Taxation in Aging Societies – Increasing the Effectiveness and Fairness of Pension Systems
Agustin Redonda,
Vincenzo Galasso,
Mark Mazur,
Miranda Stewart and
Matthew Whittaker | 27 March 2019
Fiscal,
Policy Briefs | Tags:
Inequality,
Pensions,
Tax Expenditures Population aging is accelerating worldwide and has significant socio-economic implications, including a decline in the size of the labour force, an increase in the age-dependency ratio and a redistribution of income and wealth. Hence, the redesign of pension systems has become a priority. Taxation is
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Civil Society Groups Across Latin America Are Starting to Question Tax Expenditures
Paolo de Renzio and
Alexandre Ciconello | 21 March 2019
Fiscal,
Blog | Tags:
Tax Expenditures How governments raise the revenues they need to support public spending is a fundamental aspect of public finance. Despite this, taxation has been the focus of limited analysis and action by civil society groups around the world, especially in developing countries. But in recent years,
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Central Banks and the G20 Agenda. Ensuring Policy Coherence
Alexander Barkawi and
José Siaba Serrate | 21 March 2019
Monetary,
Blog | Tags:
Central Banks,
G20,
Governing Finance The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Productivity growth is sluggish, unemployment remains well above pre-crisis levels, inequality is hitting record highs, and
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Changing Landscapes for Central Banks and Financial Regulators
William White | 14 March 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance This discussion note is an extended version of the introductory comments shared by the author at a CEP roundtable on “Governing Finance and Sustainability” in January 2019. It addresses in order the four issues raised in the convening’s agenda. First, what are the historical origins
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Central Banks and the G20 Agenda: Ensuring Policy Coherence
Alexander Barkawi and
José Siaba Serrate | 14 March 2019
Monetary,
Policy Briefs | Tags:
Central Banks,
Inclusiveness,
Sustainable Development The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Its leaders have continuously highlighted the urgent need to use all policy levers in targeting its
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Green Money Without Inflation
Paul De Grauwe | 7 March 2019
Monetary,
Blog | Tags:
Environment,
European Central Bank,
Inflation,
Quantitative Easing To what extent can the money created by the central bank be used to finance investments in the environment? This is a question that is often asked today. The green activists respond with enthusiasm that the central bank, and in particular the European Central Bank
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Prudential Regulation Can Help in Tackling Climate Change
Paola D'Orazio,
Lilit Popoyan and
Pierre Monnin | 13 February 2019
Monetary,
Blog | Tags:
Environment,
Financial Regulation Awareness of climate-related financial risks has been growing in the past years. Prudential frameworks however still fall short in reflecting them. Given the possible impacts of climate risks on financial stability, incorporating them into prudential regulation is rapidly moving up agendas both among academics and
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Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases
Pierre Monnin | 21 December 2018
Monetary,
Discussion Notes | Tags:
Climate Risk,
Credit Risk,
ECB Corporate Sector Purchase Programme Climate change, and the transition to a low-carbon economy that can mitigate it, engender significant economic costs. These costs are ultimately borne by households and firms. They affect households’ and firms’ cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs
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The Earned Income Tax Credit: Helping Families at a Surprisingly Low Cost
Jacob Bastian | 29 November 2018
Fiscal,
Blog | Tags:
Inequality,
Poverty,
Tax Expenditures Amid growing concerns over stagnant rates of intergenerational mobility, little to no wage growth for low-skilled workers, and declining rates of labor force participation, policymakers are interested in approaches to strengthen incentives to work, increase household income for disadvantaged families, and increase children’s economic opportunity.
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International Economic Cooperation in Troubled Times: A Call for Strong Action by the G20
Axel Berger,
Uri Dadush,
Andreas Freytag,
Simon Evenett,
Christian von Haldenwang,
Ricardo Meléndez Ortiz,
Raúl Ochoa,
Karl P. Sauvant and
Agustin Redonda | 26 November 2018
Fiscal,
Trade,
Blog | Tags:
Employment,
G20,
Investment,
Protectionism,
Services Trade,
Tax Competition,
Tax Expenditures The leaders of the G20 will meet on 30 November and 1 December in Buenos Aires for their annual summit. They need to acknowledge that the last two years have been characterized by strong headwinds for the world economy. This time, however, it is not
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Assessing Tax Expenditure Reporting in G20 and OECD Economies
Tom Neubig and
Agustin Redonda | 6 November 2018
Fiscal,
Discussion Notes | Tags:
G20,
OECD,
Tax Expenditures Governments worldwide pursue public policy objectives through direct spending and tax expenditures (TEs). Interestingly though, and despite their significant impact on government budgets, TEs are opaque and very often not subject to the same level of scrutiny in the budget process as direct spending. This
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Investor-State Dispute Settlement: An Anachronism Whose Time Has Gone
Johannes Schwarzer | 24 September 2018
Trade,
Policy Briefs | Tags:
Investment,
ISDS,
Services Trade Investor-State Dispute Settlement (ISDS) – a mechanism that allows foreign investors to bring claims against host governments to an international arbitral tribunal – is a postcolonial relic that should be abolished.
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Central Banks Should Reflect Climate Risks in Monetary Policy Operations
Pierre Monnin | 10 September 2018
Monetary,
Policy Briefs | Tags:
Asset Purchases,
Central Banks,
Climate Risk,
Collateral Framework The transition to a low-carbon economy requires a shift in capital allocation from incumbent carbon-intensive technologies to new low-carbon technologies. Financial markets play a key role in this process: they influence firms’ investment costs and serve as reference point in investors’ decisions. Currently, there
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Climate Change and Finance: What Role for Central Banks and Financial Regulators?
Emanuele Campiglio,
Yannis Dafermos,
Pierre Monnin,
Josh Ryan-Collins,
Guido Schotten and
Misa Tanaka | 7 September 2018
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Environment,
Financial Regulation Climate change poses risks to the financial system. Yet our understanding of these risks is still limited. As we explain in a recent paper published in Nature Climate Change, central banks and financial regulators could contribute to the development of methodologies and modelling tools for
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Mend It, Don´t End It: The case for upgrading the G20’s pledge on protectionism
Johannes Schwarzer,
Simon Evenett,
Sait Akman,
Axel Berger,
Eduardo Bianchi,
Carlos Primo Braga,
Marcela Cristini,
Kamala Dawar,
Matthias Helble,
Galina Kolev,
Jürgen Matthes,
Maximiliano Mendez-Parra,
Claudia Schmucker,
Akihiko Tamura and
Tu Xinquan | 3 September 2018
Trade,
Policy Briefs | Tags:
Protectionism,
Services Trade Despite neutering the official monitoring of protectionism, unmistakable evidence assembled from state sources demonstrates that G20 members routinely violate their “no protectionism” pledge.
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