book was released on 2023-01-15 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: After several decades of increasing global economic integration, the world is facing the risk of policy-driven geoeconomic fragmentation (GEF). This note explores the ramifications. It identifies multiple channels through which the benefits of globalization were earlier transmitted, and along which, conversely, the costs of GEF are likely to fall, including trade, migration, capital flows, technology diffusion and the provision of global public goods. It explores the consequences of GEF for the international monetary system and the global financial safety net. Finally, it suggests a pragmatic path forward for preserving the benefits of global integration and multilateralism

Geoeconomic Fragmentation and International Diversification Benefits

Geoeconomic Fragmentation and International Diversification Benefits

Author: Tatsushi Okuda

Publisher: International Monetary Fund

Published: 2024-03-08

Total Pages: 50

ISBN-13:

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This paper applies the two-country open-economy model with trade in stocks and bonds of Coeurdacier et al. (2010) to quantify the loss of international diversification benefits for major advanced economies, which have a significant presence in international financial markets, under geoeconomic fragmentation. We perform counterfactual simulations under different hypothetical fragmentation scenarios in which these economies are unable to trade with geopolitically distant countries, as measured by voting disagreement on foreign policy issues at the United Nations General Assembly meetings during 2012-2021. The simulation results imply a potentially significant loss of international diversification benefits of financial openness for the considered advanced economies by limiting trading to partner countries that are geopolitical allies with highly synchronized business cycles.


Book Synopsis Geoeconomic Fragmentation and International Diversification Benefits by : Tatsushi Okuda

Download or read book Geoeconomic Fragmentation and International Diversification Benefits written by Tatsushi Okuda and published by International Monetary Fund. This book was released on 2024-03-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the two-country open-economy model with trade in stocks and bonds of Coeurdacier et al. (2010) to quantify the loss of international diversification benefits for major advanced economies, which have a significant presence in international financial markets, under geoeconomic fragmentation. We perform counterfactual simulations under different hypothetical fragmentation scenarios in which these economies are unable to trade with geopolitically distant countries, as measured by voting disagreement on foreign policy issues at the United Nations General Assembly meetings during 2012-2021. The simulation results imply a potentially significant loss of international diversification benefits of financial openness for the considered advanced economies by limiting trading to partner countries that are geopolitical allies with highly synchronized business cycles.

Geoeconomic Fragmentation: What’s at Stake for the EU

Geoeconomic Fragmentation: What’s at Stake for the EU

Author: Chikako Baba

Publisher: International Monetary Fund

Published: 2023-11-30

Total Pages: 40

ISBN-13:

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Geoeconomic fragmentation (GEF) is becoming entrenched worldwide, and the European Union (EU) is not immune to its effects. This paper takes stock of GEF policies impinging on—and adopted by—the EU and considers how exposed the EU is through trade, financial and technological channels. Motivated by current policies adopted by other countries, the paper then simulates how various measures—raising costs of trade and technology transfer and fossil fuel prices, and imposition of sectoral subsidies—would affect the EU economy. Due to its high-degree of openness, the EU is found to be exposed to GEF through multiple channels, with simulated losses that differ significantly across scenarios. From a welfare perspective, this suggests the need for a cautious approach to GEF policies. The EU’s best defence against GEF is to strengthen the Single Market while advocating for a multilateral rules-based trading system.


Book Synopsis Geoeconomic Fragmentation: What’s at Stake for the EU by : Chikako Baba

Download or read book Geoeconomic Fragmentation: What’s at Stake for the EU written by Chikako Baba and published by International Monetary Fund. This book was released on 2023-11-30 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geoeconomic fragmentation (GEF) is becoming entrenched worldwide, and the European Union (EU) is not immune to its effects. This paper takes stock of GEF policies impinging on—and adopted by—the EU and considers how exposed the EU is through trade, financial and technological channels. Motivated by current policies adopted by other countries, the paper then simulates how various measures—raising costs of trade and technology transfer and fossil fuel prices, and imposition of sectoral subsidies—would affect the EU economy. Due to its high-degree of openness, the EU is found to be exposed to GEF through multiple channels, with simulated losses that differ significantly across scenarios. From a welfare perspective, this suggests the need for a cautious approach to GEF policies. The EU’s best defence against GEF is to strengthen the Single Market while advocating for a multilateral rules-based trading system.

