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Publication
Europe and Central Asia Economic Update, Fall 2021: Competition and Firm Recovery Post-COVID-19
(Washington, DC: World Bank, 2021-10-05)Although global economic activity is recovering and output in Europe and Central Asia (ECA) is expected to grow in 2021, containing COVID-19 remains a challenge in the region. Enterprise survey data for the emerging and developing countries in the region show that COVID-19 had a profound and heterogeneous impact on firms. Smaller, younger, and female-run businesses were hit harder and had greater difficulty recovering. But the crisis also played a cleansing role and economic activity in ECA appears to have been reallocated toward more productive firms during the crisis, particularly in countries with more competitive markets. Firms with high pre-crisis labor productivity experienced significantly smaller drops in sales and employment than firms with low pre-crisis labor productivity and were also more likely to adapt to the crisis by increasing online activity and remote work. Many governments in ECA implemented broad policy support schemes to address the initial economic fallout from the crisis. Overall, this government support was more likely to go to less productive and larger firms, regardless of the level of their pre-crisis innovation. As economies enter the economic recovery phase, it will be important for policy makers in all countries to phase out broad policy support measures as soon as appropriate and focus on fostering a competitive business environment, which is key to a strong recovery, resilience to future crises, and sustainable, long-term economic growth. -
Publication
Emissions Trading in Practice: A Handbook on Design and Implementation
(World Bank, Washington, DC, 2016-03-07)Note: this version of the Handbook has been superseded. The updated Second Edition of the Handbook can be downloaded at the link below ("Associated URLs"). As the world moves on from the climate agreement negotiated in Paris, attention is turning from the identification of emissions reduction trajectories—in the form of Nationally Determined Contributions (NDCs)—to crucial questions about how these emissions reductions are to be delivered and reported within the future international accounting framework. The experience to date shows that, if well designed, emissions trading systems (ETS) can be an effective, credible, and transparent tool for helping to achieve low-cost emissions reductions in ways that mobilize private sector actors, attract investment, and encourage international cooperation. However, to maximize effectiveness, any ETS needs to be designed in a way that is appropriate to its context. This Handbook is intended to help decision makers, policy practitioners, and stakeholders achieve this goal. It explains the rationale for an ETS, and sets out a 10-step process for designing an ETS – each step involves a series of decisions or actions that will shape major features of the policy. In doing so, it draws both on conceptual analysis and on some of the most important practical lessons learned to date from implementing ETSs around the world, including from the European Union, several provinces and cities in China, California and Québec, the Northeastern United States, Alberta, New Zealand, Kazakhstan, the Republic of Korea, Tokyo, and Saitama.