Publications

A Guaranteed Win for the Climate: Sustainable Loan Guarantees and Sustainable Loan Guarantee Facilities

 , and | 8 February 2022
Monetary, Blog | Tags: Central Banks, Climate Change, Targeted Refinancing Lines
In order to limit global warming to the levels set in the Paris agreement, an immense amount of additional investment has to be directed into sustainable technologies – a difference of between $610 billion (IEA 2020) and $2 trillion (IRENA 2020) per year as compared ... continue reading

The EU Digital Market Regulations: Rule-Maker or Deal-Breaker?

 , and | 3 February 2022
Trade, Policy Briefs | Tags: Digitalization, Services Trade
The digital transformation of the economy and society gives rise to a need for updated regulations and rules of the game for the digitised market. Within the EU, this need has been reflected in a number of legislative initiatives, most recently the Digital Markets Act (DMA), ... continue reading

Greening Financial Governance: Lessons from China

 | 13 January 2022
Monetary, Discussion Notes | Tags: China, Governing Finance, Green Finance, Macroprudential Policy
China’s turn towards green financial governance has causes and consequences that are instructive for policymakers elsewhere. This paper traces the evolution of rules and regulations designed to guide China’s financial system towards supporting green firms and projects since the 1990s. It outlines four domestic reasons ... continue reading

Double Whammy? The Impact of Trade and Automation on High-Skilled Jobs

 and | 10 January 2022
Trade, Blog | Tags: Artificial Intelligence, Employment, Services
As Artificial Intelligence (AI) capabilities for language, speech and image recognition pass human levels, AI-enabled software can perform white collar tasks previously done exclusively by high-skilled humans. Furthermore, white collar jobs in rich countries could face a double whammy. Not only may AI-enabled automation transform ... continue reading

From Budgetary to Tax Expenditures: Tackling Social Protection in Quebec, Canada

 , and | 7 January 2022
Fiscal, Discussion Notes | Tags: Social Protection, Tax Expenditures
In his 2018 article "Reimagining Social Protection" Michal Rutkowski, the World Bank's Global Director for Social Protection and Jobs, highlighted the need for new social protection systems that retain their original purpose of fighting poverty, helping households manage uncertainty, and ultimately sparking a more efficient ... continue reading

Trade and Consumer Prices: The Role of Competitive Transport, Communication, and Distribution Services

 | 21 December 2021
Trade, Blog | Tags: Competition, Inflation, Services Trade, Transport
The recent spike in consumer price inflation has amply demonstrated that transport, logistics and distribution play a major role in bringing goods from producers to consumers in a timely and cost-effective manner. Conversely, when choke points in the logistics supply chain arise, prices skyrocket (Figure ... continue reading

The WTO is Back in Business?

 | 10 December 2021
Trade, Blog | Tags: Services Trade, Trade Governance, WTO
The building on Lake Geneva which houses the WTO stands as the symbol of the multilateral trading system and the bastion of global non-discrimination in trade governance. Meetings held under WTO auspices, whether physical or virtual, attract global participation by all trading partners. No other ... continue reading

For PBOC’s New Green Lending Tool, Transparency and Verification Are Key

 | 10 December 2021
Monetary, Commentary | Tags: Central Banks, China, Climate Change, Targeted Refinancing Lines
Global efforts to expedite the transition to a sustainable future require a significant shift in financial flows. The institutions governing finance play a vital role in achieving this objective. Central banks stand at the heart of this endeavor and are increasingly rising to the challenge. ... continue reading

Postponing the WTO Ministerial Conference – Making the Unexpected Breathing Space a Turning Point

 and | 6 December 2021
Trade, Blog | Tags: Agricultural Trade, Health, Services Trade, Trade Governance, WTO
The WTO 12th Ministerial Conference (MC12), which was due to take place in Geneva from 30 November – 3 December, was postponed indefinitely last minute due to new COVID-19 travel restrictions. Despite hectic activity on a rather modest agenda during the run-up to the event, ... continue reading

Is the OECD/G20 International Corporate Tax Reform Fair?

 | 26 November 2021
Fiscal, Blog | Tags: Corporate Tax, Developing Countries, Minimum Tax Rate, Tax Competition
On October 8th, the Organisation for Economic Co-operation and Development (OECD) announced that 136 countries have adopted its two-pillar proposal to reform the taxation of multinational enterprises (MNEs). Pillar One applies to MNEs with sales in excess of $20bn and profits over 10%. It shifts the ... continue reading

The Moratorium on Tariffs on E-commerce Should Stay

 | 25 November 2021
Trade, Blog | Tags: Digitalization, Tariffs, WTO
The rise of the digital economy will be hitting the agenda at next week’s Ministerial Conference (MC12) of the World Trade Organization (WTO) in many ways. The continuation of the provisional e-commerce moratorium is one of them – and one that is critical. The e-commerce ... continue reading

Carbon Prices and Carbon Leakage

 and | 15 November 2021
Trade, Blog | Tags: Carbon Pricing, Carbon Tax
Over the past weeks, the conversation over a global carbon price has considerably moved up policy debates worldwide. Just half a year ago, hardly anyone would have seen such a global floor as a viable option. Now, it still comes with a big question mark, ... continue reading

Bridging the Disconnects – From Diagnosis to Action in Addressing Climate-Related Financial Risks

 | 29 October 2021
Monetary, Blog | Tags: Central Banks, Climate Risks, Financial Regulation, Macroprudential Policy
When the Financial Stability Oversight Council (FSOC) published its Report on Climate-Related Financial Risk last week, it triggered a wide range of reactions. Some praised it as a critical step in moving climate risks up the agenda amongst FSOC members such as the US Treasury, ... continue reading

Tax Expenditures in the Balkans: Time to Open the Black Box

 | 28 October 2021
Fiscal, Blog | Tags: Tax Expenditures, Tax Reform
The traditional way of thinking about government expenditure goes as follows: first, governments collect revenue (through taxes, borrowing, or other means such as fines and penalties) and then they spend that revenue through the budget process. However, governments can also choose to support different economic ... continue reading

Aligning Central Bank Refinancing Operations with the G20 Agenda

 and | 6 October 2021
Monetary, Policy Briefs | Tags: Central Banks, Climate Risk, G20, Targeted Refinancing Lines
Since the Pittsburgh Summit in 2009, G20 leaders have repeatedly highlighted inclusive growth and environmental protection as core objectives in their joint declarations. With the widening of economic inequalities and the acceleration of climate change and biodiversity loss, their calls for action have gained further ... continue reading
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