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What Is Past Is Prologue: Learning from the Global Financial Crisis to Green the COVID-19 Recovery

Author

Listed:
  • Shardul Agrawala
  • Damien Dussaux
  • Norbert Monti

Abstract

This paper evaluates green stimulus packages that were introduced in response to the global financial crisis (GFC) of 2007–08 and draws lessons relevant for greening the recovery from the Coronavirus (COVID-19) pandemic. It provides evidence that well-designed green stimulus measures can help the economic recovery and bring about environmental benefits. Nevertheless, almost a decade and a half after the GFC unfolded, the ex post evidence of the joint economic and environmental impact of green stimulus measures remains very limited. Drawing on the lessons from the GFC, the paper underscores the importance of proper policy design, more realistic recognition of the potential trade-offs between economic, environmental and social objectives, and of building in impact evaluation mechanisms into green stimulus measures. The paper also highlights that COVID-19 is unfolding in a policy context that is very different from 2007 to 2008 and identifies new challenges as well as opportunities for greening the COVID-19 recovery.

Suggested Citation

  • Shardul Agrawala & Damien Dussaux & Norbert Monti, 2022. "What Is Past Is Prologue: Learning from the Global Financial Crisis to Green the COVID-19 Recovery," International Review of Environmental and Resource Economics, now publishers, vol. 16(1), pages 1-41, June.
    • Handle: RePEc:now:jirere:101.00000124
    DOI: 10.1561/101.00000124
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    More about this item

    Keywords

    Stimulus package; environmental policy; policy evaluation; policy design; green growth;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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