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Economy Wide And Distributional Impacts Of An Oil Price Shock On The South African Economy
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Book Synopsis Economy-wide and Distributional Impacts of an Oil Price Shock on the South African Economy by : B. Essama-Nssah
Download or read book Economy-wide and Distributional Impacts of an Oil Price Shock on the South African Economy written by B. Essama-Nssah and published by World Bank Publications. This book was released on 2007 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: As crude oil prices reach new highs, there is renewed concern about how external shocks will affect growth and poverty in developing countries. This paper describes a macro-micro framework for examining the structural and distributional consequences of a significant external shock-an increase in the world price of oil-on the South African economy. The authors merge results from a highly disaggregative computable general equilibrium model and a micro-simulation analysis of earnings and occupational choice based on socio-demographic characteristics of the household. The model provides changes in employment, wages, and prices that are used in the micro-simulation. The analysis finds that a 125 percent increase in the price of crude oil and refined petroleum reduces employment and GDP by approximately 2 percent, and reduces household consumption by approximately 7 percent. The oil price shock tends to increase the disparity between rich and poor. The adverse impact of the oil price shock is felt by the poorer segment of the formal labor market in the form of declining wages and increased unemployment. Unemployment hits mostly low and medium-skilled workers in the services sector. High-skilled households, on average, gain from the oil price shock. Their income rises and their spending basket is less skewed toward food and other goods that are most affected by changes in oil prices.
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
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.
Book Synopsis Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case by : Mr. Ken Miyajima
Download or read book Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case written by Mr. Ken Miyajima and published by International Monetary Fund. This book was released on 2021-03-19 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The South African Reserve Bank has continued to fulfill its constitutional mandate to protect the value of the local currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining low and stable inflation could at the same time reduce consumption inequality over a 12–18 month horizon, commonly understood as the transmission lag of monetary policy action to the real economy, and similar to the distance between survey waves used in the analysis. In response to “exogenous” monetary policy tightening, the real consumption of individuals at lower ends of the consumption distribution declines relatively modestly, or even increases. With greater reliance on government transfers, thus smaller reliance on labor income, and relatively larger food consumption, these individuals appear to benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption distribution is more likely to decline due to lower labor income, weaker asset price performance, and higher debt service cost.
Book Synopsis The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications by : Baoping Shang
Download or read book The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications written by Baoping Shang and published by International Monetary Fund. This book was released on 2021-06-25 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the poverty and distributional impacts of carbon pricing reforms is critical for the success of ambitious actions in the fight against climate change. This paper uses a simple framework to systematically review the channels through which carbon pricing can potentially affect poverty and inequality. It finds that the channels differ in important ways along several dimensions. The paper also identifies several key gaps in the current literature and discusses some considerations on how policy designs could take into account the attributes of the channels in mitigating the impacts of carbon pricing reforms on households.
Book Synopsis Infrastructure and Economic Growth in Asia by : John Cockburn
Download or read book Infrastructure and Economic Growth in Asia written by John Cockburn and published by Springer. This book was released on 2013-12-05 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public spending on infrastructure plays an important role in promoting economic growth and poverty alleviation. Empirical studies unequivocally show that under-investment in infrastructure limit economic growth. At the same time, numerous other studies have shown that investment in infrastructure can be a highly effective tool in fighting poverty reduction1. In that context, the financing of infrastructure has been a critical element of most economic growth and poverty reduction strategies in developing countries, since the start of this millennium. This book provides a comparative analysis of the aggregate and sectoral implications of higher spending on infrastructure in three very different Asian countries: China, Pakistan, and the Philippines. Particular attention is paid to the role of alternative financing mechanisms for increasing public infrastructure investment, namely distortionary and non-distortionary means of financing. The book will be of interest to scholars and policy-makers concerned with economic growth in developing countries.
