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Etudes & documents ; Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained access to international credit markets; consequently, they are amenable to draw heavily on two sources of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric analysis over the 1990-2010 period confirms our findings. Consequently, a tighter monetary policy hastens deforestation. Third, we extend the theoretical model and show that international transfers dedicated to forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss the relevance of this finding with respect to recent institutional arrangements.

Etudes & documents ; Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained access to international credit markets; consequently, they are amenable to draw heavily on two sources of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric analysis over the 1990-2010 period confirms our findings. Consequently, a tighter monetary policy hastens deforestation. Third, we extend the theoretical model and show that international transfers dedicated to forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss the relevance of this finding with respect to recent institutional arrangements.

Etudes & documents ; Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained access to international credit markets; consequently, they are amenable to draw heavily on two sources of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric analysis over the 1990-2010 period confirms our findings. Consequently, a tighter monetary policy hastens deforestation. Third, we extend the theoretical model and show that international transfers dedicated to forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss the relevance of this finding with respect to recent institutional arrangements.

This publication aims to provide trainers, practitioners, and policy makers of environment and gender mainstreaming agencies an understanding of key concepts and approaches to gender-responsive mitigation measures, strategies, and policies. It covers key concepts on gender and climate change and concludes with step-by-step guidelines for policy and decision makers to mainstream gender into climate policies and projects, with practical tools and exercises to support training on gender and climate change. This manual is based on a series of workshops held in Cambodia, the Lao People's Democratic Republic, and Viet Nam and models the Asian Development Bank's operational approach of integrated country-driven climate responses in enabling gender-responsive climate action. It accommodates readers and training participants who are not familiar with climate change issues or gender concepts, and case studies herein can be adjusted to the country context

This publication aims to provide trainers, practitioners, and policy makers of environment and gender mainstreaming agencies an understanding of key concepts and approaches to gender-responsive mitigation measures, strategies, and policies. It covers key concepts on gender and climate change and concludes with step-by-step guidelines for policy and decision makers to mainstream gender into climate policies and projects, with practical tools and exercises to support training on gender and climate change. This manual is based on a series of workshops held in Cambodia, the Lao People's Democratic Republic, and Viet Nam and models the Asian Development Bank's operational approach of integrated country-driven climate responses in enabling gender-responsive climate action. It accommodates readers and training participants who are not familiar with climate change issues or gender concepts, and case studies herein can be adjusted to the country context

Etudes & documents ; Most of countries covered by natural forests are developing countries, with limited ability to levy taxes and restrained access to international credit markets; consequently, they are amenable to draw heavily on two sources of government financing, namely seigniorage and deforestation revenues. First, we develop a theoretical model emphasizing a substitution effect between seigniorage and deforestation revenues. Second, a panel-data econometric analysis over the 1990-2010 period confirms our findings. Consequently, a tighter monetary policy hastens deforestation. Third, we extend the theoretical model and show that international transfers dedicated to forest protection can upturn the positive link between tighter monetary policies and deforestation, and then discuss the relevance of this finding with respect to recent institutional arrangements.

Due to lowering trade and transport costs, participation in the global value chains (GVCs) is becoming one of the most effective development strategies for many developing countries. Participation in the GVCs, however, is not sufficient; the formation of industrial linkages and clusters is critical for sustained economic growth. This paper identifies the manufacturing clusters in Cambodia, the Lao People's Democratic Republic, and Thailand, using the method proposed by Mori and Smith (2013). The paper provides a map of industrial clusters by industry, which is tested against the hypothesis of spurious clusters. Moreover, the paper indicates the spatial structure of industrial agglomerations using the global extent and local density indices.

This publication aims to provide trainers, practitioners, and policy makers of environment and gender mainstreaming agencies an understanding of key concepts and approaches to gender-responsive mitigation measures, strategies, and policies. It covers key concepts on gender and climate change and concludes with step-by-step guidelines for policy and decision makers to mainstream gender into climate policies and projects, with practical tools and exercises to support training on gender and climate change. This manual is based on a series of workshops held in Cambodia, the Lao People's Democratic Republic, and Viet Nam and models the Asian Development Bank's operational approach of integrated country-driven climate responses in enabling gender-responsive climate action. It accommodates readers and training participants who are not familiar with climate change issues or gender concepts, and case studies herein can be adjusted to the country context.