Net Zero and Natural Resources Law

Net Zero and Natural Resources Law

Author:

Publisher: Oxford University Press

Published: 2024-08-01

Total Pages: 393

ISBN-13: 0198925018

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States, corporations, and other actors worldwide have committed to measures aimed at bringing down global emissions to net zero by the year 2060 or earlier. While the need for a clean energy transition is clear, incoherently designed transition programs can pose complex environmental, social, and governance risks, including legal liability and protracted disputes. At the same time, the rush for minerals needed to manufacture clean energy technologies raises fundamental questions–most crucially, how to ensure the exploration and development of energy transition minerals in a manner that does not exacerbate resource conflicts, resource nationalism, human rights violations, protectionism, energy insecurity, social exclusions, and inequity, especially in conflict-affected and high-risk regions. By studying the legal and regulatory systems of Africa, Asia, Europe, Australasia, and North and South America through the themes of sovereignty, security and solidarity, Net Zero and Natural Resources Law provides an in-depth discussion of tools and techniques for addressing the legal and contract risks relating to the clean energy transition. This book offers a comprehensive and authoritative account of the nature, scope, and guiding principles of natural resources law and policy in a net zero era. Consideration is given to the integrated resource governance roadmap that is needed to improve coherence and coordination in the design, financing, and implementation of energy transition programs across the entire natural resource value chain.


Book Synopsis Net Zero and Natural Resources Law by :

Download or read book Net Zero and Natural Resources Law written by and published by Oxford University Press. This book was released on 2024-08-01 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: States, corporations, and other actors worldwide have committed to measures aimed at bringing down global emissions to net zero by the year 2060 or earlier. While the need for a clean energy transition is clear, incoherently designed transition programs can pose complex environmental, social, and governance risks, including legal liability and protracted disputes. At the same time, the rush for minerals needed to manufacture clean energy technologies raises fundamental questions–most crucially, how to ensure the exploration and development of energy transition minerals in a manner that does not exacerbate resource conflicts, resource nationalism, human rights violations, protectionism, energy insecurity, social exclusions, and inequity, especially in conflict-affected and high-risk regions. By studying the legal and regulatory systems of Africa, Asia, Europe, Australasia, and North and South America through the themes of sovereignty, security and solidarity, Net Zero and Natural Resources Law provides an in-depth discussion of tools and techniques for addressing the legal and contract risks relating to the clean energy transition. This book offers a comprehensive and authoritative account of the nature, scope, and guiding principles of natural resources law and policy in a net zero era. Consideration is given to the integrated resource governance roadmap that is needed to improve coherence and coordination in the design, financing, and implementation of energy transition programs across the entire natural resource value chain.

A Proposal to End the COVID-19 Pandemic

A Proposal to End the COVID-19 Pandemic

Author: Ruchir Agarwal

Publisher: International Monetary Fund

Published: 2021-05-19

Total Pages: 54

ISBN-13: 1513577603

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Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world.


Book Synopsis A Proposal to End the COVID-19 Pandemic by : Ruchir Agarwal

Download or read book A Proposal to End the COVID-19 Pandemic written by Ruchir Agarwal and published by International Monetary Fund. This book was released on 2021-05-19 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world.

Author:

Publisher: Oxford University Press

Published:

Total Pages: 321

ISBN-13: 0198925212

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Download or read book written by and published by Oxford University Press. This book was released on with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Infrastructure Policy and Inequality

Infrastructure Policy and Inequality

Author: Michael A. Cohen

Publisher: Taylor & Francis

Published: 2024-04-04

Total Pages: 217

ISBN-13: 1040011489

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This book reframes the purpose of infrastructure from being an input to economic growth to becoming a major instrument in reducing socio-economic inequalities in both industrialized and developing countries. Drawing on global and national lessons of COVID-19 and extensive working experience in 55 countries, this book reviews infrastructure policies and performance over several decades and suggests that the “underperformance” of infrastructure could be improved by more attention to users and the demand side, and thereby contribute to overcoming many obstacles facing low-income communities around the world. This book argues that growth is not a necessary condition for sustainability or social justice, and that both are undermined by structural inequalities which reduce the income and opportunities of urban households. More focus on user needs can substantially change the distribution of benefits and the quality of living conditions of low-income people. It provides a unique theoretical and on-the-ground critique of conventional infrastructure practices while illustrating to readers the many positive experiences around the world. More infrastructure is not enough; different and better is needed. This book reviews World Bank experience in launching a 30-year program to alleviate urban poverty through some 7,000 projects, showing that many significant policy changes have led to a big improvement in global urban policies adopted by national and local governments, yet have failed to significantly address and reduce intra-urban inequalities. The audience for this book includes academics, both faculty and advanced graduate students, while also a wider public interested in the prospects for international development.