Book Synopsis Africa at a Turning Point? by : Delfin Sia Go
Download or read book Africa at a Turning Point? written by Delfin Sia Go and published by World Bank Publications. This book was released on 2008-04-14 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, sub-Saharan Africa has experienced an acceleration of economic growth that has produced rising incomes and faster human development. However, this growth contrasts with the continent's experience between 1975 and 1995, when it largely missed out on two decades of economic progress. This disparity between Africa's current experience and its history raises questions about the continent's development. Is there a turnaround in Africa s economy? Will growth persist? 'Africa at a Turning Point?' is a collection of essays that analyzes three interrelated aspects of Africa's recent revival. The first set of essays examines Africa's recent growth in the context of its history of growth accelerations and collapses. It seeks to answer such questions as, is Africa at a turning point? Are the economic fundamentals finally pointing toward more sustainable growth? The second set of essays looks at donor flows, which play a large role in Africa's growth. These essays focus on such issues as the management and delivery of increased aid, and the history and volatility of donor flows to Africa. The third set of essays considers the recent impact of one persistent threat to sustained growth in Africa: commodity price shocks, particularly those resulting from fluctuations in oil prices.
Book Synopsis Preparing for Peak Oil in South Africa by : Jeremy J. Wakeford
Download or read book Preparing for Peak Oil in South Africa written by Jeremy J. Wakeford and published by Springer Science & Business Media. This book was released on 2013-11-29 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil is the lifeblood of modern industrial economies. Petroleum powers virtually all motorized transport, which in turn enables most economic activities and provides mobility for citizens. But oil is a finite resource that is steadily depleting. In the past decade, the phenomenon of global peak oil – the fact that annual world oil production must at some point reach a maximum and then decline – has emerged as one of the twenty-first century’s greatest challenges. South Africa imports over two-thirds of its petroleum fuels, and history has shown that oil price shocks generally translate into a weakening currency, rising consumer prices, increasing joblessness and a slow-down in economic activity. This book examines the implications of peak oil for socioeconomic welfare in South Africa and proposes a wide range of strategies and policies for mitigating and adapting to the likely impacts. It contains a wealth of data in tables and figures that illustrate South Africa’s oil dependencies and vulnerabilities to oil shocks. The material is presented from a systems perspective and is organized in key thematic areas including energy, transport, agriculture, macro-economy and society. The study highlights the risks, uncertainties and difficult choices South Africa faces if it is to tackle its oil addiction, and thereby serves as an example for researchers, planners and policy-makers in the developing world who will sooner or later confront similar challenges. This case study brings a fresh southern perspective to an issue of global importance, and shows how the era of flattening and then declining global oil supplies may be a pivotal period in which either the project of industrialization progressively runs out of steam, or societies are able to undertake a proactive transition to a more sustainable future.
Book Synopsis Opportunities and Challenges in Development by : Simanti Bandyopadhyay
Download or read book Opportunities and Challenges in Development written by Simanti Bandyopadhyay and published by Springer Nature. This book was released on 2019-09-28 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a broad overview of the current research on various aspects of development, with a focus on India. The content and treatment of the subject of development in this volume is distinctive in many ways. It is a balanced mix of theory and practical elements, dealing with a number of issues at micro as well as macro levels. The analyses of the current socio-economic problems are attempted in an elegant yet simple manner which makes it equally useful for an aspiring researcher in economics or any inter disciplinary field. The methodologies of the articles include analytical verbal argumentative logic, theoretical constructs or different versions of statistical, econometric or programming techniques. It also contains well written survey articles, which are useful in grasping the fundamental research issues and in tracing the progress of research in an area. The general scope of the book is very wide as the readership can include researchers, scholars, graduate and undergraduate students, policy makers and practitioners. Though the contributors are primarily scholars in the field of Economics or Statistics, the book contains useful takeaways for those working in the area of Development. It will also be of interest to policy makers and practitioners interested in development issues, and to post graduate students in Economics or any field, in social science, management or development.
