Supporting Households with Tax Expenditures in Times of COVID-19
Agustin Redonda | 3 July 2020
Blog,
Publications | Tags:
Covid-19,
Informality,
Sustainable Development,
Tax Expenditures The economic shock triggered by the current pandemic is unprecedented. The number of victims of COVID-19 has already hit half a million and continues to rise. At the same time, the impact on economic output is massive. According to recent OECD estimates, global economic activity
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Tax Expenditures and Inequality
Agustin Redonda | 16 June 2020
Fiscal,
Discussion Notes | Tags:
Inequality,
Sustainable Development,
Tax Expenditures Tax expenditures are used widely by governments across the world to pursue different public policy goals including boosting innovation and R&D, job creation, greening the economy as well as mitigating inequality and tackling poverty. Yet, besides their stated goals (which are often aligned with a
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Avoiding Mining Tax Relief Pitfalls During a Crisis
Alexandra Readhead | 22 May 2020
Fiscal,
Blog | Tags:
Covid-19,
Mining,
Tax Expenditures,
Taxes Establishing effective tax policy for the mining sector can be a challenge in the best of times, especially for resource-rich developing countries which may lack sector-specific experience and technical capacity. Under the pressure of a crisis, it is critical for countries to steer clear of
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The Day After Tomorrow. Designing COVID-19 Bailouts for a Sustainable Recovery
Agustin Redonda | 4 May 2020
Fiscal,
Monetary,
Blog | Tags:
Bailouts,
Climate Change,
Covid-19,
Employment,
Inequality Governments around the world are taking extraordinary measures to mitigate the economic fallout of COVID-19. Their decisions in the weeks and months ahead will shape our lives for years to come. The fiscal packages that are being adopted as well as the funding that central
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Bail, or Bailout? Tax Experts Publish 5-Step Test for Covid19 Business Bailouts
Moran Harari and
Mark Bou Mansour | 27 April 2020
Fiscal,
Blog | Tags:
Bailouts,
Covid-19,
Tax Avoidance Following bans from Denmark, Poland and Argentina on companies registered in tax havens from receiving Covid19 bailouts[1], the Tax Justice Network has published a “bail or bailout” test to clarify uncertainty on how governments can determine which companies are discreetly using tax havens to pay
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Is the United States Reneging on International Financial Standards?
Nicolas Véron | 20 April 2020
Monetary,
Blog | Tags:
Covid-19,
Debt,
Federal Reserve,
Financial Regulation The financial shock surrounding the COVID-19 pandemic has prompted the Federal Reserve to temporarily loosen an important capital-to-asset ratio requirement for US banks. In so doing, it is walking away from a decade-long commitment to global financial reforms forged in the wake of the global
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Argentina. A Short Blanket for the Coronavirus Long Night
Agustin Redonda and
José Siaba Serrate | 3 April 2020
Fiscal,
Monetary,
Blog | Tags:
Central Banks,
Covid-19,
Fiscal Space,
Health,
Inflation,
Informality The coronavirus has arrived, and Argentina has played its cards. First life, then the economy.
While it is non-debatable that the consequences of the pandemic will be enormous throughout the world, the magnitude of the impact is still uncertain. Argentina is a special case on three
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The ECB Response to COVID-19
Pierre Monnin | 27 March 2020
Monetary,
Blog | Tags:
Asset Purchases,
Covid-19,
European Central Bank,
Helicopter Money,
Targeted Refinancing Lines Since the outbreak of the COVID-19 crisis, the European Central Bank (ECB) committed to inject an additional 870 billion euro – about 7% of the euro area’s GDP – into financial markets to address the significant challenge the pandemic poses to the economy. Through its
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The Dark Side of the Moon. Responding to the COVID-19 Crisis in Developing Economies
Agustin Redonda | 25 March 2020
Fiscal,
Blog | Tags:
Covid-19,
Development,
Inequality,
Informality Besides China and Iran, the impact of the coronavirus has until now been most severe in advanced economies including France, Germany, Italy, South Korea, Spain and the US. This is unlikely to remain so. As the virus continues its spread around the world it will
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Fiscal Policy Responses to the Coronavirus Outbreak
Agustin Redonda | 20 March 2020
Fiscal,
Blog | Tags:
Covid-19,
Inequality,
Informality,
Tax Expenditures,
VAT The global crisis we are facing is one of the worst in history. The priority, obviously, is to reduce the number of coronavirus victims. At the same time, mitigating the economic impacts is vital.
Both the real economy and financial markets worldwide have already been hard
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Central Banks and Climate Change
Alexander Barkawi | 21 February 2020
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Credit Risk,
Governing Finance Central banks must supplement their risk processes to reflect climate risks. This is neither a conflict of objectives nor an overburdening of their mandate, but a fiduciary duty.
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A European Anti–Money Laundering Supervisor: From Vision to Legislation
Nicolas Véron and
Joshua Kirschenbaum | 10 February 2020
Monetary,
Blog | Tags:
AML,
Financial Supervision,
Governing Finance The European Union is moving toward implementing a policy to strengthen anti–money laundering (AML) supervision across its Single Market, namely enforcing requirements on banks and other firms to ensure they do not facilitate transactions involving proceeds from illegal activities. The European Commission, in charge of
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Scenarios for Fiscal Space. Adapting to the Long-Term Challenges of Climate Change
Peter Heller | 28 January 2020
Fiscal,
Discussion Notes | Tags:
Climate Change,
Fiscal Space,
IMF Climate change poses significant challenges for governments seeking to assess their long-run financial condition. Looking forward, climate change is likely to threaten multiple aspects of a country’s economy. Governments will necessarily be required to provide support in adapting to these challenges. While considerable uncertainty exists
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Should Monetary Policy Take Inequality and Climate Change into Account?
Patrick Honohan | 24 January 2020
Monetary,
Discussion Notes | Tags:
Climate Change,
Governing Finance,
Inequality Should central banks take more account of ethical issues, notably the impact of monetary policy actions on the distribution of income and wealth and on efforts to combat climate change, in the design and implementation of the wider monetary policy toolkit they have been using
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Shifting Gears: Integrating Climate Risks in Monetary Policy Operations
Pierre Monnin | 20 January 2020
Monetary,
Policy Briefs | Tags:
Asset Purchases,
Central Banks,
Climate Risk,
Collateral Framework,
Credit Risk The assets central banks purchase and accept as collateral are at the core of monetary policy implementation. Risk considerations play a crucial role in the selection of these assets: central banks seek to limit their holdings and eligible collateral to assets that minimize their risk
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