Two Sessions 2023: Reforming China’s Financial Governance
Sebastian Guo and
Peter Knaack | 22 March 2023
Monetary,
Blog | Tags:
China,
Economic Growth,
Financial Stability Over the past years, China has reformed the governance of its financial system to better serve its development path.
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Inflation Reduction Act vs. Green Deal: Transatlantic Divergences on the Energy Transition
Patrick Lenain | 20 March 2023
Monetary,
Trade,
Blog | Tags:
Decarbonization,
Energy,
Industrial Policy,
Protectionism,
Tax Expenditures The U.S. Inflation Reduction Act (IRA) has caused significant transatlantic tensions since its signing by Joe Biden in August 2022. The White House aims to break with the country’s high levels of fossil fuel consumption and switch to clean energy - a change that Europeans
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Climate Risks in Albania and their Relevance to the Central Bank
Margerita Topalli and
Pierre Monnin | 14 March 2023
Monetary,
Policy Briefs | Tags:
Central Banks,
Climate Change,
Financial Stability,
Sustainable Finance Climate change has far-reaching impacts, both in breadth and magnitude that are starting to affect the economy and society in Albania. Mitigating them and positioning the Albanian economy on a sustainable path requires important structural transformations and investments.
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The Digital Transition of Services: Getting Regulation Right From the Start
Hildegunn Kyvik Nordås | 9 March 2023
Trade,
Blog | Tags:
Competition,
Digital Economy,
Innovation,
Privacy,
Services Trade The digital transition and the introduction of artificial intelligence (AI) in services are blurring the boundaries of both occupations and sectors. At the same time, new or rekindled trade-offs between different regulatory objectives arise, transgressing sectoral and occupational boundaries as we know them. Services regulations,
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Keeping Risks in Check. Towards a Comprehensive Reflection of Climate Risks on Central Bank Balance Sheets
Julia Bingler | 27 February 2023
Monetary,
Blog | Tags:
Asset Purchases,
Central Banks,
Climate Risks,
Financial Governance Central banks have been highlighting the financial risks from climate change for several years. The fact that they are still not accounting for these risks across all their operations is striking. This must change.
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Fossil Fuel Tax Expenditures. Data Gaps and Reporting Guidelines
Flurim Aliu and
Agustin Redonda | 21 February 2023
Fiscal,
Discussion Notes | Tags:
Energy,
Fossil Fuel Subsidies,
Tax Expenditures Tax expenditures (TEs) make up one of the largest components of fossil fuel subsidies (FFSs) worldwide. Yet, despite their significance, they remain underreported.
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Does Fintech Promote Entrepreneurship? Evidence from China
Peter Knaack | 24 January 2023
Monetary,
Blog | Tags:
Digital Economy,
Entrepreneurship,
Fintech Policy moves and public statements in recent years indicate that Beijing seeks to simultaneously support the growth of internet finance platforms and reign in anticompetitive practices and risky behavior.
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Tax Expenditure Scrutiny Can End Trillion-Dollar Political Game
Flurim Aliu,
Doug Koplow and
Agustin Redonda | 19 January 2023
Fiscal,
Commentary | Tags:
Income Tax,
Inequality,
Tax Expenditures,
United States Too often, government spending is understood only as cash payments to specific individuals or groups. However, targeted exemptions or reductions in taxes owed strain public coffers similarly to direct spending, though often with far less visibility.
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The Return of China: Mostly Positive News for Vietnam
Patrick Lenain | 17 January 2023
Trade,
Commentary | Tags:
China,
Covid-19,
Trade,
Vietnam In light of China's reopening, many forecasters now see a strong V-shaped rebound from mid-2023, led by private consumption.
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The Swiss National Bank Struggles to Manage Climate Risks
Pierre Monnin | 6 January 2023
Monetary,
Commentary | Tags:
Central Banks,
Climate Risk,
Financial Stability In Europe and elsewhere, central banks are implementing measures to contain financial risks associated with climate change in their asset portfolios. The Swiss National Bank is not among the leaders in this area.
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Trade Protection – What Impact on Jobs and Wages?
Nicolas Benoit and
Patrick Lenain | 23 December 2022
Trade,
Blog | Tags:
Protectionism,
Trade Liberalization,
Unemployment,
Wages New research indicates that import tariffs by the US on China increased employment and wages in the targeted industries. The benefits are counterbalanced, however, by several costs to the economy as a whole.
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Supporting the Just Transition: a Roadmap for Central Banks and Financial Supervisors
Pierre Monnin and
Nick Robins | 22 December 2022
Monetary,
Policy Briefs | Tags:
Central Banks,
Financial Inclusion,
Financial Supervision,
Inequality,
Transition risks Shifting to a sustainable economy will reshape the outlook for countries and sectors across the world. Managed well, the net zero transition could lead to more and better jobs as well as reduced risks from climate shocks. Managed poorly, however, it could result not
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Trade in Marine Debris Collection Services
Hildegunn Kyvik Nordås and
Ronald Steenblik | 15 December 2022
Trade,
Policy Briefs | Tags:
Biodiversity Risk,
Environmental Services,
Services Trade The economic costs of marine debris to the APEC region are high. It is critical to remove restrictions on trade, investment and the temporary movement of people needed to engage in debris clean-up services. APEC Ministers have noted how environmental services are important to prevent,
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How the State Bank of Vietnam Deals With Climate Risks
Pierre Monnin and
Patrick Lenain | 13 December 2022
Monetary,
Commentary | Tags:
Central Banks,
Climate Risk In Vietnam, the central bank has successfully supported economic growth. However, by doing that, the State Bank of Vietnam (SBV) has also contributed – unintentionally – to fast-rising greenhouse gas emissions.
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