Mitigating Vulnerability To High And Volatile Oil Prices

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Mitigating Vulnerability to High and Volatile Oil Prices

Author : Rigoberto Ariel Yépez-García
Publisher : World Bank Publications
ISBN 13 : 0821395777
Total Pages : 183 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Mitigating Vulnerability to High and Volatile Oil Prices by : Rigoberto Ariel Yépez-García

Download or read book Mitigating Vulnerability to High and Volatile Oil Prices written by Rigoberto Ariel Yépez-García and published by World Bank Publications. This book was released on 2012-06-21 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented rise in world oil prices over the past decade has created greater economic uncertainty and higher risk introduced by oil price volatility. Countries with a high proportion of oil in their primary energy supply are especially vulnerable. At both macro and micro levels, such countries may suffer serious effects, ranging from short-term to permanent changes that hinder potential growth and international competitiveness. Mitigating Vulnerability to High and Volatile Oil Prices: Power Sector Experience in Latin America and the Caribbean offers an assessment of how these countries can better cope with high and volatile oil prices. The book first analyzes the economic effects of high and volatile prices on oil-importing countries, with emphasis on power sector experience in Latin America and the Caribbean. Second, it proposes complementary measures that can be applied using a multi-horizon strategy. To manage price risk, various physical and financial hedging tools are available to governments of oil-importing countries. To reduce oil dependence over the longer term, the book proposes implementing three structural measures: a more diversified electricity generation matrix, better energy efficiency in electricity production and use, and regional integration with more diversified power systems. Finally, the book quantifies some of the macro- and micro-level benefits that could result from implementing these measures. In the subregions examined, significant savings in the cost of fuel purchases-up to 5 percent of gross domestic product-could accrue to heavily oil-dependent countries. The aggregate effect would not only be a reduction in energy expenditures. It would mean less vulnerability to the impact of high and volatile oil prices. While much of the book's analysis refers to Central America and the Caribbean, the underlying principles of the policy recommendations can be applied to any oil-importing country seeking to mitigate vulnerability to high and volatile oil prices.

Mitigating Vulnerability to High and Volatile Oil Prices

Author : Rigoberto Ariel Yépez-Garcia
Publisher :
ISBN 13 : 9786613693440
Total Pages : 159 pages
Book Rating : 4.6/5 (934 download)

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Book Synopsis Mitigating Vulnerability to High and Volatile Oil Prices by : Rigoberto Ariel Yépez-Garcia

Download or read book Mitigating Vulnerability to High and Volatile Oil Prices written by Rigoberto Ariel Yépez-Garcia and published by . This book was released on 2012 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the need of oil-importing countries to mitigate vulnerability to oil price volatility. It offers financial instruments to manage price risk, complemented by structural measures designed to reduce oil consumption.

Mitigating Vulnerability to High and Volatile Oil Prices

Author : Rigoberto Ariel Yépez-García
Publisher : World Bank Publications
ISBN 13 : 0821395785
Total Pages : 182 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Mitigating Vulnerability to High and Volatile Oil Prices by : Rigoberto Ariel Yépez-García

Unveiling the Natural Gas Opportunity in the Caribbean

Author : Ariel Yépez-García
Publisher : Inter-American Development Bank
ISBN 13 :
Total Pages : 73 pages
Book Rating : 4./5 ( download)

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Book Synopsis Unveiling the Natural Gas Opportunity in the Caribbean by : Ariel Yépez-García

Download or read book Unveiling the Natural Gas Opportunity in the Caribbean written by Ariel Yépez-García and published by Inter-American Development Bank. This book was released on 2019-05-28 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study describes the options for introducing natural gas in the Caribbean region and includes an economic assessment of the cost of natural gas to each of the countries. The natural gas can provide a feasible alternative to reduce fuel oil dependency in the Caribbean and alleviate pressures that increase electricity prices by introducing an additional energy source. This paper analyzes the natural gas demand, costs, the possible competitive market alternatives for the successful development of natural gas import facilities in the region, and a brief analysis of the existing regulatory frameworks in the Caribbean for electricity and gas. The results find that a switch from fuel oil to natural gas could reduce the average cost of generation between 17 and 40%, increasing energy affordability for end users, and contributing to increase access to public services and reduce poverty.

