Policy scenarios to build forward better in Asia and the Pacific
Dawn Holland and
Vatcharin Sirimaneetham
No WP/21/08, MPDD Working Paper Series from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)
Abstract:
Based on a newly developed macroeconomic model for Asia and the Pacific, this paper examines the socio-economic and environmental implications of an illustrative policy package that helps the region build forward better from the COVID-19 pandemic. Comprising of policy actions to provide basic social services, close the digital divide and strengthen climate and energy actions, this paper demonstrates that such a package not only raises economy-wide productivity but also reduces poverty and income inequality and cuts carbon emissions to a notable extent in the long run. This paper also examines public debt sustainability under different scenarios and stress tests. Given the large fiscal needs to build forward better and combat the pandemic, the simulation results show that debt vulnerability may rise steeply in the region’s less developed economies.
Keywords: macroeconomic modelling; public debt sustainability; sustainable development (search for similar items in EconPapers)
JEL-codes: C54 H68 Q01 (search for similar items in EconPapers)
Date: 2021-12
New Economics Papers: this item is included in nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:unt:wpmpdd:wp/21/08
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