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Targeted Implementable And Practical Energy Relief Measures For Households In Europe
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Book Synopsis Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe by : Mr. Nicolas Arregui
Download or read book Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe written by Mr. Nicolas Arregui and published by International Monetary Fund. This book was released on 2022-12-16 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recommended way of helping households during the ongoing European energy crisis is to allow price signals to operate freely while providing targeted compensation to the vulnerable. In practice, however, institutional, political, and technical constraints have led many European governments to adopt broad, price-suppressing measures, which impede the adjustment in demand, have high fiscal costs, and widen cross-country gaps in prices. This paper focuses on easy-to-implement, second-best policies. Bonuses or rebates on energy bills (that are not linked to the current volume of consumption) or block tariffs are simple options which would improve on the current policy design in many countries. To avoid stoking inflation, fiscal policy should not add to aggregate demand, so relief for energy bills should be targeted and coupled with offsetting fiscal measures. One option is to reclaim the relief from the better-off through income taxation, which would also make support more progressive.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :92 pages Book Rating :4.4/5 (2 download)
Book Synopsis Germany by : International Monetary Fund. European Dept.
Download or read book Germany written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-17 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The German economy has demonstrated resilience following the shut-off of Russian gas supply last year, with highly adverse scenarios of widespread energy scarcity being avoided. This success reflects impressive efforts to conserve energy and secure future energy supplies, as well as the lack of severe winter weather. Nonetheless, adverse effects from the energy shock and tighter financial conditions have been sufficient to tilt the economy into recession in recent months. Inflation also spiked as the energy price shock added to existing pandemic-related supply bottlenecks, though inflation is now falling as these effects start to ease. Germany’s financial system remains well capitalized and liquid overall, but banking turmoil in other advanced economies earlier this year has nonetheless heightened the focus on potential financial stability risks associated with rising interest rates.
Book Synopsis European Housing Markets at a Turning Point – Risks, Household and Bank Vulnerabilities, and Policy Options by : Ms. Laura Valderrama
Download or read book European Housing Markets at a Turning Point – Risks, Household and Bank Vulnerabilities, and Policy Options written by Ms. Laura Valderrama and published by International Monetary Fund. This book was released on 2023-03-24 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: European housing markets are at a turning point as the cost-of-living crisis has eroded real incomes and the surge in interest rates has made borrowers more vulnerable to financial distress. This paper aims to (i) shed light on the risks in European housing markets, (ii) quantify household vulnerabilties, (iii) assess banking sector implications and (iv) examine policies’ effectiveness using simulations based on microdata from the Household Finance and Consumption Survey (HFCS) and EU statistics on income and living conditions (EU-SILC). Under the baseline IMF macroeconomic forecast, the share of households that could struggle to meet basic expenses could rise by 10 pps reaching a third of all households by end 2023. Under an adverse scenario, 45 percent of households could be financially stretched, representing over 40 percent of mortgage debt and 45 percent of consumer debt. The impact on the banking sector seems contained under the baseline forecast, though there are pockets of vulnerability. A 20 percent house price correction could deplete CET1 capital by 100-300 basis points. Fiscal measures, such as subsidies to the bottom income tercile, could save 7 percent of households from financial distress at an estimated cost of 0.8 percent of GDP.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :76 pages Book Rating :4.4/5 (2 download)
Book Synopsis Kingdom of the Netherlands–the Netherlands by : International Monetary Fund. European Dept.
Download or read book Kingdom of the Netherlands–the Netherlands written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-03-09 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Dutch economy was more resilient than its peers during and after the pandemic. Reflecting the prevalence of telecommuting and strong fiscal support, the economy experienced a less severe recession followed by a more robust recovery than in the rest of the euro area, with no scarring expected. The labor market is tight with a low unemployment rate and high vacancies, although wage growth has so far been moderate. After hitting a record high in September, consumer price inflation eased to 11 percent in December driven by lower energy prices, while core inflation increased to 8.4 percent y/y. The economy appears to be overheating. The war in Ukraine is posing new challenges albeit the terms of trade shock has been smaller than for the rest of the euro area.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :112 pages Book Rating :4.4/5 (2 download)
Book Synopsis United Kingdom by : International Monetary Fund. European Dept.
Download or read book United Kingdom written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-11 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market stress following the September 2022 'mini-budget' has dissipated, in the context of a successful financial stability intervention by the Bank of England (BoE) and two prudent budgets. Post-Brexit uncertainty has declined somewhat due to the Windsor Framework agreement to resolve disputes around the Northern Ireland Protocol. Still, the economy faces several challenges. The post-pandemic recovery was disrupted by the sharp energy price shock due to Russia’s war in Ukraine; labor force participation has declined, mainly on account of rising long-term illness; and large policy rate increases—needed to arrest high and sticky inflation—have tightened financial conditions. Accordingly, and despite recent upgrades, GDP growth is forecast at a modest 0.4 percent for 2023, followed by 1 percent growth in 2024. Lower energy prices and emerging economic slack is projected to help reduce headline inflation to around 51⁄4 percent by end-2023 and to the 2 percent target by mid-2025. Risks are tilted to the downside for growth and to the upside for inflation. Tighter-than-expected global financial conditions present the key downside risk to growth, while robust wage growth and greater inflation persistence pose upside risks to inflation.
