Discussion Notes

Greening Financial Governance: Lessons from China

| 13 January 2022
Discussion Notes, Monetary | Tags: China, Governing Finance, Green Finance, Macroprudential Regulation, Monetary 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

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

, and | 7 January 2022
Discussion Notes, Fiscal | 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

Governing Finance for Sustainable Prosperity

and | 7 April 2021
Discussion Notes, Monetary | Tags: Central Banks, Climate Change, Digital Finance, Employment, Financial Supervision, Governing Finance, Inequality, Sustainability
Finance impacts all aspects of our lives, from our economies to social cohesion to the ecological systems we depend on for our very survival. As a result, the implications of how we choose to govern finance are fundamental, and ultimately existential. Whether we succeed in improving ... continue reading

Climate Financial Risks: Assessing Convergence, Exploring Diversity

, and | 9 December 2020
Discussion Notes, Monetary | Tags: Climate Risk, Financial Supervision, Monetary Policy Operations, Risk Metrics
Climate risks are now fully recognized as financial risks by asset managers, investors, central banks, and financial supervisors. As a result, the integration of climate risk metrics into risk management processes is moving up agendas worldwide. In that context, a rapidly growing number of market ... continue reading

Tax Expenditures and Inequality

| 16 June 2020
Discussion Notes, Fiscal | 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 ... continue reading