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2. An Uneven Global Rebound Will Challenge Emerging-Market and Developing Economies
- Author:
- Maurice Obstfeld
- Publication Date:
- 10-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- As the US economy rebounds amid elevated inflationary pressures and Europe grows at a rapid clip, an uneven global rebound looms. Although emerging-market and developing economies (EMDEs) generally retain good access to global capital markets for now, their relatively slow pace of COVID-19 vaccination will continue to hamper their economic recoveries and strain their public finances—already stretched owing to the fiscal pressures of the pandemic over the past year and a half. Higher interest rates in the rich countries, particularly the United States, could tip EMDEs into liquidity and even solvency crises. The likelihood of crises is higher if advanced-economy central banks move abruptly, surprising markets. Global policymakers should prepare now by enhancing mechanisms for providing liquidity to EMDEs and, in cases of insolvency, for restructuring their sovereign debts. Perhaps even more important, the scope for uneven recovery can be limited if rich countries make an all-out effort to deliver vaccines globally and enhance less prosperous countries’ infrastructures for getting shots into arms.
- Topic:
- Emerging Markets, Inflation, Economic Development, COVID-19, and Economic Recovery
- Political Geography:
- Global Focus and United States of America
3. Roundtable on Climate-Oriented Economic Recovery
- Author:
- Center on Global Energy Policy
- Publication Date:
- 10-2020
- Content Type:
- Working Paper
- Institution:
- Center on Global Energy Policy (CGEP), Columbia University
- Abstract:
- On July 2, 2020, Columbia University’s Center on Global Energy Policy (CGEP) and Harvard University jointly hosted a virtual roundtable on climate-oriented economic recovery and stimulus packages. Stakeholders included senior experts from universities and policy institutes as well as former high-level government officials. Key questions discussed at the roundtable, held under the Chatham House Rule, included the following: What are the appropriate objectives of economic stimulus and recovery packages? What clean energy lessons from the 2009 American Reinvestment and Recovery Act are most relevant to the design of economic stimulus legislation today? What climate and energy policies are best suited to deliver on both economic stimulus and climate objectives? How does near-term climate-oriented stimulus complement medium-term climate policy and yield progress on long-term climate goals? The following is an overview of the discussion.
- Topic:
- Climate Change, Energy Policy, Environment, and Economic Recovery
- Political Geography:
- North America and United States of America