Climate Change Public Expenditure and Institutional Review Sourcebook (CCPEIR)

Author : Adrian Fozzard
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 257 pages
Book Rating : 4./5 ( download)

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Book Synopsis Climate Change Public Expenditure and Institutional Review Sourcebook (CCPEIR) by : Adrian Fozzard

Download or read book Climate Change Public Expenditure and Institutional Review Sourcebook (CCPEIR) written by Adrian Fozzard and published by World Bank Publications. This book was released on with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Climate Change Public Expenditure and Institutional Review Sourcebook (CCPEIR) seeks to provide practitioners with the tools and information needed to respond to the public expenditure policy and management challenges arising from climate change. It is a series of notes and supporting materials written as a first step towards consolidating current research and international experience, identifying emerging practice and providing practical and applicable guidance for staff of central finance agencies, development agencies, environmental agencies and other international organizations working on climate change issues. In addition to emphasizing the importance of strengthening national systems throughout, the Sourcebook focuses on the specific public expenditure policy and management challenges posed by climate change, such as decision-making in the face of uncertain future climate conditions, expenditure planning for extreme weather and climate events, the lack of agreed budget definition and classification of climate change activities.

Fiscal Management in Resource-Rich Countries

Author : Rolando Ossowski
Publisher : World Bank Publications
ISBN 13 : 1464804966
Total Pages : 180 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Fiscal Management in Resource-Rich Countries by : Rolando Ossowski

Download or read book Fiscal Management in Resource-Rich Countries written by Rolando Ossowski and published by World Bank Publications. This book was released on 2016-06-28 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses critical fiscal challenges typically associated with large revenue flows from the EI sector. The volume discusses fiscal policy across four related dimensions: short-run stabilization, the management of fiscal risks and vulnerabilities, the promotion of long-term sustainability, and the importance of good public financial management and public investment management systems. The volume subsequently examines several institutional mechanisms used to aid fiscal management, including medium-term expenditure frameworks, resource funds, fiscal rules, and fiscal councils. The volume also discusses the earmarking of revenue, resource revenue projections as applied to the government budget, and fiscal transparency, and outlines several fiscal indicators used to assess the fiscal stance of resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries—including decision makers in ministries of finance, international organizations, and other relevant entities—will find the volume useful to their understanding and analysis of fiscal management in resource-rich countries.

Energy Subsidies in Latin America and the Caribbean

Author : Mr.Gabriel Di Bella
Publisher : International Monetary Fund
ISBN 13 : 1498338909
Total Pages : 79 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Energy Subsidies in Latin America and the Caribbean by : Mr.Gabriel Di Bella

Download or read book Energy Subsidies in Latin America and the Caribbean written by Mr.Gabriel Di Bella and published by International Monetary Fund. This book was released on 2015-02-12 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The oil price decline creates an opportunity to dismantle energy subsidies, which escalated with high oil prices. This paper assesses energy subsidies in Latin America and the Caribbean—about 1.8 percent of GDP in 2011–13 (approximately evenly split between fuel and electricity), and about 3.8 percent of GDP including negative externalities. Countries with poorer institutions subsidize more. Energy-rich countries subsidize fuel more, but low-income countries are more likely to subsidize electricity, as are Central America and the Caribbean. Energy subsidies impose fiscal costs, hurting SOEs, competitiveness, and distribution. The paper overviews country experience with subsidy reform, drawing lessons.

Anaerobic Digestion

Author : Rajesh Banu
Publisher : BoD – Books on Demand
ISBN 13 : 1838818499
Total Pages : 248 pages
Book Rating : 4.8/5 (388 download)

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Book Synopsis Anaerobic Digestion by : Rajesh Banu

Download or read book Anaerobic Digestion written by Rajesh Banu and published by BoD – Books on Demand. This book was released on 2019-09-04 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent advances in technology to recover bioenergy from various feedstocks make them suitable alternatives to fossil fuel. This book contains several scientific discussions regarding microbes involved in biogas production, the anaerobic digestion process, their operation, and application for sustainable development. The book provides in-depth information about anaerobic digestion for researchers and graduate students. The editor sincerely thanks all the contributors, whose efforts have brought this book to fruition.

Morocco

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484315081
Total Pages : 55 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Morocco by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Morocco written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2013-05-08 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Morocco has made substantial progress in increasing inclusive growth over the past decade, but additional efforts in terms of growth-enhancing structural reforms are needed. Preserving economic efficiency and fostering growth while strengthening inclusiveness remains a priority. This paper describes the fuel subsidy system in Morocco, introduces an organizing framework to illustrate the trade-offs involved in meeting various economic and social objectives when considering subsidy reform, and highlights some lessons from the international experience in implementing subsidy reforms that may be pertinent to the case of Morocco.

