Fiscal Policy Responses to the Coronavirus Outbreak
Agustin Redonda | 20 March 2020
Fiscal,
Blog | Tags:
Covid-19,
Inequality,
Informality,
Tax Expenditures,
VAT
The global crisis we are facing is one of the worst in history. The priority, obviously, is to reduce the number of coronavirus victims. At the same time, mitigating the economic impacts is vital.
Both the real economy and financial markets worldwide have already been hard
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Central Banks and Climate Change
Alexander Barkawi | 21 February 2020
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Credit Risk,
Governing Finance
Central banks must supplement their risk processes to reflect climate risks. This is neither a conflict of objectives nor an overburdening of their mandate, but a fiduciary duty.
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A European Anti–Money Laundering Supervisor: From Vision to Legislation
Nicolas Véron and
Joshua Kirschenbaum | 10 February 2020
Monetary,
Blog | Tags:
AML,
Financial Supervision,
Governing Finance
The European Union is moving toward implementing a policy to strengthen anti–money laundering (AML) supervision across its Single Market, namely enforcing requirements on banks and other firms to ensure they do not facilitate transactions involving proceeds from illegal activities. The European Commission, in charge of
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Scenarios for Fiscal Space. Adapting to the Long-Term Challenges of Climate Change
Peter Heller | 28 January 2020
Fiscal,
Discussion Notes | Tags:
Climate Change,
Fiscal Space,
IMF
Climate change poses significant challenges for governments seeking to assess their long-run financial condition. Looking forward, climate change is likely to threaten multiple aspects of a country’s economy. Governments will necessarily be required to provide support in adapting to these challenges. While considerable uncertainty exists
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Should Monetary Policy Take Inequality and Climate Change into Account?
Patrick Honohan | 24 January 2020
Monetary,
Discussion Notes | Tags:
Climate Change,
Governing Finance,
Inequality
Should central banks take more account of ethical issues, notably the impact of monetary policy actions on the distribution of income and wealth and on efforts to combat climate change, in the design and implementation of the wider monetary policy toolkit they have been using
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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
Fiscal,
Blog | 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
Monetary,
Discussion Notes | 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
Monetary,
Discussion Notes | 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
Fiscal,
Blog | 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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