Changing Engines, Different Cycles: Monetary Policy in China and Europe
Isabelle Jiani Zheng | 20 August 2026
Monetary,
Blog | Tags:
China,
Economic Growth,
Europe,
Macroprudential Policy At the aggregate level, China and Europe are in very different macroeconomic phases. China continues to face weak domestic demand and persistently low inflation, while Europe is confronting renewed inflationary pressure from an external supply shock ...
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How Southeast Asia’s Central Banks Can Meet the Climate Challenge
Vinod Thomas and
Muhammad Qaisar | 5 August 2026
Monetary,
Commentary | Tags:
ASEAN,
Central Banks,
Climate Risks,
Targeted Refinancing Lines Climate change is creating greater price and financial instability across Southeast Asia, from supply chain disruptions to increased default risks. Operating within their traditional mandates, the region’s central banks are monitoring these risks in a largely reactive manner.
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Bank of Japan’s Independence Reinforces Sanaenomics’ Credibility
Matthew Poggi | 29 July 2026
Monetary,
Blog | Tags:
Central Banks,
Governing Finance,
Japan Japan’s annual economic policy blueprint rarely moves markets. This year’s did, even before it was finalised. An early draft of the Sanae Takaichi administration’s ‘Basic Policy on Economic and Fiscal Management and Reform’ placed unprecedented emphasis on the compatibility of Bank of Japan policy with
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Entrepreneurship or Income Reclassification? Responses to Preferential Taxation of Business Income in Poland
Justyna Klejdysz and
Tom Zawisza | 29 July 2026
Fiscal,
Blog | Tags:
Employment,
Entrepreneurship,
Poland,
Tax Reform Governments often tax small business income at lower rates than employment income. The rationale is often that entrepreneurship generates positive spillovers in terms of innovation, investment, and employment.
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From Plans to Reality: Budget Credibility in Sub-Saharan Africa
Pablo Lopez Murphy,
Can Sever and
Qianqian Zhang | 30 June 2026
Fiscal,
Blog | Tags:
Africa,
Tax Expenditures Budgets are the central policy instrument for articulating government priorities, allocating scarce resources, and determining the fiscal stance. They set out governments’ expectations for revenues, borrowing, and spending based on policy priorities, macroeconomic forecasts, and financing assumptions.
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Tax Expenditures Country Report: Switzerland
Peter Hongler and
Agustin Redonda | 23 June 2026
Fiscal,
Discussion Notes | Tags:
GTED,
GTETI,
Switzerland,
Tax Expenditures Beyond transparency concerns, the absence of robust information undermines the evaluation of tax expenditure effectiveness. Switzerland lags significantly behind international standards in this area ...
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Economic Policies for Affordable, Secure and Clean Energy: Synthesis Report
Patrick Lenain | 5 June 2026
Fiscal,
Policy Briefs | Tags:
Decarbonization,
Energy,
Industrial Policy,
Policy Coherence,
Tax Expenditures Recent energy crises, surging electricity demand and accelerating climate change have pushed affordable, secure, and clean energy to the top of policy agendas worldwide. The challenge respects no borders,making cross-country perspectives timely.
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Forget Stablecoins
Burkhard Drees and
Sunil Sharma | 2 June 2026
Monetary,
Commentary | Tags:
CBDC,
Central Banks,
Financial Governance,
Stablecoins Modern banking systems are inherently fragile because they assign to private institutions the contradictory tasks of simultaneously creating money and financing risky lending. Digital innovation amplifies this fragility: stablecoins introduce new layers of runnable instruments, while digitization accelerates financial panics.
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Tax Expenditures Country Report: Zimbabwe
Gibson Chigumira and
Erinah Chipumho | 20 May 2026
Fiscal,
Discussion Notes | Tags:
GTED,
GTETI,
Tax Expenditures,
Zimbabwe Tax expenditures (TEs) in Zimbabwe represent a significant portion of government spending, amounting to 2.8 percent of GDP, 24.7 percent of total revenue, and 21.2 percent of public spending in 2023. Companies benefitting from TEs enjoy tax savings that trigger a reduction in government revenue,
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VAT and Social Equity: The Case of Period Products
Stefanie Geringer | 18 May 2026
Fiscal,
Blog | Tags:
Gender,
Inequality,
Tax Expenditures,
VAT Value added tax (VAT) is one of the most important revenue sources for the 21st-century tax and welfare state. This holds true for OECD Member Countries as well as EU Member States, and more so for low-income countries.
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ASEAN Central Banks Need New Tools for New Risks
Julia Bingler and
Matthew Poggi | 13 May 2026
Monetary,
Commentary | Tags:
ASEAN,
Central Banks,
Energy,
Systemic Risks,
Targeted Refinancing Lines Southeast Asia faces a growing exposure to novel interacting risks that drive inflation and financial instability. Under the Philippines’ leadership as 2026 ASEAN chair, there is an opportunity to strengthen the region’s response to reduce exposure to and manage the risks through the ASEAN Finance
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Japan Needs a New Framework for a Post-Deflation Economy
Matthew Poggi | 29 April 2026
Monetary,
Blog | Tags:
Central Banks,
Economic Growth,
Governing Finance,
Japan Japan’s policy-makers should reconsider whether the institutional framework governing relations between the government and the Bank of Japan still fits the country’s economic priorities.
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Macroprudential Policy for a Low Carbon Economy: The Case of Cross-Border Funding in China
Isabelle Jiani Zheng and
Pierre Monnin | 24 April 2026
Monetary,
Policy Briefs | Tags:
China,
Decarbonization,
Macroprudential Policy Understanding how macroprudential frameworks can be designed and adapted to support cross-border flows is therefore an increasingly pressing question for policymakers. This paper distills the lessons from China on how to do so.
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Closing the Gap to Boost Asean Resilience Against Novel Risks
Julia Bingler | 23 April 2026
Monetary,
Commentary | Tags:
ASEAN+3,
Central Banks,
Financial Supervision,
Macroprudential Policy,
Systemic Risks The Philippines deserves genuine credit for its stewardship of this year’s Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM). Various novel risks and challenges have been discussed – from geoeconomic and geopolitical risks to cross border payments, financial resilience and climate risk management.
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Why Tax Expenditure Reporting Is a Missing Link in Financing for Development
Alexandra Readhead,
Agustin Redonda,
Christian von Haldenwang,
Giovanni Occhiali,
Giulia Mascagni and
Harshil Parekh | 21 April 2026
Fiscal,
Blog | Tags:
Domestic Revenue Mobilization,
GTED,
Tax Expenditures With aid budgets shrinking and debt vulnerabilities mounting, the $4 trillion governments forgo annually through exemptions, credits, and preferential rates demands greater transparency and accountability.
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