Sustainable Energy for All 2013-2014

Author : International Energy Agency (IEA) International Energy Agency (IEA)
Publisher : World Bank Publications
ISBN 13 : 1464802009
Total Pages : 292 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Sustainable Energy for All 2013-2014 by : International Energy Agency (IEA) International Energy Agency (IEA)

Download or read book Sustainable Energy for All 2013-2014 written by International Energy Agency (IEA) International Energy Agency (IEA) and published by World Bank Publications. This book was released on 2014-01-08 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: A team of energy experts from 15 agencies worked under the leadership of the World Bank and the International Energy Agency to produce this comprehensive snapshot of the status of more than 170 countries with respect to energy access, action on energy efficiency and renewable energy, and energy consumption. The report’s framework for data collection and analysis will enable us to monitor progress on the Sustainable Energy for All (SE4ALL) objectives from now to 2030. The report also shows how different countries can boost progress toward sustainable energy. Reaching universal energy access depends decisively on actions in some 20 "high-impact" countries in Africa and Asia. Attaining the global objectives for energy efficiency and renewable energy hinges on efforts in some 20 developed and emerging economies that account for 80 percent of global energy consumption. Finally, the report identifies a number of "fast-moving" countries whose exceptionally rapid progress on the triple energy agenda since 1990 provides not just inspiration, but know-how that can help us replicate their success elsewhere.

Fiscal and Welfare Impacts of Electricity Subsidies in Central America

Author : Marco Antonio Hernández Oré
Publisher : World Bank Publications
ISBN 13 : 1464811059
Total Pages : 275 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Fiscal and Welfare Impacts of Electricity Subsidies in Central America by : Marco Antonio Hernández Oré

Download or read book Fiscal and Welfare Impacts of Electricity Subsidies in Central America written by Marco Antonio Hernández Oré and published by World Bank Publications. This book was released on 2017-10-23 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central American countries spend approximately one percent of their aggregate gross domestic product subsidizing residential electricity consumption. This amount is comparable with what these countries spend on education and social assistance. The pressure that electricity subsidies exert on government budgets is particularly high when international energy prices rise. Electricity subsidies also provide perverse incentives for the overconsumption of electricity as households do not pay the true cost of their consumption, which in turn reduces incentives to increase energy efficiency. This book answers key questions regarding residential electricity subsidies in Central America. In particular: How do the subsidy mechanisms function in each country? What are their fiscal costs? Are these subsidies good value for the money? How efficient are subsidies in reaching households in need, and what drives this efficiency? What are the reform options? The main message of this book is that there is considerable scope for improving the efficiency of electricity subsidies in Central America by better targeting them to low-income households. The book shows that electricity subsidies help reduce the burden of electricity costs on the lowest-income groups. However, the existing electricity subsidy schemes are very inefficient at targeting resources to low-income households, with the majority of government spending going to higher-income households. Indeed, most countries in the region have the opportunity to significantly reduce the fiscal costs of electricity subsidies without imposing significant costs on households, particularly poor households. Given the limited fiscal space in the region and the major needs of the countries in terms of social services and physical infrastructure, this study seeks to provide Central American policymakers with the analytical foundations necessary to assess the costs and benefits of their electricity subsidy mechanisms, and design effective reform strategies that reflect their unique circumstances and policy priorities.

Power It Up

Author : Mr.Gabriel Di Bella
Publisher : International Monetary Fund
ISBN 13 : 1484329783
Total Pages : 36 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Power It Up by : Mr.Gabriel Di Bella

Download or read book Power It Up written by Mr.Gabriel Di Bella and published by International Monetary Fund. This book was released on 2016-04-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poor performance of the electricity sector remains a drag to economic efficiency and a bottleneck to economic activity in many low-income countries. This paper proposes a number of models that account for different equilibria (some better, some worse) of the electricity sector. They show how policy choices (affecting insolvency prospects or related to rules for electricity dispatching or tariff setting), stochastic generation costs, and initial conditions, affect investment in generation and electricity supply. They also show how credible (non-credible) promises of stronger enforcement to reduce theft result in larger (smaller) electricity supply, lower (higher) government subsidies, and lower (higher) tariffs and distribution losses, which in turn affect economic activity. To illustrate these findings, the paper reviews the experience of Haiti, a country stuck in a bad equilibrium of insufficient supply, high prices, and electricity theft; and that of Nicaragua, which is gradually transitioning to a better equilibrium of the electricity sector.

