Publications

Services Trade Governance in the Digital Economy

| 26 March 2021
Policy Briefs, Trade | Tags: Digitalization, Services Trade, Trade Policy
Services are at the frontier of the transformation to a digital economy. R&D as well as information and communication technology drive the transformation and make services more tradable across borders. The General Agreement on Trade in Services (GATS) governing global services trade was designed in ... continue reading

Disparate Racial Impact: Tax Expenditure Reform Needed

| 23 March 2021
Fiscal, Policy Briefs | Tags: Income Inequality, Tax Expenditures
This policy brief discusses the issues of potential disparate racial impacts of U.S. tax laws regarding government subsidy and incentive programs run through the tax system: tax expenditures. It analyzes the available data, provides normative insights, and describes eight steps to address disparate racial impacts ... continue reading

Why Governments Continue to Offer Inefficient Investment Incentives? The Role of Bureaucratic Design

and | 19 March 2021
Blog, Fiscal | Tags: Investment, Tax Incentives
Governments worldwide use a myriad of tax incentives to promote investment and yet, there is little evidence that these incentives actually work as intended. Moreover, although the striking lack of transparency makes it hard (if not impossible) to accurately estimate their fiscal cost, the available ... continue reading

How to Design Environmentally Beneficial Tax Incentives

and | 4 March 2021
Blog, Fiscal | Tags: Carbon Tax, Climate Change, Tax Incentives
The fight against climate change requires effective economic policy instruments. In addition to environmental taxes, such as a carbon tax, environmentally beneficial tax incentives that favour less polluting consumption and investment activities can be used to promote climate-friendly behaviour. In search of governments around the ... continue reading

The Case for Climate Objectives in Central Banks’ Targeted Refinancing Operations

| 12 February 2021
Blog, Monetary | Tags: Central Banks, Climate Risk, Monetary Policy, Policy Coherence, Targeted Refinancing Lines
Central banks are making increasing use of targeted refinancing operations to pursue their mandates. However, so far none of them, with a few exceptions in developing economies, has aligned its targeting with the objective of a transition to a low-carbon economy. This must change. Refinancing ... continue reading