Book Synopsis Firms’ Resilience to Energy Shocks and Response to Fiscal Incentives: Assessing the Impact of 2022 Energy Crisis by : David Amaglobeli
Download or read book Firms’ Resilience to Energy Shocks and Response to Fiscal Incentives: Assessing the Impact of 2022 Energy Crisis written by David Amaglobeli and published by International Monetary Fund. This book was released on 2024-02-09 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The energy price shock in 2022 led to government support for firms in some countries, sparking debate about the rationale and the nature of such support. The results from nationally representative firm surveys in the United States and Germany indicate that firms in these countries were generally resilient. Coping strategies adopted by firms included the pass-through of higher costs to consumers, adjustment of profit margins (United States) and investments in energy saving and efficiency (Germany). Firms in energy-intensive industries would have been significantly more affected if international energy prices were fully passed through to domestic prices in Europe. Survey responses further reveal that most firms are uncertain about the impact of recent policy announcments on green subsidies. Firms take advantage of fiscal incentives to accelerate their climate-related investment plans are often those that have previous plans to do so. These findings suggest better targeting and enhancing policy certainty will be important when facilitate the green transition among firms.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :50 pages Book Rating :4.4/5 (2 download)
Book Synopsis Republic of Poland by : International Monetary Fund. European Dept.
Download or read book Republic of Poland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Republic of Poland: Selected Issues
Book Synopsis Unconventional Fiscal Policy in Times of High Inflation by : Mai Dao
Download or read book Unconventional Fiscal Policy in Times of High Inflation written by Mai Dao and published by International Monetary Fund. This book was released on 2023-09 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The surge in energy prices in 2022 has been a defining factor behind the increase in euro area inflation. We assess the impact of “unconventional fiscal policy,” defined as the set of fiscal measures, possibly expansionary, motivated by a desire to mute the effects of the increase in energy prices and to lower inflation. Overall, we find that these unconventional measures reduced euro area inflation by 1 to 2 percentage points in 2022 and may avoid an undershoot later on. When nonlinearities in the Phillips curve are taken into account, the net effect is to reduce inflation by about 0.5 percentage points in 2021-24, and keep it nearer to its target. About one-third to one-half of the reduction in 2022 reflects the direct effects of the measures on headline inflation, with much of the remainder reflecting the lower pass-through to core inflation. The fiscal measures were deficit-financed but had limited effects on raising inflation by stimulating demand and instead modestly helped to stabilize longer-term inflation expectations. Looking ahead, the prospective decline in inflation in the euro area is partly due to fortunate circumstances, with energy prices falling from their 2022 peaks and their pass-through effects fading, and with less economic overheating than in economies such as the United States. Implementing similar measures in the face of a more persistent increase in energy prices, or in a more overheated economy, would have caused a more persistent rise in core inflation.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :48 pages Book Rating :4.4/5 (2 download)
Book Synopsis Greece by : International Monetary Fund. European Dept.
Download or read book Greece written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-01-24 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Greece: Selected Issues
Book Synopsis One Hundred Inflation Shocks: Seven Stylized Facts by : Mr. Anil Ari
Download or read book One Hundred Inflation Shocks: Seven Stylized Facts written by Mr. Anil Ari and published by International Monetary Fund. This book was released on 2023-09-15 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies over 100 inflation shock episodes in 56 countries since the 1970s, including over 60 episodes linked to the 1973–79 oil crises. We document that only in 60 percent of the episodes was inflation brought back down (or “resolved”) within 5 years, and that even in these “successful” cases resolving inflation took, on average, over 3 years. Success rates were lower and resolution times longer for episodes induced by terms-of-trade shocks during the 1973–79 oil crises. Most unresolved episodes involved “premature celebrations”, where inflation declined initially, only to plateau at an elevated level or re-accelerate. Сountries that resolved inflation had tighter monetary policy that was maintained more consistently over time, lower nominal wage growth, and less currency depreciation, compared to unresolved cases. Successful disinflations were associated with short-term output losses, but not with larger output, employment, or real wage losses over a 5-year horizon, potentially indicating the value of policy credibility and macroeconomic stability.