Open and Nimble

Author : Daniel Lederman
Publisher : World Bank Publications
ISBN 13 : 1464810435
Total Pages : 169 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Open and Nimble by : Daniel Lederman

Download or read book Open and Nimble written by Daniel Lederman and published by World Bank Publications. This book was released on 2017-11-08 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does economic size matter for economic development outcomes? If so are current policies adequately addressing the role of size in the development process? Using working age population as a proxy for country size, Open and Nimble, systematically analyzes what makes small economies unique. Small economies are not necessarily prone to underdevelopment and in fact can achieve very high income levels. Small economies, however, do tend to be highly open to both international trade and foreign direct investment, have highly specialized export structures, and have large government expenditures relative to their Gross Domestic Product. The export structures of small economies are concentrated in a few products or services and in a small number of export destinations. In turn, this export concentration is associated with terms of trade volatility, which combined with high exposure to international trade, implies that small economies tend to face more volatility on average as external volatility permeates national economic life. Yet small economies tend to compensate for their export concentration by being nimble in the sense of being able to change their production and export structure relatively quickly over time. Moreover, limited territory plays a role in shaping how economies are affected by natural disasters, even when the probability of facing such disasters is not necessarily higher among small than among large economies. The combination of large governments with macroeconomic volatility seems to be associated with low national savings rates in small economies. This combination could be a challenge for long-term growth if productivity growth and foreign investment do not compensate for low domestic savings. The book finishes with some thoughts on how policy makers can respond to these issues through coordinated investments and regional integration efforts, as well as fiscal policy reforms aimed at both increasing public savings and conducting countercyclical fiscal policies.

The Distributional Implications of the Impact of Fuel Price Increases on Inflation

Author : Mr. Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1616356154
Total Pages : 34 pages
Book Rating : 4.6/5 (163 download)

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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.

Cme Vulnerability, The: The Impact Of Negative Oil Futures Trading

Author : George Xianzhi Yuan
Publisher : World Scientific
ISBN 13 : 9811223211
Total Pages : 274 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Cme Vulnerability, The: The Impact Of Negative Oil Futures Trading by : George Xianzhi Yuan

Download or read book Cme Vulnerability, The: The Impact Of Negative Oil Futures Trading written by George Xianzhi Yuan and published by World Scientific. This book was released on 2020-10-23 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2020, the global lockdowns caused by the COVID-19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $-37.63/barrel based on fewer than 400 contracts' trading volume in the last three minutes, reflecting less than 0.2% of the total trading contracts volume on April 20, 2020. This occurrence of negative closing clearing price for CME's WTI Oil futures trading, cannot be explained simply by just the principle of supply and demand; instead, it highlights vulnerabilities caused by CME's allowance of negative price trading (based on its trading platform), a decision which brings potential and fundamental challenges to the global financial system.This event challenges not just our basic concepts of 'value' and trading 'price' of commodities and goods that underline our understanding of the framework for the invisible hand and general equilibrium theory in economics established by a few generations of scholars since Adam Smith in 1776 for market economies, but also have wider implications on the fundamentals that underpin our ideas of value and labor in the organization, activity, and behavior of civilizations and individual liberties.The scope of this book is limited to covering the impact of the negative oil futures derivatives' trading between April 20 and 21, 2020. This book focuses on exploring the issues, challenges, and possible impacts on global financial markets due to the negative clearing prices of WTI Oil futures contracts and related problems from different perspectives. Topics covered include the responsibilities and liabilities of the CME; critique to the fundamental theory of economics and the modern understanding of value and labor; and challenges to the global financial systems and businesses and introduction to new methods of application.

Senegal

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Senegal by : International Monetary Fund. African Dept.

Download or read book Senegal written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-12-19 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Senegalese economy continues to face headwinds. Despite the difficult socioeconomic environment, the authorities remain committed to the program objectives. Some of the downside risks identified at the time of the program request have materialized, leading to a downward revision of near-term growth. Inflation is projected to decline more gradually than anticipated. While near-term risks remain titled to the downside, with appropriate policies and the start of hydrocarbon production, medium-term prospects are favorable.

Food Price Volatility and Its Implications for Food Security and Policy

Author : Matthias Kalkuhl
Publisher : Springer
ISBN 13 : 3319282018
Total Pages : 620 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis Food Price Volatility and Its Implications for Food Security and Policy by : Matthias Kalkuhl

Download or read book Food Price Volatility and Its Implications for Food Security and Policy written by Matthias Kalkuhl and published by Springer. This book was released on 2016-04-12 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.