Suchergebnisse

The poor performance of the Colombian economy in the world markets during the late nineteenth and early twentieth centuries are attributable, in part, to the weakness of settlers' property rights in frontier lands. To examine this issue, we collected data on production of agricultural exports at county (municipal) level in 1892, coffee production in 1925, and of public land allocation and land conflicts during the nineteenth and twentieth centuries. The quantitative analysis suggests that in the absence of land conflicts, the per capita production of agricultural exports would have been in 1925 at least twice as much as that observed.

Códigos JEL: D62, D71, F34, G23, H63, Q50, Q54, Q58 ; The economic crisis from the Covid-19 pandemic has generated a fall in tax revenues and an increase in the need for public spending in most economies throughout the world. This situation has led to a substantial increase in the sovereign debt levels and has dramatically reduced the fiscal space of governments. For upper- middle-income countries (UMICs), current access to financing is limited and this can potentially limit the space for climate action in the short and medium run. However, delaying climate action can generate a negative signal on fiscal sustainability due to the physical and transition risks of climate change. Unsustainable production practices will result in a deterioration of the productive capacity of natural assets reducing potential tax income. Simultaneously there will be a stronger need for public spending to face the future damages associated to greenhouse gases emissions. Therefore, in order to address the current crisis, we need an integral approach that considers the climate crisis as a challenge with a high degree of urgency. For this approach to be feasible, sufficient international climate finance needs to be available, and it should help to steer relief and recovery efforts into a direction in which these are also compatible with climate targets. In this document, we propose a sovereign debt negotiation scheme in which the conditions of the debt depend on the climate policies undertaken by the debtor countries. Likewise, we point out that the feasibility of beneficial agreements for debtors and the implementation of good climate policies depend positively on the size of the debt and each country's potential to affect the current trend of climate change. For these reasons, the formation of coalitions of debtor countries can be a key factor for debt relief and the implementation of climate policies

La crisis económica de la pandémica del Covid-19 ha generado una caída en los ingresos fiscales y un aumento en la necesidad de gasto público en la mayoría de las economías del mundo. Esta situación ha provocado un aumento sustancial en los niveles de deuda soberana y ha reducido drásticamente el espacio fiscal de los gobiernos. Para los países de ingresos medianos altos, el acceso actual al financiamiento es limitado y esto puede potencialmente limitar el espacio para la acción climática en el corto y mediano plazo. Sin embargo, retrasar la acción climática puede generar una señal negativa sobre la sostenibilidad fiscal debido a los riesgos físicos y de transición del cambio climático. Las prácticas de producción insostenibles resultarán en un deterioro de la capacidad productiva de los activos naturales reduciendo los ingresos fiscales potenciales. Simultáneamente, habrá una mayor necesidad de gasto público para afrontar los daños futuros asociados a las emisiones de gases de efecto invernadero. Por tanto, para hacer frente a la crisis actual, necesitamos un enfoque integral que considere la crisis climática como un desafío con un alto grado de urgencia. Para que este enfoque sea factible, es necesario disponer de suficiente financiación internacional para el clima y debería ayudar a orientar los esfuerzos de socorro y recuperación en una dirección en la que también sean compatibles con los objetivos climáticos. En este documento, proponemos un esquema de negociación de deuda soberana en el que las condiciones de la deuda dependen de las políticas climáticas emprendidas por los países deudores. Asimismo, señalamos que la viabilidad de acuerdos beneficiosos para los deudores y la implementación de buenas políticas climáticas dependen positivamente del tamaño de la deuda y del potencial de cada país para afectar la tendencia actual del cambio climático. Por estas razones, la formación de coaliciones de países deudores puede ser un factor clave para el alivio de la deuda y la implementación de políticas climáticas. ; The economic crisis from the Covid-19 pandemic has generated a fall in tax revenues and an increase in the need for public spending in most economies throughout the world. This situation has led to a substantial increase in the sovereign debt levels and has dramatically reduced the fiscal space of governments. For upper- middle-income countries (UMICs), current access to financing is limited and this can potentially limit the space for climate action in the short and medium run. However, delaying climate action can generate a negative signal on fiscal sustainability due to the physical and transition risks of climate change. Unsustainable production practices will result in a deterioration of the productive capacity of natural assets reducing potential tax income. Simultaneously there will be a stronger need for public spending to face the future damages associated to greenhouse gases emissions. Therefore, in order to address the current crisis, we need an integral approach that considers the climate crisis as a challenge with a high degree of urgency. For this approach to be feasible, sufficient international climate finance needs to be available, and it should help to steer relief and recovery efforts into a direction in which these are also compatible with climate targets. In this document, we propose a sovereign debt negotiation scheme in which the conditions of the debt depend on the climate policies undertaken by the debtor countries. Likewise, we point out that the feasibility of beneficial agreements for debtors and the implementation of good climate policies depend positively on the size of the debt and each country's potential to affect the current trend of climate change. For these reasons, the formation of coalitions of debtor countries can be a key factor for debt relief and the implementation of climate policies.