Book Synopsis Can Energy Subsidies Help Slay Inflation? by : Christopher J. Erceg
Download or read book Can Energy Subsidies Help Slay Inflation? written by Christopher J. Erceg and published by International Monetary Fund. This book was released on 2024-04-05 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many countries have used energy subsidies to cushion the effects of high energy prices on households and firms. After documenting the transmission of oil supply shocks empirically in the United States and the Euro Area, we use a New Keynesian modeling framework to study the conditions under which these policies can curb inflation. We first consider a closed economy model to show that a consumer subsidy may be counterproductive, especially as an inflation-fighting tool, when applied globally or in a segmented market, at least under empirically plausible conditions about wage-setting. We find more scope for energy subsidies to reduce core inflation and stimulate demand if introduced by a small group of countries which collectively do not have much influence on global energy prices. However, the conditions under which consumer energy subsidies reduce inflation are still quite restrictive, and this type of policy may well be counterproductive if the resulting increase in external debt is high enough to trigger sizeable exchange rate depreciation. Such effects are more likely in emerging markets with shallow foreign exchange markets. If the primary goal of using fiscal measures in response to spikes in energy prices is to shield vulnerable households, then targeted transfers are much more efficient as they achieve their goals at lower fiscal cost and transmit less to core inflation.
Book Synopsis The Great Inflation Resurgence by : Thomas Harr
Download or read book The Great Inflation Resurgence written by Thomas Harr and published by Springer Nature. This book was released on with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Perspectives on Energy Poverty in Post-Communist Europe by : George Jiglau
Download or read book Perspectives on Energy Poverty in Post-Communist Europe written by George Jiglau and published by Routledge. This book was released on 2020-10-15 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the issue of energy poverty in post-communist Europe and shows how it is viewed and addressed through public policies. Energy poverty is severely affecting many parts of the European Union, but up until now only a few comparative analyses have been developed to understand the phenomenon and its diversity throughout the region. Filling this gap, this volume focuses specifically on the Eastern European region, drawing on contributions that cover a wide range of countries including Germany, Hungary, Poland, and Romania. This region has undergone significant transitions over the past three decades, but, as the contributions demonstrate, it still faces major challenges to providing clean and affordable energy to its citizens and renovating existing housing stock. The chapters explore the extent of energy poverty in each country and examine the drivers, while casting light on how policy-makers tackle the issue through a critical examination of the instruments implemented to help energy poor people. This book will be of great interest to researchers in the fields of energy policy and comparative politics, to policy-makers in post-communist countries and EU institutions, and also to other relevant actors, such as companies and NGOs who focus on issues of energy poverty. This book is based upon work from EU COST Action ‘European Energy Poverty: Agenda Co-Creation and Knowledge Innovation’ (ENGAGER 2017–2021, CA16232) supported by COST (European Cooperation in Science and Technology — www.cost.eu).
Book Synopsis Subsidy Reform in the Middle East and North Africa by : Mr.Carlo A Sdralevich
Download or read book Subsidy Reform in the Middle East and North Africa written by Mr.Carlo A Sdralevich and published by International Monetary Fund. This book was released on 2014-07-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Book Synopsis Environmental Tax Reform (ETR) by : Paul Ekins
Download or read book Environmental Tax Reform (ETR) written by Paul Ekins and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive analysis of an environmental tax reform where people are taxed on pollution and the use of natural resources instead of on their income, this book looks at the challenges involved in implementing this tax reform across Europe.
Book Synopsis Government Finance Statistics Manual 2014 by : Mrs.Sage De Clerck
Download or read book Government Finance Statistics Manual 2014 written by Mrs.Sage De Clerck and published by International Monetary Fund. This book was released on 2015-03-10 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007–09 international financial crisis underscored the importance of reliable and timely statistics on the general government and public sectors. Government finance statistics are a basis for fiscal analysis and they play a vital role in developing and monitoring sound fiscal programs and in conducting surveillance of economic policies. The Government Finance Statistics Manual 2014 represents a major step forward in clarifying the standards for compiling and presenting fiscal statistics and strengthens the worldwide effort to improve public sector reporting and transparency.
Book Synopsis Key Policies for Addressing the Social Determinants of Health and Health Inequities by : Matthew Saunders
Download or read book Key Policies for Addressing the Social Determinants of Health and Health Inequities written by Matthew Saunders and published by World Health Organization. This book was released on 2017-09-27 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence indicates that actions within four main themes (early child development fair employment and decent work social protection and the living environment) are likely to have the greatest impact on the social determinants of health and health inequities. A systematic search and analysis of recommendations and policy guidelines from intergovernmental organizations and international bodies identified practical policy options for action on social determinants within these four themes. Policy options focused on early childhood education and care; child poverty; investment strategies for an inclusive economy; active labour market programmes; working conditions; social cash transfers; affordable housing; and planning and regulatory mechanisms to improve air quality and mitigate climate change. Applying combinations of these policy options alongside effective governance for health equity should enable WHO European Region Member States to reduce health inequities and synergize efforts to achieve the United Nations Sustainable Development Goals.
