Tax Expenditures in the Balkans: Time to Open the Black Box
Flurim Aliu | 28 October 2021
Fiscal,
Blog | Tags:
Tax Expenditures,
Tax Reform
The traditional way of thinking about government expenditure goes as follows: first, governments collect revenue (through taxes, borrowing, or other means such as fines and penalties) and then they spend that revenue through the budget process. However, governments can also choose to support different economic
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Aligning Central Bank Refinancing Operations with the G20 Agenda
Chiara Colesanti Senni and
Pierre Monnin | 6 October 2021
Monetary,
Policy Briefs | Tags:
Central Banks,
Climate Risk,
G20,
Targeted Refinancing Lines
Since the Pittsburgh Summit in 2009, G20 leaders have repeatedly highlighted inclusive growth and environmental protection as core objectives in their joint declarations. With the widening of economic inequalities and the acceleration of climate change and biodiversity loss, their calls for action have gained further
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Social Tax Expenditures: The Case of Quebec
Ysabel Provencher,
André Gerges,
Luc Godbout and
Suzie St-Cerny | 5 October 2021
Fiscal,
Blog | Tags:
Social Protection,
Tax Expenditures
While the world is weathering the COVID-19 storm, the role of sound social protection systems has become even more crucial. Designing social protection expenditures that are fit for purpose and that contribute to coming back stronger while leaving no one behind is imperative. Public intervention
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Digital Trade: Top Trade Negotiation Priorities for Cross-Border Data Flows and Online Trade in Services
Jane Drake-Brockman,
Gabriel Gari,
Stuart Harbinson,
Bernard Hoekman,
Hildegunn Kyvik Nordås and
Sherry Stephenson | 16 September 2021
Trade,
Policy Briefs | Tags:
Digitalization,
Services Trade,
WTO
This policy brief sets out recommendations to achieve a new multilateral framework of trade rules in the digital arena, thereby facilitating continued digital transformation of services and growth in cross-border flows of data. The present moment is critical. Successful conclusion of World Trade Organization (WTO)
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Tax Expenditures—The $1.5 Trillion Elephant in the (Budget) Room
Tom Neubig and
Agustin Redonda | 16 September 2021
Fiscal,
Blog | Tags:
Income Tax,
Inequality,
Tax Expenditures
The Biden administration FY 2022 Budget proposal includes $2.4 trillion of additional revenue over the next 10 years. Higher tax rates on high-income individuals and corporations account for $990 billion. At the same time, the budget proposes $1.35 trillion of new tax expenditures from exemptions,
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Is Artificial Intelligence Coming for Your Job?
Hildegunn Kyvik Nordås and
Franziska Klügl | 13 July 2021
Trade,
Blog | Tags:
Artificial Intelligence,
Employment,
Innovation
Artificial intelligence (AI) potentially generates big changes to the way we live and work. In a recent study we simulate the uptake of AI-enabled automation software in engineering and manufacturing. It shows an S-shaped adoption path – slow at the beginning and accelerating as a
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Get My Tax Base if You Can
Peter Dietsch | 25 June 2021
Fiscal,
Blog | Tags:
Developing Countries,
Minimum Tax Rate,
Tax Competition
The headlines from the G7 summit in Cornwall might suggest that the groundwork has just been laid for the most fundamental overhaul of the international tax regime in decades. The twin proposal accords additional taxing rights to states with large consumer markets and introduces a
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ECB and Climate Change: The Direction is Clear – But Ambition and Speed are Lacking
Pierre Monnin | 7 June 2021
Monetary,
Blog | Tags:
Central Banks,
Monetary Policy Operations,
Sustainability
All public institutions urgently need to address the colossal challenges posed by climate change. Central banks are no exception, and their representatives are well aware of this.
Jens Weidmann, President of the Deutsche Bundesbank, for example, is convinced "that we can all do more to mitigate
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Systemic Risk Buffers – The Missing Piece in the Prudential Response to Climate Risks
Pierre Monnin | 1 June 2021
Monetary,
Policy Briefs | Tags:
Climate Risk,
European Systemic Risk Board,
Macroprudential Regulation,
Systemic Risks
Climate-related financial risks can potentially destabilize the financial sector. This fact is acknowledged by the major international financial bodies – the Financial Stability Board (FSB), the Bank for International Settlements (BIS), the International Monetary Fund (IMF) – as well as by the Central Banks and
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Services Trade and the Gender Wage Gap: The Case of India
Louise Johannesson and
Hildegunn Kyvik Nordås | 31 May 2021
Trade,
Blog | Tags:
India,
Inequality,
Services Trade,
Wage Gap
India’s female labour force participation rate is less than half of the global average and the gender wage gap is substantial. With higher tertiary graduation rates and excelling in frontier skills for the future, women constitute a talent pool that India can ill afford to
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