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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A Lack Of Transparency. Do You Know About The Taxes Your Government Does NOT Collect?
Christian von Haldenwang and
Agustin Redonda | 20 January 2020
Blog,
Fiscal | 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
Discussion Notes,
Monetary | 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
Discussion Notes,
Monetary | 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
Blog,
Fiscal | 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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