On November 9, 2023, Australia and Tuvalu signed an unprecedented cooperation agreement. It offers 280 Tuvaluans—2.5 percent of the islands’ population—permanent residency in Australia each year. The agreement, which stems from a recognition that Tuvalu’s long-term future is endangered by climate ch...

Climate change is a systemic risk to the global economy. While there is a large body of literature documenting the potential economic consequences of climate change, there is relatively little research on the link between vulnerabilities to climate change, the buildup of climate debt by countries wi...

More than 190 countries have pledged under the 2015 Paris Agreement to reduce carbon emissions, including from fossil fuel consumption, by 2030 to avoid the negative effects of rising global temperatures. However, there is a large gap between what countries have committed to do and what needs to be ...

Higher levels of fiscal redistribution, through income taxes and direct transfers, increase the probability of achieving inclusive growth. To spur inclusive growth in the aftermath of the COVID pandemic, countries with limited fiscal space will need to focus on improving efficiency and reallocate ex...

The evidence for how to best support refugee economic self-reliance is limited; even less is known about what is effective for urban refugees specifically. Re:Build is utilizing adaptive management principles to navigate this uncertainty with the goal of achieving sustained outcomes for clients and ...

This paper provides an early assessment of five initial programs supported by the IMF’s new facility supported by the Resilience and Sustainability Trust to address two long-term challenges, climate change and pandemic preparedness. We find that its operations can be strengthened to better achieve t...

The assignment is clear. During this year’s Annual Meetings of the IMF and World Bank, shareholders instructed the World Bank to develop a work program for its own evolution (“to identify gaps in the Bank’s current institutional and operational framework…”) by the end of the year. Secretary Yellen l...