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The transition to a sustainable future in the Asia-Pacific region has global economic significance. Despite driving global growth in recent years, the region's heavy coal reliance led to significant greenhouse gas emissions. Meeting climate mitigation and adaptation needs in emerging and developing Asia requires investment of at least $1.1 trillion annually. Actual investment falls short by about $800 billion. Asia-Pacific’s environmental performance has also hampered its ability to tap into private flows from the fast-growing ESG asset class, keeping the cost of issuing sustainable debt instruments relatively high compared to other regions. This paper provides an overview of the climate f...
The book presents a structured discussion of measuring the key economic and financial dimensions of climate change. It combines economic theory and analysis with real world examples of how climate data can be constructed for different country settings, based on existing climate science and economic data. The book will serve as a reference point for the IMF’s Climate Change Indicators Dashboard (CID). A guiding principle of the book is that there are important climate data gaps, but also practical and innovative approaches to close many of them. The book discusses how to track greenhouse gas emissions by production and consumption (Chapters 1-2), which lead to physical risks (Chapters 3-4) and transition risks (Chapters 5-7) and conclude with cross-border dimensions of climate risks (Chapters 8-9).
Asia and the Pacific’s green transition will have far-reaching implications for the global economy. Over the past decades, the region has become the engine of global economic growth. With relatively heavy reliance on coal and high energy intensity, the region has recently become the largest contributor to growth in global GHG emissions, accounting for nearly 40 percent of the total emissions in 2020. Achieving net zero by 2050 requires an energy transition at an unprecedented scale and speed, even as the region must ensure energy security and affordability. The region must also address its vulnerability to climate change as it comprises many countries highly exposed to climate hazards incr...
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Federated Learning for Future Intelligent Wireless Networks Explore the concepts, algorithms, and applications underlying federated learning In Federated Learning for Future Intelligent Wireless Networks, a team of distinguished researchers deliver a robust and insightful collection of resources covering the foundational concepts and algorithms powering federated learning, as well as explanations of how they can be used in wireless communication systems. The editors have included works that examine how communication resource provision affects federated learning performance, accuracy, convergence, scalability, and security and privacy. Readers will explore a wide range of topics that show how...
A new edition of this popular text on robust statistics, thoroughly updated to include new and improved methods and focus on implementation of methodology using the increasingly popular open-source software R. Classical statistics fail to cope well with outliers associated with deviations from standard distributions. Robust statistical methods take into account these deviations when estimating the parameters of parametric models, thus increasing the reliability of fitted models and associated inference. This new, second edition of Robust Statistics: Theory and Methods (with R) presents a broad coverage of the theory of robust statistics that is integrated with computing methods and applicati...
The study provides forward-looking estimates for economic damages from floods and tropical cyclones (TC) for a wide range of countries using global datasets. Damages are estimated for three Intergovernmental Panel on Climate Change (IPCC) scenarios and aggregated at the country level, building them from geographically disaggregated estimates of hazard severity and economic exposures across 183 countries. The results show that, for most countries, floods and TC’s damage rates increase (i) during the estimation span of 2020 to 2100, and (ii) with more severe global warming scenarios. In line with other global studies, expected floods and TCs damages are unevenly distributed across the world. The estimates can be used for a wide range of applications, as damage rates represent the key variable connecting climate scenarios to economics and financial sector risk analysis.
The mission worked with the staff of the OJK on the development of FSIs that are in line with the IMF’s 2019 FSIs Compilation Guide (2019 FSIs Guide). As a result of the mission, the OJK compiled 18 core and 12 additional FSIs for deposit takers, and two additional FSIs on the size of the other financial corporations subsector from the available source data. The mission also made recommendations to further align FSIs with the methodology of the 2019 FSIs Guide.
Making decisions is an inevitable activity in life, whether at a personal level or at an institutional level. Everyone is faced with situations where a decision has to be made. There are two ways of treating such situations. One way is to consider the situation to be posing a challenge, where one is more worried about consequences of making a wrong decision. The other, obviously, is to consider the situation to be offering an opportunity, where one is interested in maximizing the benefits by making the right decision.