This communication focuses on the Djibouti monetary system based on the currency board. We highlight the conditions of its emergence, and stability after independence. This system certainly has the advantage of relying on a monetary rule limiting drifts economic policy. It establishes a dynamic development based not on the discretion, but the rules of convertibility and coverage of foreign exchange reserves. The anchoring of expectations does not have to be confronted with the ethics of policy maker and respect for good governance criteria. However, the risk of a stall with the reference currency -i.e. the US dollar- exist given excessive external debt and structural budget deficit and the current account. Add to that the weak governance in the management of public affairs. Simulations of the sustainability of external debt indicate that risks are important. ; Cette communication s'intéresse au régime monétaire djiboutien fondé sur le currency board. Nous soulignons les conditions de son émergence et sa stabilité après l'indépendance. Ce système a certes l'avantage de s'appuyer sur une règle monétaire limitant les dérives en matière de politique économique. Il instaure une dynamique de développement fondée non pas sur le pouvoir discrétionnaire, mais sur le respect des règles de convertibilité et de couverture par des réserves de change. L'ancrage des anticipations n'a plus à être confronté à l'éthique du policy maker et au respect des critères de bonne gouvernance. Toutefois, les risques d'un décrochage avec la monnaie de référence qu'est le dollar existent compte tenu d'un endettement extérieur excessif et du déficit structurel du budget et du compte courant. S'ajoute à cela la faiblesse de la gouvernance en matière de gestion des affaires publiques. Les simulations effectuées de la soutenabilité de la dette extérieure indique que les risques sont importants.

This communication focuses on the Djibouti monetary system based on the currency board. We highlight the conditions of its emergence, and stability after independence. This system certainly has the advantage of relying on a monetary rule limiting drifts economic policy. It establishes a dynamic development based not on the discretion, but the rules of convertibility and coverage of foreign exchange reserves. The anchoring of expectations does not have to be confronted with the ethics of policy maker and respect for good governance criteria. However, the risk of a stall with the reference currency -i.e. the US dollar- exist given excessive external debt and structural budget deficit and the current account. Add to that the weak governance in the management of public affairs. Simulations of the sustainability of external debt indicate that risks are important. ; Cette communication s'intéresse au régime monétaire djiboutien fondé sur le currency board. Nous soulignons les conditions de son émergence et sa stabilité après l'indépendance. Ce système a certes l'avantage de s'appuyer sur une règle monétaire limitant les dérives en matière de politique économique. Il instaure une dynamique de développement fondée non pas sur le pouvoir discrétionnaire, mais sur le respect des règles de convertibilité et de couverture par des réserves de change. L'ancrage des anticipations n'a plus à être confronté à l'éthique du policy maker et au respect des critères de bonne gouvernance. Toutefois, les risques d'un décrochage avec la monnaie de référence qu'est le dollar existent compte tenu d'un endettement extérieur excessif et du déficit structurel du budget et du compte courant. S'ajoute à cela la faiblesse de la gouvernance en matière de gestion des affaires publiques. Les simulations effectuées de la soutenabilité de la dette extérieure indique que les risques sont importants.

This aim of the present paper is to measure first, the degree of trilemma indexes: exchange rate stability, monetary independence capital account openness while taking into account the increase of hording IR ratio over GDP, over External Debt and over Short Term External Debt. The evolution of the trilemma indexes shows that countries applying de facto flexible Exchange Rate Regime (ERR) take advantage of the IR and become able to adopt a managed ERR that consist of achieving the three trilemma indexes simultaneously without renouncing to anyone of them. We found that different IR ratio could have different interpretations and different directions of monetary policies, where external debt should be taken into consideration in such study while using the IR. As for country that is applying a de facto fixed exchange rate regime, the IR (different ratio) do not play any role in changing the patter of the Mundell trilemma and do not intervene in monetary authority policies. This paper treats as well the normative aspects of the trilemma, relating the policy choices to macroeconomic outcomes such as the volatility of output growth. We found different results from country to another, while taking different ratios of measuring IR, concluding that the impact of IR on the output volatility could change due to the level of external debt and adopted exchange rate regime.