IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent the views of the IMF, The World Bank, their Executive Boards, their management, or any other entity mentioned herein.

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The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the broader policy community. The IMF Staff Climate Notes provide analysis related to the impact of climate change on macroeconomic and financial stability, including on mitigation, adaptation, and transition. The views expressed in IMF Staff Climate Notes are those of the author(s), although they do not necessarily represent the views of the IMF, or its Executive Board, or its management.

IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

No abstract