Book Synopsis Infrastructure Policy and Inequality by : Michael A. Cohen

Download or read book Infrastructure Policy and Inequality written by Michael A. Cohen and published by Taylor & Francis. This book was released on 2024-04-04 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reframes the purpose of infrastructure from being an input to economic growth to becoming a major instrument in reducing socio-economic inequalities in both industrialized and developing countries. Drawing on global and national lessons of COVID-19 and extensive working experience in 55 countries, this book reviews infrastructure policies and performance over several decades and suggests that the “underperformance” of infrastructure could be improved by more attention to users and the demand side, and thereby contribute to overcoming many obstacles facing low-income communities around the world. This book argues that growth is not a necessary condition for sustainability or social justice, and that both are undermined by structural inequalities which reduce the income and opportunities of urban households. More focus on user needs can substantially change the distribution of benefits and the quality of living conditions of low-income people. It provides a unique theoretical and on-the-ground critique of conventional infrastructure practices while illustrating to readers the many positive experiences around the world. More infrastructure is not enough; different and better is needed. This book reviews World Bank experience in launching a 30-year program to alleviate urban poverty through some 7,000 projects, showing that many significant policy changes have led to a big improvement in global urban policies adopted by national and local governments, yet have failed to significantly address and reduce intra-urban inequalities. The audience for this book includes academics, both faculty and advanced graduate students, while also a wider public interested in the prospects for international development.

Review of the Role of Trade in the Work of the Fund

Review of the Role of Trade in the Work of the Fund

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2023-04-03

Total Pages: 99

ISBN-13:

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This paper outlines key changes in the global trade landscape in recent years, reviews the role of the Fund in this area, and outlines a trade strategy for the Fund going forward. The analysis points to three key messages. First, while trade has been resilient vis-à-vis recent global shocks, the deteriorating trade policy environment poses risks to the current levels of prosperity. Second, the Fund has responded quickly to key trade developments in its multilateral surveillance, but attention to trade policy has declined pointing to the need of improved expertise. Third, a reinvigorated trade strategy for the Fund would help country authorities to address key challenges, including adjusting to structural changes associated with climate change and new technologies; promoting policy coherence between trade and non-trade objectives such as climate, inequality, and security; and managing rising geopolitical tensions and risks of geo-economic fragmentation.


Book Synopsis Review of the Role of Trade in the Work of the Fund by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Review of the Role of Trade in the Work of the Fund written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2023-04-03 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines key changes in the global trade landscape in recent years, reviews the role of the Fund in this area, and outlines a trade strategy for the Fund going forward. The analysis points to three key messages. First, while trade has been resilient vis-à-vis recent global shocks, the deteriorating trade policy environment poses risks to the current levels of prosperity. Second, the Fund has responded quickly to key trade developments in its multilateral surveillance, but attention to trade policy has declined pointing to the need of improved expertise. Third, a reinvigorated trade strategy for the Fund would help country authorities to address key challenges, including adjusting to structural changes associated with climate change and new technologies; promoting policy coherence between trade and non-trade objectives such as climate, inequality, and security; and managing rising geopolitical tensions and risks of geo-economic fragmentation.

Energy Security and The Green Transition

Energy Security and The Green Transition

Author: Jaden Kim

Publisher: International Monetary Fund

Published: 2024-01-12

Total Pages: 34

ISBN-13:

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The current energy crisis has raised important policy questions on how to strengthen short-term energy security while remaining firmly committed to the green transition, a challenge amplified by the recent consensus at COP28 to transition away from fossil fuels. This paper examines the historical determinants of the security of energy supply and analyzes the green transition implications for energy security. Looking back, we find that the diversification of energy trade partners, or the lack thereof, was the main factor that underpinned energy security dynamics within and across countries over the last two decades. Looking ahead, the green transition is expected to have a net positive effect on energy security provided investments are aligned to address new challenges posed by the increased reliance on renewables.


Book Synopsis Energy Security and The Green Transition by : Jaden Kim

Download or read book Energy Security and The Green Transition written by Jaden Kim and published by International Monetary Fund. This book was released on 2024-01-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current energy crisis has raised important policy questions on how to strengthen short-term energy security while remaining firmly committed to the green transition, a challenge amplified by the recent consensus at COP28 to transition away from fossil fuels. This paper examines the historical determinants of the security of energy supply and analyzes the green transition implications for energy security. Looking back, we find that the diversification of energy trade partners, or the lack thereof, was the main factor that underpinned energy security dynamics within and across countries over the last two decades. Looking ahead, the green transition is expected to have a net positive effect on energy security provided investments are aligned to address new challenges posed by the increased reliance on renewables.

A Century of Global Economic Crises

A Century of Global Economic Crises

Author: Lúcio Vinhas de Souza

Publisher: Springer Nature

Published:

Total Pages: 203

ISBN-13: 3031534603

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Book Synopsis A Century of Global Economic Crises by : Lúcio Vinhas de Souza

Download or read book A Century of Global Economic Crises written by Lúcio Vinhas de Souza and published by Springer Nature. This book was released on with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: