02345cas a2200313 a 4500 AALejournalIMF022760 230101c9999 xx r poo 0 0eng d 20.00 USD 9798400213519 1018-5941 BD-DhAAL BD-DhAAL Ferrer, Jose. Policy Space Index : Short-Term Response to a Catastrophic Event / Jose Ferrer, Alexei Kireyev. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (39 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students What policy space does a country have for a short-term response to a catastrophic event? To quantify this space, the paper proposes a policy space index. The index combines a quantitative, albeit relatively limited and narrow, fiscal space concept with the indicators of nominal monetary space and reserve space. Each nominal policy space indicator is then adjusted for individual country's institutional features, such as the status of its currency, income group, access to capital markets, debt distress level, and the exchange rate regime. The final policy space index is derived as a composite of the three nominal policy space indicators, each adjusted for five institutional features. This index is different from the approach to measure fiscal space at the IMF and requires more work before it can be used operationally. The proposed index allows measuring the overall policy space in each country directly in percent of GDP. By way of illustration, the paper applies the index to the Covid-19 crisis. Mode of access: Internet Global Outlook imf International Policy Coordination and Transmission imf Policy Coordination imf Policy Designs and Consistency imf Policy Objectives imf Kireyev, Alexei.. IMF Working Papers; Working Paper ; No. 2022/123 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=123 IMF e-Library