With a little help from my friends: Debt renegotiation and climate change
Códigos JEL: D62, D71, F34, G23, H63, Q50, Q54, Q58
- Autores:
-
Cárdenas, Juan Camilo
Jaramillo, Fernando
León, Diana
López Uribe, María del Pilar
Rodriguez, Mauricio
Zuleta, Hernando
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2021
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/52841
- Acceso en línea:
- http://hdl.handle.net/1992/52841
- Palabra clave:
- Covid 19
Climate change
Sovereign debt
Coalitions
Climate policy
Economía
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Cárdenas, Juan Camilo90de3479-a82d-4a00-8671-173a84147ef2400Jaramillo, Fernandodc569eca-f9b8-4a7e-8276-0050b7f9f63c500León, Diana5e6c37fb-d6b8-44ca-a76c-074ee64b3434500López Uribe, María del Pilar8479d4da-38ad-4f58-9689-b0ecb0ac520e400Rodriguez, Mauriciod9c7a425-7c45-41b1-b740-80ce43a15913500Zuleta, Hernandoa38309a2-16aa-4a13-aa3d-64f693e9dbd44002021-10-26T16:16:26Z2021-10-26T16:16:26Z2021http://hdl.handle.net/1992/528411657-719110.57784/1992/52841instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Códigos JEL: D62, D71, F34, G23, H63, Q50, Q54, Q58The 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 policies53 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 54 Octubre de 2021https://ideas.repec.org/p/col/000089/019715.htmlWith a little help from my friends: Debt renegotiation and climate changeDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPCovid 19Climate changeSovereign debtCoalitionsClimate policyEconomíaFacultad de EconomíaPublicationTEXTdcede2021-54.pdf.txtdcede2021-54.pdf.txtExtracted texttext/plain128516https://repositorio.uniandes.edu.co/bitstreams/0979fa2a-b4bf-4889-8b3f-e4dccfa674c6/download428e413e4e30fa0a012b9e891555ff82MD54ORIGINALdcede2021-54.pdfdcede2021-54.pdfapplication/pdf10188431https://repositorio.uniandes.edu.co/bitstreams/808183e9-496a-47e3-84e9-cfc8f5d832bc/download64a0711c3f20d606fd4c3282dc7216d2MD51THUMBNAILdcede2021-54.pdf.jpgdcede2021-54.pdf.jpgIM Thumbnailimage/jpeg19917https://repositorio.uniandes.edu.co/bitstreams/34feb270-9fd5-4a64-bf3f-ef1e88c78949/downloade783803f9748aaccfc4291b4c550a8c5MD551992/52841oai:repositorio.uniandes.edu.co:1992/528412024-06-04 15:36:55.373http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |
| dc.title.none.fl_str_mv |
With a little help from my friends: Debt renegotiation and climate change |
| title |
With a little help from my friends: Debt renegotiation and climate change |
| spellingShingle |
With a little help from my friends: Debt renegotiation and climate change Covid 19 Climate change Sovereign debt Coalitions Climate policy Economía |
| title_short |
With a little help from my friends: Debt renegotiation and climate change |
| title_full |
With a little help from my friends: Debt renegotiation and climate change |
| title_fullStr |
With a little help from my friends: Debt renegotiation and climate change |
| title_full_unstemmed |
With a little help from my friends: Debt renegotiation and climate change |
| title_sort |
With a little help from my friends: Debt renegotiation and climate change |
| dc.creator.fl_str_mv |
Cárdenas, Juan Camilo Jaramillo, Fernando León, Diana López Uribe, María del Pilar Rodriguez, Mauricio Zuleta, Hernando |
| dc.contributor.author.none.fl_str_mv |
Cárdenas, Juan Camilo Jaramillo, Fernando León, Diana López Uribe, María del Pilar Rodriguez, Mauricio Zuleta, Hernando |
| dc.subject.keyword.none.fl_str_mv |
Covid 19 Climate change Sovereign debt Coalitions Climate policy |
| topic |
Covid 19 Climate change Sovereign debt Coalitions Climate policy Economía |
| dc.subject.themes.none.fl_str_mv |
Economía |
| description |
Códigos JEL: D62, D71, F34, G23, H63, Q50, Q54, Q58 |
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2021 |
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2021-10-26T16:16:26Z |
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2021-10-26T16:16:26Z |
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2021 |
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eng |
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Documentos CEDE No. 54 Octubre de 2021 |
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https://ideas.repec.org/p/col/000089/019715.html |
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53 páginas |
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Universidad de los Andes, Facultad de Economía, CEDE |
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