A Lack Of Transparency. Do You Know About The Taxes Your Government Does NOT Collect?
Christian von Haldenwang and
Agustin Redonda | 20 January 2020
Fiscal,
Blog | Tags:
Tax Expenditures All over the planet, governments are desperate for funds to finance social policies, public infrastructure and development projects. Yet, the very same governments routinely forego huge amounts of tax revenues by granting tax incentives to investors, setting lower value added tax rates for the consumption
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Legitimacy Challenges to Central Banks: Sketching a Way Forward
Peter Dietsch | 19 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance Delegation to independent agencies (IAs) can reap real benefits for policy making. In the case of monetary policy, it shores up the credibility of the central bank. However, it is generally accepted that the discretion of IAs needs to be constrained to ensure their legitimacy.
This
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Against Amnesia: Re-Imagining Central Banking
Benjamin Braun and
Leah Downey | 10 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the holy trinity of the inflation targeting paradigm: price stability as the primary goal of the
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Tax Expenditures and Complexity in a VAT System: The Case of Brazil
Ivan Ozai | 7 January 2020
Fiscal,
Blog | Tags:
Tax Expenditures,
VAT Despite its known regressivity, the value-added tax (VAT) has been considered a robust tool for development, especially if integrated into a well-implemented tax-and-benefit system. VAT is often considered a neutral tax that minimizes distortions and is particularly relevant to low- and middle-income countries due to
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Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond
Gianleo Frisari,
Matías Gallardo,
Chiemi Nakano,
Víctor Cárdenas and
Pierre Monnin | 18 December 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Climate Risk,
Financial Regulation,
Green Finance,
Latin America In Latin America and the Caribbean (LAC), regional supervisors and regulators have not yet explicitly included nor addressed climate-related risks in binding regulations and/or supervisory measures for the financial sector. This implies significant work ahead for the LAC financial sector to develop effective and complete
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Housing Taxation in Europe
Salvador Barrios,
Viginta Ivaškaitė-Tamošiūnė,
Estefanía Vázquez Torres,
Cécile Denis and
Andriana Reut | 18 December 2019
Fiscal,
Blog | Tags:
Housing,
Tax Expenditures Tax incentives favouring homeownership are widely used in developed economies. Homeownership is often thought to bring a number of positive contributions, from the promotion of households´ saving to enhanced community engagement. However, housing tax incentives are also considered as a major source of distortions for
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Climate Risks in Financial Assets
Emanuele Campiglio,
Pierre Monnin and
Adrian von Jagow | 4 November 2019
Monetary,
Discussion Notes | Tags:
Asset Prices,
Climate Risk,
Climate Stress Tests This note reviews the empirical evidence available in the academic literature about the impact of climate-related risks on financial assets. It addresses three main questions: does climate change already affect financial asset returns? What is the potential impact of future climate-related costs on financial asset
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Unconventional Monetary Policy and Inequality – Is Japan Unique?
Ayako Saiki and
Jon Frost | 20 September 2019
Monetary,
Research Papers | Tags:
Inequality,
Japan,
Quantitative Easing For over a decade, but especially since the start of Abenomics in 2013, the Bank of Japan (BoJ) has been increasing the monetary base rapidly by implementing an unconventional monetary policy (UMP). In a 2014 study, we found that Japan’s UMP had increased income inequality.
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Distributional Impact of Unconventional Monetary Policies
Pierre Monnin | 25 June 2019
Monetary,
Discussion Notes | Tags:
Income Inequality,
QE The sustained application of accommodative monetary policies has led to concerns that they were aggravating inequality. The criticism has come from several quarters, from academics to private sector participants, from politicians to media and civil society organizations. Some argued that by boosting housing and stock
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What the Tax Cuts and Jobs Act Means for Tax Expenditures
Eric Toder | 20 June 2019
Fiscal,
Blog | Tags:
Income Tax,
Inequality,
Tax Expenditures In a new paper, my former Tax Policy Center colleague Daniel Berger and I calculate that the 2017 Tax Cuts and Jobs Act (TCJA) modestly reduced the cost of tax expenditures in the individual income tax and made them slightly less regressive. We estimate that
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The Low-Skill Losers
Karen Petrou | 30 April 2019
Monetary,
Blog | Tags:
Employment,
Federal Reserve,
Inequality,
QE The Fed is devoting increasing analytical – if not yet policy-maker – attention to the unequalizing impact of unconventional policy. It’s a start – a major problem besetting central banks in countries without a robust middle class – i.e., the U.S. – is that
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The Digital Economy for Economic Development: Free Flow of Data and Supporting Policies
Lurong Chen,
Wallace Cheng,
Dan Ciuriak,
Fukunari Kimura,
Junji Nakagawa,
Richard Pomfret,
Gabriela Rigoni and
Johannes Schwarzer | 27 April 2019
Trade,
Policy Briefs | Tags:
Digitalization,
Inclusiveness The digital economy provides ample opportunities for G20 economies to accelerate inclusive economic growth. To take advantage of digital technology, free flow of data backed up by a series of policies to address other public policy objectives must be promoted. However, policies for the flow
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Firm Heterogeneity in Services Trade: Micro-Level Evidence from Eight OECD Countries
Sebastian Benz,
Dorothée Rouzet and
Francesca Spinelli | 18 April 2019
Trade,
Research Papers | Tags:
Services Trade This paper shows that smaller and less productive firms, as well as first-time exporters are overproportionally affected by services trade barriers using micro-data from Belgium, Finland, Germany, Italy, Japan, Sweden, the United Kingdom, and the United States.
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Fiscal Transparency: The Case of Tax Expenditures in Developing Countries
Mario Mansour | 11 April 2019
Fiscal,
Blog | Tags:
Tax Expenditures In recent years, more developing countries have started reporting on their tax expenditures, however the quality of reporting needs to improve if it is to usefully contribute to fiscal transparency and the debate on domestic revenue mobilization.
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Services Trade for Sustainable, Balanced, and Inclusive Growth
Carlos Primo Braga,
Jane Drake-Brockman,
Bernard Hoekman,
J. Bradford Jensen,
Patrick Low,
Hamid Mamdouh,
Pierre Sauvé,
Johannes Schwarzer and
Sherry Stephenson | 3 April 2019
Trade,
Policy Briefs | Tags:
Digitalization,
Economic Growth,
Services Trade Structural changes in the world economy have altered the way we think about the nexus between trade and growth. In particular, the rise of the services economy and the digital revolution have rocked the world of trade policy-making in ways that are not nearly sufficiently
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