Energy Subsidy Reform: Lessons and Implications

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Energy Subsidy Reform: Lessons and Implications by Benedict J. Mr. Clements, David  Coady, Stefania  Ms. Fabrizio, Sanjeev  Mr. Gupta, Trevor Serge Coleridge Mr. Alleyne, Carlo A. Mr. Sdralevich, INTERNATIONAL MONETARY FUND
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Author: Benedict J. Mr. Clements, David Coady, Stefania Ms. Fabrizio, Sanjeev Mr. Gupta, Trevor Serge Coleridge Mr. Alleyne, Carlo A. Mr. Sdralevich ISBN: 9781484339169
Publisher: INTERNATIONAL MONETARY FUND Publication: September 13, 2013
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Benedict J. Mr. Clements, David Coady, Stefania Ms. Fabrizio, Sanjeev Mr. Gupta, Trevor Serge Coleridge Mr. Alleyne, Carlo A. Mr. Sdralevich
ISBN: 9781484339169
Publisher: INTERNATIONAL MONETARY FUND
Publication: September 13, 2013
Imprint: INTERNATIONAL MONETARY FUND
Language: English
Energy subsidies have wide-ranging economic consequences. Although they are aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This book provides (1) the most comprehensive estimates of energy subsidies currently available for 176 countries and (2) an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
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Energy subsidies have wide-ranging economic consequences. Although they are aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This book provides (1) the most comprehensive estimates of energy subsidies currently available for 176 countries and (2) an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.

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