The heightened volatility of commodity prices in recent years, reflecting the effects of the pandemic and the war in Ukraine, begs the longstanding question of the optimal fiscal policy response to commodity price shocks. Fiscal performance in most commodity-exporting countries is typically...

The Global Digital Reserve (GDR) represents an innovative paradigm in the world of cryptocurrencies, designed to overcome existing limitations and enhance global financial inclusivity. This white paper delves into an in-depth analysis of the GDR, its design, technical implementation, and...

This paper examines the historical effects of El Nino on world prices and economic activity. Although the primary focus is on world real non-oil primary commodity prices, the effects on G-7 consumer price inflation and GDP growth are also considered. This paper has several distinct advantages...

This paper deals with climate change and nomadic migration relationships at a long term and wide geographical scale using a statistical approach in the vein of Bai and Kung (2011). More precisely, it presents a reassessment of these relationships in a nonlinear world using threshold regressions,...

In the world economy with interdependent markets for fossil fuel and deposits, some coalition of countries fights climate change by purchasing and preserving fossil fuel deposits, which would be exploited otherwise. If the coalition’s policy parameters are the demand and supply of deposits...

If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...

International cooperation in support of a global energy transition is on the rise, and official develop­ment assistance (ODA) in the energy sector is increasingly being directed to renewable energy sources. Nevertheless, it is widely acknowledged that investment towards achieving the SDG 7 on...

We study the efficacy of releases from the U.S. Strategic Petroleum Reserve (SPR) within the context of fully specified models of the global oil market that explicitly allow for storage demand as well as unanticipated changes in the SPR. Using novel identifying strategies and evaluation methods,...

This essay reviews the conceptual and quantitative literature on the efficient system of fossil fuel energy prices in different countries for reflecting supply and environmental costs, as well as the environmental, fiscal, and economic benefits from energy price reform. Drawing on recent...

We investigate why governments restrict exports of exotic raw materials taking rare earth elements as a case study. Trade restrictions on exotic materials do not have immediate macroeconomic effects. Relocating rare earth intensive industries is found to be the main reason behind China's export...