Download or read book jorge arbache written by and published by World Bank Publications. This book was released on with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Implications of Lower Oil Prices by : Mr. Aasim M. Husain
Download or read book Global Implications of Lower Oil Prices written by Mr. Aasim M. Husain and published by International Monetary Fund. This book was released on 2015-07-14 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Book Synopsis The Economics of COVID-19 by : Badi H. Baltagi
Download or read book The Economics of COVID-19 written by Badi H. Baltagi and published by Emerald Group Publishing. This book was released on 2022-06-01 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of COVID-19 contains selected contributions analysing the effects of the global pandemic on macroeconomics, computable general equilibrium models and financial markets, as well as health studies proposing to improve the traditional epidemic models.
Book Synopsis Emerging Topics in Macroeconomics by : Richard O. Bailly
Download or read book Emerging Topics in Macroeconomics written by Richard O. Bailly and published by . This book was released on 2009 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to new research on macroeconomics which is a branch of economics that deals with the performance, structure, and behaviour of a national or regional economy as a whole. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indexes to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behaviour determines prices and quantities in specific markets. While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). Macroeconomic models and their forecasts are used by both governments and large corporations to assist in the development and evaluation of economic policy and business strategy.
Book Synopsis The Oxford Handbook of the South African Economy by : Arkebe Oqubay
Download or read book The Oxford Handbook of the South African Economy written by Arkebe Oqubay and published by Oxford University Press. This book was released on 2022-01-20 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: While sharing some characteristics with other middle-income countries, South Africa is a country with a unique economic history and distinctive economic features. It is a regional economic powerhouse that plays a significant role, not only in southern Africa and in the continent, but also as a member of BRICS. However, there has been a lack of structural transformation and weak economic growth, and South Africa faces the profound triple challenges of poverty, inequality, and unemployment. Any meaningful debate about economic policies to address these challenges needs to be informed by a deep understanding of historical developments, robust empirical evidence, and rigorous analysis of South Africa's complex economic landscape. This volume seeks to provide a wide-ranging set of original, detailed, and state-of-the-art analytical perspectives that contribute to scientific knowledge as well as to well-informed and productive discourse on the South African economy. While concentrating on the more recent economic issues facing South Africa, the handbook also provides historical and political context. It offers an in-depth examination of strategic issues in the country's key economic sectors, and brings together diverse analytical perspectives.
Book Synopsis Index to International Statistics by :
Download or read book Index to International Statistics written by and published by . This book was released on 2008 with total page 1136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Impact and the Distribution of Benefits and Risk from the Adoption of Insect Resistant (Bt) Cotton in West Africa by : Jose Falck-Zepeda, Daniela Horna, and Melinda Smale
Download or read book The Economic Impact and the Distribution of Benefits and Risk from the Adoption of Insect Resistant (Bt) Cotton in West Africa written by Jose Falck-Zepeda, Daniela Horna, and Melinda Smale and published by Intl Food Policy Res Inst. This book was released on with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa by : Mr.Bjoern Rother
Download or read book The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa written by Mr.Bjoern Rother and published by International Monetary Fund. This book was released on 2016-09-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.
Book Synopsis The short-run economic costs of COVID-19 in developing countries in 2020: A synthesis of results from a multi-country modeling exercise by : Pauw, Karl
Download or read book The short-run economic costs of COVID-19 in developing countries in 2020: A synthesis of results from a multi-country modeling exercise written by Pauw, Karl and published by Intl Food Policy Res Inst. This book was released on 2021-06-04 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: As COVID-19 spread across the globe in early 2020, governments had to make difficult policy choices to balance the socioeconomic costs of social distancing and lockdown measures, on the one hand, and the human costs of increased morbidity and mortality of an unchecked pandemic, on the other. The challenge was particularly daunting for developing countries with their often illequipped and underfunded health systems coupled with general skepticism about the effectiveness of economic restrictions to curb viral spread, especially in densely populated informal urban communities (The Economist 2020). Poorer developing country populations also tend to be less resilient to income shocks, while the social protection measures needed to mitigate against income losses are costly. With developing country governments already heavily indebted before the pandemic (Onyekwena and Ekeruche 2019), and with further anticipated losses in tax revenues due to COVID-related economic restrictions, their ability to finance palliative measures without sacrificing much-needed, longer-term public investments has remained a major concern.
